Seawall Settlement: Promises made--promises kept?
As noted in two recent posts ( here and here ), there are a number of issues involved in the seawall settlement known only by the Board and the 12 Owners who have sued the Club. A video exists of Keith Wandell making an unequivocal promise to submit any settlement relating to the seawall to the Owners for a vote. Fortunately, the By-Laws empower the Board President to call a special meeting of the Owners--with or without the concurrence of the Board. Here are some things to ponder: - No details on the settlement have been made available to the Owners. - The Owners are already on the hook for the 1/3 of the J-Lot seawall owned by the Club. The settlement will deal with how much of the remaining 2/3 of the costs are paid by the Club. - There are three types of costs involved: (1) past maintenance and repair costs; (2) the reserve for future maintenance and repair costs that should be established; and (3) future...