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Extraordinary Homeowners Meeting – Water Trust
February 24, 2014 @ 9:30 am - 5:00 pm CST
Dolce Vita Condominiums
ADMINISTRATIVE BOARD CALL FOR EXTRAORDINARY MEETING
As shared in the Special Newsletter dated February 5, 2014, the Dolce Vita Condominiums have been extended an invitation to join the Coco Water Trust.
Due to the large amount of money involved to join the Trust as well as the potential devastating consequences of not joining the Trust, the Administrative Board is calling for a homeowner vote to answer the question:
SHOULD THE DOLCE VITA HOMEOWNERS ASSOCIATION AGREE TO JOIN THE COCO WATER TRUST IN ORDER TO RECEIVE A HYDRO RESOURCE CAPACITY WATER AVAILABILITY LETTER TO PRESENT TO THE MUNICIPALITY OF CARILLO ENGINEER SO THAT CONSTRUCTION PERMITS FOR THE PROJECT CAN BE ISSUED AND LEGAL ACTION AGAINST THE CONDOMINIUM AVOIDED?
A YES VOTE WILL MEAN:
1. The Administrative Board will sign a contract with the CoCo Water trust which will obligate our condominium to purchase 92 water hookups at a price of approximately $506,000 American Dollars.
2. Each homeowner will be required to purchase one of the water hookups at the price of $5,500 American Dollars.
3. A Hydro Resource Capacity Water Availability Letter is needed to continue with the Permit Process. The letter will be provided by the CoCo Water Trust.
4. The Condominium is requesting to pay for the water hookups with four payments of $125,000 American Dollars over the next 18 months. As the Condominium makes the $125,000 payments, the CoCo Water Trust will make available water hookups which will replace water presently being supplied by the unauthorized well presently serving the four projects in our area.
5. Those receiving Trust hookups will begin paying water bills to the National Water Company, AYA.
6. Real Estate sales agents have advised us that our property values will increase.
A NO VOTE WILL MEAN
1. We will not receive construction permits and the money we have invested to obtain the permits will have been wasted.
2. The Canton of Carillo will proceed with legal action against us which may result in Demolition Orders.
3. We will be required to pay large amounts of money over an extended period of time to competent legal counsel to postpone any demolition orders.
4. There is no guarantee of how long the well will be able to provide the Condominium water either due to overuse or an administrative action from a government agency.
5. The price of membership in the Water Trust has gone up by $70,000 US Dollars and the availability of hookups has been reduced in the past two years when the Administrative Board declined to call an extraordinary meeting due to a sense that there was not enough homeowner support. This Board’s research does not see this trend changing in the event that we are unable to prevent legal action against us or the well is closed.
6. Real Estate sales agents have advised us that our property values will decline.
Note: The Administrative Board has scheduled a meeting on February 13, 2014, at the Coco Palms Restaurant so that homeowners may ask questions to the Water Trust Administrator, the Permit Process Consultant and others to assist in their decision making process. A summary of that meeting will be provided to all Homeowners via electronic mail.