Repipe Project Loan Ballot Results
Posted By rhart on November 28, 2016
The ballots for the repipe project loan, which were distributed in June 2016, were opened and counted at the October 27, 2016 Board of Directors meeting. 75 valid ballots were received, and the results are as follows:
Since the Bylaws require that 67 homeowners vote to approve the loan, the Association will be unable to move forward with obtaining a loan to fund the repipe project. However, 58% of the community voted in favor, which indicates there is substantial interest in completing this project.
The Board will be discussing ways in which the Association can complete the repipe project with no outside funding. The project will most likely be broken into phases, which would be completed over several years and funded from the Association’s reserves. We will keep homeowners apprised of any developments regarding this matter.
Thank you to all homeowners who took the time to submit their ballot and participate in this important process!