The Mariner's Point Community Association monthly dues are:

• Fairhope Court, Mooring Point Court, and Georgetown Road: $42.00 a month.
• Yachtsman Way, Windwhisper Lane, and Skippers Court: $68.60 a month which includes $26.60 a month for exterior painting every sixth year. (These cedar-sided houses are a part of a self-funding exterior painting program under which the exterior siding and trim are re-stained and repainted every fifth year.)
• Breakwater Drive, Mizzen Court and Leeward Court in Mariners Landing: $155.00 a month.

Special Assessments In The Past

In 1997 and 1998, the Board of Directors of the Mariner's Point Community Association took steps to improve the clubhouse and strengthen the long-term financial stability of the Association. These steps included an in-depth study of the Association's facilities and finances.

• In March, 1998, the community adopted a $100 special assessment for each house.
• In November and December, 1998, the community voted to increase the monthly dues by $5 per month.
• These steps should provide the community with the financial strength and stability to meet the needs of the future.
• We are reprinting the following letters to the community for historical reference.

1998 Letter To Homeowners Regarding 1998 Special Assessment

December 4, 1997

Dear Homeowner,

     During the past several months, the Mariners Point Community Association Board of Directors performed an exhaustive study of the existing and projected financial reserves necessary to meet the Association’s needs and establish a solid financial foundation for the Association.

• The main reason for this in-depth study was to determine the funds required for both long-term and immediate (the next three years) expenses and improvements. These projections are based upon the findings of the Architectural Support Group, a professional Reserve Study organization, which performed the Mariner's Point Community Association Reserve Study. We have attached a major section of their study for your review.
• The Board met on several occasions to discuss the repair items listed in the Reserve Study. Part of our review process included gathering bids for immediate repairs (within one year or less) and other repair items through the year 2001. We have received several estimates for repairs from contractors and their estimates were generally in line with the Reserve Study and, fortunately, in some cases, lower.
• Our major concern as a community, of course, is obtaining the necessary capital to perform these repairs. Currently, our Reserves are extremely low. This is due to major repairs performed over the past four years to our aging pool. As the community is well aware, we spent over $40,000 to update and repair the pool. This caused a severe shortage in our Reserve funds. Consequently, the money is not available to cover necessary structural repairs to our Clubhouse, maintenance and paving of the driveway and parking lot, and other items of Community Association responsibility. If the recommended repairs are not performed, the clubhouse will rapidly deteriorate beyond economic recoverability.

     In order to offset the first year’s immediate repair costs (1998), we will be raising the dues a nominal amount. We are also proposing a special assessment in 1998 which will be levied to all homeowners. These will place us in a much stronger financial footing for the future.

     A special meeting open to all homeowners will be held on Wednesday, January 7, 1998 at 7:00 p.m. at the Clubhouse to propose the special assessments. We will be available for a more detailed discussion of our financial status and the upcoming repairs at that time.

    The Board realizes that raising members’ dues and levying assessments are unpopular options to our members. However, to sustain our quality of life, pride of community, and investment potential, such sacrifices are sometimes necessary.

     As the facilities of the Mariner's Point Community Association mature, they require financial and physical attention to maintain them. The pool is about 30 years old, and the paved areas and clubhouse are about 15 years old. We have enjoyed the benefits of new facilities for many years. However, we must now begin to pay for the wear of time.

     Please return the enclosed proxy form. After examining the issues and exploring various options, the Board recommends a "Yes" vote.

     The long-term benefit to all members of our Association are clear. If we act now, our high standards of commitment to community excellence will continue to provide both personal and financial benefits to everyone for many years to come.

     We want to encourage all homeowners to come to this important meeting on January 7 and to return the enclosed proxy form. Your input is invaluable in making major financial decisions for our Community Association.

Sincerely,

Mariner's Point Community Association
Board of Directors
December 4, 1997

Letter To Homeowners Regarding The 1999 Dues Increase

October 1, 1998

Dear Mariner's Point and Mariners Landing Community Members,

Earlier this year a special assessment was required to help offset the continuing heavy costs of maintaining our clubhouse, pool, road and community property. To that end, the much-needed exterior carpentry and painting has been completed on the clubhouse. The interior repairs and painting are scheduled to be carried out this Fall. In addition, we replaced the main pool pump and associated mechanics this summer as they were worn from age.

There is no doubt that the special assessment last winter has put the Community Association in a better financial position to complete these and other repairs and our community is benefiting from it. However, we will soon be facing several large expenditures that will place serious strain our financial reserves.

It was suggested by a number of community members in one of the community meetings about the special assessment last winter that we raise the monthly dues slightly so that we can avoid special assessments in the future and still be able to maintain our community facilities. The Mariner's Point Board of Directors has put a lot of thought into this and has concluded that this would, in fact, be a better way to do things. It would be beneficial to the community as a whole and would be easier on all of us as individuals.

The Mariner's Point Board feels that the best way to strengthen our Reserves so that we may effectively deal with future expenditures (without looking to special assessments in the foreseeable future) is to increase that portion of our Association dues specifically allocated to the pool and the clubhouse. The Board has calculated that a $5.00 per month increase will place the community in a desirable position of financial stability and strength for many years to come.

A community meeting is scheduled for Thursday, November 5, 1998 at 7:00 p.m. at the Clubhouse to provide further information and to vote on this important issue. We want to encourage all homeowners to come to this important meeting and to please return the enclosed proxy ballot. Your input is invaluable in making major financial decisions for our community.

Sincerely,

Board of Directors
Mariner’s Point Community Association, Inc.
October 1, 1998

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