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President's Newsletter--HOA ASSESSMENT INCREASE
Posted on Nov 13th, 2019
November 13, 2019
President’s Newsletter -- HOA ASSESSMENT INCREASE
Dear Norris Lake Homeowner:
The Norris Lake Community Benefits Corporation Inc. Board of Directors has voted to increase the current yearly Homeowners Association assessments from $375.00 to $480.00 effective January 1, 2020.
By way of explanation, increased costs of dredging, property management, lawn care, landscaping, insurance, and maintenance fees, to name a few, have left us without sufficient funds to save in our reserves toward road replacement (DeKalb roads are privately owned by us, not the county), a larger dredging project, and other capital projects such as replacement of playground equipment.
Please know that we did not come to this decision lightly. We have not had an increase in HOA assessments since 2008. Assessments of other communities in the area range from $800 to $1200 per year, and their amenities are considerably less than ours -- the lake (one of the only metro lakes large and deep enough to allow motorized boats), staffed swimming pool, tennis courts, playgrounds, parks, clubhouse, organized community parties and gatherings, and the peninsula, which includes the new community garden and food forest.
Regarding the lake - our most valuable community asset -- keeping our lake in good condition is the best way to maintain and increase our property values! A few years ago, we commissioned a study which told us that dredging the entire upper end of the lake would cost in excess of $2 million. Since then, increasing our dredging reserves has been a priority. In addition to our maintenance dredging that we do every other year, we also need to dredge some of the upper end of the lake soon to prevent silt from spilling over the rock wall into the main lake body. Your 2020 payment of $480.00 will help with these important projects, and can be split into two payments of $240.00 -- the first due and payable on January 1, 2020 and the remaining $240.00 due and payable on April 1, 2020.
Statements will be mailed before each due date, but if you choose to pay the entire amount of $480.00 by January 1st, it would be greatly appreciated.
If you have any questions or concerns, please contact the Property Management at email@example.com or call 678-413-3377. Thank you.
Sharon Rowen, President
Norris Lake Community Benefits Corporation Inc.