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FREQUENTLY ASKED QUESTIONS WHY ARE YOU SENDING ME A WAIVER?
The Bylaws (from over 40 years ago) provide that every notice must be mailed to owners. Obviously, this was before the information age and the digital revolution, and the rise of instant communication in the form of email. Nowadays, email is so much faster and cheaper. (Think the comparison between the old cost of long distance calls from a rotary phone and the new cell phone age.) So Treasure Shores Beach Club Condominium Association, Inc. (hereinafter, "Treasure Shores") would like to use faster and cheaper communication: email instead of certified mail through the postal service. If you are reading this FAQ on Treasure Shores’ website, CONGRATULATIONS, you have joined the digital age. Florida laws require that owners opt in to receiving instant emails, rather than a certified letter that may take a week or more to deliver. If you send us back the signed Waiver, we can start emailing you instead of you waiting for the postal carrier to arrive.
WHAT IS THE MEETING ON SATURDAY, NOVEMBER 14, 2026 ABOUT?
As indicated in the Notice of Special Meeting and the Important Information that you were sent, the meeting will be to decide what to do about the repair or sale of the property.
WHY SHOULD WE CLOSE THE TIME-SHARES AND SELL THE PROPERTY? The property will cost many hundreds of thousands of dollars to repair. These estimates could even be low: it could cost over a million dollars. There is no guarantee that all of the owners who are in arrears now will suddenly start paying their fair share. That means the group of owners who are current would have to shoulder that financial burden themselves, each paying a proportionate share. Some people might say, “those who have not paid before, should pay now”. I agree with the equity of that statement, but fear it is not realistic. It is not reasonable to think that those who have not paid in the past will now step up and pay. The cost to each individual owner will be substantial, even if most, but not all, owners pay their fair share. The likelihood is that a small number of owners would have to pay tens of thousands of dollars to put enough money in to pay for all of the repairs.
WHY SHOULD WE KEEP THE TIME-SHARE? This is the only way that all owners’ rights to use the timeshare survives. If we vote to sell, that means that all owners give up their right to use the time-share, in return for getting a share of the proceeds of the sale.
HAVE WE CONSIDERED SUING THE PEOPLE WHO HAVE NOT PAID THEIR FEES? Yes, the Board has considered suing some or all of the owners who are delinquent. The Board, over many years, decided that the expense of that (paying a lawyer to file a lawsuit to foreclose) was too expensive (the cost would be borne by the compliant owners – those who have paid) to justify. That decision, compounded over decades and many successive Boards, has become its own problem.
CAN THE PROPERTY BE RESTORED? Yes, but only with the expenditure of hundreds of thousands of dollars. Also, because of the nature of the damages (wiping out essentially the entire first floor, and the pool, and the roof, and the walls, and the soffits) the scope of the repair is comprehensive: it is not that some units could be repaired; the entire property would have to be repaired. Additionally, because of the scope of the repairs, all of the money to make all of the repairs must be collected, essentially ahead of time. Getting only some of the money needed to do all of the repairs, then starting the repairs, and then potentially running out of money before all repairs could be completed would only make the problem worse - money would have been collected and spent, but with no complete return, and exposing the Association to liens from unpaid contractors, who could then seize the property.
DO I HAVE TO HIRE A LAWYER?
Deane & Hinton, P.A. represents the Association, not the individual owner members of the limited liability company. If you want legal advice regarding this matter, you should hire your own, independent, individual attorney.
WHY WOULD IT TAKE SO LONG TO REPAIR THE BUILDING? For those of you not familiar with construction and repair of buildings in the city of Treasure Island, there are significant factors that cause delay. Permitting is a process that requires time, demolition of failed structures, removal of debris, delivery of materials for repair, assembling a work crew, and weather all also factor into this.
WHY WERE THE REPAIRS NOT ALREADY DONE? The short and honest answer is that Treasure Shores did not have the money to make the repairs.
DO I HAVE TO PHYSICALLY COME TO THE SPECIAL MEETING IN FLORIDA?
We understand that travel is hard and expensive, especially if you do not have a place to stay. That is why there are two alternatives to actually physically coming to the meeting. First, you can give someone else who will be physically at the meeting your proxy, so that they can vote for you. Second, you can appear by Zoom.
IF I APPEAR BY ZOOM, WILL I BE ABLE TO VOTE? Yes. IF I COME TO THE SPECIAL MEETING IN FLORIDA, CAN I STAY AT THE TIME-SHARE?
Unfortunately, it is NOT safe for anyone to stay at the property because of the condition of the property. The damage is just too extensive.
IS THERE ANY OTHER MONEY THAT IS AVAILABLE AND COULD BE USED TO PAY FOR REPAIRS? LIKE INSURANCE, OR GOVERNMENT BAILOUTS? The Board has made a claim to the insurance carriers and received hundreds of thousands of dollars, which, when added to available reserves, total just over $500,000. There are not known to be any governmental funds in the form of grants which Treasure Shores is eligible for. The Board has also explored a Small Business Administration loan, and is waiting for more information on that. That would, however, be a LOAN and thus would have to be paid back, so is an imperfect solution, even if enough to pay for all repairs could be borrowed.
WHAT IS A PROXY? The proxy is a document by which you give your right to vote to someone else. If you want to use a proxy, fill it out and send it to the Board.