The HOA must have a majority of the individual homeowners as Members in order to compel the Park Owner to negotiate new contract terms, including rent increases, amenities, improvements, etc., with a Negotiating Committee appointed by the Board of Directors.
Listed below are highlights of the most recent negotiated Settlement Agreement. Click this link to view the entire 16 page 1/1/20 – 12/31/22 Negotiated Settlement Agreement
Base Rent Increases:
Owner proposed to increase the Base Rent by $36 per month in 2020. After negotiation, the 2020 increase was set at $22 per month. The 2021 increase was set at $25 per month and the 2022 increase was set at $28 per month.
(Other Charges, etc.) eliminate
Real Property Taxes:
Since Camelot’s inception, individual Homeowners have been responsible for reimbursing the Community Owner for all real property taxes levied upon the entire Park.
2019 – Following the sale of Camelot, the Sarasota County Assessor more than doubled the assessed value of the Park resulting in a tax increase of over twice the 2018 level. After negotiation, on a one time basis, the Owner agreed to accept responsibility for paying the first $250,000 of the 2019 tax increase, reducing the Homeowners’ collective responsibility from $429,845.69 to $178,845.69. Owner also agreed to let Homeowners elect to pay the increase in either a lump sum or twelve or eighteen monthly installments.
2020 – On a one time basis, Owner also agreed to accept responsibility for the first $25,000 of any increase in taxes for 2020 over 2019.
Except for the above adjustments, individual Homeowners remain responsible for reimbursing the Owner for all total real property taxes levied upon Camelot. Therefore, if taxes are retroactively reduced (except for 2019) all refunds resulting from reductions will be refunded to the Homeowners.