President's Update 4-24-19
President, The Landings Association
Thu, 04/25/2019 - 10:00am
Since I have lived here, the relationship between The Landings Association (TLA) and The Landings Company (TLCo) has been a source of confusion. My hope is to clarify the roles and relationship for you.
Legally, it is clear. TLA is the sole shareholder and owner of TLCo.
Each entity has its own board of directors. The directors of a corporation owe certain legal duties, such as duty of care, duty of obedience, and a fiduciary duty, which includes loyalty and confidentiality. TLA’s directors owe these duties to the Association (i.e., the owners). The directors of a wholly owned subsidiary owe the duties to the sole shareholder.
Although legally related entities, TLA and TLCo have different operational goals. TLA is a Georgia non-profit corporation. Per its Articles of Incorporation, TLA was “formed to promote the health, safety and welfare of the residents of The Landings on Skidaway Island…”
TLCo is a Georgia for-profit corporation. Its mission is to support The Landings Association by “conducting a year round national, regional, and local marketing program in support of the preservation and enhancement of property values at The Landings…This marketing program shall be financed by a self-sustaining brokerage operation that generates superior real estate sales and listings.”
As property owners in The Landings, we all have a vested interest in the success of TLCo. The national marketing of our community is essential and has a direct impact on many aspects of our lives in The Landings, including the vitality of The Landings Club and our property values. Funding for national marketing is a concern and focus of all entities on island.
There are a number of challenges to the preservation and enhancement of our property values in today’s market, including the age of our community, the inventory of homes on the market, limited marketing funds, and the rapidly decreasing stock of buildable lots. Mortgage rates are predicted to continue rising.
Steps are being taken to address these challenges.
The Renovation Project is currently being developed, led by TLA Board Director Diane Thompson. The focus of this initiative is to encourage renovation of our aging housing stock. The Renovation Committee is currently being formed.
In 2018, TLA amended TLCo’s Bylaws to provide the Company with a larger Board of Directors. With the larger Board comes greater community involvement and a wider variety of expertise.
The 2019 Chair of the Company’s Board is Rex Templeton, Jr. Members of the Board are Marguerite Baxter, Richard Burke, John Holmquist, Herb McKenzie, Charles (Chip) O’Brien, Jim Overton, and Hank Policinski. As the bylaws provide, Hank and John are the two TLA Board Directors that also sit on the Company’s Board. Each one of these eight individuals brings a wealth of experience and knowledge. I am proud and have confidence in our assembled team.
At the beginning of the year, I had the honor of meeting with a group of past presidents of the Company. These individuals exemplify the passion and dedication that our residents have for The Landings.
I have spent the last month meeting with residents -- at least one person or group a day. I know that we as a community are looking to come together after being divided. Our housing values are a shared concern. The continued support of our residents is crucial. Not everyone can give their time, I know. We all can be a positive voice.
This article was originally published by The Landings Association on their website.
Visit landings.org to read the original article.