Circle C Neighbors

I have spoken with the personnel of both the Sales and Marketing Departments of Newmark Homes and was told that the information of $1.7 million cost of CDC facility was given to them by Steve Bartlett. The below article was at their Web site for many years.

Based on the Travis County Appraisal District?’s record, the Total Market Value (also the actual cost) of the facility including the land in 1994 was $700,000.

White Construction Company was the company built the CDC facility. I was told that they are the general contractor, not the sub-contractor of Developer?’s Phoenix Holdings, Ltd. If that was the case, I wonder how Gary Bradley and Steve Bartlett could inflate the cost by one million dollars.

Mr. Bartlett:

Would you please explain to all of us how could you and Gary Bradley inflate the cost of building the CDC by one million dollars? How could you fool us for so long? There was at least 2.3 million dollars in the CDC Endowment Fund which was used SOLELY for the cost of building the facility. Where was the rest of the money? Was the $$$ sitting in the Lazarus Trust Fund?

Lisa
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Circle C Ranch is one of Austin's finest master-planned communities. Just a few of Circle C's amenities include an 18-hole championship golf course, an outdoor Olympic-size heated swimming pool, a 3 mile veloway track for rollerblading and cycling, and an award-winning $1.7 million on-site child development center. Austin Independent School District's highly acclaimed Kiker Elementary School is located within the community and residents' children also attend AISD's Bowie High School nearby.

Revision of the Cost


Cost of Building the Facility of Circle C Development Center including Furniture, Fixture and Equipment



The Circle C Development Center facility was designed by the Architect, Heather McKinney. I was told by one of the architects that they charged approximately 8 to 10% of the building construction cost as the architectural design. Let me use the high end 10% to do the calculation.

The Market Value (actual cost) of the building in the Year 1994 was $608,160.

The Architectural Design would be $60,816 ($608,160 X 10%)



REVISION OF THE COST OF THE CDC FACILITY

Construction cost of the building & also the Market Value in 1994 was $608,160.

Market Value of the Land in 1994 was $91,840.

Architectural Design was $60,816.

Market Value of Furniture, Fixture & Equipment (Year 2003) was $62,381.

Total cost of the facility was $823,197.

Newmark Homes was being told by Steve Bartlett that the COST of building CDC was $1.7 million dollars.

The discrepancy was $876,803. ($1,700,000 - $823,197)

Circle C Homeowners had contributed approximately $2.3 million dollars into the CDC Endowment Fund.

Where is the rest of the money of $1,476,803 ($2,300,000 - $823,197)?