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September 2007 Owner Meeting/Directors' Meeting
This may clarify (or muddy!!!) some of the questions posed in this thread.....these are excerpts from notes at the September 2007 Annual Owner Meeting and Annual Board of Directors' meeting............be sure to send in your proxy when that time comes up (which should be very soon, I would think) so they can actually do business at the owner meeting....the first note below is about what they have to have for a quorum.
Susan
Bylaws say must have 15% proxies submitted/in attendance for quorum
4359 submitted/7 owners present
No quorum cannot formally convene
Cannot convene, go ahead and discuss info items
Owner Utilization:
Owner use of points/BT 69%
51% points
11% bonus time
Exchange 9319 room nights 1%
Sampler no exchange or BT one time 9000
69000 room 7.8% of all available room nights Only can be used at certain resorts and cannot be used in the summer months.
Renters 60250 room nights less than 7% (this is not when an owner privately rented to a renter but when BG rented out excess inventory or rented for owners--a program that since has been discontinued)
Employee use 3 days before check-in, blackout dates/holiday
19500 room 2.2% of all
Maintenance one week per year 5%
In excess 165000 room nights, 18.5% UNUSED
EXTENSION OF RCI AGREEMENT
Scheduled to expire 12/31/07 = 6/30/2009 extended So there is an RCI agreement that stands for now; I'm guessing if BG didn't extend with RCI, they could change existing RCI resorts over to II or wherever, although Boca is usually right about these things but if he is right, then I don't know why they would even have brought this up at the annual meeting.
Later notes from the Board of Directors' meeting said:
Master affiliation agreement to 09 = RCI affiliation to extend to June 30, 2009 passed
9000 members use RCI = 7.5%
Marketable vacation time purchase agreement
. Over 2 years - allows BG to purchase banked inventory from RCI allow BGVC owners to use Summer mostly BUY from select resorts, certain times have done it for last 3 years
60 intervals purchased back only BG inventory
$400 spent to get it back
Next meeting date: Tuesday Sept 23, 2008 @ 10 am
(Excerpted from files area of the Bluegreen Yahoo Group)
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