
Arlington Trace HOA 2019 - Special Meeting Petition
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Purpose: To call a special meeting in an effort to review the Association's current and future financial situation, plans justifying the significant increase in ownership dues and options to mitigate costs. According to section 3 & 4, we required signatures from at least 20% of the total lots which is approximately 15 households.
Audience: Qualified members of the Arlington Trace Home Owners Associate who are current on 2019 dues.
When/Where: TBD after securing enough signatures
How: Each household interested in calling a Special Meeting, please create an account, sign the petition and place your street number and name in the comments for easy reconciliation.
Topics of the Special Meeting
- Current financial status:
- Budget review of both capital and operational: from closing of 2018 to current month (summary of expenses vs. budget).
- Highlight of key expenses in 2019 causing immediate erosion of capital reserves.
- Notate any changes in service providers hired to perform standard maintenance.
- 2020 ($775) & 2021+ ($550) budget review (5 year plan)
- Compare 2020 planned expenses vs. original budget of $375/lot.
- Identify & discuss the purpose and intent of additional funds required. I.e. new expenses (known or anticipated)
- Review of all competitive bids for additional work/repairs to be performed
- Understand how the increased budget was approved. (I.e. who determined the amounts needed, documentation/meeting minutes of a Quorum, results of the vote)
- Determine whether 2020 budget increase qualify as a "Special Assessment, subject to approval per Article VII, Section 3.
- Impact of higher HOA fees to property resale value in comparison to surrounding neighborhoods.
- Options
- Discuss the option of a HOA Loan to perform immediate improvements to the walking trail
- Would establish a set payback/assessment period budget.
- Explore the possibility of alternative revenue streams - open up access to second addition for a fee
- Community involvement - Identify planned expenses which could be offset partially or completely through community involvement (i.e. beautification days, clean-up)
- Discuss the option of a HOA Loan to perform immediate improvements to the walking trail
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