(CAEHOA) is a registered Florida non-profit corporation and is best described as a resident owned cooperative mobile home park. The CAEHOA is governed by its members through an elected Board of Directors, currently 9 in number, whom serve 3-year terms. The Board then elects its own officers immediately following the annual meeting. The CAEHOA owns Country Aire Estates as a result of purchasing it
from previous owners in June of 1996. A number of residents joined together and pooled their resources to accomplish the purchase through the sale of “shares” and executed a mortgage from Wachovia Bank. Needless to say, the intended program of the CAEHOA, is to bring in new shareowners to help carry out a vision of a better Country Aire Estates Mobile Home Park for all residents. Becoming a “shareholder, a resident makes a financial and personal commitment to the CAEHOA for the betterment of all residents. Mobile home owner are a part of our future. Typically our shareholders are people who believe they intend to stay in the park for at least 5 + years. A shareholder does have a 99 year lease for their lot. There is one share per lot in CAEMHP for a total of 120 shares sites. Each share carries with it one vote regardless of whether the share is held individually or jointly. The shareholder has a voice in CAEMHP operations through its Board of Directors and through its general meetings held during the winter months. A shareholder may run for the Board, serve on a committee established by the Board or they may assume responsibility for carrying out a task or project requested by the Board. There is always a need for shareholder “volunteers” to assist in park operations. The Board of Directors hold regularly scheduled meetings which a shareholder may attend. There are rules which specify when and how long a shareholder may speak on an agenda item or to the Board. Each Board meeting is conducted through an agenda and the President of the Board is the presiding officer. Other Board officers are Vice President, Secretary and Treasurer. Florida statutes and CAEHOA bylaws govern the Board operation. Facilities owned by CAEHOA consist of CAEMH Park, Recreation Hall, Shuffleboard Courts, the Adjacent Pond, Swimming Pool and Maintenance Yard/Shed. Two wells, water storage tank and a sewer plant (with a storage yard) are owned by the Country Aire Service Corporation (CASC) which was spun off from CAEHOA in 1998 to meet Florida legal requirements. It has its own Board of Directors. CASC provides water and sewer service to CAEMHP which is provided at no charge to the residents of the CAEMHP. The CAEHOA currently has one part time and one full time employee managed by the Board of Directors. Attorney Adams and Reese is our legal consultant and Judd Baggett is our CPA. The price of a share for a mobile home owner is $25,000. A mobile home shareholder pays a monthly fee of $115.00. The fees are set by the Board of Directors and maybe revised by their action. Purchasing a share in the CAEHOA is not a complicated procedure, however there is business and financial information each prospective buyer should review and understand before making a decision. The CAEHOA is a business and must conduct its affairs according to Florida statutes. Since it is classified as a cooperative, it does not fit exactly as the standard Mobile Home and Condominium statutes require. Cooperative resident owned parks are relatively “new” to Florida and have steadily increased in number since 1990. Each prospective shareholder is entitled to review a copy of the “Prospectus” which tells about the park in which they wish to “buy-into”. The Prospectus is approved by the State of Florida before it may be distributed by a park. It contains a description of the business plan of the park, its rules and regulations, examples of necessary legal documents a buyer will receive and other related information.
