HISID to hold special meeting Tuesday on latest TRL settlement offer
The Holiday Island Board of Commissioners will hold a special meeting Tuesday, March 12, at 11 a.m., to discuss Table Rock Landing Time-Shares Association's latest - and final - settlement offer on the assessments lawsuit.
The offer is for a declaratory judgment that TRL will be charged assessments based on the rate charged to single-family residences, that TRL will give up claims for punitive damages and refund of any assessments paid prior to 2011 in excess of the R-1 rate. HISID will also not be asked to refund any of the 2011 assessments paid in excess of the R-1 rate. HISID is to accept the $18,000 paid for 2012 as its assessment.
Time-share owners will be allowed to purchase annual activity cards at the property owner rate and will be considered property owners going forward.
It does ask for attorney fees of $60,000.
Voting rights are back on the table. The offer cites Ark. Code 14-92-240(b)(4), which shows the time-share association being able to cast two votes for every unit, which would be 56 votes in the HISID elections.
TRL says if HISID does not approve this offer, it will proceed with discovery and court. All prior offers are rescinded.
HISID has five days to respond, or the offer is rescinded the court will be asked for a summary judgment.