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What is a Cooperative?

Sheraden Park Development, Inc. is a cooperative corporation owned by the resident shareholders. Cooperative ownership is often confused with condominium ownership, though we feel cooperative ownership provides shareholders with more services and benefits than either condominiums or single family houses.

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Each member owns a shareholder's certificate of membership in the corporation. Each shareholder is entitled to one vote in corporate matters. It is these shareholder certificates that individuals buy or sell.

 

Cooperative membership offers a host of advantages compared to condominiums or single family homes. These advantages range from social and community involvement to financial and tax savings to services and personal convenience.

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Advantages of a Cooperative

  • Encourages members to participate in the affairs of the corporation and community.

  • Offers many financial benefits to members at lower costs than comparable single family homes or condominiums.

  • Provides a monthly carrying charge that is more comprehensive than a typical condominium maintenance charge.

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Governance

  • As a not-for-profit Corporation, Sheraden Park Development, Inc. conducts its affairs in accordance with a detailed set of bylaws.

  • An elected Board of Directors and full-time, on-site maintenance supervisor and staff ensure that the community runs effectively. The following is a description of each group's basic responsibilities and functions.

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Board of Directors

  • Residents elect a five-member Board of Directors comprised of members.

  • The Board of Directors meets at least monthly to review and set policy for the affairs of Sheraden Park Development, Inc.

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Property Management

  • A Professional Property Manager Company with dedicated employees handle day-to-day operations from an off-site office.

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Property Maintenance

  • A full-time staff handles maintenance of buildings and grounds.

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Member Communication - Members are kept abreast of decisions, issues, and news through:

  • Periodic newsletters

  • Annual members meeting

  • Periodic topic-specific notices

  • The Sheraden Park Development, Inc. website

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