Some worry that their money will get lost because their building has already been renovated and so their $7,200.00 will not be spent on their own building but on another building. Be assured that everyone's money must and will be accounted for separately (at TAJ, each building is a separate condominium and money from one cannot be used to pay for another). In the books, your money will be applied to your own building, as per state law.
At least, that's what I think. There are pretty clear laws that govern this kind of thing.
Follow this link to read the 1994 Declaratory Statement made by the Florida Department of Business and Professional Regulation. It's a big document so you might have to refresh the page once or twice before it fully loads.
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A letter was mailed out to unit owners. The explanation is appreciated, but there are some questions left unanswered. The letter does not indicate the final disposition of the collected funds. Apparently the money is to be used to make construction loans to buildings that need renovating. Presumably those buildings will repay those loans and unit owners in un-effected buildings will be made whole again. So, at some point can unit owners get their money back if it is not spent on their building, their condominium? If so, what will be the procedure and when will that be available? If not, what becomes of that money?
If I get the answers to those questions, I will let you know.
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