Proposed Special Assessment
The Western Oaks neighborhood is fantastic and has been since it was developed starting 40 years ago. The neighborhood amenities have been important throughout these years, attracting homeowners and increasing the value of these homes.
We have always used our monthly WOPOA fees to maintain these amenities. This is similar to how we all maintain our homes including the roof, paint, appliances, floors, windows, etc. Just like our homes, the amenities eventually reach a point where they need replacement or improvement beyond regular maintenance.
Currently, 10% of our regular monthly fees are set aside in a “reserve fund” to cover unexpected expenses and needs for replacement and improvements. The “reserve fund” will continue to increase, but it is not enough for current needs because we had not regularly built this fund over the years. We are now at a point where the amenities need special attention, in addition to the regular monthly fees.
Your Board of Directors is recommending this Special Assessment based on input from the Capital Improvement Committee, Reserve Studies, discussions with the amenity committees and the town hall meetings. Members of the Board also met with engineers and contractors to assess the current condition of the pool facility, tennis courts, basketball court and landscaping needs.
The purpose of Special Assessment is to raise the necessary funds to cover the cost of replacement and/or improvements. The neighborhood committees are currently...