Sale of the Center Utility Company, LLC (CSU) by the Seller
 

From my position, this is an information only post. As a member of the NSCUDD board, I have been advised by The District legal counsel not to discuss NSCUDD business on any public forums because of certain aspects of the Florida Sunshine laws. So, I will only present to you what is already in the public record and not respond on this forum to any questions or make additional comments. I can and will suggest that you are always welcome to attend NSCUDD board meetings to ask questions from staff or board members. And, I can and will respond to your questions if emailed directly to me at rick.rademacher@districtgov.org using the District email system. Some may not agree with my vote or position on this issue as my wife doesn’t always agree with me. I love The Villages and appreciate the opportunity to serve you to the best of my ability.

Consideration and Approval of Agreement for the Purchase and Sale of the Central Sumter Utility Company, LLC (CSU) details from the NSCUDD web site -> Coversheet


The attached file is my statement read by me and entered into the public record at the September NSCUDD board meeting.

For more information on this NSCUDD meeting, use google with the search words of NSCUDD CSU.

I think this is the first sale of a utility company, but that follows the business plan of the developer; to establish needed supportive factors or enjoyed factors or just things that were not here, and then later sell them to someone else to run. They have done this with the entertainment, several restaurants, The Village transportation and several buildings.

Works for them and for us.

I would think Rick, that this is indeed discussing this, even if it is just presenting it. Many of us are very aware of the new happenings around town.

Those of us who are not presently in TV appreciate you mentioning what’s happening.

With the emerging scandal involving defective CSU water meters it is incumbent on the Board to include the potential cost of replacing all CSU meters with top quality ones in the purchase price. I concur that it is also incumbent on the Board to hire an assessment firm with no ties, past or present, to the seller. Fiduciary responsibility demands nothing less. And thanks for your service regarding this issue.

Your attached file really says it all. Thanks for doing the research and placing this information into the record but obviously, it was totally discounted and they used the firm with ties to the developer for the appraisal anyway. Now, the appraised value that company gave in just 2015 has increased by 40 million in just 4 short years ? Why ? Did they replace the fittings with precious metals ? Also, how did the NSCUDD commit to buying this utility prior to even knowing what it would cost ? Something doesn't smell right here.

I quote from my statement to the NSCUDD board ->

“For me, the valuation of CSU is very important. In looking at the 2015 figures send by staff to us, both evaluation firms broke out the figures for both CSU and SWCA. NSCUDD’s 2015 valuation firm PRMG calculated a figure of $55,919,732 for just CSU. The developers valuation firm Fishkind & Associates presented a figure of $96,003,000 for CSU. That’s quite a difference in valuation. I believe all NSCUDD board members don’t want to overpay for anything that comes before this board! These 2015 valuation figures are better than nothing yet also raise many questions about valuations.”

Then please read about the valuation of $93,003,000 from NSCUDD's 2019 valuation firm of PFM found here (PFM –CSU Valuation) -->NSCUDD