Consider Memorandum of Intent Regarding Resolution to the Master Declaration/Association

The Development Management Team has been working for some time to find resolution to the issue of the Master Declaration/Association.  The Master Declaration is a document that was drafted by the former Master Developer and filed against the properties owned by the former Ramsey Town Center LLC.  The Master Declaration, in short, created a master association that was responsible for the management of common maintenance and design standards.  The master association was never formally established nor functioned to perform those management items.  The HRA's desire has been to either amend and restate the master declaration to meet current needs for common maintenance or eliminate it from the title of its properties. 

The Development Management Team has been negotiating primarily with PSD LLC (Jim Deal) to resolve this matter, as the other significant land owner in the now COR at Ramsey.  The attached Memorandum of Intent (MOI) reflects an agreement with Mr. Deal and his affiliates to release the lands owned by the HRA from the Master Declaration and remove it from the HRA's title(s).  Additionally, the MOI provides that the HRA may, at its option, include properties owned on the east end of the COR (see attached exhibit) in the master association and prohibits the HRA from establishing a special service district on lands owned by Mr. Deal or his afficiliates for a period of 25 years (see attached exhibit). 

Mr. Tom Bray, HRA Legal Counsel, will be present for the meeting to review the resolution to the Master Declaration and the next steps in removing the Master Declaration from the title of HRA properties in The COR at Ramsey. 

The Development Managment Team is recommending that the HRA approve the attached Memorandum of Intent for the resolution to the Master Declaration. 

HRA legal. 

HRA Action:  Approve the attached Memorandum of Intent for the resolution to the Master Declaration.