Category:
Governance
Shelter Bay Company was established by the developer as a for-profit company to rent and develop Shelter Bay and sublease the lots to buyers. In conjunction with subleasing, he established the non-profit HOA, the Shelter Bay Community. In 2004, Shelter Bay Community purchased the stock of Shelter Bay Company for $2 million, and became the sole owner of the Company, the Master Lease, and the commercial operation of the Marina. Shelter Bay Company is a wholly owned subsidiary whose only function is a signatory to the Master Lease.