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Cooperative Properties
When Francis I Mobile Estates was put up for sale in 2001, a cooperative was formed with the residents in order to purchase the park. These lots are not deeded properties. They have a 99-year Proprietary Lease. Homeowners within this group are entitled to be on the Board of Directors, attend meetings, and attend/vote on matters regarding the park at the annual meeting. There is a Board of Directors for the Cooperative, which handles matters regarding the cooperative land. This group is also automatically a part of the Amenities group (see below), with the same rights. These properties are governed by the Cooperative documents, as well as the Amenities documents.
Amenities Properties (Fee Simple Shareholders)
Before the park was sold, the previous owners had sold individual lots to homeowners. These properties have a deed to the land rather than the lease. In order for deeded owners to be able to have a voice in the park's running, a separate corporation was created. This is the Amenities Corporation. Deeded land owners were given the option of purchasing a share in this corporation. Since all Cooperative owners are members of the Amenities as well (see above), the Board of Directors of the Amenities Corporation is the ruling board (majority rules). Homeowners within this group are entitled to be on the Board of Directors of Amenities, attend meetings, and attend/vote on matters regarding the park at the annual meeting. The original deed restrictions that ran with the land have been supersceded, and these properties are now governed by the Amenities Corporation documents.
The rules and regulations of the park come from the documents related to the above two entities.
Deeded Properties (Fee Simple Non-Shareholders)
These properties are those homeowners who chose not to purchase a share in the Amenities Corporation. They are governed by the Rules and Regulations of the park, as well as the deed restrictions that were created when the properties were first sold. The deed restrictions "run with the land" and are applicable to all subsequent owners. Francis I Amenities Corporation, Inc. is the current management entity referred to within the deed restrictions. Homeowners within this group are not entitled to be on either of the Board of Directors, and cannot attend/vote on matters regarding the park at the annual meeting. Any current or future owner who wishes to purchase a share in the Amenities Corporation can do so at any time.
Renters
This refers to people who own their home, but rent their land from Francis I Cooperative Association. They are bound by the same rules as the other cooperative members, but have no option to be on the Board or attend/vote in park matters at the annual meeting.
Board Meetings
Annual Meetings are held for both the Francis I Cooperative Association, Inc. as well as the Francis I Amenties Corporation, Inc. The respective annual meetings are the only meetings that are closed to non-shareholders. The president of the Boards, opened our regular monthly board meetings to all (shareholders and non-shareholders).
Fee Determination
The maintenance assessment is determined by the annual budget for the park. This means we created a budget to determine what it will cost to operate the park for the year, then divided it equally among all residents. This includes renters although it is built into their monthly rent payment as opposed to a separate fee. As everyone has access to the same park options as everyone else, it was a matter of fairness to charge all property types the same maintenance assessment. While the deed restrictions for non-shareholders legally allow us to charge more than we currently do, the Board of Directors felt it was only fair to keep everyone on the same payment level. While this cuts back on the funds we could collect, we want everyone in the park to be happy and not worrying what the person next door is paying.
If you have any questions regarding this information, please contact the Park Manager at 863-385-0981 for any questions you may have. If you are considering purchasing a property within the park, and are unsure as to what type it may be, we will be more than happy to give you that information.
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