07-15-2019, 05:21 AM
I still have the paperwork mailed out to us about that paving all streets fiasco
... here are some excerpts from an HPPOA Board letter......
.
"Our goal is to pave every road and street in Paradise Park. The HPPOA Board estimates that there will be enough money for the entire project. Road paving will begin in 2007 and is expected to take less than 36 months. The Road improvements will cost approximately $12 million."
" The HPPOA Board will choose the most overall effective method of financing that will meet our timetable"
We voted no. How could these people possibly say that the project would cost approx. $12 million borrowed dollars without knowing the exact cost of the financing?
They hung us with a Bond , if memory serves at over 7% and allowing no prepayment without penalty. To my knowledge, agree w/ Kinney, we are still paying on it.
But, the owners read "something for nothing", not grasping that this borrowed money would have to be paid back from our limited road maintenance fees and voted yes.
The BOD is supposed to decide where to pave but we now have another layer of authority on us due to Fugitive Dust, which is a violation of the Clean Air Act.
If owners start the complaint procedure, the Assoc. is bound by law to rectify the situation or face daily fines. Violations also subject our Road Association to lawsuits (have already had in the past). As you can imagine, It's hard to win the lawsuit when you are the one in violation of the law.
... here are some excerpts from an HPPOA Board letter......
.
"Our goal is to pave every road and street in Paradise Park. The HPPOA Board estimates that there will be enough money for the entire project. Road paving will begin in 2007 and is expected to take less than 36 months. The Road improvements will cost approximately $12 million."
" The HPPOA Board will choose the most overall effective method of financing that will meet our timetable"
We voted no. How could these people possibly say that the project would cost approx. $12 million borrowed dollars without knowing the exact cost of the financing?
They hung us with a Bond , if memory serves at over 7% and allowing no prepayment without penalty. To my knowledge, agree w/ Kinney, we are still paying on it.
But, the owners read "something for nothing", not grasping that this borrowed money would have to be paid back from our limited road maintenance fees and voted yes.
The BOD is supposed to decide where to pave but we now have another layer of authority on us due to Fugitive Dust, which is a violation of the Clean Air Act.
If owners start the complaint procedure, the Assoc. is bound by law to rectify the situation or face daily fines. Violations also subject our Road Association to lawsuits (have already had in the past). As you can imagine, It's hard to win the lawsuit when you are the one in violation of the law.