Who Owns the Amenity Center?
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I erroneously thought that the amenity center was owned by the HOA, so when the developer turns over control of the amenity center HOA to us it was just a matter of the homeowners now being responsible for managing it. But not so! The developer is on the books as the owner! So when the HOA is turned over to us homeowners, what happens with the amenity center? Is the developer going to be a benevolent benefactor and sell it to us for $1, or is the price tag going to be much higher? Or, if we can’t afford it, are we going to start paying rent? I am going to ask these questions at the next board meeting which is Feb 4th. Residents will be able to zoom the meeting. Watch for an email from Ray.
There is currently a 367k due developer liability on it, and if I understood it correctly that is what the homeowners would owe at turnover.