Wildwood’s City Council, on Aug. 25, gave first-round approval to legislation that included revised indentures for the Meadows of Wildwood subdivision.
The preliminary approval came after most residents and the developer came to a consensus on the proposal and pressed the city for the measure to go forward. A final vote is set for the council’s Sept. 8 meeting.
While residents and developers’ representatives had urged the council to vote on final approval on Aug. 25, city officials insisted that submission, only earlier that day, of documents meant they had not had a chance to fully study the latest revisions.
The subdivision is located at the end of Generations Drive, south of New College Avenue.
The proposed legislation allows for creation of 10 lots and a common ground area in lieu of an originally planned large main building. That development, by current developers E-404 Construction LLC and Great Southern Bank, will become the third phase of the 19.3-acre development.
Fifty-three homes already have been sold on the site where an original developer had gone bankrupt, after which the bank had foreclosed and taken over as a co-developer.
Resident William Dean, who is on the subdivision’s indenture committee that worked on changes, told the council that an attorney for the residents had consulted with the developers on revisions to make them more collaborative.
“We hope this will allow the subdivision to be finished in the coming 12 to 18 months,” Dean said. “We ask for the council’s (final) approval to let us move forward in having a self-governing community.”
Resident Skip Moreland said developers have now incorporated more items supported by homeowners in the proposed indenture upgrades, which the indenture committee has worked on since last year.
That committee split the proposed changes into two parts – some that are critical to residents’ gaining control of the homeowners association and other more internal issues that could wait for consideration until afterward, said resident Lee Zadra. She added that the changes don’t address every need of every resident “but give us the means to address all issues in the future.”
“Both residents and the builders understand the urgency of getting this (approval) done quickly, because it’s the selling season,” said Stephen Kling Jr., an attorney for Great Southern Bank. “We appreciate the support of residents to work on a tight time frame to get this done.”
One of the concerns of residents who spoke at the Aug. 11 council meeting was gaining control of the homeowners association, which has been held by the developers.
However, Bob May, a partner in E-404, explained that once the new plat is recorded, residents would gain majority control of the homeowners association.
“Residents, the bank and E-404 have worked very hard together over the last two weeks to address everybody’s concerns, and we’re very happy with the result,” May said. “These most recently amended indentures filed with the city addressed many of the residents’ concerns, such as their ability to control the neighborhood association.”
May said there may be a resident or two with additional concerns, but overall, residents said they felt that they don’t have to address those at this point because some things can be deferred until residents gain control of the association. He noted that at that time residents can add more amendments to the indentures “as they see fit without intervention from the developer.”