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Seasons of Sarasota project. Shaner later told HEI about the
possibility of investing in the project. Afterwards, in 1994,
Thomas retained an appraisal and consulting firm to prepare a
detailed analysis of the market for a retirement community in
Sarasota. The firm delivered such an analysis to Thomas on
December 23, 1994, in the form of a 39-page report (exclusive of
addenda) entitled “Analysis of Service Enhanced Retirement
Facility Market in Sarasota, Florida”. At the request of Thomas,
the firm on June 26, 1996, updated its analysis and conclusions
reflected in that report.
Eugene Schwartz (Schwartz) is unrelated by blood or marriage
to Thomas, Stethem, or any member of the Hubert family. In
January 1995, ALSL agreed to pay $3 million to Schwartz for 49.8
acres in Sarasota on which the Seasons of Sarasota was proposed
to be built. As a condition to the agreement, ALSL had to obtain
commitments from buyers of at least 59 condominium units which
were to be built on the land. Absent written notice to the
seller, ALSL had until December 31, 1995, to purchase the land
from Schwartz. Also in January 1995, SMC and ALD agreed that SMC
would direct the marketing of, manage, and operate the Seasons of
Sarasota. The duties and responsibilities of SMC were to begin
on January 1, 1995, and continue until December 31, 2004, unless
terminated earlier.
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