Update on The Commencement

UPDATE: Monday: March, 16, 2009: The Mayor has confirmed he is not aware of any new lawsuits pending on this issue. He noted further, "The kitchen is not a functional kitchen and would require modifications to the structure. While I agree it would be very nice to have I am afraid it will pose a lengthy delay. That being said, we have instructed The Commencement Group to remove their tenant improvements. That will leave us with the old walls."

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UPDATE: Sunday, March 15, 2009

Mayor Hopkins has provided this update on sharing space with The Commencement in the school building:

With regard to the community center - we do consider it shared space effective 3/12/09. The Commencement Group has been notified that we consider the space shared and that the town would like to have the space completely open so it can accommodate meetings and other social gatherings.

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I asked Paul Wagemann of The Commencement to give an update on his project. His response to my questions are below. I've invited Mayor Hopkins to provide his input on the joint use of the sale center at the school building, but I have not received a response at this time. ~ Karen

• When do you anticipate occupancy?

Our plan is to have units ready by June.

• How many units have sold?

We have approximate one third of our units with pre-sale contracts.

• How is pace of sales? Have current market conditions impacted the project?

We have 75 buyers who have come back repeatedly and have interest in the project. The tours I have given since we have painted interior walls have received rave reviews. As you know we have fantastic condominiums with priceless views.

• What is the latest on the sales center -joint occupancy issue from your perspective?

I proposed a plan in October 2008, (see attachment) to the Town. I further suggested modifying the south half of the room from March through June while we complete our model unit and still accommodate a Town Hall meeting area. In the interim I proposed that we have input from lessor and lessee and develop a plan that makes sense to all parties. Unfortunately, to date the verbal communication is to demo the room to bare walls. Our lease is clear that approved additions/modification do not have to be removed until the end of lease. Our position is that a large meeting area makes sense but what it looks like is not clear yet. Moving the model kitchen to the back corner may add value and functionality to the room and The Town. We have not yet resolved this issue and continue to work with The Town.

• Has there been any resolution to the parking on the OFC issue?

No. We are still working that issue with The Town.