23 June 2015
The Lake Monticello Owners’ Association vote on the new expansion will benefit some members much more than others. The greatest financial gain from this $7.2 million project goes to those homeowners on or near the golf course and to golf enthusiasts.
The rest will face escalating water bills and property taxes, and an unexpected permanent 14 percent increase in dues, plus a 3 percent annual increase. We will see more foreclosures than ever when these increases take effect, and potential buyers of homes under $200,000 will balk at the excessive LMOA dues on top of higher taxes and utilities.
It will harm those living on Social Security or other fixed pensions, which will not jump 14 percent plus 3 percent per year. It will also harm those living outside the gates because any increases in their property values will never match the permanent increase in LMOA dues. It will not benefit those members who can’t afford green fees, or that majority of survey responders who said they mostly use the clubhouse, playgrounds, picnic areas and the lake, and seldom visit the golf location. It is amazing that they are not already protesting the underwriting of the golf course with their homeowner dues by $250,000 yearly for the last several years.
We do not yet know the full financial impact of this project. The operating expenses for a larger golf complex will naturally go up and have to be budgeted for. We do not have insurance on the dam and are not clear on the costs or the coverage we will be faced with, even as we are spending most of our emergency set-asides. We know that the costs this project will generate over the next 10 years will require more income than is currently projected. We will likely be faced with future demands for assessments or dues that we will have little choice but to approve.