The Transition Program Team is continuing to plan for the turnover of the NTRA from the Developer controlled Board of Directors (BOD) to a Homeowner controlled Board. The Team has been expanded to include all of the Committee Chairs. The turnover is officially scheduled to take place on April 1, 2020. This specific date can be found in the Amended and Restated Master Declaration of Protective Covenants and Restrictions.
The Transition of a Master Planned Community from Developer to Owner control is the most critical Phase in a community’s growth. A smooth Transition benefits both the Homeowners and the Developer. In our case, the Developer recognized early on that there was a need for continuing Owner involvement and education in Association operations. The Resident Advisory Board (RAB) was specifically formed for this purpose and has been functioning at the direction of the Board of Directors. The BOD asks for and highly values RAB recommendations.
Transition is a process. In a well-planned and implemented Transition Program, “actual turnover is a formality that marks one event, during an extended process, when the Developer relinquishes control of the Association.” In the case of New Town, the RAB and standing Committees have been in place for many years. Having a strong Committee structure in place is key to the future of our community.
Legal work will be required to review existing NTRA documents, make modifications and draft new documents as needed. This will be done by an independent third party. In addition, a financial review/audit will also be accomplished by a third party accounting firm. These are just two of the major work elements. We will be reporting on all the work being done in future Town Crier issues.