Letter to the editor: Parasol wants to renege on pledge
August 16, 2017
Parasol wants to renege on pledge
In the late 1990s, the Parasol Tahoe Community Foundation made a pledge to Incline Village General Improvement District residents, the Donald W. Reynolds Foundation, private donors, and community nonprofits.
Parasol committed to construct, operate, and maintain a community nonprofit center that would conform and comply with its innovative 2001 Business Plan. In response to this commitment, IVGID residents generously leased Parasol 2.3 acres of our land at $1 per year for 99 years.
The Donald W. Reynolds Foundation granted Parasol $6.5 million to construct the 31,500-square-foot center and private donors contributed millions more for additional building costs and furnishings, as well as for the creation of permanent endowments for programs, maintenance and capital improvements.
And our community nonprofits counted on Parasol to provide the leadership and support Parasol promised to offer. Now, Parasol no longer wants to keep its pledge to our community nonprofits and with only 20 percent of the resident nonprofits remaining in the building, Parasol is in default of its lease agreement.
So why isn't our board declaring default and terminating the lease? Instead, IVGID is expending huge sums of time and money to "amend the lease" so IVGID can purchase for $5.5 million a building for administrative office space that would in fact revert to IVGID "free and clear" upon termination of the lease.
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It is unconscionable that the chair of our board, general manager, and legal counsel are not looking out for our residents' best interests and Parasol, a leader in philanthropic giving, is asking IVGID and the Donald W. Reynolds Foundation to release it from its responsibilities and the agreed upon conditions, covenants, and restrictions of the land lease and the Foundation Grant.
At the same time that other community nonprofits are unable to reside at the center, Parasol is requesting the retention of its offices, meeting and storage space, and the continued usage of all of the common areas for the hefty rental rate of $1 per year for the next twenty years.
It has been said, "People with good intentions make promises, but people with good character keep them."