2024 Special Assessment
July 2024 Special Assessment
Thank you to everyone who paid/initiated payments for the $800.00 special assessment! 😊 This went into effect July 2024. Owners are given one year to pay so as our money comes in, projects are scheduled.
🏘️ The $160,000 Whitely Roofing partial/entire roof replacements on building 6, 7 and 9 started May 2024 & came to a close. One additional roof, to be determined, will be replaced spring 2025.
🧱 The $190,000 JLC paver project is scheduled July 2024 to April 2025. This project completes all remaining areas that have not yet had pavers replaced. Yay! A letter mailed out on 8/16/24 provides the paver schedule, locations & costs.
🅿️ The $160,000.00 Pacheco Cement Inc. cement roadway repairs began at the end of Aug./start of Sept. Owners impacted receive a text alert 💬 advising them of roadway closures and alternative parking areas. Dumpsters in these areas will be temporarily relocated.
Entire roadway behind buildings 13, 14, 15 & 17
Road behind buildings 4 & 5 (complete!)
Parking lot across from building 8 (complete!)
4 catch basins
📢 Information will be provided on upcoming roof, tile, drywall & common hallway door improvements. If you ever want to view details on financials you can always contact the office to complete a Records Request.
Clarification on Assessment
Meadowlawn Residents,
It has come to our attention that further clarification is required to explain the need for the 2024 Special Assessment and why it was applied the way it was to homeowners.
Backstory
In September 2021 when the final members of the prior board relinquished their positions it was discovered we had less than $50,000 TOTAL in all our financial accounts. From this point on the new board, with Dawn Argie presiding as president, began damage control to determine how to rebuild our community both physically and financially.
Present Day
In less than two years since Dawn Argie has taken over as association president, we have well over $300,000 incurred across our accounts. We maintain this balance all the while continuing major projects that were long overdue, employee salaries and everyday operating costs of the association. Meadowlawn has been around since the 1960s. Our buildings are over 60 years old and require a lot of work.
Our financial statement issues and previously depleted balances are a direct repercussion of the prior board. With all our emergent property projects (tree removal, roof repairs/replacements, sidewalks and road repairs etc.) needing to be addressed it was imperative we apply a one-time Special Assessment to help cover these expenses and keep our heads above water.
Assessment Setup
Your elected board of directors votes and makes decisions with your best interests at heart. When we chose to apply a Special Assessment, it was to protect YOUR investment and property value. By not permanently increasing your monthly maintenance fees this will make it much easier for you to sell, if you decide to in the future, and keeps you in a competitive market position. Increasing them further would have a negative impact. A “Special Assessment" also allows for better terms including payment options (12 months to pay in full). This provides our owners the flexibility they need to get by. In a traditional assessment you would only have 30 days to pay in full.
$800 was applied uniformly to all owners because the majority of the assessment is going toward shared property restoration (road repairs and sidewalk repairs we all use). We were given the legal options by our attorneys to apply uniformly or by homeowner percentage. In good faith we chose to uniformly address the assessment to remain fiscally responsible and ensure we collected an amount to cover our community’s shared expenses.
Lastly, it is also important to keep surplus funds in our Reserve account to prepare for any unforeseen circumstances, like the emergency tree removal we just experienced to protect and provide safety to our residents.
Thank you for your understanding,
Meadowlawn Board of Directors