WDW and Four Seasons Update

Sorry it's been a little slow around here lately.  It's been a very busy couple of weeks!  But this blog update should be fun for any of you interested in the land transaction for the Four Seasons property, and hopefully make up for some of my lack of posts earlier with it's detail.

The wonderful thing about the Internet (at least for most of us) is the level of access to government records is growing very quickly.  One of those areas of rapid growth is in the areas of public records management, and more specifically county records of deeds, mortgages, etc. 

Most people don't realize that this type of information has ALWAYS been in the public domain.  Your ownership rights to property in most jurisdictions in the US is a matter of public knowledge, as well as anybody you owe money to in relation to that property (mortgages, liens, property taxes, etc.).  In the past you've had to go to the country courthouse or the county records office to look this information up, but today many counties are putting ALL that information online.  In our case that also includes information about the deeds and property sale of land from inside the Reedy Creek Improvement District to the Four Seasons group. 

Here are some of the details from the many documents required to file this property conveyance.  You can do the search yourself at the Orange County Comptroller website. 

All of these agreements in most counties are recorded by a book designation and then a starting page designation.  The size of the books varies from place to place, but isn't necessary for this discussion really.

BTW, before I get into this, if you've ever bought a timeshare in Florida, those are fractional OWNERSHIP purchases, so your deeds and mortgage liens are in the same database as well!

Oh, and one other thing, Disney calls this are the NERP, for Northeast Resort Parcel.  This isn't ALL the documents, but it's the major ones.

In the immortal words of Peter Pan, 'Here we GO!'

Book 9745 Page 8651 -

Actual Deed of Conveyance from WDW to Four Seasons LLC (hotel parcel)

Sold for the price of $10.

Book 9745 Page 8663 -

Actual Deed of Conveyance from WDW to Four Seasons Orlando Residential LLC (housing parcel)

Sold for the price of $10.

Book 9745 Page 8670 -

Actual Deed of Conveyance from WDW to Four Seasons Orlando Golf LLC (golf course parcel)

Sold for the price of $10.

Book 9722 Page 7598 -

First document is what's called an Interlocal Agreement.  It's basically between Disney, RCID and Orange County on who will provide what basic services to the new area, since in the past it has all been RCID and Disney's responsibility.

Here are some interesting facts:

• There are at least 6 permits for improvement of the property under RCID's control that govern water control, stormwater runoff, wetlands, etc.
• This agreement is good for 40 years
• Under this agreement WDW and RCID will maintain those permits and responsibility for maintenance of the appropriate items in the new area just as they have in the past (not Four Seasons or the county).
• RCID will maintain all the required ecological resources in the NERP area in accordance with their permits.
• RCID and Disney have agreed to build the necessary infrastructure to support water and sewer, and then will transfer those to the county who will be responsible for them after that.

Book 9722 Page 6348 -

Second Interlocal Agreement that updates property description

Book 9722 Page 9231 -

Second Interlocal Agreement Incorporated

Generally the same Interlocal Agreement as above, this time with the appropriate pictures in the appendices that show the area in question, and a detailed survey description of the property area (which strangely enough is NOT a simple shape of any sort).

Book 9745 Page 8624 -

This is the drainage contract between the property owners association and RCID for providing drainage services.  Annually the new owners have to pay a fixed percentage of the total costs for RCID operations in accordance with their percentage of the total RCID area, which is apparently 1.5% (in other words, the property in question is 1.5% of the total property under RCID's responsibility).

Here is a list of the planned improvements:

• NE Mansions
• NW Villas
• NW Condos
• NW Time Share
• Hotel
• Central Villas/Cottages/Estate/Club Homes
• South Central Mansions, Club Homes and clubhouse
• SW Clubhouse and golf view Villas
• SE Clubhouse Villas, clubhouse homes
• parking and roads

Book 9317 Page 295

Agreement on modifications to the Orange County planning usage to allow the new construction.

Book 9745 Page 8186 -

Covenants, Restrictions, & Conditions for NERP (316 pages!)

Basically in accordance with the transfer of property control, Disney and the purchasing entities agree to establish a non-residential property association that consists of membership RESTRICTED to the Disney Parcel owner and the Hotel Parcel owner.  Everybody else has to abide by the rules in this document, but have to take any requested changes to said group.  This allows for maintenance of the properties construction, appearance and maintenance to remain thematically matched to the greater WDW resort area.

NOT permitted on the property (non-inclusive, since the list is HUGE):

• freestanding video arcade, lounge, or game room
• bowling alleys
• freestanding bars, night clubs, etc.
• liquor or package store
• gun ranges
• freestanding theater or cinema
• outdoor entertainment areas
• no attraction materials for anything but Disney, Disney Cruise Lines, gambling establishments, or Vacation Clubs for DVC
• trailer courts or campgrounds
• industrial uses
• adult entertainment shops or venues
• flea markets
• massage parlors
• no banks (other than ATM's)

Current planned layout.  The dark double line is the main access road, the curvy line to it's left if the existing drainage canal.  (look for the hidden Mickey!, it's the putting green for the golf course.)

The Disney Parcel:

Book 9745 Page 8502 -

Covenants, Restrictions, & Conditions for Hotel, Timeshare and golf course parcels

This is where it gets interesting. 

If the hotel owner does not meet the agreements in this contract, then Disney has, at it's sole discretion, the right to repurchase the hotel property or to compel the owner to sell it to someone else of Disney's choice.  The repurchase prices is set out specifically depending on the level and type of default.

This doesn't really apply to the single family homes nor the sold timeshares, but does include any unsold timeshare units or single family lots.

Book 9745 Page 8767 -

a non-disturbance agreement which basically says Disney will leave the new company to run operations as long as they are within the guidelines established.  Also names the Hotel parcel owner as Four Seasons Hotels Limited, the fractional ownership as Four Seasons Vacation Ownership and the resort management as Four Seasons-Resort Club Management, Inc.

Book 9722 Page 7639 -

This is the Developer's Agreement between Orange County, RCID and WDW, which is also good for a term of 40 years.  This sets out basically how the commercial property association will be setup and maintained, what it's responsible for, etc.  It also describes how the Home Owners Associations will be setup, run, etc. for the single family homes and the CPOA's responsibilities for infrastructure in those areas as well.

Other notes:

• Orange County has traffic control and law enforcement
• RCID will provide EMS, fire and waste

Book 9722 Page 7639 -

Lease agreement under which Disney agrees to run the golf course for the FS Golf LLC for a contract terms of 30 months.

That's really just the tip of the iceberg, with lots of other ancillary agreements for power, etc. etc. etc.... 

Again, it's all stuff that guys like Lou Mongello LIVE for (it's that lawyer thing I think).