February 13, 1992 Dear Property Owner: Recently, we have received requests from individuals asking their maintenance fee be waived until their lot is improved. A waiver of itiaintenace fees is an accomodation we are unable to meet for a number of reasons.The first reason is the real need to maintain services and increasing delinquencies of maintenance fee payments would require an increase for those who faithfully pay on time. Secondly, it would be unfair and unequitable to the one thousand plus property owners who paid maintenance fees in the past waiting for their lots to be improved. Their maintenance fees assisted in the creation of added value to their lots and the lots to be purchased by future owners. Finally, maintenance fees do accrue as a lien against the lot and eventually will be paid. Delinquencies accrue to no ones benefit and can only result in increased cost to those who do pay and/or reduced services which eventually result in expensive repairs. The benefits of most maintenance activities usually go unnoticed until the services decline or stop. For the Valley of Lakes, the maintenance of our common grounds, recreational facilities, roads and security service have added noticeable value to every lot and homeowner here. Whether a lot is currently improved or not, the value added is immediate. There is no relationship between maintenance fees and lot improvements, i.e. water and sewer lines or road paving. The legal obligation to pay maintenance fees began at the time the lot was purchased. At the present time, the operation of our Maintenance Departinent is substantially subsidized by C.B.G. Limited, as are the Security and Recreation Departments. During our budget process, C.B.G. estimates the required Maintenance Department subsidy by taking into account revenues anticipated from maintenance fees and the estimated expense of providing required services. These budgets are prepared annually not only as part of our business plan, but in conformance with our banking requirements. Property Owners February 13, 1992 Page 2 Economies of our scale and the subsidy have allowed C.B.G. to limit the annual maintenance fee to 40% less than our neighbors, Vacation Village, who provide none of the many services C.B.G. gives to it's property owners. The scope of the Maintenance Department's responsibilities span far beyond the roads we drive upon. A brief summary is as follows: 1. Road Maintenance: All roads within or leading into the residential community are maintained with monies from this fund. This includes patch and repair, plowing, salting, cindering and sweeping as needed. 2. General Road Area Maintenance: This includes cutting back of grass and weeds from along side all roadways, cutting of growth from intersections to insure a view of other traffic, cutting of trees that may drop on roadways or power lines as a result of decay or storms, the maintenance of drainage ditches and culverts and the purchase or construction and erection of all street marker's and traffic signals for all roadways leading into or within the residential development. 3. The Maintaining of All Common Grounds: This includes the cutting of grass and the maintaining of all common grounds. Some of the areas referred to are the entrances, picnic areas, sports core and beach areas. The staff, equipment and supplies necessary to maintain a 4,000 acre community are substantial. The reason the maintenance fees have been kept to a minimum is attributed to C.B.G.'s subsidy and the ever expanding lot owner base which must share the cost. Those of us who bought lots here did so because of the community and its recreational amenities. We ask everyone to be responsible for assisting in keeping the property pristine by caring for the facilities available as they are used and, also, by sharing the financial requirements by paying their maintenance fees on a timely basis. Added benefits to lot owners who make timely payments are reduced fees at the ski area, stable rentals and the golf course, (when completed), as well as participation in C.B.G.-sponsored community events. We hope this letter has addressed the necessity for maintenance fees for all lot owners and the need for timely payment. Sincerely, /s/ Wayne F. Guidotti Director of Operations WFG/sl
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