Unit Owners' Association
and Executive Board Actions
27 Jun 2017 -- $200K LINE-OF-CREDIT AUTHORIZED.
At a Special Meeting of Owners (necessitated by CT law) the Executive Board was authorized to
procure a $200,000 Line-of-Credit from Fairfield County Bank. The objective of the Line-of-Credit is to
facilitate cash-flow for major capital projects. This facility does not impose a direct encumberance on
our homes ... rather, it is collateralized by Association receivables. Borrowing during the next year
against the Line-of-Credit will be repayable at a fixed-rate over seven years. The authorization was
approved by a 25-0 vote.
The timing of this loan facility will permit the necessary repaving of all Stratfield Falls roadways and
driveways this autumn while maintaining a $100,000 balance in our Capital Improvements Account for
emergencies. The repaving project will take two weeks ... one week each for Carrie Circle and Hilary
Circle. The paving will be done by Burns Construction, with County Management responsible
for project oversight and for providing any necessary assistance to owners during the project duration.
The timing of this loan facility will permit the necessary repaving of all Stratfield Falls roadways and driveways this autumn while maintaining a $100,000 balance in our Capital Improvements Account for emergencies. The repaving project will take two weeks ... one week each for Carrie Circle and Hilary Circle. The paving will be done by Burns Construction, with County Management responsible for project oversight and for providing any necessary assistance to owners during the project duration.
12 Jun 2017 -- 2017-18 BUDGET APPROVED with NO COMMON CHARGE INCREASE. At the Annual Meeting of Owners, an operating budget of $152,904 was approved unanimously. This is the sixth consecutive year without a common charge increase. It should also be noted that the budget includes a 10% "Reserve" ... often considered a requirement by mortgage lenders. Also approved at the same meeting was a continuation of our annual funding for our Capital Improvements Account. The account is intended to avoid "surprise" special assessments when major projects need to be undertaken. This assessment, totaling $70,000 may be used only for Painting, Deck Maintenance, Landscaping Enhancements, Roof Replacement, and Roadway Paving.
18 Aug 2016 -- AMENDMENT to CONDO DOCS APPROVED ENSURING COMMUNITY INTEGRITY. After discussion among themselves and at two "Coffee Hours" to which all owners were invited, the Board had our attorney draw up an amendment to our Declaration of Condominium that was submitted to owners for approval. The objective of the amendment was to "protect the integrity, value, and strong residential character of our community" by placing reasonable constraints on the leasing of units. The change was approved unanimously by those voting (26 of our 28 units ... well in excess of the 80% of owners required). The wording of the change can be found as Section 11.3 of the Declaration on the Condo Docs page of this website
24 Jan 2016 -- EXECUTIVE BOARD HIRES COUNTY MANAGEMENT SERVICES (CMS). Recently our President, Al Treidel, wrote each of us: "At tonight’s Executive Board meeting, your elected members voted to set a new course for our Stratfield Falls Community. We are now about 15 years old and have a new set of challenges facing us. Over the next 10 years we will be painting our units, repaving our roads, replacing roofs, treating and repairing our decks and continuing to upgrade our landscaping. We are putting monies aside on an annualized basis in preparation for these major projects. Also, as our homes age, we are confronted with the challenges of maintaining them in a pristine condition that will preserve strong property values. This takes much expertise in selecting excellent contractors at a reasonable cost, overseeing these projects and assessing the quality of workmanship along with maintaining the regular day-to-day management of a special community like ours. In assessing these needs and after much discussion and introspection, your board arrived at the realization that we need a new property manager with a different skill set and resources that will enable us to maintain our community with the sense of pride that we have constantly exhibited over the years." See the Home Page of this website for full County Management Services (CMS) contact information.
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