Special assessment fee is one of the unwanted parts of timeshare ownership. That’s why some owners want to get out of their timeshare contracts because of this. In Holiday Island, the newly formed Table Rock Landing Board of Directors will meet with the HISID Board of Commissioners and one of the agenda is the subject of amenities and assessments.
Table Rock Landing which is owned by Holiday Island Development Corporation has the only timeshare units in the community. Its 28 units each pays 10 times the normal $444.37 assessment for a lot. So, each unit brings in almost $4,500 in assessments with each timeshare owner’s cost about $87. Altogether, the timeshares contribute almost $125,000 in assessments to district coffers each year.
Meanwhile, there is no state statute governing suburban improvement districts that requires timeshare units to pay more than one assessment per lot. Table Rock Landing owners do not have voting privileges but they do have limited amenity rights during their week.
On the other hand, HIDC CEO Tom Dees confirmed that the timeshare board is newly formed with local real estate agent Don Eiler, Holiday Island Planning Commission member Corky Comstock, resident property owner Marvin Higginbottom and two others serving on it. The board will also look at the district’s role in enforcing protective covenants for the various units.
District Manager Kevin Crosson, will give the history of HISID agreement several years ago to partner with the Holiday Island Planning Commission (HIPC) to litigate in some covenant violations. The board will then discuss that partnership with regard to particular issues about such vacation resort which the district and HIPC have been receiving complaints about.