PRESENTATION TO THE RSF BOARD OF DIRECTORS
December 7, 2023
Financial Interest Disclosure for Silvergate RSF
Good morning,
My name is David Petree. I’m the CEO of AmeriCare Health & Retirement, the owner of the property located at 5908 Calzada del Bosque, the site of the proposed development of the Silvergate RSF retirement community.
I’m here this morning to answer a question asked by one of the Board member last meeting regarding whether or not any of the residents from the Covenant that are speaking in favor of the site being used for the development of a retirement community have any financial interest in the project.
In my continued effort to be transparent and to update the Board on this project, I can advise you that NONE of the members of the Covenant community that have spoken before you in support of the project have any financial interest in this project.
AmeriCare is a privately held company that provides its own source of capital and financing for properties it develops, owns, and operates. We have no outside investors on this or any of our other AmeriCare owned properties.
What I think is important for you to recognize, and pay attention to, is that the Covenant members that have spoken before you are residents of the Rancho Santa Fe community that have joined together, independent of AmeriCare, to support the use of the land proposed by the Silvergate development because they feel strongly that the use of the land for this purpose would offer significant social, financial, and senior living benefits to the community of Rancho Santa Fe.
They see this as an opportunity, not for some sort of financial gain, but as an opportunity to address a long standing need to have a retirement community within the Covenant boundaries so residents of the Covenant don’t have to leave the Ranch as they get older and can stay near friends, remain active in their local club memberships, and continue to support their favorite local charities within the Ranch.
As such, we certainly welcome their individual support, and the support of their organization, “RSF Friends of Retirement”. But please realize that they are independent of AmeriCare and have no individual or collective financial interest in the proposed Silvergate development.
They support the project because they think it’s the right thing to do for the Ranch, a significant benefit to the RSF community overall that would otherwise be lost if this development is not approved.
I hope this answers the question of financial interest.
Thank you for this opportunity to speak before the Board.