DeniseM
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- Joined
- Jun 6, 2005
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- Location
- Northern, CA
- Resorts Owned
- WKORV, WKV, SDO, 4-Kauai Beach Villas, Island Park Village (Yellowstone), Hyatt High Sierra, Dolphin's Cove (Anaheim) NEW: 2 Lawa'i Beach Resort!
There is a detailed 4 page single spaced letter included, which I believe is the clearest and most honest explanation we have gotten since this whole debacle began. Here are some high points:
1. Estimated funds needed for structural remediation: $56 million dollars. This doesn't include interior decor, furnishings, appliances, etc.
2. For each unit, a decision not to proceed with remediation must be approved by 75% of the owners of that unit.
3. In the event the IOA Board does not receive ballots indicating a majority of the votes of the intervals for a unit vote the same way, then the IOA Board shall cast the vote for such unit as it determines to be in the best interest of the IOA.
4 ...the AOAO KBV Board has decided that it is in the best interest of all owners to hold a special meeting of the AOAO KBV, at which the owners will vote to not proceed with Remediation.
5. In the event that at least 75% owner approval of the decision not to proceed with the Remediation is achieved, then the Project will be subject to partition action, and the proceeds of the sale shall be divided amongst the Project owners in proportion to their respective common interests.
6. This is a action where the entire property, including all units, is sold by a court-appointed Neutral to a third-party, and upon sale, the association "structure" no longer exists. Any and all interest in the Project would be transferred to this third-party buyer.
7. As of May 2nd, the board has only collected or "received commitments for" 42.27% of the $4.1 million needed for the first special assessment. In other words, Wyndham still hasn't paid their special assessment. IMNSHO, this makes them ineligible to participate in the final division of the proceeds.
*If you haven't paid your first special assessment, I suggest that you write to the BOD and tell them that you will make the same commitment to pay the special assessment as Wyndham has made.
1. Estimated funds needed for structural remediation: $56 million dollars. This doesn't include interior decor, furnishings, appliances, etc.
2. For each unit, a decision not to proceed with remediation must be approved by 75% of the owners of that unit.
3. In the event the IOA Board does not receive ballots indicating a majority of the votes of the intervals for a unit vote the same way, then the IOA Board shall cast the vote for such unit as it determines to be in the best interest of the IOA.
4 ...the AOAO KBV Board has decided that it is in the best interest of all owners to hold a special meeting of the AOAO KBV, at which the owners will vote to not proceed with Remediation.
5. In the event that at least 75% owner approval of the decision not to proceed with the Remediation is achieved, then the Project will be subject to partition action, and the proceeds of the sale shall be divided amongst the Project owners in proportion to their respective common interests.
6. This is a action where the entire property, including all units, is sold by a court-appointed Neutral to a third-party, and upon sale, the association "structure" no longer exists. Any and all interest in the Project would be transferred to this third-party buyer.
7. As of May 2nd, the board has only collected or "received commitments for" 42.27% of the $4.1 million needed for the first special assessment. In other words, Wyndham still hasn't paid their special assessment. IMNSHO, this makes them ineligible to participate in the final division of the proceeds.
*If you haven't paid your first special assessment, I suggest that you write to the BOD and tell them that you will make the same commitment to pay the special assessment as Wyndham has made.
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