Voting Process

In order to receive the most benefits to our neighborhood and build the “New Inverrary” (Option-3 as described on this website), it will be necessary for our community to properly modify the existing Restrictive Covenants that were recorded in 1971. This will require the affirmative vote of no less than 66.67% of the homeowners in our community, which will take the form of each owner signing a simple written document that will include the following:

• Your consent to the modification of the 1971 Restrictive Covenants in exchange for the fulfillment of the Developer’s commitments; 

Your consent to the creation of a new set of covenants approved by the Master Association that will restrict the future development of all the gifted land, including but not limited to, the Greg Norman Championship Golf Course, clubhouse, parks, trails, lakes and greenspace;

• Your consent to the development of a maximum of 1,188 residential homes on a portion of the shuttered golf courses as approved by the Master Association; and

• Authorization to your building’s condominium association to cooperate with the Developer and the Inverrary Master Association in connection with the creation of the New Inverrary described on this website.

The consent form will be simple, and contained in a few pages, for homeowners to review and sign. It is in the process of being drafted by the Inverrary Master Association and will be individualized for each building’s Condominium Association. You will be contacted by your Condominium President or its Board for specifics about providing your consent.

Option 3 Protections for the HOAs and Homeowners

The Inverrary Association will have its own experienced and qualified legal counsel to assist in all important planning and document all decisions. The cost of legal counsel will be paid for by the Developer.

• All consent forms will be collected by the Master Association, which will then deliver them to an escrow agent (the “Escrow Agent”). The Escrow Agent will either be a title company or law firm mutually approved by the Master Association and the Developer.

• The escrow agreement will provide that the consent forms will be held in escrow by the Escrow Agent until all of the following have occurred:(i) the Developer deposits into escrow the $3.3 million payable to the condominium associations; (ii) the Developer deposits into escrow the right for the Master HOA to charge a fee on all the new home sales totaling approximately $1.4 million payable to the Master Association; (iii) the Developer has satisfied the Master Association that it is able to fund its development commitments estimated at $29.8 million (construction of the new golf course, clubhouse, parks, trails, lakes, and installation of the promised safety infrastructure, etc.); (iv) the Developer enters into a binding agreement to deed to the Master Association the land for the golf course, practice area, the clubhouse, parks, trails, lakes, etc. with appropriate easements reserved for utilities and surface water retention; (v) the Developer has deposited the “New Restrictive Covenants” that will protect the new course and impose future development restrictions on the new golf course, parks, trails, lakes and greenspace; (vi) a title insurance company is prepared to issue a title policy to insure the Developer that the 1971 restrictive covenants have been validly modified; and (vii) the Developer has obtained the required unappealable permits and approvals to construct the new golf course, clubhouse, parks, trails, lakes, etc. and up to a maximum of 1,188 new residential units; and (viii) Developer's written commitment that all promised construction for the Inverrary community shall be completed in an acceptable form and gifted to the community prior to the initiation of any residential unit construction.

• The above procedure will assure that both the Inverrary community and the Developer are protected. In other words, the consents held in Escrow will only be released when both sides have performed.

What Happens If We Do Nothing?

In 2036 or 12-years, the covenants expire and our associations will lose ALL leverage to extract developer benefits - forever. The golf course lands will be eligible to be developed with high density buildings of low-income and affordable housing.

Option 1 is to do nothing. Our golf course and property values will likely continue to deteriorate, and with new regulations and unfunded mandates being passed down on our buildings from Tallahassee, our building assessments will inevitably rise.

What if the Master HOA buys the Golf Course?

Option 2 is for the Master HOA to purchase the land of the former golf courses. – In addition to forfeiting the developer-paid benefits to our neighborhoods, this option will require a large assessment and possibly continuing mandatory assessments for the maintenance of the grounds, and/or construction of new golf course.