Poly DVC expansion coming 2024!

[tjkraz]

At one point it says: "during the guarantee period".
Are you sure this didn't apply to the first year only? It makes sense, because operating budget is just estimated, to include a guarantee that early purchased won't be charged more for this first year. But later? It seems wrong that they don't pay MF on points they own.

The language of the Developer Guarantee is the same for every resort, every year. It's identical to what @Sandisw posted.

Others have said DVC uses this annually. I believe @drusba for one follows this and I'm not 100% but it may be that DVC has never or only maybe a couple of times ever had to cover a shortfall. Since they make the budgets that isn't an unlikely thing. Overages are rolled over - into Cap Reserves I think but I'd have to research that to be certain.

Overages are rolled over to capital reserves. The budget statement / annual meeting agenda always contained a resolution to do this, which the board would approve at the meeting. Far as I can tell, it was present in the meeting agenda for all resorts. Language is quoted below. This passage disappeared in 2020 when we all got credits because of Covid. It did not return in 2021.

The audited financial statements--which are not automatically sent to members but available by request--do appear to have some information regarding contributions made by DVC.

(a) Excess Assessments. Any assessments collected by or paid to the Association in excess of operating expenses for the year ended December 31, 2019, shall be set aside for future major repairs and replacements and allocated to capital components as provided by the guidelines established by the Internal Revenue Code under IRC Section 118 and Revenue Rulings 75-370 and 75-371. Such amounts shall be deposited into insured interest-bearing accounts and shall be allocated to the various components at the discretion of the Board.

 

[Sandisw]

At one point it says: "during the guarantee period".
Are you sure this didn't apply to the first year only? It makes sense, because operating budget is just estimated, to include a guarantee that early purchased won't be charged more for this first year. But later? It seems wrong that they don't pay MF on points they own.

The copy I posted above is from the condo notice for the 2022 dues, so they have guarantee it yearly.

 

[Grumpy by Birth]

I'm also having a hard time envisioning where the parking for a nine-story tower is going to go. Just compare the size of the lots at BLT, Grand Floridian, Wilderness Lodge, Contemporary, or Poly with the small space they appear to be trying to jam this into.

The parking lot in the upper-left corner is for VGF1. VGF1 is one of the smallest WDW DVCs (2.5 million points) and yet finding a parking spot in that lot often is challenging. Unless they take over the Wedding Pavillion parking lot (and potentially the entire Wedding Pavillion), I just don't see how the new Poly DVC parking is going to fit.

Don't it always seem to go
That you don't know what you got 'til it's gone
They paved paradise and put up a parking lot

 

[Marionnette]

View attachment 656069

Needs some palm trees on the roof.

 

[Grumpy by Birth]

Needs some palm trees on the roof.

 

[Grumpy by Birth]

"Standard View" room on the back side of the tower:

 

[redboat45]

"Standard View" room on the back side of the tower:
View attachment 656076

parking garage?

 

[Grumpy by Birth]

parking garage?

See above.
https://www.disboards.com/threads/poly-dvc-expansion-coming-2024.3875848/post-63864552

 

[drusba]

At one point it says: "during the guarantee period".
Are you sure this didn't apply to the first year only? It makes sense, because operating budget is just estimated, to include a guarantee that early purchased won't be charged more for this first year. But later? It seems wrong that they don't pay MF on points they own.

The guarantee is renewed annually although at different per point amounts. Basically, it assures that members, subject to the stated exceptions) will not have any special assessments for additional dues for operations and capital costs over the amount determined at time of approving the annual budget before the year begins (the guarantee does not apply to annual property taxes). It is something actually allowed by statute.

It excuses DVD from paying any dues based on the budget at the beginning of the year for unsold interests in the property. If you follow a resort from when it starts until later, you will see how the total amount of dues for the whole resort charged at the beginning years of the resort are much lower than what you will see years later. What is happening is that there is a total for estimated costs applicable to the whole resort but the potential dues for the unsold interests are not in the budget except for an estimated amount related to projected annual sales. That does not mean DVD escapes all costs. There is a total budget determined for all units, sold or unsold, to determine dues per point, and members are covering the total for the sold units, while DVD is essentially responsible for the unsold units but just does not have to contribute via dues. As time progresses, the annual guarantee continues but the total budget amount increases due to most of the units being sold. Note, that the guarantee does not excuse DVD from paying dues for the portion of the resort (typically 2%) that it owns and intends to never sell. However, even in later years there are many unsold interests during the year that DVD intends to sell, but got back as a result of foreclosures or exercising ROFR.

How well DVD has done with that system is unknown. It ends up covering budgeted amounts that do not get paid (public records indicate there are many foreclosures annually for members' failure to pay dues). Of course, in estimating the actual budget, DVC has a significant range of "good faith" estimating to operate within. The best guess is that DVD does well with the guarantee system, particularly because, for any new year, it has the option to just end doing it and instead just adopt special assessments if costs exceed the budget, and it has never done that in the DVC's 30 years of existence.

 

[Paul Stupin]

This is true. But, you could put great food and shopping like this almost anywhere---the middle of the desert (Las Vegas), a swamp (Disney Springs), or the frozen tundra (Mall of America). Waikiki is sitting in a place that could have been many, many other things.

