The board posted a flyer to its website and in the lobby indicating that the developers will seek to purchase parking units and will need to obtain the approval of two-thirds of ownership to make the necessary master deed amendments. This is not correct. The correct approval threshold is 75%.
Under Nebraska Revised Statutes 76-812.01: "Unless otherwise provided in the master deed or bylaws, land, buildings, apartments, improvements, structures, easements, rights or obligations, in whole or in part, may be divided, added to or deleted from a condominium property regime by approval of at least three-fourths of the co-owners. Upon approval of such divisions, additions or deletions in writing, an amended and revised master deed and attached plans shall be filed for record and the basic values referred to in sections 76-806 and 76-809 shall be recomputed and filed for record as required." Since the TTCA master deed or bylaws do not otherwise provide, the provisions of NRS 76-812.01 are controlling. Any redevelopment scheme that involves the deletion of parking units and the sale of easements and the Association's real property will require 75% approval of ownership.
I have no inside information about the developer's strategy, so my predictions here are based solely upon public statements by the developers or the board. But I would expect that any purchase offers the developers make to parking unit owners will be contingent upon 100% of parking unit owners accepting the offer and, further, upon the subsequent approval of the necessary master deed amendments by 75% of the Association ownership. I expect the necessary amendments will include (1) consent to the deletion of the underground parking units from the regime, (2) the waiver of the deed provision restricting sale of the 20 unsold parking units to residents of the South Tower, (3) the sale to the developers (or termination) of the Association's parking and access easement rights over the north property, (4) the sale of the zipper lot property (including provisions for the relocation of the chillers), and (5) the Association owner's consent to other development related issues. Since some or all of these matters require approval three-fourths of owners under 76-812.01, I would expect one comprehensive master deed amendment proposal to be presented. I am sure there are other strategies that those interested in development could pursue. Getting control of parking units seems like a logical first step.
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