Pelican Bay residents consider taking powers away from developer WCI : Local : Naples Daily News: "NAPLES — The Pelican Bay Foundation is taking over control of its community.
That’s the hope, at least, as Pelican Bay homeowners are being asked to amend a declaration and to give complete control to the foundation, stripping developer WCI of most of its power within the exclusive enclave just north of Naples.
This move essentially transfers overall control of the declaration, and what can and cannot be done within Pelican Bay, from WCI to the foundation."
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Looks like somebody may be declaring their independence.
2 comments:
Interesting since many of these documents either a) ensure that the homeowners have no vote at all; b) ensure that the homeowners get X votes while the developer gets Y votes, where Y/X >> 1; or c) ensure that the homeowners can't get control until the later of a pre-determined date or some threshold % of sales; or d) some combination of the above to ensure that homeowners CAN'T get control until the developer wishes to cede it.
One of the most important tasks for an attorney who represents developers is to draft the declaration so that the developer retains control for as long as he needs to. Sometimes that will be as long as he has any interest in any of the properties.
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