11/1/19 - We had a great turn out of owners at todays budget meeting. We want to thank you all for your excellent questions and strong show of support. We reviewed and approved the 2020 budget and will update the website here shortly with a few notes from todays meeting. Thanks again!
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WELCOME to the Americano Beach Resort, Irma Update Center. The Association will post updates and information as they become available.
Last updated: Friday, August 30, 2019 (Find previous posts here.)
The Board appreciates Americano owners’ patience as the Insurance Counsel and appraisers continue working on the Hurricane Matthew Claim. Americano’s Insurance Counsel sent the following update to give to our owners and the State of Florida to keep everyone updated as to the process and timing of the claim as it continues through the process. Here is the update from Americano Insurance Counsel:
“Americano’s Hurricane Matthew claim is proceeding through the appraisal process. In appraisal, each party choses an appraiser and the appraisers attempt to agree on the scope and amount of the loss. If the appraisers are unable to agree, a neutral umpire is brought in to hear both sides and assist in making a decision on the claim. The two appraisers and the umpire make up the appraisal panel. An appraisal award signed by any two members of the appraisal panel is binding on all parties. The appraisal panel in Americano’s claim is meeting on September 17, 2019, at 9am. Along with the appraisal panel, the parties’ experts will be present to explain their positions to the panel. Americano’s appraiser anticipates that an appraisal award will be entered within 60 days following the panel meeting. Accordingly, we anticipate a decision as to the amount the insurance company owes Americano on Matthew by mid-November. Following the execution of the award, the insurance company has 30 days to issue payment absent any valid challenges to the award.
Please let me know if you need anything further.
Gina Clausen Lozier, Esquire (Berger Singerman, Americano Insurance Counsel)”
All of the windows are in except for the exception of a stack on the parking lot side, which is used for moving materials in and out of the building. No more demolition work at this time as the concrete restoration needed in connection with the windows has been completed to the building exterior. The sleeves of the PTACs need to be painted, installed and have the ducting installed.
According to the Developer, there are still several investors interested in restoring the property as has been discussed before at several Board and owner meetings. The SBA disaster loan is still a possibility and will be addressed after the insurance number is known. Again, the amount of the insurance award is key to investors, lenders, and Americano owners as to how to proceed with the property, unfortunately, an unknown at this juncture. An update will be posted in October or November as to the status of the insurance matter.
The Association continues to encourage all owners to remain owners at the Americano to be in the best position possible concerning the property either in the event of re-opening or termination if that becomes a possibility, although still not the plan. However, again, the Board does understand that hardships occur and/or that certain owners are just not interested in continuing their ownership at the Resort, and, as a result the Association initiated a new hardship program, a copy of which is found at top of the homepage of this website. Any information on that can be obtained from the Association representatives at the property and by phone at 321-320-8830, Extension 1053.
Budgeting is in process for the 2020 year, and the annual meeting has been rescheduled for December to allow insurance to update. We will be having a budget meeting November 1, 2019 at 10 am. A notice will be sent and posted on the website. At the annual meeting, the direction of Americano will be discussed including the insurance claim and any investor interest. The Association and the Developer continue to take steps to redevelop the property including a filing with the State of Florida to provide for bifurcated sales and a timeshare component for those owners that wish to remain Americano owners. Additionally, at the annual meeting, the consideration of a termination may be addressed if the facts indicate that direction at that time, although that is still not the plan.
The Board hopes owners will attend the annual meeting as many crossroad decisions will need to be discussed at the meeting, although the Developer and the Board are still working towards a positive outcome for the property. The Board appreciates Americano owners’ patience and continued support as the Americano rebuilds after the widespread damage done from the back to back hurricanes and Americano’s efforts in realizing its insurance coverage. The process remains challenging, but the Developer and the Board remain dedicated to restoring and opening the Americano sometime next year, but it cannot be guaranteed as the insurance number remains an unknown.
As hurricane season is here again, try to remain safe if you are in Florida or any area in a storm’s path. There is unfortunately no way to avoid the damage from mother nature, which is a problem across the State of Florida, especially the coastal regions of Florida, including Daytona Beach.
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