At the Town Hall board meeting held last month, we asked you to contact us with your opinions and comments on the proposed fees presented at that meeting. Over 40 of you took the time to contact us and that helped us understand your viewpoint on the proposed fees and other matters that were presented at the October meeting.
Most of you expressed approval for the $2,000 special assessment in 2022 and an annual dues increase, phased in over three years of $291 for Full Members and $189 for Associate Members that would take effect beginning in 2024. The Board unanimously approved the $2,000 special assessment and the annual dues increase.
The $2,000 special assessment can be paid over two years with a 5% interest on the unpaid balance if you are unable to pay in full when due in 2022. The annual dues increase will not begin until 2024 and will be divided over 2024, 2025 and 2026 as illustrated below:
The next step in the bankruptcy process will be a hearing scheduled to take place this Tuesday, November 16, where the bankruptcy judge will either approve the Disclosure Statement or request changes required to gain its approval. This process could take an estimated one to two weeks.
After the Disclosure Statement is approved, we will move forward with soliciting your approval on the two (2) fees, both of which are necessary to support the reorganization plan.
We will have an upcoming ‘Things to Know’ specifically on the requirements to pass these fees, and will also be providing details on how the option to pay the one-time special assessment over two years will work for those who may need that option.
Once we have approval of the Disclosure Statement, we will provide additional information on the next steps. In the meantime, we will continue to emphasize the importance of passing these two fees and the likely negative effect on our association and property values if we are not successful.
Please continue to send your opinions, comments, and suggestions to us via email at board@continentalflagstaff.com. We appreciate hearing from you.