On Monday, September 24, 2007, DVC held a special meeting at Disney's Contemporary Resort to discuss and ultimately vote upon the proposed 15-year contract extensions for owners at Old Key West. Approximately 30-40 members were in attendance, including the DISBoards' "WebmasterJohn." Following is an overview of the report he filed at the conclusion of the meeting.
- All contracts will be extended from the original expiration date of 1/31/2042 until 1/31/2057.
- The cost will be $25 per point, however DVC is applying a $10 per point reduction (net $15 pp) for those who commit prior to 2/29/2008.
- Owners who do not wish to extend their contracts for the additional 15 years can decline the extension offer. The extra years will essentially be deeded-back to DVC after 1/31/2042.
- There are no additional fees involved in either accepting or declining the extension, and DVC is even going to apply a credit of $30 to the 2008 annual dues of all owners to cover any incidental costs incurred in dealing with paperwork related to the extension.
- Extra goodies will be provided to those who commit to the extension including a "Lighthouse Memory Capsule" and a lithograph.
- The extension can be paid in cash, credit card, or financed through DVC at normal terms (10.75% for up to 10 years.)
- DVC will make every attempt to contact all unresponsive owners by the deadline rather than making assumptions regarding their intentions (in other words, they are not simply adopting a policy that those who fail to respond by a certain date will be automatically committed.)
- The extension is a one-time offer. Those who reject the offer will not be able to extend their contract at a later date.
- Prior to 9/24 DVC was selling OKW points for $92 each. After the passing of the resolution, all OKW points purchased through DVC will be priced at $96 each and will include the 2057 contract ending date.
Additional details are available within "WebmasterJohn's" original report, which can be found HERE.