Cypress Palms Annual Meeting Proposed Amendment Change

[flhans]

I just received my annual meeting notice for Cypress Palms. There are 2 amendments for the Articles of Incorporation. The First Amendment proposes to change the amendments to one (1) vote per Annual Ownership Interest and 1/2 vote per biannual ownership. It also proposes to give one (1) vote per for each 77,000 Points owned by the Developer.

Am I reading this correctly? The way I interpret is that an owner with 300,000 points on one contract will receive only one (1) vote, a million point owner under one contract will only receive one (1) vote, etc.. If this is the case this does not seem fair to the owners.

 

[amycurl]

Yes, that would seem to give the developer way more outsized voting power. I wonder why they feel they need it?

 

[tschwa2]

how are number of votes determined currently?

 

[flhans]

how are number of votes determined currently?

I am not sure, but suspect that each owner/developer has one (1) vote per point.

 

[troy12n]

I don't know why anyone would own at Cypress Palms anyway, it's one of the most expensive deeded properties, for seemingly no reason.

 

[flhans]

No matter where you own at Wyndham this should be worrisome to all UDI owners. If they are successful at Cypress Palms it won’t be long before they attempt this at other resorts.

 

[flhans]

Yes, that would seem to give the developer way more outsized voting power. I wonder why they feel they need it?

The only guess I can make is that because of the high maintenance fees Wyndham is reducing the number of UDI points it owns.

 

[dioxide45]

Does the developer already have enough control of the vote to get this to pass anyway>