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To Waterbury Cove Homeowners: I first want to thanks those homeowners who have already voted for our proposed new homeowner initiation fee amendment. If you have not voted yet, you should have received an email with the subject >> Vote Now: Waterbury Cove HOA – Waterbury Cove Covenant Changes. This is an important email where the Waterbury Cove board is recommending that the HOA adopt an amendment to our covenants to “establish an initiation fee to be paid by every new Owner in the Waterbury Cove community upon conveyance of ownership of a Lot”. If approved, this amendment would require a NEW homeowner purchasing a house in Waterbury Cove to pay a one-time initiation fee of 110% of the current annual HOA dues. For this year, our annual HOA dues are $680/year so this would be a one-time $748 initiation fee to be paid by the new homeowner at closing.
Why is this initiation fee being proposed now? Our annual HOA expenses for required services like pool upkeep/cleaning, landscaping, insurance, management company fees, electricity, water have all increased and the board’s recommendation to introduce this new homeowner initiation fee will be a new revenue source to offset these growing annual expenses. The alternative to this proposed initiation fee will be having to raise our annual HOA dues for all current homeowners to generate the needed revenue to cover our current annual expenses and build up our reserve fund for future needed capital improvements. A new homeowner initiation fee is a relatively common practice for many other nearby subdivisions and our proposed initiation fee amount is comparable to other swim & tennis communities.
For this proposed initiation fee amendment to pass, it will require 2/3rds of all Waterbury Cove homeowners to vote YES. The board requests you locate the email you received, click on the link to see the new initiation fee amendment language and to then vote YES or NO for this proposed amendment. If you have any comments or questions for the board, please send an email to www.wbccomm@gmail.com or you can reach out to me directly.
Please vote this week if possible. Just takes a minute. The board is recommending for our Waterbury Cove homeowners to vote YES for this new amendment.
Thanks,
Mike Inderrieden
Waterbury Cove HOA President
770-596-9352
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