Why Is Master Management Involved in Purchasing Golf Course Property?
By Donna Capobianco
Within CVE are 253 condominium associations. Because they are all separate and do not individually have the buying power needed for a large purchase like this, COOCVE, via an overwhelming vote of association members, asked Master Management to negotiate to purchase the golf course property. Master is the only single entity that has a contract with 8,508 unit owners that is not owned by an outside concern, like the Recreation Property owned by Holrod Corporation. Master has the ability to make purchases, negotiate loans, charge fees, maintain a property of this size, etc. for the benefit of all our 8,508 members. So it makes sense for COOCVE to turn to Master Management to help try to make this purchase happen.
Master Management is not an association and our documents clearly state in our Articles of Incorporation CVEMM, Article VI – Powers:
3. This Corporation shall have all of the common law and statutory powers of a corporation organized under the Florida Corporations Not for Profit Act and any other powers granted under the Florida Statutes to such corporations.
Florida statute 617 (SS 617.0302) Corporate powers. — Every corporation not for profit organized under this chapter, unless otherwise provided in its articles of incorporation or bylaws, shall have power to:
(9) Purchase, take, receive, lease, take by gift, devise, or bequest, or otherwise acquire, own, hold, improve, use, or otherwise deal in and with real or personal property, or any interest therein, wherever situated.
(11) Sell, convey, mortgage, pledge, lease, exchange, transfer, or otherwise dispose of all or any part of its property and assets.
Although it does not appear to be required, our Board wishes, before we take any binding steps toward this purchase, to know how our members feel about our proceeding. To obtain this, a voting ballot went via email to those registered on CVEDB.com (about 2,700), by direct mail to all 8,508 unit owners (should arrive by April 24th) and we placed all information we have to-date and the ballot on CVEDB.com and in the May edition of the REPORTER.
If the board of Master Management, with input from its members, decides to proceed, we will do so to the best of our ability. At this time there is no plan to do anything other than maintaining the property as open space.