For the reasons described below, the Board of Trustees has decided to postpone the Condominium Association meeting scheduled for tomorrow, Tuesday, March 27th.
As many of you may be aware, the transaction between the Developer and RFP Advisors involving the transfer of the former Developer units closed last weekend, which means that RFP Advisors is now the owner of the Developer units (residential and retail) in the Macallen Building. RFP Advisors now stands in the role of the Declarant, and has the right to appoint two of the Trustees, an action that likely will occur in the next several days.
While there have been negotiations between the Trustees and RFP Advisors over the outstanding Developer condominium fees, no agreement could be concluded until the transaction between RFP Advisors and the Developer closed last week. The parties have reached a tentative agreement over the amounts of condominium fees to be paid by RFP Advisors. However, there are other terms that have not yet been fully resolved, some of which may require approval by the Condominium Association Owners. The independent Board of Trustees believe that it is important to work to resolve those terms and conditions (subject to any vote of the Unit Owners, should that be required) before the Condominium Association meeting.
The Board of Trustees fully understands that the Owners want to move forward as soon as possible to address all of these matters, and is working expeditiously to try to achieve that result. The Board of Trustees also believes that RFP Advisors seeks a similar resolution. We are hopeful that this will be accomplished this week, and a new meeting date will be announced promptly.
In the meantime, feel free to contact one of the Trustees if you have questions.
