Dear Sea Pines property owners,
I am pleased to share with you that during today’s Sea Pines CSA Board meeting, the Board finalized the terms and approved the “call” for a simple Referendum to secure the funding to meet our infrastructure needs. When approved, this Referendum will amend our covenants to provide new contributions from residential property owners, commercial property owners and the Resort. This is a significant win for our entire community, and is the result of your valuable feedback over the past few months.
If the referendum achieves the required 75% +1 of the votes cast, we will create an entirely new Article V in the 1974 Covenants to create an “Infrastructure Improvement Fund” that may only be used for the repair, replacement, addition and improvement of the roads, bridges, bulkheads, leisure trails, storm water facilities and systems located in or servicing Sea Pines. If approved, beginning in 2022, and annually thereafter, residential property owners will contribute $600 per improved lot and $360 per unimproved lot; the Resort will contribute .25% of its “Adjusted Gross Resort Revenue;” and commercial property owners will increase their contributions for leased spaces initially at the rate of $0.36 per square foot for first-floor tenants and $0.27 per square foot for second-floor tenants. All of these contributions may be adjusted annually beginning in 2023 by the CPI, as our current assessments are also increased.
Referendum ballots will be mailed to participating property owners on December 10, 2020 to the address we have on file, and you will have until January 15, 2021 to complete and return your ballot to the designated independent accounting firm. We want to get your ballots to you as quickly as possible, so if you will be at a different address during this timeframe, please email firstname.lastname@example.org and include your full name and Sea Pines property address so we can send your ballot to the correct location.
Your CSA Board is incredibly optimistic about Sea Pines’ future and will work very hard for the approval of this Referendum. However, this is not a slam dunk just yet; we still need every interested property owner to vote. I urge you to support this simple referendum and to contact your neighbors and other friends who own property in Sea Pines asking them to do the same, so that CSA may continue protecting and enhancing the value of our community.