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BAY INDIES HOMEOWNERS' ASSOCIATION INC.
SIGNS NEW RENTAL AGREEMENT WITH ELS
Several hundred people were in attendance at the Special Residents' Meeting held on October 10. 2018 to learn the terms of a new three-year Rental Agreement between the BIHOA and ELS. Florida law does not require ELS to negotiate a Rental Agreement. Your Negotiating Team felt it better to have something "locked in" rather than leave the rent question up in the air with no controls. The negotiations leading to the signing of a new Rental Agreement lasted approximately one and a half years
The new Rental Agreement will go into effect following the expiration date of the current Rental Agreement, January 1, 2020, and will expire on December 31, 2022.
During this new Rental Agreement, basic monthly rents, excluding the tax pass-on, will be locked-in at a 4% increase annually. If you desire, you may calculate your rental amount increase simply by increasing your 2019 basic monthly rental amount, excluding the tax pass-on amount, by 4% and that reflects your 2020 rental amount. The same calculation may be done for 2021 and 2022. Locking in the rental amounts for an additional three years gives residents the satisfaction of knowing rental amounts and with no controls and further questions and issues.
The new Rental Agreement also incorporates the agreement that ELS would provide a $25 credit against the October 2018 rental amounts for every resident in Bay Indies. This credit amounted to approximately $31,000 refunded to the residents and reflected an offset allowing ELS to no longer provide the free basic television channels.
Also discussed was agreement of a new set of Rules and Regulations that will be forthcoming from ELS to all residents once approved by the State Department of Business and Professional Regulations. These new Rules and Regulations will combine the Prospectus 1 and Prospectus 2 Rules and Regulations into one set of unified Rules and Regulations.
Your BIHOA Negotiating Team feels strongly that we negotiated the very best three-year Rental Agreement and revised Rules and Regulations that was obtainable.