FLORIDA – Poinciana Crisis Instructive For All Of Us
Lots of news in Poinciana the past couple of weeks. As you know, Poinciana HOA, one of the largest in the country with more than 23,000 homes, has been seeing quite a bit of turmoil, particularly in the last 6 months. In April, then Board President Peter Jolly made allegations of financial mismanagement by the management company and millions of dollars missing from assessment reserves. In June, a third attempt to move toward incorporation of Poinciana as a city failed, when the Osceola County Legislative Delegation voted 2-2 on the measure.
In August, residents gathered to protest management company First Services Residential (FSR). That was immediately after the Executive Committee of the Board (including Jolly) met and voted to fire FSR and to transfer $1.6 million in Association funds to a separate bank account. The Executive Committee had the locks changed for the management office. In the meantime the 6 other Board members – 3 of them represented by developer Avatar – held an emergency meeting, voted to rehire FSR and to remove President Jolly and the VP as officers of the Board. Within hours, FSR entered the building in the middle of the night and changed the locks once again. Read more: