Construction/Maintenance UpdatesLetter from Todd Newman regarding Duke Energy
Todd Newman
Vice President, Finance
Centex
Centex Corporation
P.O. Box 199000
Dallas, Texas 75219-9000
November 14, 2008
Re: Bear Lake, North Carolina
Dear ____________________,
You may have heard that Duke Energy, the owner of Bear Lake, has raised some questions regarding the location of docks that have been installed along the shores of Bear Lake. I am contacting you to give you some background on the issue and to give you an update on efforts being made to ensure that the docks will remain on the lake as you, and we, both expected.
Bear Lake Reserve was developed by a Centex affiliate, Centex Destination Properties (CDP). The CDP team did a great job of planning, designing, and developing a beautiful community on a challenging site. We believe that the CDP team obtained the required development rights related to the project, including rights related to dock construction.
So we were surprised when Duke Energy contacted Terramesa recently to claim that docks on Bear Lake did not comply with Duke Energy’s dock policy and permitting process. We strongly disagree with Duke Energy’s position on this matter. We believe that Duke is attempting to change the rules after the docks were approved and installed. Because of this, we are working aggressively to resolve the issue as quickly as possible. We are in the midst of discussions with representatives from Duke Energy to support our position on the docks. Representatives from Terramesa are also involved since the resolution will effect phases that CDP developed and sold and phases to be developed or sold in the future.
We believe that we have made significant progress on this matter over the past month or so. When we reach a final resolution on the issue, we will share the details with you. John T. Benjamin, an attorney in Raleigh, is leading our discussions with Duke Energy. If you have additional questions, you may contact me, or Mr. Benjamin (919.755.0060, or
Benjamin@lawjb.com).
Respectively,
Todd Newman
Vice President, Finance
Centex
Property-wide DevelopmentsAddition to the Sales TeamThe Sales Department is pleased to announce a new member, Geoff Wright, to our team. Geoff has an extensive background in real estate development sales and additionally has had a successful career working in sales and marketing with four and five star resorts such as the Homestead in the Allegany mountains of Virginia. Geoff and his wife Vivi along with their two boys, Tristin and Justin, are excited to move to Western North Carolina and we too are excited to have them join us at Bear Lake Reserve. Please welcome Geoff Wright to Bear Lake Reserve.
Hospitality News
Thank You!
Thanksgiving Dinner was a success. Thank you to all who attended and participated in the holiday fun.
Christmas Eve Dinner
Wednesday, December 24th, 1p.m. and 3:30p.m.
Ring in the holidays, Bear Lake Style! Make your dining reservation for 1p.m. or 3:30p.m. and treat your family to a taste of home away from home, this Christmas season. Our chefs have prepared a delicious holiday menu with all the ‘jingle’ bells and whistles! Enjoy live music from Steve Wohlrab, local jazz artist.
Reservations are required; please call 828.293.3849. Please note: No regular F&B service will be available on December 24th, only the Christmas Eve dinner at 1 & 3:30p.m.
New Year’s Eve Dinner & Celebration Dinner, seating begins at 6p.m.
Join us for an elegant, fine dining experience in the Lure Restaurant and Bear Lake Reserve. Enjoy live jazz and a special fine dining menu. The dress code will be strictly enforced. Seating begins at 6p.m. Reservations are required. No walk-ins will be taken. Please call 828.293.3849.
Celebration, 9p.m. – 1a.m.
Local band Rafe Hollister will keep the party rocking right into the New Year! Munch on finger foods and hors d’oeuvres and we will keep the bar open until the party stops! RSVP by calling 828.293.7414, or email
blractivities@terramesaresorts.com.
