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Dec

13

2008

From The Blog

KICA Board Seeks Members’ Vote: Land Referendum To Purchase Parcel 23

KICA’s Board of Directors has been working diligently on strategic association matters and announced a significant outcome at its November 3 meeting. The board now seeks members’ vote on this important strategy.

Early this year the board approved a five-year rolling strategic plan. A year in development, the plan identified the acquisition of property for future use to be a critical factor in meeting the membership’s future needs for infrastructure and amenities, as well as to preserve open space and conserve natural habitat, all of which the board believes will impact positively on property values.

A unique opportunity has arisen for the association to purchase a plat of land known as Parcel 23. This distinctive piece of real estate, currently owned by Kiawah Development Partners and zoned for up to 67 condo units, is approximately 15.3 acres with natural buffers on all sides, and is home to a variety of native wildlife, flora and fauna. Parcel 23 is centrally located on the island, just beyond the Vanderhorst gate, at the intersection of the parkway, Governors Drive and Rhett’s Bluff Road (see photo above).

To best determine value and purchase price of Parcel #23, three independent appraisals, in addition to independent legal counsel, were obtained. After much negotiation, a purchase price of $13
million for the land was determined. The association board believes that an amenity assessment (for Type “A” members) in the amount of $400 per year per developed property and $200 per year per undeveloped property should be implemented for 15 years to fully fund the purchase of this property.

The purchase of Parcel 23 will allow the association the ability to directly address a number of strategic imperatives that came about through our strategic planning process. Those include:
• Governance – Preserve and enhance property values.
• Quality of Life – Provide recreational and educational opportunities.
• Natural Environment – Obtain land for conservation.
• Infrastructure, Amenities and Services – Obtain land for facilities and amenities.

For the foreseeable future, the property will be park land and wildlife habitat fully owned by the community association. At some future date, members and their elected board will be able, if they so desire, to determine how best to utilize the land for the membership. The referendum, with full informational packet and ballot, was recently mailed to Type “A” members. Please return the ballots by 5 p.m. on December 18, 2008.

Several open forums have been held for members, with the next forum scheduled for Tuesday, December 2 at 6 p.m. at the Sandcastle. There will also be a live Internet Webinar at the same date and time for those who cannot attend in person.

More information on the referendum, including instructions on how to participate in the December 2 Webinar session as well as links to view past Webinars on-demand, can be found on the association’s Web site at www.kica.us/parcel23.htm.

If you have any questions about the purchase of Parcel 23, please do not hesitate to contact KICA Chief Operating Officer Joe Bunting at [email protected], locally at 843-768-9194 or toll-free at 866-226-1770.