Special Assessment Notice
Posted By rhart on November 9, 2017
On September 28, 2017, the Nevis Milano Board of Directors passed a $227.97 per unit special assessment. The purpose of the assessment is to help to pay back the $90,816.00 loan from the reserves that was necessitated by a drastic overage of unanticipated water damage expenses due to the rains earlier this year and excessive plumbing leaks prior to the first phase of the repipe project. The budget for the 2017 fiscal year for water damage expenses is $6,000.00. As of August 31, 2017, the Association has paid $101,713.00 for water damage expenses. The extraordinary amount of these expenses has caused the Association’s operating account to go negative, and the Board voted to suspend six months of monthly transfers to reserves totaling $90,816.00 in order to be able to get the operating account back in a healthy condition. The Association is obligated to pay back the loan from reserves and will do so in part by a special assessment of the members, and factoring repayment into the 2018 fiscal year budget. The Board has voted not to raise the monthly assessments in 2018, and in order to facilitate this, a special assessment is necessary to ensure the Association’s accounts are adequately funded.
The special assessment will be paid by each homeowner in one lump sum of $227.97 in addition to your regular assessment on or before November 30, 2017.
The special assessment payment must be a separate check payable to “Nevis Milano Incorporated” with “Special Assessment” written in the memo section of the check and mailed directly to Action’s Corporate Office located at 2603 Main Street, Suite #500, Irvine, CA 92614. Optionally, payment may be made via credit card or eCheck through www.vivoportal.com. Any late or nonpayment of the special assessment is subject to the Association’s Collection Policy. Any special assessment balance must be paid in full prior to closing escrow on your home.
The owners that currently have ACH withdrawal set up for the regular monthly assessments do NOT need to send additional payment, as the special assessment will be automatically deducted via ACH.
Should you have any questions, concerns or comments please contact the Community Manager, Rhonda Hart, via email at firstname.lastname@example.org, or via phone at 949.450.0202.