Reorganization Strategy of POA

Deed Restrictions

Articles of Incorporation

Deed Restrictions

Change annual assessment amount
Enable assessment increases tied to CPI changes
Create non-voting subscription membership for non-residents

Cost to Residents

Articles of Incorporation

Deed Restrictions

The annual assessment will go up.
Increases in the annual assessment will be limited to no more than changes in the CPI
Failure to approve the special assessment means the annual assessment will be higher. Plan is to keep it under $150 per year per owner and still fund projects.

Articles of Incorporation

Articles of Incorporation

Articles of Incorporation

Put operational rules in bylaws
Support non-voting subscription membership for non-residents to use POA facilities

Leveraging POA Assets

Leveraging POA Assets

Articles of Incorporation

Without changes to the deed restriction we cannot sell subscriptions to non-residents for use of the pool and tennis court.
See the pool model via link below

Bylaws

Leveraging POA Assets

Legal Fees

Principle document defining how the corporation will operate.
Under current governing document bylaws can be changed by the Board. That will not change.

Legal Fees

Leveraging POA Assets

Legal Fees

Bankruptcy is expensive but the outcome is priceless.
Majority of costs already spent.
Pausing or stopping the proceedings at this point will be a waste of POA money.