Homestead opts for transfer tax
Homestead Owners Association
As the elected Board of Directors of the Homestead Owners Association, one of our responsibilities is to ensure that the assets of our community are kept up to the standards that our owners demand. They want, and rightfully so, a clubhouse roof in good repair, courts that can be played on, public areas and parks that are well-kept and usable. It takes foresight, planning and, yes, money to do this. We have a wonderful community at Homestead and we are committed to maintaining and improving our amenities.
As a board, we look to the future and try to make decisions to help ensure that Homestead remains the place we want it to be. We look at our funding needs, not just for the immediate future, but also in the longer term. And not just for replacing and repairing our assets, but for finding ways to add to their usefulness and attractiveness.
In 2007, the Owners Association commissioned an independent reserve fund study which identified numerous capital maintenance projects that would need to be undertaken in the next five years ” more than $3 million worth. Those projects include, among other things, replacing the roof and HVAC system on the clubhouse; resurfacing the tennis courts; and repairing the driveways and decks. The study also noted that at current funding levels, the reserve fund would not be adequate to pay for those projects and maintain a fiscally responsible balance.
As has been presented in the public meetings, the association currently has only two ways of funding its needs ” raising dues or calling for special assessments. After numerous publicly open discussions, the board decided to pursue adding third option ” a proposed transfer assessment, similar to those already in place in Vail, Avon, Beaver Creek, Eagle Ranch and many other communities in Eagle County.
This transfer assessment, if approved, would provide funding to a) pay for those identified capital replacement projects; b) provide a source of ongoing funding, recognizing that continued maintenance and repair of the Owners Association’s assets will always be a necessity; c) provide a responsible cushion for unanticipated repairs and replacement; and d) allow the association the option to pursue other capital improvements the members may want to see.
Participate in The Longevity Project
The Longevity Project is an annual campaign to help educate readers about what it takes to live a long, fulfilling life in our valley. This year Kevin shares his story of hope and celebration of life with his presentation Cracked, Not Broken as we explore the critical and relevant topic of mental health.
The board majority supports the idea of the transfer assessment as the best, most effective and equitable way to meet the reserve funding needs as well as providing funding to the plan for the future. If you support a transfer assessment as a means to fund the continuing needs of the Association, please return your form as soon as possible. If your preference is to raise funding through either raising dues or by special assessment, you need do nothing at this point.
We encourage you to contact any member of the board if you have other questions or need more information.