These are my notes from the meeting. It was very dark
The current assessment by FEMA is $437,000. That means repairs would have to be done for less than half this amount- $218,500. That amount will not touch the amount of rebuilding needed.
Hideaway cannot get a building permit to make repairs, until and unless the assesment and evaluation that indicate that the buildings can be rebuilt for an amount that is under the 50% value of the current building (not land).
The board voted to hire a private assessor to see if they can get a higher value on the building to work with that would enable rebuilding with the units the way they were (not to the new codes)
But the tone of the meeting was not optimistic.The evaluation of property value would need to be more than double the one FEMA made, and FEMA would still have the power to not accept the private assesment, and require Hideaway to build to meet the new codes.
The general feeling was that to repair the buildings to “code”, could require a special assessment of almost $10,000 per owner per week–and 80% of the owners would need to vote yes. (unlikely).
If they cannot get a building permit because the assessment is too low to cover repairs under the 50% rule, and the owners will not agree to cover a very large ($10,000) assessment, the only option is to sell the land and distribute the proceeds to the owners who stay on and continue paying maintenance fees (most likely for the next two years).
Best case–the assessment comes in high enough to have insurance pay for rebuilding to the old standards (under 50% rule). In that best-case scenario, the earliest estimated opening date will be December 31, 2025.
What was also discussed was the insurance calamity and the likelihood that by 2030, our maintenance fees are likely to be $1600 per unit week.
