Ladies and Gentlemen,
In June 2006, the Association filed a formal complaint against Turnberry Ltd. Our three year mediation with Developer is in its final step. Today the Association has received $500,000 from Turnberry Ltd. as monetary compensation for construction defects and code violations which have occurred during the development of Turnberry on the Green Condo.
Within a reasonable time frame, Turnberry Ltd. will present to Board of Directors the schedule of work on fixing the set forth defects. After Board’s approval, this work will start immediately.
This is a big task which requires a long amount of time to complete. We appreciate your cooperation, support and patience on this very important matter.
The most important topics on Settlement agreement with Developer includes:
1. $500,000 payable to Turnberry on the Green Association.
2. Fixing all “Garden” style bathtubs with two year warranty.
3. Repair latent defects if the amount of work exceeds $125,000
4. Transferring the ownership of two commercial units CU1 (former mini-market store) and CU2 (Turnberry International Real Estate office) to Turnberry on the Green Association.
Gregori Arzoumanov
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