HOA ASSESSMENT

The current Meadow Ridge HOA Assessment for 2023 is $400.   HOA - $98 and Recreation Corporation - $302

There have been several individuals on Nextdoor that have been questioning the assessments from 2018/2019. The increase of the HOA assessment was from $54 to $98 or 55%. Page 16 & 17 of the HOA indentures specifically address a maximum increase of 5% year over year based on the budget. If there is a need, a special assessment can be made to cover the shortfall. This is all based on the budgets that are presented to the residents. I am attaching pages 16 & 17 of the indentures that address the increase. Attached is the letter that the trustees are referring to that they say allows them to increase the HOA assessment to $98 but reducing the Rec assessment to $302. A total of $400 vs the total assessment of $406 the year before.

HOA Indenture Page 16

HOA Indenture Page 17

Letter from attorney Re interpretation of these pages