Don't get me wrong; we like Oahu enough to re-visit it. But, of the "big four" islands, it's the one we return to least often.


There are lots of reasons why that might not have happened; aesthetics is only one. They may not have had the capital---or if they did, they might have decided to allocate it differently. They may have also decided that one park did not warrant that much hotel infrastructure. (Euro Disneyland over-built hotels early on, which was part of its problem.)

Uh, ”Waikiki is sitting in a place that could have been many, many other things.” Like what? It started as marshlands, then fish ponds. It’s almost entirely man made, and didn‘t even exist until the 1880s when hotels started being built. If it weren’t for those hotels and subsequent development, the only thing it could have been was water.

I think I’m biased because my wife and I love Aulani and always enjoy exploring Waikiki!

 

[Fauntleroy]

This is exactly what I’ve been waiting for (i.e. 1BR and 2BR at PVB) out of DVC above all else. Repurposing my DLT funds. Take my damn money!

 

[Brian Noble]

If it weren’t for those hotels and subsequent development,

There is development, and then there is development. Ko Olina is also man-made, as is a good chunk of the Waikoloa resort area on the Big Island. Both of those did a better job of integrating with the surrounding area---particularly Waikoloa, which retained a lot of the lava fields including the petroglyphs. Some people do prefer the more integrated aspects of Waikiki, but I'm not one of them. I really enjoyed my stay in the 3BR penthouse in Hilton's Lagoon Tower, but it is not in my top three spots in the islands for sure.

 

[Paul Stupin]

There is development, and then there is development. Ko Olina is also man-made, as is a good chunk of the Waikoloa resort area on the Big Island. Both of those did a better job of integrating with the surrounding area---particularly Waikoloa, which retained a lot of the lava fields including the petroglyphs. Some people do prefer the more integrated aspects of Waikiki, but I'm not one of them. I really enjoyed my stay in the 3BR penthouse in Hilton's Lagoon Tower, but it is not in my top three spots in the islands for sure.

All true, but to be fair Waikiki’s development started about 150 years before Ko Olina. We way prefer Aulani, and the more relaxed Ko Olina vibe, for hotel stays, though, but Waikiki is always fun for an afternoon of exploring.

 

[Brian Noble]

A Disney College Program Essay Prompt:

Waikiki is to Ko Olina as Disneyland is to WDW

Discuss.

 

[BeachClub2014]

A Disney College Program Essay Prompt:

Waikiki is to Ko Olina as Disneyland is to WDW

Discuss.

Now that would be a fun essay to read.

 

[DonMacGregor]

Uh, ”Waikiki is sitting in a place that could have been many, many other things.” Like what? It started as marshlands, then fish ponds. It’s almost entirely man made, and didn‘t even exist until the 1880s when hotels started being built. If it weren’t for those hotels and subsequent development, the only thing it could have been was water.

I think I’m biased because my wife and I love Aulani and always enjoy exploring Waikiki!

True. That's the reason they built the Ala Wai Canal. Kalakaua Avenue is like Las Vegas Boulevard. It is the sum of its history, and not some historical left turn somewhere in the past.

 

[DonMacGregor]

All true, but to be fair Waikiki’s development started about 150 years before Ko Olina. We way prefer Aulani, and the more relaxed Ko Olina vibe, for hotel stays, though, but Waikiki is always fun for an afternoon of exploring.

Not too terribly long ago, we'd really enjoy a nice stay at the Hilton Hawaiian Village, always in the Alii Tower. Morning strolls down the beach for breakfast on the sand at the Shorebird at the Outrigger... :-(

 

[KAT4DISNEY]

Uh, ”Waikiki is sitting in a place that could have been many, many other things.” Like what? It started as marshlands, then fish ponds. It’s almost entirely man made, and didn‘t even exist until the 1880s when hotels started being built. If it weren’t for those hotels and subsequent development, the only thing it could have been was water.

I think I’m biased because my wife and I love Aulani and always enjoy exploring Waikiki!

There's quite a difference in an area that is developed by many vs one that has only ever been under one developer. The expectation is that the single developer who has also professed to be very attentive to 1 - having enough space to no be constrained and 2 - to theme and experience would really not throw up a Waikiki around 7 Seas.

And yes, Waikiki is fun to go around but WDW still should never become that. Closest Disney example would be moving the Disney Springs area over to 7 Seas.

 

[Paul Stupin]

There's quite a difference in an area that is developed by many vs one that has only ever been under one developer. The expectation is that the single developer who has also professed to be very attentive to 1 - having enough space to no be constrained and 2 - to theme and experience would really not throw up a Waikiki around 7 Seas.

And yes, Waikiki is fun to go around but WDW still should never become that. Closest Disney example would be moving the Disney Springs area over to 7 Seas.

Agreed! And I do hope it’s not too weird to see Poly2 so close to VGF.

 

[Grumpy by Birth]

Discussion on another thread posed the question of where they could put a second feature/volcano pool. I've updated the concept art to show a combined solution for both the pool and parking problems...