A historic opportunity to make this park our own!
An appraisal and physical needs assessment will be done to asses what repairs are needed in the park. A reserve structure fund will be put in place to address the repairs and infrastructure needs of the park after the co-op is formed.
Monthly carrying charges will go towards paying the park mortgage, property taxes, utilities, insurance, and other services. The cost of monthly carrying charges will depend on several factors, including the annual cost of maintaining the park and the mortgage. The Occupancy Agreement replaces the member’s previous lease agreement with the prior owner. Non-members continue to […]
Monthly carrying charges are collected by the cooperative from members, similar to the monthly rents collected by the current park owner, according to the terms of the Occupancy Agreement for the member’s space.
No, you will not own your own lot, but you will be able to hold a membership interest in the cooperative corporation that owns the park.
The by-laws state that only a resident or residents of a single household of the park can purchase membership interest. A partnership, corporation or any third party is NOT permitted to trade in membership interests. This safeguard in the by-laws is designed to prevent an outside party from attempting to acquire the park.
A professional property management company under the direction and control of the FRAC Board of Directors, with fully bonded employees.
Franciscan Resident Advisory Committee, A California Non-Profit public benefit corporation, established August 6, 2010. (FRAC)