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Thursday, April 28, 2011 - 10:43am

Reynolds Homeowners Consider Buying Assets

Developers of the exclusive Reynolds Plantation golf community want to get out of debt by selling assets to their residents.

Tomorrow property owners will vote on whether to buy millions of dollars worth of golf courses, club houses and other amenities from Linger Longer Developments.

The company will use the money to pay back a $45 million loan.

The community’s 3,500 homeowners will each pay $5,000-$19,000 to make the deal go through.

But homeowner Mike Blanchat says the developer is asking for too much.

"We’re paying $45 million for $14 million worth of appraised assets so the other $31 million is basically an interest free loan to the developer," says Blanchat.

Officials say that $31 million would be payed back to residents over ten years.

Blanchat says he and his neighbors have been wrestling with two big questions while preparing for the vote:

"Is the current proposal better because you know who you have or is the prospect of having a new developer better because you know the current developer defaulted on his promises," he says.

A vote of “no” by homeowners could mean the bank would foreclose the property and sell it to a different developer.