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some answers to move forward on this as an historic site, and noted the following facts about the Golden Strand: • there are two buildings: the first one is 4-stories high and was built in 1946; and the second building is located on the north side and is 6-stories high built by Sid Solomon in 1964; • there is a 500-foot frontage in both buildings (the running linear feet in the building); • in 1980 it turned into a timeshare ownership; • management is a 9-member Board of Directors; • there are 152 units; • there are 4,700 timeshare owners; • there is a Lease Covenant Agreement that runs through the year 2032, so that a developer cannot touch that property as an investment for another 26 years; and • noted that there were originally 16 villas that are now gone. , Mr. Schulman said that he met with Board Member Joe Feldman who had two concerns about making the Golden Strand an historic site: 1) in case of a major hurricane, the cost of the damages that they would have to put out of their pockets as unit owners, and thought it could be very costly if there was a storm surge; and 2) there would be a distinct devaluation of the property. He said that Mr. Feldman didn't know if he would talk to the Board at this time as there will be an election within 30-days for a new Board of Directors. ' Mr. Schulman said that the fact that there is a 26-year additional covenant that they would not sell that property to any developer, and then they have an option in 26 years to roll that over for a certain period of time. He said that our Board has the authority to devote on that, but that he would like to see a legal opinion on how that would work. Chairperson Del Monte asked for clarification from Mr. Schulman regarding the 26-years left on their land lease hold, and asked him to repeat the restriction that they have on it. Mr. Schulman said that they cannot sell that property to a developer for 26 years. Chairperson Del Monico said that is the owners of the land but the unit owners are not'the owners of the land. Mayor Edelcup said what Richard is referring to is the timeshare and that they have a limited life, and Mr. Schulman said that most of the leases are one week out of the year. Chairperson Del Monico said she is not concerned about the timeshare but is more concerned about the ownership of the land and the buildings because she is trying to get an idea of, and what she thought Richard said was that they can't make any changes to the building for 26 years but actually they could tear down the building tomorrow if they wanted to, it is just that they have 26 years left on their lease. Mayor Edelcup said if the Board were to make it historic they would be bound by the Board's decision regardless who owns it and who would eventually own it. Chairperson Del Monico said she wanted to ask the City Attorney what happens when you have an historic structure sitting on leased land, and Mayor Edelcup said that we are not sure if that is the case, and Mr. Schulman said we need to get a copy of the covenant lease and the land lease. Deputy City Attorney SaintVil-Joseph said we would have to get the lease documents or ownership documents to verify what type of ownership exactly exists on the property outside of the timeshare ownership and then once we get that we can advise you but essentially you have the authority as a Board to dedicate any type of site as an historical site. Chairperson Del Monico said she is trying to understand who is going to resist this designation, obviously you have got the timeshare owners and their Board, now if you have a different owner on the land then you are going to have another group that we are going to have to deal Summary Minutes 2006-0328 HPB Mtg Page 3 of 6