Water Street Parking Garage Condominium Association
The Water Street Parking Garage Condominium Association is an entity created in 1994 to determine policy for the operations of the Water Street Parking Garage. The structure of this organization would play a big role in the ongoing legal dispute between the City of Charlottesville and the Charlottesville Parking Center. [1]
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Corporate status
An annual report for the entity for the State Corporation Commission was due on February 29, 2016 but was not filed. The SCC terminated the organization's status. [2]
Articles of incorporation for the entity were filed with the SCC on March 21, 2024. [3]
Governance
The association is governed by an eight-person Board of Directors. In 2016, the rates for the garage were to set by that body with a two-thirds vote needed for a majority.
At the time CPC filed their initial lawsuit against the City of Charlottesville, there were 973 hourly and monthly spaces that were available for rent. These were referred to as "pooled parking units" in the agreement. As of the suit's filing, Charlottesville controlled 629 spaces while CPC controlled 344 spaces. [1]
Lawsuit
In the initial lawsuit, the CPC wanted to charge higher rates than the city but did not have a controlling majority on the condo association. CPC unilaterally hired an appraiser, Integra Realty Resources, who established that rates should be $165 for public spaces, $200 for reserved spaces, and $2.50 an hour for transient parkers. [1]
References
- ↑ 1.0 1.1 1.2 Web. Charlottesville Parking Center files lawsuit against Charlottesville, Sean Tubbs, News Article, Charlottesville Tomorrow, March 14, 2016, retrieved December 31, 2016.
- ↑ Web. Entity Information - Water Street Parking Garage Condominium Association, retrieved July 9, 2024.
- ↑ Web. Entity Information - Water Street Parking Garage Condominium Association, retrieved July 9, 2024.