17/01/2026
Important clarification for Cova owners
Some incorrect and misleading information has recently been circulated by the North and South Committees regarding the caretaking agreement, costs, and governance. Owners deserve the facts.
On the money:
The caretaker is already being paid close to $80,000 per month (almost $1 million per year) under the existing agreement. Claims that a new agreement would only cost “a few dollars more per week” are misleading and based on assumptions, not facts. A new 25-year contract would lock owners into tens of millions of dollars in payments, including millions more to the caretaker, despite ongoing performance concerns.
On Central “not existing in 2018” and the current agreement being “out of scope”:
This argument is simply false. The current caretaking agreement is paid per lot. As Central was constructed, each additional lot automatically increased the caretaker’s pay (around $900 per lot, plus CPI). The caretaker has already been fully compensated for Central under the existing agreement. This is written into the contract and available for anyone to read.
On the AGM and budget:
Owners are being told that the AGM and budget cannot be set because of the caretaking dispute. This is not true.
• There are legally binding interim orders from the BCCM Commissioner preventing the PBC from entering into any new caretaking agreement
• A new caretaking agreement is not required to hold an AGM or set a budget
• The AGM was legally required to be held by 30 November 2025 and has still not been called
• Budgets should be set using existing, lawful contracts
Claims that the AGM and budget cannot proceed are incorrect. The simple truth is that they are being delayed while misinformation is being pushed to the community by the North and South Chairs.
Key facts owners should know:
• A valid caretaking agreement is in place until 2032
• It was properly revised in 2018
• It already includes CPI increases
• The caretaker’s pay increased as Central lots were added
• The real issue is the refusal to enforce the existing agreement, not lack of funding.
The appropriate and lawful path forward is simple:
1️⃣ Enforce the current agreement
2️⃣ Call the overdue AGM
3️⃣ Set a compliant budget
4️⃣ Consult owners transparently
Owners are encouraged to read the existing caretaking agreement themselves and make up their own minds based on facts — not spin.
