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|The Commons at Wilmington Island Board Meeting|
October 21, 2008, 6:00 p.m.
Due to new insurance regulations and a likely rise in the cost of our insurance premium, dues may have to be increased by $10.00 to $15.00 monthly.
Due to capital projects that need to be initiated or repaired, a special assessment is necessary. The boar proposed and approved a $200.00 special assessment to cover the following items.
Total of capital projects - $17,439.00
Units – 144 x $200.00 = $28,800 - $17,439.00 = $11,361.00
(The balance of $11,361.00 may go to replacement reserves)
Mike will mail a letter about the special assessment and it will be due 90 days from the date mailed (est. March 15, 2009)
34 Applications have been received.
Paula will review current dues balances and only those with zero balances are eligible.
4 applications will be drawn at random by Commons residents. All subsequent applications drawn will be put on a waiting list in the order drawn.
Paula will mail a letter to each applicant stating the outcome of the lottery. The Board will draft a letter officially granting permanent, non-transferable, leasing rights to the owner and a copy will be kept on file for future reference.