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Saturday, April 30, 2011 - 8:11am

Reynolds Homeowners Reject Buy-Out

Property owners at Reynolds Plantation on Lake Oconee have voted against buying golf courses, marinas, clubhouses and other community assets from its developer.

Linger Longer Development Company says only 20 percent of the 3,600 owners asked to vote supported the proposal. The community's bylaws say 51 percent would have had to approve the purchase.

“There is no doubt that I am disappointed with the results of Friday’s vote,” said Mercer Reynolds, Chairman of Linger Longer Development Co. “My clear preference from the outset was to create a mechanism for community residents to continue to have a strong voice in the operation of the amenities. I’m thankful to be past the vote. Now that our neighbors and members have spoken, Linger Longer is focused on the business of finding a new alternative that works for us and for our lenders.”

Homeowners would have had to pay between $5,000 and $19,000 to make the deal go through.

The bank could foreclose on the property and sell it to a different developer.