As the board of directors has been tasked with maintaining the common property within HOA and has identified many areas of deferred maintenance that need attention, it has become apparent that neither the current cash on hand nor future dues are sufficient to complete the necessary maintenance. While some of the needed maintenance has been completed on the lower units on La Valle with available funds over the past few months, in order to maintain all of the decks/balconies and stairways within the HOA, the Board of Directors hereby authorizes a onetime special assessment of four hundred forty-four dollars ($445.00) per lot to be paid on or before October 1, 2019. This onetime special assessment is levied by the Board of Directors under the authority provided to them in Section 4.2 of the Declaration of Covenants, Conditions, and Restrictions for the Hidden Valley Townhouse subdivision and the Hidden Valley Townhouse Association.
In addition to the special assessment, it is necessary to increase the quarterly dues to cover both the HOA’s increasing regular expenses and the future needs of the community. In order to collect enough to place the annual budget into balance for the Hidden Valley Townhouse Association, starting October 1, 2019, the Board of Directors, pursuant to the Declaration of Covenants, Conditions and Restrictions (CC&Rs), hereby authorizes an increase of fifteen dollars ($15.00) to the quarterly assessment. This will increase the quarterly assessment to one hundred twenty dollars ($120.00) per quarter per lot.