Joelle Varnum To: Summit Condo Owners Associations Owners
From: Summit Condo Association Executive Board (Karen Geraghty, Corey Lewis, Cindie Aadland, Sean Carpenter, Jack Kuchta, Luci White, Dana Bullen)
Date: June 28, 2023
Re: Results of voting for Room Renovation Project
Background/Reason for Vote
Thanks so much to all of you who participated in the recent vote! The Maine Condo Act requires approval of a majority of all owners in the Association for any loan involving an assignment of the Association’s right to future income via a multi-year special assessment to pay back the loan. There are 676 separate deeds (one deed = one owner) associated with 230 rooms at the Grand Summit.
Results
The voting closed at 6:00 pm and the results were confirmed at 7:00 pm.
It was a close vote, with 49.7% owners (275) voting ‘yes’ (in favor of the loan and multi-year special assessment) and 50.3% of owners (279) voting ‘no’. Interest was very high, with 82% of all owners participating.
In order for this project to proceed, 50% +1 of all owners (339) would have needed to vote yes. Therefore, the Association will not be borrowing funds or levying a multi-year special assessment for the room renovation project as proposed.
As a result of a large volume of emails, phone and in-person conversations, as well as participation in information sessions, the Board received much input from owners who voted ‘yes’ and those who voted ‘no’. It’s clear that a large majority of owners want upgrades to the rooms. But as you can guess, there are many different ideas about the scope, cost, or phasing of room renovations.
There is a wide variety of ways owners use their quarter-share(s). Some owners use all 13 weeks and rarely put their unit into the rental pool. Other owners have never used their unit and place all 13 weeks into RCI or Interval. Some owners live locally and put all their weeks into the rental pool but use the health club, pool, and Owners Lounge throughout the year. Some owners use all or parts of ski season weeks and put the rest into rental pool. And there is a lot in between!
The different ways owners use their unit(s) creates different ideas about how they want to see improvements to the rooms. Different life and financial circumstances among owners also create different ideas and feelings about room upgrades.
What’s Next?
The Board will take all of this important input into account as we strive to find the right balance among such varied uses and priorities. We are committed to fulfilling our fiduciary duties, in terms of assuring the Summit remains a valuable asset and a place that owners enjoy, guests want to visit, and people want to purchase.
We will be considering a few new ways to engage owners, including polling and surveys to guide ongoing discussions about scope, cost and phasing of room upgrades. We are committed to finding a solution that meets the needs of a majority of owners. Thanks again to all who cast a vote and we look forward to the continued participation of all!
