As the TBGCC grew, Many elements became prevalent and sections of the community that met legal specifications were anointed as HOAs (Home Owners’ Associations). Today TBG&CC consists of ten HOA’s. Eventually, Transeastern Properties went bankrupt and Engle Homes (TOUSA) came in as the Declarant, taking over the unsold property lots. Falcone Enterprises retained ownership of the TBG&CC amenities.
In 2010, following a majority vote of the eligible residents to purchase the amenities, Starwood Corporation loaned the master association $3.75 million which enabled the residents to own the amenities (as the Tampa Bay Community Association). The $3.75 million was paid to Falcone Enterprises and to Engle Homes (TOUSA). At that point in time the residents of TBG&CC took over ownership of the amenities and Starwood Corporation owned all of the unsold lots. During the following year, the Master Association made interest-only payments to Starwood Corporation. By the end of that year, the Finance Committee of the Master Association had facilitated a 15-year mortgage with BB & T Bank. The amount owed to Starwood Corporation was paid, leaving Starwood with ownership of all the unsold lots and the residents as owners of the amenities.
Starwood then sold lots to two builders – K. Hovnanian and Lennar. Homes began to be built and sold in large numbers. Eventually, Lennar sold off all their homes, and let their remaining lots go into foreclosure. It was determined the quality of home Lennar provided could not compete with the lesser quality of K. Hovnanian, the last builder to develop the remaining lots.
Throughout the years of its existence, TBG&CC has been governed by several Boards of Directors. When Transeastern Properties was the owner a three-member Board of Directors consisting of their employees was the governing body. After 2010, a three-member Board of Directors consisting of two Starwood employees and one resident member took over the governing role. Effective December 2014, the Master Association Board of Directors were seated. The Master Association Board consists of ten members, each elected by their respective HOA’s. There is also a Presidents’ Council that includes the Presidents of each of the HOA’s. That Council is advisory only.
We’ve gone through 2 managers and it appears our community is in good hands.