A Going Away Gift from the Developer Controlled BOD

On 10-4-2010 the Board of Directors voted 3-0 to approve a “Shared Facilities Easement Agreement”, and on 10-6-2010 this 11 page document was filed in Bay County Courts and can be seen at: http://tinyurl.com/26n6r5c  

Since the Developer has not turned over Phase 2 to the Association yet, this easement covers the main 2,200 sq ft ‘Commercial Building’ (ie: Clubhouse), 4 restrooms, exercise room, pool, pool pumps and childrens tot lot. As you will see below the developer will initially pay for the upkeep, BUT will bill us in advance for these estimated expenses at the start of each fiscal year. We are in effect renting these facilities from the developer plus the Developer (ie: Nautilus Development Partners, LLLP) has one office “Reserved for exclusive use by Developer”.

So the outgoing BOD has in effect given the Developer a nice going away present at our expense.  Not only will they have an exclusive office here to rent out their unsold condos but we will be paying their expenses until they finally turn over the Phase 2 of the property which will be many many years in the future.

Some of those associated with Nautilus Development Partners, LLLP are our former BOD member Jay P. Brock and our current BOD member and Vice President/Treasurer Mr. Paul M. Missigman who as of 4/17/09 is listed in Florida Corporation documents as the General Partner of Nautilus Development Partners, LLLP. Can you say “Conflict of Interest?”
 Exerts from the 11 pages filed: