14.49F.060 Other Requirements.
(1) Homeowner’s Association - Guarantees and Covenants.
(a) Adequate guarantees and covenants shall be provided for permanent retention and maintenance of all parks, open space, trails, and other amenities owned in common within the Olde Ivy development. No final plat may be approved until restrictive covenants have been submitted to and approved by the Development Services Department. Said guarantees shall include the following:
(b) A homeowner’s association for the entire development shall be created for the common maintenance of all street frontage areas.
(c) A separate homeowner’s association for the residential development shall be created for the residential portion of the property.
(i) The care and maintenance of the area within any open space reservation shall be ensured by the developer by establishing a private association or corporation responsible for such maintenance which shall levy the cost thereof as an assessment on the property owners within the Olde Ivy development. Ownership and tax liability of private open space reservations shall be established in a manner acceptable to the City and made a part of the conditions of the final plan approval.
(ii) Maintenance of open space reservations shall be managed by a person, partnership, or corporate entity which has adequate expertise and experience in property management to assure that maintenance is accomplished efficiently and at a high standard of quality.
(d) Parking and occupancy requirements, association funds, and establishment of maintenance estimates and funds shall be disclosed prior to any purchase of property within the development.
(e) Ongoing maintenance fees that will be assessed prior to the purchase or lease of property shall be disclosed.