FORT MYERS BEACH, Fla. — A new bill headed to the governor's desk could provide relief for Fort Myers Beach condo owners who have faced massive repair costs following Hurricane Ian.
Watch as Fort Myers Beach Community Correspondent Anvar Ruziev speaks with condo managers and board members on the island:
Condo buildings along Bay Beach Lane have required hundreds of millions in repairs since the hurricane, with much of that money coming directly from owners' pockets. Some owners have paid over $200,000 in one-time assessment fees.
The legislation aims to increase transparency in how condo associations manage these funds and provide more financial flexibility for building repairs.
-One set of assessment fees from a Fort Myers Beach Condo Associaton provided by a resident.
"I think from what I hear there's a lot of board that aren't as transparent as us, people don't know what they have on their balance sheets, so on that aspect absolutely, but as far as compliance I think we're in good shape with that, that's how we've been running so it's not a big adjustment," said Smaciarz.
The bill would allow associations to take out loans and lines of credit specifically for repairs and inspections, potentially easing the immediate financial burden on owners.
However, some property managers have concerns about increased liability.
"They're really here for the investment of their property, so now you're asking them to, especially the board, who are volunteer positions, you're asking them to do the same thing as big CEO or CFO would have to do for their corporation," said Sanchez.
The legislation also addresses potential conflicts of interest by requiring property managers and their families to disclose if they benefit financially from contracts. It would mandate competitive bids for contracts exceeding $2,500.
This bill follows stricter regulations imposed after the deadly Surfside condo collapse in 2021, which increased costs for condo owners statewide.
For Fort Myers Beach residents still recovering from Hurricane Ian, these costs have been particularly challenging.
The bill passed unanimously in the Florida State Senate and House and now awaits the governor's signature. If signed into law, it would take effect July 1, giving condo owners more transparency and protection.
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