An email was sent to all homeowners from a CDAC member, Diane McAlpine with the username of “Community Design Advisory Committee". This was actually sent with Diane’s personal email (dmmcalpine@AOL.com). Diane McAlpine, led the Landscape revitalization presentations and told us that we have only this one opportunity to revitalize our landscape due to both rising labor costs and Loan interest rates.
This plan was presented as a $5.26 million project with additional interest payments totaling $ 2.1 million. Here is what Diane is personally promising:
1. No personal Liability (no mention of Future assessments or dues increases when the Loan interest rate resets in 7.5 years)
2. Annual interest costs of $117 per year (we do not have a loan commitment the interest amount is unknown)
3. No Impact on Freddie/Fannie Mortgage loan eligibility (Have we heard from the Consultant the HOA board hired to provide recommendations to fix our loan eligibility issues?)
4. Quote for Contractor is 5.26 Million (no bids have been solicited – the quote came from O’Connell)
5. Quote for Commercial Loan = 5% (we have no Loan commitment and no guarantee of interest rate after 7.5 years)
6. Three Bids Competitive Blind Anonymous Bidding (There have been no bids to date and the scope of work has not been defined for the 7 areas that will be rejuvenated. What are the vendors bidding on?)
7. Sell anytime - you never owe more than your last dues payment (if this turns out to be a bad deal, this is your only way out)
The Blog would like to know your thoughts.
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