The Keystone Neighbourhood Co. FAQ’s
The Keystone Neighbourhood Company (KNC) has compiled a list of common questions received from the membership. Below you will find answers designed to provide clarity on the day-to-day operations and overall management of the KNC. If at any time, a member has further questions on governance please email: info@keystoneneighbourhood.com and the answer to their question will be posted to the FAQ page on the website for the KNC Membership to access.
The Keystone Neighbourhood’s Declaration states the Neighbourhoods at Keystone (or the KNC) is a large, planned community which is commonly refered to as a Master Homeowners Association. The KNC is a 501 C-4, Not-for-Profit Corp. and registered with the Colorado Department of Regulatory Agencies (DORA) under the name “The Keystone Neighbourhood Company, Inc.” The KNC is in good standing.
https://www.coloradosos.gov/biz/BusinessEntityCriteriaExt.do – search: “The Keystone Neighbourhood Company”
Intrawest was the original Declarant (Primary Developer) along with Ralston Resorts who owned the land for the development we now refer to as the Neighbourhoods at Keystone. Vail Resorts became the Declarant years later when Intrawest sold their interests to Vail Resorts.
No. The KNC is a large, planned community (Master HOA) that is owned by its members. Vail Resorts is a member of KNC by virtue of owning land within the KNC like any other person or entity who owns real property within the development.
As set forth in the KNC Declaration, there are 5 classes of Members/Owners, and they vote for their respective directors.
The five voting classes are:
- Residential Sites – One vote per site/unit.
- Commercial Spaces – One vote per 1,000 sf.
- Lodge – One vote per 3 lodge rooms
- Resort Parcel– 1,000 votes
- Undeveloped Land – One vote per Equivalent Unit (as defined and allocated by the PUD based on approved density)
Yes, there is constant change of voting between classes, but the number doesn’t change unless overall density changes.
As an example, when undeveloped land is developed, the total number of undeveloped land votes are reduced by the number of new units created and another class of votes increases. Using the residential development of Kindred as an example, as the Kindred developer sells residential units, the number of undeveloped votes allocated to this parcel will decrease and the overall number of residential units and residential votes will increase. The Kindred site also has lodging and commercial spaces. As these spaces are developed, the number of undeveloped votes will decrease and the appropriate number of votes for both Commercial Spaces and Lodge votes will increase.
When the Town of Keystone became incorporated, it assumed the same responsibilities previously held by Summit County Government. The role and responsibilities of the Keystone Neighbourhood Company (KNC) did not change. As the Town grows and its revenues increase, the Town may choose to take on additional responsibilities, such as infrastructure maintenance (e.g., roads), marketing, and events. The KNC welcomes ongoing discussions with the Town of Keystone on these issues, particularly when they may lead to a reduction in expenses for the KNC.