Dear Friends and Residents of Plaza Venetia,
I am reaching out to each of you to discuss the special assessment as a fellow resident and non-board member. From what I understand the management office has collected approximately 60% of the first stage which was due on Nov 20, 2007.
The total due was $1,013,880 and we’re still outstanding $397,634.
Of the payment due on February 4, 2008, we’ve collected approximately 30%. Total due was $655,613 and collected to date is $169,088.
Stacey Stokes has had available and provided me with a special assessment tracking sheet, which is available here. The tracking sheet outlines the cost of each project, payments made and balances remaining. I would encourage you to please review the document. My main objective is informing each unit owner, once again, of the urgent nature associated with each project.
I feel and fear that there is a great deal of misunderstanding and discontent over the special assessment and the building’s inability to obtain financing to soften each unit owner’s cash outlay. Believe me I hate writing large checks too. It is extremely hard to do once we’ve paid all other monthly expenses. However, these items are ALL needed. There is absolutely no noise in these numbers – NO COSMETIC ANYTHING.
First, I would like to address the buildings inability to obtain financing. The reason we could not go to the bank to request additional funds to pay for the special assessment lies in our own hands. There were and are residents who do not pay their general assessments. This has increased our delinquency ratio to levels well above a bank’s threshold of 5%-10%. Please, if you haven’t paid your general assessment or special assessment contact the management office and copy your board members and communicate your needs.
I’ve heard the buzz around the building about lack of transparency and accountability. I will tell you that WE as residents have been provided with every bit of data since the inception of the special assessment and associated with completing the general budget. We have also been encouraged to get involved and join the special assessment and budget committees, currently in place, in an effort to compile the financial information for completion of both the budget and special assessment. I do agree that our board ABSOLUTELY needs to be accountable for decisions, but we too as residents need to stop pleading ignorance and get involved and most importantly PAY OUR REQUIRED DUES.
I think our building is in a great location and is a good investment. However, I believe our investment will be in jeopardy if we as unit owners decide to stop paying their assessments. I say this because vendors will cut us off, banks will no longer work with us and bankruptcy would be imminent. The prospect of selling a property while a condo association is in or has just ended a bankruptcy scenario is nearly impossible. Buyers reserve the right to review our financial statements.
Best Regards,
Candace Vassillion
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