Sent: Monday, December 03, 2007 11:50 PM
Subject: Edgewater South Board of Directors
Most of you have probably read by now the letter of approximately a $2500 one time special assesment for each unit owner which is being put on the ballot for a vote. The board has threatened to increase our dues by 19% if we do not vote for this special assesment as well as threatens to use their emergency powers to do additional forced assessment if we do not vote for the assessment.
My opinion is, the board has committed malpractice and have not made sound decisions on our behalf. I have formulated my opinion on this based the following:
1. The board answers to our property manager and not to the HOA members. Board members have a legal responsibility to represent the members (or stockholders) and certainly not our property manager.
2. The board members have not made difficult decisions needed to do any cost containment, instead have driven up our expenses by 20%+. How can responsible board allow this to happen year after year?
3. Failure to look at alternatives for earthquake insurance. While the board mislead members that they would strongly consider having an earthquake committee to research alternatives, instead went to biased sources to tell them they needed to stick with a high cost (over 120k per year) earthquake policy by a non-admitted and non-regulated insurance company.
With this special assessment, our dues go up to over $700/month if it were broken down that way. As long as we give them a blank check, they will ask us for more. I hope the buck stops with us. As for the threats, in three months or so, we have the option of electing a new and hopefully more fiscally responsible board.
There are three slots open for the upcoming board elections early next year. I personally think we have a lot more brighter minds within my email list than the group currently representing us. I hope some of you consider to running as without any competition, we will not have our best representing us. Our property values are being greatly effected by the never ending increase in dues.
HOMEOWNER NAME REDACTED
PS. I have talked to a few people who would like to meet to discuss these issues in person, let me know if you are interested in doing so.