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Fellow loft owners,

 

It is with mixed emotions I write this notice to you, resigning my offices as your President of the CLOA / COA Boards and Residential Director, effective immediately.

 

As CLOA & COA President, it was my primary goal to keep the directors of both boards united in a common purpose of improving the Centennial Properties for both interests of the retail and residential owners.

 

In the very short time since I have been President, we have made limited progress in achieving some of the management initiatives; however, it has recently become evident to me, future progress may be slowed, or even hindered, if I continue in office as your President.

 

As the CLOA President, it was very important to keep the Residential Board of Directors in common agreement, unified in purpose to restore the Centennial Building to one which enjoys building security and residential integrity.

 

Recently, the CLOA Board of Directors made a very difficult decision in regard to achieving one of our management initiatives. The consensus of the board felt like it was necessary to follow a path of what some people may call the “low road,” a path filled with several obstacles and uncertain outcomes.

 

I will be the first to admit this chosen path may not have produced the desired results we wanted but it was a well thought out path and one I sincerely believed the board had unanimously endorsed and accepted.

 

The reason the board chose this somewhat risky course of action, was that it could render the best possible outcome toward achieving our common goal. However, the board also understood it could also result in a miserable failure. Bottom line, we thought the desired benefits far exceeded the possible risk of failure.

 

At our most recent COA Board meeting on Friday, April 29, 2011, it became obvious to me our Residential Board of Directors had parted ways and were no longer unified in following the agreed upon course of action. Apparently some directors either had a change of heart or were not prepared for the meeting, as they chose a different course of action in following what some could arguably call the “high road,” a path of least resistance, one having more certain outcomes with much less risk.

 

No matter which path the residential directors had agreed to follow initially, it was the consensus opinion of the Residential Directors we would need the full cooperation of the retail owner to achieve our desired goals. Since the retail owner (at the COA Board meeting) was no doubt emphatically endorsing the “high road” course of action, that in itself could have persuaded some of our Residential Directors to have a change of heart, as they verbally expressed agreement to follow some of the Retail Owner’s suggestions.

 

After many long hours of thought and study since last Friday’s meeting, I personally believe those Residential Directors took too many steps of agreement along that “high road” path, making it difficult, or near impossible, to reverse courses in the future.

 

I personally regarded this recent meeting as our one last hope and best chance to “right the ship” for the long-term, therefore, it is with sincere regret and disappointment we will never know where that “low road” would have led. As the old saying goes, “I would have much rather tried and failed, than never have tried at all.”

 

I am sure those directors who chose to follow the present course of action were guided by a good heart, attitude and intentions. Never the less, it is difficult for me to continue providing any meaningful leadership, or guidance, when I find it so difficult to fully endorse or agree to follow the current course chosen by the majority of the board. This preceding statement is strictly a personal opinion of mine and is not intended to mislead anyone into thinking their chosen “high road” path may not be the best course to follow because no one person, and certainly not I, knows for sure.

 

Time will only tell whether the right decision was made but, in the short-term, I do not want to do anything in a negative way that could prohibit a successful outcome in achieving goals set by the remaining directors on the CLOA and COA Boards. I only know full well how difficult a task it is that lays ahead for them, especially coupled with the many difficult decisions they will have to make in the future.

 

For this reason, I respectfully request all loft owners join me in providing the CLOA and COA Boards with our full support and cooperation as they continue to serve having our Centennial Loft Owners’ best interests at heart!

 

Lynn Garst, #201