The measure to give the PTCA Board of Directors authority to purchase and subsequently sell Unit 12c in the Mall has passed.

And then some!

The meeting was held on September 25, 2017 at 7:30pm in the Party Room. At the meeting, the Unit Owners granted the Board of Directors permission to purchase and subsequently sell unit 12c for an amount equal to the amount of assessments and fees due to the Association by the owner of the Unit. Following the meeting, in the Management Office on September 26th,  an audit of the proxies and ballots by our auditing firm Picker & Associates was completed. We can now report the certified results of the 12c initiative are as follows:

78.28% Unit Owners In Favor (562 Units)

.9% Unit Owners Against (7 Units)

20.82% Unit Owners Did Not Vote (172 Units)

The measure required a vote of 66 2/3rds of the ownership in the affirmative, for the measure to pass. The Board Secretary has certified the vote, and we expect Picker and Associates to provide a letter to the Board certifying the results of their audit, within the next business day.

The initiative, to grant the Board authorization to purchase and subsequently sell Unit 12c was needed to complete the foreclosure process against the owner for unpaid assessments and fees. Through this process, the Association will need to open the bidding at the foreclosure auction when the time comes. Our friends and owners in the mall, Lettuce Entertain You, have continued to express interest in the possibility of buying the space should the foreclosure come to pass.

What now?

At last night’s Board Meeting, following the Special Meeting, the Board approved a resolution to purchase Unit 12c as proposed. Today, once the audit of the vote results was completed, we directed the Association’s legal counsel to complete the foreclosure. Since the audit is complete, we advised counsel to take the final steps necessary for the foreclosure to take place. Here is a summary of the remaining steps:

1. Board approves 9/25 meeting minutes at the next Board Meeting 10/9 (formality)
2. The 9/25 meeting minutes forwarded to legal counsel 10/10 (formality)
3. Foreclosure sale is scheduled by the court (process underway)
4. Sale anticipated mid to end of January (counsel’s best guess)

Management will update the Board regularly as this process unfolds, and undoubtedly discuss this at upcoming Board Meetings.

We will post updates for interested owners as we are able.