Thomas Cove Maintenance Corporation

Thomas Cove Maintenance Corporation

What Is A Maintenance Corporation?

New Castle County Code requires that all developers create a Maintenance Corporation. After the completion of 75% of the homes in a developement, the developer must turn over the responsibilities and duties of the Maintenance Coporation to the owners of property in the development. Each property owner is entitled to one vote (per property) in accordance with the State of Delaware Corporate Law.

What Are The Responsibilities of the Maintenance Corporation?

The Maintenance Corporation has several specific responsibilites: Maintenance of the Private Open Space (Playground), Maintenance of the Stormwater Management Areas, Snow Plowing of the Streets and Enforcement of Deed Restrictions.

Where Does the Money Come From?

The Maintenance Coporation Board of Directors establishes an Annual Budget. An Annual Meeting is held (usually in August) where all the members of the Corporation (the property owners) vote on an Annual Assessment as recommended by the Board of Directors, (Currently $150.).
After notification, New Castle County mails Assessment bills to each homeowner of record. Unpaid assessments are charged interest at the rate of 1 1/2% per month. Judgements are filed against property owners with delinquent assessments and after Court action, liens are filed against the property.