The Board continues to repeat the same costly mistakes of 2010 by not consulting with financial experts, and not putting the contract out for bids. The 2013 Board hired the architect to review the status of the buildings and his cost estimates were approximately $5.5 million. Our costs are now at $7.1 million.
With respect to insuring the main dam, we don’t even know if we can get insurance, we don’t know what the dam’s appraisal is, and what the annual premium would cost, let alone the deductible.
As for the Ashlawn Grille, it costs the homeowners $16,000 dollars to subsidize this amenity each year. We are now going to spend $418,000 to have a sports bar with large flat screen TVs and a liquor license. Since 2006 LMOA has lost $350,000 dollars on food service at the Eagles Nest and the Ashlawn Grille. For information on a better plan visit Facebook: Lake Monticello 99.
Dam problems
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