December 14, 2007
Dear Lake Pointe Residents:
The enclosed letter is an explanation of the 2008 statement you recently received in the mail. This letter was mailed to each resident today.
Re: 2008 Assessments
Dear Lake Austin Lake Pointe HOA Member:
Please note the following two changes with regard to the 2008 Assessments for Lake Austin Lake Pointe Homeowners Association, Inc. (the “Association”):
1. The Assessment rate and frequency are changing. Effective January 1, 2008 members will be assessed $100 per quarter, instead of $300 per year. This reflects an annual rate increase from $300 to $400. From 2006-2007, the HOA board reduced the rate from $360 to $300 to reflect irrigation cost savings. For 2008, the Board of directors increased the assessment rate to help pay for the upcoming boundary fence replacement project in the community. The HOA, MUD 3 and MUD 5 have joined together on the boundary fence replacement project to install permanent masonry and masonry/composite structures along Bee Caves Road, Sonoma and Resaca over the next four years. This project should help defray the need for future HOA assessment rate increases because, once it is completed, the HOA will no longer have to budget to replace these fences every 10 years. In addition, the new boundary fences will keep our property values consistent with other comparable neighborhoods.
2. Quarterly Service Fee. Although we are switching from annual assessment billing to quarterly assessment billing, members are still encouraged to pay their entire year’s assessments of $400 by January 31, 2008. To offset the cost of quarterly billings, all members who, by January 31, 2008, have not fully paid any and all prior balances due on their account, plus the full $400 for all of 2008, will be charged an additional $5 service fee per quarter for the second, third and fourth quarters of 2008, for a total of $15 in service fees. To avoid this additional $15 in service fees your payment must be received by January 31, 2008.
You may have already received the 2008 Lake Pointe HOA 1st quarter statements as they were mailed on December 13, 2007. However, please note that your statement will reflect the $100 first quarter assessment only. Also, the language on the statement states that the assessment due date is Jan. 2, 2008. This should read Jan. 15, 2008. If you wish to avoid the service fees mentioned above, don’t forget to (i) pay by January 31, 2008, and (ii) add an additional $300 to the amount shown as due on your statement (i.e. $100 per quarter for the second, third, and fourth quarters of 2008)
If you choose to pay quarterly, please note that your first payment will be due by the 15th of the month and late after the 31st (or the last day of the given month it is due). The late fee is $15 and will be assessed quarterly on any unpaid balance, including unpaid late fees.
Payment options include: ACH direct debit, e-check, regular mail or credit card. Please refer to www.realmanage.com for payment options, to set up recurring ACH payments, and to view your account on the Resident Portal. Note: There is a bank service fee when paying by credit card.
If you have any questions about your assessment payment, please contact RealManage at 1-866-472-2573.
Sincerely,
Kaye Bayes
Community Association Manager