Dear Fellow Cretans and Friends,

The PAA Minoan Cultural Village at Atsipopoulo Crete has progressed to the stage where it requires your financial participation in order to proceed. The actual venture will be developed and managed by a subsidiary of the PAA named, “PAA- Minoan Cultural Village, Inc.” (hereinafter referred to as PAA-MCV) which will be chartered in Greece as a “for profit” entity. The PAA will hold majority and controlling interest of the PAA-MCV. Because this entity will not be formed until the venture becomes certain, the PAA Board has delegated to the “PAA-Minoan Village, Inc” ,(hereinafter referred to as PAA-MVI) , the responsibility of accepting escrow deposits for this “First Offering” to determine the degree of your support.

What are we offering?
We offer the “reservation” for the purchase of a time share units in the hotel of this development. Each time share unit is a single bedroom suite for one week for 20 consecutive years; the price for this type of unit is $8,000.00 with an annual maintenance fee of 300* Euros. A two bedroom suite, accounted as two units, will sell for $20,000.00 with an annual maintenance fee of 500* Euros. The hotel has 32 single bedroom and 6 two bedroom suites. This offering is for the sale of 500 units of which the buyers of the first 250 units will have some special benefits. These early buyers will have the option to lease up to 60 years for a reduced additional cost of $2,000.00 per bedroom for each additional 10 years. Additionally, any buyer of two weeks or more will be given a 30 year lease for the same price as the 20 year term. PAA Chapters may purchase a perpetual lease by paying an additional $4,000.00 per unit or if they purchase 4 or more units at the regular price. However, if they later sell a unit then that lease will be limited to a term of 20 years and at the end of that lease the unit reverts to the PAA-MCV. We need to sell all 500 units for the project to go forth.

*Adjustable periodically for inflation after the start of operations.

Accommodations:
The accommodations are rated as Five Stars. The hotel has single-bedroom suites distributed between the four corner pavilions that contain the double-bedroom suites.

The size of a single-bedroom suite is approximately 43m² or about 450 sf. As you can see from the pictorial it has 1 sitting room, 1 bathroom with bath and shower, and 1 bedroom. The bedroom will have a king size bed or two twins; and the sofa in the sitting room can open into a queen size bed. Each suite can sleep up to 4 people. It will have 6 linear ft of closet space, an iron with ironing board, a small refrigerator, a microwave oven, and integrated entertainment armoire/desk with internet access (sitting room and bedroom). Interlocking doors make it possible to join two adjacent suites into one combined living quarters. A private porch or balcony of approximately 5 ft by 14 ft is provided for each single-bedroom suite that are situated between the corner pavilions; single-bedroom suites integrated with the corner pavilions have an outdoor loggia as described below.

The size of a double-bedroom suite is approximately 108m² or about 1130 sf. It has 2 bedrooms with a bathroom each, 1 large corner sitting room with a dining area equipped with a full kitchen with a range, microwave oven, and refrigerator. Each bedroom will have a king size bed or two twins; and 2 sofas in the sitting room can open into queen size beds. Each suite can sleep up to 8 people. It will have 28 linear ft of closet space, an iron with ironing board, and integrated entertainment armoire/desk with internet access (sitting room and bedrooms). Interlocking doors make it possible to join with one or two adjacent single-bedroom suites into one combined living quarters. Each suite's sitting room is located at the corners of the hotel with an outdoor loggia of 8 ft in depth and contiguous with interlocking bedroom suites. The loggia can be subdivided for privacy with retractable partitions.
Daily maid service will be provided to every suite with change of bed linens every other day.

Other amenities at the facility are: Convention hall/ Conference Rooms/ Exhibition Galleries/ Business Center/ Fitness Room/ Swimming pool/ Tennis Courts/Playground for children/ Mini Golf/ Restaurant.
Nearby facilities are: Classes at the University of Crete next door/ the beaches of the Cretan sea about 5 minutes away/ the cultural hub of the city of Rethymno which is 5 minutes away.

How will these reservations work?
To reserve you must execute an agreement with the PAA-MVI and make a deposit of 20%, or $1,600.00 for a one bedroom suite or $4,000.00 for a two bedroom suite. If the deposit exceeds $10,000.00 then the order can be bound by depositing only $10,000.00. The deposit will be held in an interest bearing escrow account at an FDIC insured Financial Institution. The critical mass for this project is the selling of 500 units. If the critical mass is not achieved by the end of March 2012, you will be refunded your deposit plus all earned interest. Each reservation will be numbered according to the order the deposit was received and will represent the order the buyer will have in choosing his/hers home week at the facility.

Who can buy into this offer?
This offer is open to individuals, companies and clubs of the public at large. We hope that our members and Chapters will buy most of the 500 units of this offering but any Philhellene will be welcomed. However, the maximum number of units anyone can buy is capped at 25 units max.
After the 500 units of this offering are sold the project will be ready to start. At that time, the PAA-MCV will be formed and will take over the development. The PAA-MCV will determine the pricing of further offerings which will most likely be considerably higher.

What are my responsibilities if this project proceeds?
When this project starts you will execute a buy/sell agreement with the managing entity the PAA- MCV. Legal fees, estimated at 400 Euros or less, will be paid by the buyer. At that time you will have to pay the balance needed to reach 50% of the price of your order. The original deposit and the new funds will become available for the construction of the hotel. When the construction is substantially complete the next 25% payment will be made. When the facility is ready for operation the balance 25% will be due.

How do I reserve?
You can click on the BUY button to start your reservation or you can email dnouhakis@yahoo.com for an application.
Nothing gets bound until a deposit payment is made!