Title
Approving the creation of the Downtown East Commercial Community, Inc. (the “Association”), Commercial Condominium for Parcel 4 (The Monarch), and related supporting documents to include a Master Covenant, Master Condominium Declaration, Community Manual, Certificate of Formation, Management Certificate for Downtown East, Organizational Consent, Notice of Applicability, Condo Plat and Parking Use Agreement, and authorizing the City Manager to execute the same.
Summary
The Downtown East development includes multiple public and private buildings, public open spaces, and shared infrastructure. To ensure these spaces are consistently planned, maintained, and governed, two related and complementary entities are being created:
1. The Downtown East Commercial Community, Inc. - a property owners association established through a Master Covenant that applies to all parcels within the 29-acre Downtown East site.
2. The Commercial Condominium for Lot 4 (The Monarch) - established through a Master Condominium Declaration creating two ownership units for the Rec Center and the Retail attached.
Downtown East Commercial Community, Inc.: A property owners association is proposed for the overall 29-acre Downtown East development to establish shared responsibilities for the maintenance and management of common areas, architectural controls and coordination of current and future development, as well as to define the ownership structure for the multiple public and private commercial components within the project area.
A property owners association created by a master covenant is an appropriate real estate framework for large developments with multiple building owners, as it clearly defines ownership boundaries, assigns proportional ownership interests, allocates responsibilities for the shared (common) elements, and provides a foundation for future real estate transactions within Downtown East. The proposed property owners association will encompass the 29-acre Downtown Ea...
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