Coach Homes III Unit Owners,
This notice is to inform you that due to the Association’s Insurer’s rate increases for the current year 2022, said insurance increases have exceeded this year’s approved budget for insurance coverage expense. Therefore, as empowered by the Association’s governing documents the Association’s Board of Directors will consider taking action to cover additional insurance expenses at a Special Board of Director meeting to be held on September 22nd, 2022, at 11:00 a.m. as listed on the attached meeting notice and agenda.
Action to be considered by the Board of Directors at the Special Board of Directors Meeting shall be as proposed below:
· To assess the membership for the budget deficit resulting from insurance increases in 2022;
· Assess an additional maintenance fee of $150.00 to each Unit Owner of the Association in the fourth (4th) quarter of 2022;
· Add an additional assessment of $37.50 to each quarterly maintenance fee due in and as budgeted for 2023.
As this is a Regular Assessment to cover common expenses exceeding the budget of the Association, no membership vote by the Unit Owners is required.
