Northchase Park of Commerce

What Northchase Park of Commerce's governing documents say

This document governs Corporate Drive South, a commercial/industrial subdivision within the larger NorthChase Park of Commerce in Wilmington, NC. It primarily sets up an owners' association to maintain stormwater facilities required by the state, and imposes lot-specific maximum built-upon area limits to comply with stormwater permits. This is a commercial property association for lot owners (not a residential homeowners association).

• What this association is for: The association's main purpose is to own and maintain stormwater facilities on the common areas, as required by the State of North Carolina. The common areas consist of two parcels (Common Area A and Common Area B) containing stormwater features, and the association levies assessments solely to fund their upkeep, insurance, and related expenses.
• Who is a member & voting: Every owner of Lots 1–18 (the properties subject to assessment) is a member. Each lot gets one vote. The developer held Class B membership with three votes per lot until either Class A votes equaled Class B votes or January 1, 2007, whichever came first. Lots 1A, 2A, 5A, 6A, and 11A are not members and pay no dues or assessments.
• Assessments & fees: Annual and special assessments are set by the Board of Directors at a uniform rate per lot, regardless of lot size. The initial assessment begins after stormwater facilities are substantially complete. The board may raise the annual assessment up to 10% per year without member vote; increases beyond 10% require approval by two-thirds of lot owners voting. Unpaid assessments bear 18% annual interest, plus a late fee of at least $10/month, and the association can file a lien and foreclose.
• Built-upon area limits (stormwater): Each lot has a specific maximum built-upon area (in square feet) listed in the document, ranging from 18,500 SF (Lot 10) to 34,900 SF (Lot 6). Built-upon area includes structures, pavement, and walkways (but not open wood decking). Lots 1A, 2A, 5A, 6A, and 11A currently have zero impervious surface allowance and must obtain state permits before adding any.
• Insurance & management: The association must carry at least $1,000,000 in public liability insurance on common areas, and fidelity bonds for anyone handling association funds. The association may enter into a management contract with a professional management agent.
• Drainage & stormwater rules: Each lot owner must maintain drainage easements crossing their lot. The association maintains drainage easements on common areas. No one may fill or pipe roadside or lot-line swales except for necessary driveway crossings; runoff must drain into the perimeter or roadway swale system. These stormwater covenants cannot be changed without state concurrence.
• Duration & amendments: The covenants run with the land for 50 years from recording (1998), and automatically extend for successive 10-year periods. Amendments require a majority vote of lot owners, with at least 10 days written notice, and must be recorded.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.