This meeting was called to order at 9:01 a.m. by President Tim Pellerin. All Board members in attendance were Tim Pellerin, Mike Dammeyer, Deb Stevens, and Terry Barrett. Attending from Hilton Grand Vacations (HGV) were Chip Fosth – Resort Director, Dawn Cornfield – Assistant to the Resort Director, Matt Fox – Area Managing Director, Sanibel/Captiva Region, Sharry Luneke – Sr. Director Area Operations, and Amy High – Executive Assistant and acting Recording Secretary for this meeting. There were 42 owners present on the call.
TELLERS REPORT:
As of this morning, there were 1,296-unit weeks represented out of a possible 2,100-unit weeks, which represents 62% owner response. The new quorum is 50% + 1.
WAIVER OF STATUTORY FUNDING OF RESERVES: There were 1,285 votes to waive the statutory funding of reserves, 11 votes not to waive the statutory funding of reserves; therefore, the waiver of statutory funding of the reserves was approved for the 2025 budget.
Q & A – See below.
Where are the funds to pay for the drain pipe replacement be coming from? Answer: It has been submitted to the insurance company. What the insurance does not cover, our reserves will cover the difference.
Question on the impacts of Milton. So, we know that Ian has been taken care of – what about repair from Milton? Answer: Those repairs will be small but will be paid by the HOA.
And THANK YOU to the Board and Chip (& crew!) for everything that you have done!
How much has it cost so far for the hurricane repair? Answer: $5 million +.
Will maintenance fees continue to be credited: Answer: We hope so but are unsure due to the insurance changes by storm.
How much did the cast pipe repair cost: Answer: $850,000.
So, should we anticipate an increase in MF for the next year for the increase insurance deductible? Answer: Yes, likely.
What is the deductible now? Answer: Explained by Matt Fox.
What are some of the amenities that will not be available when Seawatch reopens? Answer: Grills and hot tub.
Will the repairs from Milton be a different insurance claim than Ian or since we didn’t open from Ian is it a continuation of the same previous claim? Answer: Different claim than Ian.
As we keep getting hit by storms does insurance keep paying for the new damage? Answer: Once the deductible is met, yes.
My understanding from owning other Florida Timeshare properties through HGV is that the way the rules in Florida work for reserves is if we waive the statutory reserves that sets us up better as even though we have reserves, we can move them where we need them (i.e. the pipe stacks). Is this correct? If we have to do the statutory reserves, then where we “Assign” those funds that is where they would have to be used, which could result in not only and increase in MF but also a special assessment at one time. Just want to clarify that this is your understanding. Answer: The board has authority to move the reserve funds around so yes.
What amenities may not be available for the remaining 2024 season: Answer: Grills and hot tub.
Seeing the new damage at the pool area and how those pavers were lifted, should we have just put in poured concrete this way we would not have to keep replacing them? Answer: Being investigated.
What is the condition of the beach? Answer: The beach is looking great.
Do you anticipate that the pool, hot tub on site will be open this season? Answer: Yes
So, you can move the other funds around (for other reserve areas – i.e. roofing/paving) as long as we waive the reserves? Can you move the reserves around for those reserves if we do NOT waive the funds? Answer: yes, but starting in 2026 it is only non-structural integrity items that you can move.
Will owners receive a letter or phone call for the week 48 this year? Answer: Yes
These minutes were approved on February 5, 2025