SCANDALS
10-A – JUST WHAT IS A CAPITAL IMPROVEMENT?
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10, -- about Capital Improvements and who pays for them. This subject matter needs to be
expanded. The truth must come out and
you must take notice. Are you stupid;
are you just plain stupid, -- a nit-wit?
Well, if you’re not, then stand up and scream “Of course I’m not
stupid.” Then band together and do
something to stop not only those who are stealing from you, but also those who
can do something about it and won’t. We
are talking about one hell-of-a-lot of money.
If you wish to travel back in time, -- the monies stolen from you could
have purchased both club houses.
Let’s get
right down to it . . . THE PURE FACTS
What is a
CAPITAL IMPROVEMENT?
A Capital
Improvement is the addition of a permanent structural improvement or the restoration
of some aspect of a property that will either enhance the property’s overall
value or increase its useful life.
Capital Improvements can be applied to buildings themselves and
individually to structural components, which also include, heating & ventilating,
plumbing, electrical, fire protection, security systems and elevators. Capital Improvements enhance the value of the
property in the nature of a betterment; extends the useful life of the
property; improves the efficiency of the property; improves the quality of the
property; it is the addition of upgrades of modifications to the property; and improvements
that put property into a better functioning condition; ameliorates a material
condition or defect in the property; and provides addition of new or
replacement components and material sub-components to the property.
(This information was retrieved from several
sources, including but not limited to: CPA’s,
IRS, Investopedia Wikipedia,
The American Institute of Architects, The Society of American Registered
Architects, American Bar Association, and others.)
Stay
with me. According to the Millennium
Operating Agreement, all Capital Improvements are to be paid one hundred (100%)
by the Management Company (WPRF/Benenson Capital). That is in print . . . a fact.
So, why are we paying for Capital Improvements over and over, with no
end in sight? We’re talking about
millions of dollars.
It is because
the Management Company is big and powerful and there’re willing to spend huge
sums of money to defend their position, whatever that may be. You should know that if we disagree with
their conclusions, we reserve the right, under the Millennium Agreement, to
bring the matter to Arbitration, also known as Dispute Resolution.
Why won’t
the president of UCO, David Israel, bring the matter to arbitration? An experienced person in this type of
scenario will tell you that the president is a gutless person, or that there is
something going on that greatly benefits him for remaining mute. Is he involved in a criminal act of some
type? Why won’t he act on behalf of the
people in CV? He needs to be forced by a
judge
.
Why don’t you
pick up the phone and call Mark or Irwin Levy.
Ask either one of them the interpretation of a Capital Improvement as it
applies to CV. They won’t discuss it
with you. They’ll refer you to their
attorneys. Ask them where it states that
Management interprets and makes final conclusions relative to the Millennium
Agreement. There is nothing that gives
them that power.
This is a
SCAM. It is the biggest scam that has
ever been put forth upon the Village.
And, who wrote the Millennium Agreement?
It was the Management’s group of lawyers who were all friends with one
another and the UCO attorney who was forced to roll over. But, in their secret way to favor the
Management Company – they made mistakes in the Millennium’s language.
They won’t
acknowledge their mistakes because it exposes their jeopardized position, and
we’re talking about millions of dollars of which they become responsible. The Statue of Limitations relieves them of
monetary responsibility, but we can still recover heavy sums, and furthermore,
protect our future from their ongoing scam.
Charge the
UCO office and tell Israel what needs to be done . . . done NOW. Or, have him dragged before a judge, and
we’ll see if he ignores the law as he has done in Century Village.
EDUARDO
Real heavy material Eduardo. What you are really saying is that the Management company has been stealing from us owners for a very long time and that even though the UCO president knows this, he won't do anything about it. Is that about the size of it? I think you need an investigative team, perhaps from the media, to expose this fraud. I remember Watergate. Nail one person, make a deal, and the walls come tumbling down.
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