The Oɤcial Newsletter of the Lake of the Woods Association, Inc. Vol. 15, No 5
540.972.2237
LOWA.org
/LOWAssociation
September 1, 2017
Board Approves Clubhouse Area Recreation Complex (CARC) Flexible Payment Options Based on Ad Hoc Committee Recommendation
by Phil Rodenberg, General Manager, CMCA®, AMS® On August 16, the Board of Directors approved setting a bank loan term of seven years and providing ƀexible project payment options for members to accommodate existing ſnancial obligations. The action was based on a CARC Financing Ad Hoc Committee recommendation. Prior to the vote, Chair Bob Hoh reported the committee had discussed, voted on and recommended obtaining a bank loan – if this project gains ſnal approval from the BOD – as follows: x A loan term of seven (7) years x No lien on any personal or LOWA property related to the loan. x Flexible draw and payment terms with the bank x No penalty for pre-payment of the loan principal The BOD has not decided if there will be a special assessment or a loan assessment as part of the annual assessment. However, if there is an additional assessment, the committee discussed, and recommended ƀexible member payment options to cover the project cost (amount to be based on the ſnal cost of the project). These options are incorporated into the approved BOD resolution: 1. A one-time up-front payment 2. Quarterly or semi-annual payments over one year with no interest, no penalty for pre-payment of the principal, a small service charge per payment (no added charge if on regular assessment payment plan) 3. Smaller payments spread over the seven year term of the loan with interest, no penalty for pre-payment of the principal, a small service charge per payment (no added charge if on regular assessment payment plan). With current rates, annual payment would be approximately $200.00. The table below illustrates the estimated payments based upon the highest projected cost for the project but it is likely that the additional assessment will be less than projected due to the fact that funding from other sources may be used to reduce the total amount borrowed. The CARC Ad Hoc Financing Committee’s charter is to assess various ſnancing and payment options for a Clubhouse Area Recreation Complex. To date the committee has met eight times, including sessions with potential lending institutions and LOWA members. After extensive discussions, negotiations and consideration of member suggestions, the committee reported to the BOD at the August 16 Board meeting that it made excellent progress on the key tasks. The committee will continue on the remaining tasks in its charter before providing a ſnal report to the BOD. For more information on the CARC Project and Resolution 2017-16, go to lowa.org/capitalprojects. Loan Assessment if Member Paid in Full Upfront (Based upon $5M Loan)
Aug 3 7 Year Treasury of 2.05% + 2.40% Spread = 4.45%
September 2 Equestrian Open House 10 AM-12 PM LOW Water Ski Show 12 PM, Clubhouse Dock September 4 Annual Meeting of the Membership 10 AM, Community Center Labor Day, Holcomb Building Closed LOW Compactor Closed
LOW’s First Wine Tasting Festival by Linda Bowyer and Janis Rieley, Members, Ad Hoc 50th Anniversary Committee
The LOW 50th Anniversary Committee has added a ſrst-ever Wine Tasting Festival to the community’s year-long 50th celebration. On Sunday, September 17, from noon to 4 PM, LOW residents will be able to savor the ƀavors of Virginia wines and local foods. Held in conjunction with the LOW Visual Arts Council Art Show, the festivities will take place at the Lion’s Pavilion at Sweetbriar Park. Come sample wines from well-established wineries in our region and some new ones with which you may not be familiar. Expected participants include Chateau MerrillAnne, Honah Lee, La Grange, Hammerstone Cellars, Mountain Run, and Prince Michel. You’ll be able to sip your wine with lunch or a snack, too. Randy Cooper’s food truck Zobirds will have sandwiches, salads and other offerings that feature local, fresh ingredients of the season. Come continue the celebration of LOW’s 50th year with this exciting new event. Please note: the event is free and open to LOW residents and their invited guests, but the wineries may charge tasting fees at their booths and only those 21 or older may participate in the tasting.
4,256 Lots
8 Year Loan (96 Months - Draw Period of 12M then 7Y Loan) $5M Current Floor of 4.50%
President's Letter 2 Association News 2-11 General Manager's Column 3 Board Minutes 3, 18-19 Financials 4-5 Calendar 9-10 Viewpoints 16 Orange County News 21 Classiſeds 22-23
Photo provided
Don’t miss the Equestrian Center Open House Sept. 2 from 10 AM to noon, featuring $5 pony rides!
Monthly Payment Interest Over Total Loan by Association Life Of Loan + Interest
Rate 4.50%
$69,501
$838,068
September 6 Annual Meeting of the Board of Directors 9 AM, Community Center Sept. 7 County Waste Collection (instead of 9/6) Sept. 9 Soggy Doggie Swim 3-5 PM, CH Pool
$5,838,068
$1,175.00 Assesment Per Lot for full Loan Period if electing to pay over Life of Loan $1,371.73
Sept. 15 7 PM, Concert on the Point Sept. 19 Planning Committee Town Hall On Proposed Capital Projects 6:30 PM, Clubhouse Members: Lake Currents can be read online at: LOWA.org/LakeCurrents