OFFICIAL NOTICE OF MEMBERS MEETING
NOTICE IS HEREBY GIVEN, in accordance with the Bylaws of the Village of Lake Tarpon, Inc. that a Member's Meeting, for the sole purpose of voting on a proposed Project #1 - Special Assessment, will be held at the following date, time and place:
DATE: Monday – March 26, 2007
TIME: 5:00 – 8:00 pm
Place: Village of Lake Tarpon Clubhouse
Dear Village of Lake Tarpon Resident:
On January 25 and February 22, 2007, your Board of Directors hosted two Village Meetings for the purposes of discussing the various areas of deteriorating infrastructure (storm drains and roadways) and asked you, the residents, to participate in offering suggestions for resolving the funding issue to complete the projects.
As a result of those meeting four district and different options were presented, namely:
1. Special assess to pay off the mortgage.
2. Combine a special assessment that would partially pay down the principal of the mortgage and raise funds to repair the infrastructure.
3. Institute a "buy-in" share, of a given amount that would be purchased by future owners.
4. A "Special Assess As Needed" program.
After the pros and cons of each option were thoroughly discussed, a straw poll indicated that the residents present favored the "Special Assess As Needed" program, wherein projects would be prioritized and as each comes up, the membership would be asked to pass a special assessment to fund that particular project. THERE WILL BE NO OTHER SPECIAL ASSESSMENT REQUEST IN 2007!
Therefore, based upon the information gathered at the Village Meetings, on March 1, 2007, the Board of Directors unanimously voted to take the "as needed" approach and ask the membership to vote on a Special Assessment in the amount of $101,400.00 or $200.00 per unit, to fund Project #1. Project #1 includes the storm drain rehabilitation on Independence Boulevard and includes the repair behind the seawall cap in the vicinity of Colonial Boulevard. A meeting, to vote on this Special Assessment will be held on Monday, March 26, 2007 at 5 PM in the Clubhouse.
The estimated construction cost of Project #1 is $93,763.00, with a small contingency figure of $7,637.00 to cover any unseen expenses, for a total of $101,400.00 All money derived from the Project #1-Special Assessment will be deposited into a separate account to be used only for that project. At the end of the project any remaining funds will be deposited to Reserve-Line Item 3110 (Infrastructure). Should there be a project shortfall; the funds will come from the same line item.
According to our governing documents, a Special Assessment MUST be approved by a 75% affirmative vote; meaning if only 127 people vote NO, OR DO NOT SEND IN THEIR BALLOT, THE Special Assessment will not pass and other steps will have to be taken to fund the project.
As of the date of this notice, $69,839.74 is the amount in the Reserve Infrastructure Money Market Account. Clearly you can see, if this Special Assessment doesn’t pass, the cost of Project #1 will wipe out the Infrastructure Account and the remaining $40,560.26 balance will significantly drain the Operating Account.
Enclosed in this mailing is a BALLOT, a SECRET BALLOT ENVELOPE and a PROXY ENVELOPE (for use ONLY if you will not be at the meeting). The PROXY ENVELOPE is used only to establish a quorum.
If you WILL NOT be at the meeting, please do the following:
1. Vote your BALLOT.
2. Insert in the BALLOT ENVELOPE and seal.
3. Insert sealed BALLOT ENVELOPE into proxy envelope AND SEAL.
4. You MUST complete information on PROXY ENVELOPE and SIGN AT THE BOTTOM, in order to be counted towards the required quorum.
(No one will know how you voted, as once your name is entered towards the quorum and the PROXY ENVELOPE opened, the unopened BALLOT ENVELOPE will be placed in the ballot box.)
5. Affix a 39ยข stamp and mail.
If you WILL be at the meeting:
1. Vote your BALLOT.
2. Insert in the BALLOT ENVELOPE and seal. – YOU DO NOT need the PROXY ENVELOPE.
3. You will sign in at the meeting and, at that time, deposit your BALLOT ENVELOPE in the ballot box.
One of the many duties of your Board of Directors is to pledge that they take the measures appropriate to ensure that the Village of Lake Tarpon serves you well, not only today, but into the future. And, in order to help your Board achieve that goal, your Board of Directors is asking for your support and recommends that you vote YES for the project #1 Special Assessment. Again, please be reminded…There will be NO other request for special Assessment in 2007. Your vote is very important!
WHAT HAPPENS IF THE SPECIAL ASSESSMENT PASSES?
A coupon in the amount of $200, will be mailed to each residence, with a return envelope for easy payment, that will be due no later than May 15, 2007. However, if this one-time payment poses a financial hardship, please contact Sue DiGrandi at PMS Management (727) 216-3217. Sue has been authorized, by the Board, to make confidential payment arrangements were necessary.
Further, if you are in the process of selling or listing your residence, you MUST inform your agent and/or any prospective buyer of the Special Assessment.
Should you have any questions, comments, or concerns relating to this matter, please feel free to contact me at (727_ 216-3217 or via my personal email at pms2@pmsmanagement.net.
For the Board,
VILLAGE OF LAKE TARPON, INC.
M. Susan (Sue) DiGrandi, LCAM
PMS Management Services, Inc.
Enclosures: Ballot, Ballot Envelope and Return Address Proxy Envelope
