Assessments

[Tdisney]

Can Disney add on any large assessments like in the case of a major hurricane or damage like in a regular condo associaion or is the yearly dues it?

 

[dwelty]

I guess they could, although the bylaws forbid an increase in the maintenance fees of more than 15% without a member vote. The property is fully insured against acts of nature, so I think if Insurance is in place, there would be no need for an assesment.

 

[pilferk]

I was reading the very dry documentation last night and, from what I read, yes, they can.

Provided the reconstruction/repair costs are in excess of the insurance payout, they can make a special assessment to all owners of that resort based on % and points owned.

I'm not sure they would, but it sounds like they can.

 

[Chuck S]

They certainly can add a special assessment for hurricane damage, in fact, it was announced that a special assessment would be probably be necessary for VB after the damage it sustained. However, insurance and other funds (gov't I assume) covered the costs and the assessment was not necessary.

If the damage is so extensive that DVC deems it not worth repairing, any insurance and funds received will be divided by the members affected (as it can even be a single building) and they will no longer be DVC members.