Indian Hills HOA Assessment Update

There has been plenty of discussion amongst the Board of Directors of the HOA of a large assessment being proposed, as high as $50k or so.  As its been explained to us, an amount that would be sufficient to re-side and re-trim all of the buildings along with re-building all the decks.  Certainly a lot of work that would result in the complex looking almost new from the outside with the expectation that the complex would then become more desirable in the market and more valuable having lost its late 70’s style and appearance.

Per the couple of owners we are working with, and CAMCO, there is no assessment currently out for consideration by the membership.
Rather, last fall there was an amendment to the C.C.&R’s put out for a vote that would have redistributed any assessment obligation on a proportional basis with the 3 bedroom owners owing a greater share than the 2 bedroom owners based, I believe, on the square footage of the units (or perhaps the exterior wall square footage, not sure how it was defined).
Well, a vote to change the C.C.&R’s required a super majority for passage, which did not happen.  Apparently the 3 bedroom owners like the way the costs are currently distributed, so it remains that 2 and 3 bedroom owners would pay equally.
However, any vote on an assessment only requires a simple majority to pass, and there is a simple majority of 2 bedroom units within the complex.  So our owners believe that any really expensive assessment would not be approved by the 2 bedroom owners and thus not get the majority vote necessary.
All that said, they do believe that there will be some assessment voted on at some point in the future, but that the amount will end up being more reasonable for the average owner to absorb and more modest in its scope of work.
144 total units -(approximate numbers)
58 – 3 bedrooms
86 – 2 bedrooms

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s