In May 1983 Lakeside Ranch Investment Corporation (LRIC) was formed to purchase
and operate Lakeside Ranch Home Park
L.R.I.C. is a for profit corporation so that funds can be accrued to pay for large
projects thereby eliminating the need to assess shareholders, on a limited basis.
L.R.I.C is operated by a Board of nine (9) Directors, three of whom are elected each year at
the annual meeting. The annual meeting is held each year in February. L.R.I.C is debt free
and holds a fair reserve for emergencies. These reserves come primarily from unexpended funds
of the maintenance fees. Maintenance fees are based on location.
I.E. $130 on the Lake; $117 facing the Lake; 109 in low traffic area; $101 on exit and entrance roads.
Maintenance fees cover water, sewage, roads, pool, clubhouse and common grounds and other
general maintenance.
We have a lovely clubhouse that was built in 1987 and improved in 1997. The clubhouse has a
large meeting room and kitchen with a view of Lake Henry, an office, a library, a laundry and a billiard room. Outside the clubhouse are the shuffleboard courts and a heated pool, both by solar and electric. There are many clubhouse and park activities. You will find a list of these activities
on our activities page. Our Lake is Lake Henry and we have a boat dock and a pier for general
use of the residents and a boat lunching area off Lakeside ranch circle. Boat Slip and Parking
Lot storage is $200.00 per season
Each owner has a share of stock. This ownership allows the homeowner to vote on all issues at
the annual meeting. Our Rules and Policies of the Park go into fuller detail and if you desire a
copy please ask. Owners cannot vote more than one share although they may own more shares.
Homeowners are also responsible for yard and lawn care and maintenance of their home in
accordance with park policy and rules. The park was never surveyed for the Lot
determination so the LOT line is considered to be halfway between the homes.
To buy a home in the park, the purchase of a share in the Corporation is required. This purchase
entitles the new owner to a Proprietary Lease to their lot. Polk County ruled that stationary
mobile homes are real property. The Corporation holds the deed to the land, therefore, the County
requires a proprietary lease to record ownership for tax purposes. The owner pays the applicable
real estate taxes. The asking price of the home includes the share cost. All fees, taxes will be
explained at the time of the purchase. The share and the Proprietary Lease are processed for
transfer by the office manager, along with the transfer of interest in real property (DR-219)
There is a fee of $100.00 for transferring stock and titles to the property. There is also a $40 fee per person for a background check.
