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+--- Thread: SV Special Assessment / New Docks (/showthread.php?tid=1)
SV Special Assessment / New Docks - Bob-S - 01-24-2023
IMPORTANT INFORMATION ON SPECIAL ASSESSMENT
Dear Sky Valley Member:
As you are aware, the Sky Valley Association has embarked on a multi-year program to replace our aging boat docks. Some of our docks are 25 years old and are becoming difficult and expensive to repair properly. Fortunately, our crew can build docks during the winter months, at the rate of about 20 units per winter. The new ones are stronger, plus they have synthetic decking rather than treated lumber. We can build a dock for about 15 percent of the cost of buying aluminum frame docks by utilizing our existing labor wisely during the off season.
The Marina, which includes the swim-area floats, is the largest asset we own. Keeping it up-to-date affects everyone’s home value positively, whether you are a boat dock renter or not. The three new swim floats and the first section of new docks were funded from our capital reserve account to ensure the new design was functional and durable. They have met our expectations, so we want to continue our replacement program. Our remaining capital reserves won’t cover the cost, nor do we want to further deplete our capital reserve fund.
To fund this project, the Board has voted to levy a special assessment yearly until the project is complete. For the 2023/24 fiscal year, the levy will be $30.00 for every property plus an additional $50.00 for every dock holder. This assessment will be included in the dues bill mailed to you in January, due Feb 28, 2023. Depending on cost of materials, the assessment will be re-evaluated and adjusted as necessary for the 2024 building season. In addition to the assessment, we are using funds from the contribution to equity payments when a property sells and funds from the marina maintenance budget (maintenance costs are much less than they were before the minimum wake zone went into effect this summer).
Thanks to everyone for your cooperation during this large project, which will continue to keep Sky Valley as the premier community on Deep Creek Lake.
Bob Sutton
President Board of Directors