Galleria
Property Owners Association, Inc.
(For
Purchases Only, not applicable to leases)
Organization
The Galleria Property Owner’s Association is organized as
a non-profit corporation under the laws of the State of Indiana.
The Association is organized for the purpose of providing a convenient
means of administering and providing for the ownership, maintenance,
repair, replacement, administration, operation, and preservation
of the common areas, and to generally manage the real estate commonly
referred to as The Galleria Retail and Office Complex.
Board of Directors
The Corporation will be governed by a Board of Directors which is
comprised of seven members, each with a two year term. The Board
will consist of a President, Vice President, Secretary/Treasurer,
and four Directors. The Building’s Developer will have a permanent
position as President of the Board of Directors as long as the Developer
owns a unit in the Building.
Operation
All actions and decisions ratified by the Board of Directors will
require at least a majority vote by the members. Each member will
have only one vote. The majority vote will only be upheld if the
Developer’s vote is represented in the majority.
Assessment
Each condominium owner will be responsible to pay a monthly assessment
for their proportionate maintenance and upkeep of the building and
the surrounding grounds. Assessments will be computed as a monthly
charge on a per square foot basis of the owner’s useable space.
The Board will review any increase or decrease to that charge at
least annually, however, all assessments are subject to change at
anytime at the discretion of the Board of Directors. The assessment
to each type of condominium owner during the first year of operation
is estimated to be as follows:
Operating Fund
Retail Space – 23 cents per square foot
per month.
Professional Office – 14 cents per square
foot per month.
Capital Fund
Retail Space – 2.50 cents per square foot
per month.
Professional Office – 1.50 cents per square
foot per month.
Everything on this page is amendable by the
Board of Directors |
