HH Dues Increase due to Loan in Capital Improvements

[iloveokw]

We love HH and have points there. We go there every June. Does anyone know what "capital improvements" have been made that are covered by the dues increase? Thanks.

 

[RobDoc]

The $900,000 loan is for repair of damage caused by "water intrusion". This is not storm related but rather a normal (and anticipated) result of being in a humid coastal area.

This repair was already included in the Capital Reserve budget - but the resort was advised that it needed to be dealt with sooner than expected - thus the Capital Reserves were not sufficient yet to cover that expense. The loan was made by DVD and interest only is included for 2007. I suspect that the principal of the loan will be paid from the Capital Reserve itself and the additional expense in the dues will be based on the declining balance once the body of the loan is paid by Cap Reserve.

The repairs are already underway (it is mostly exterior facade repair) and should be completed by Spring, 2007.

Guests will probably not notice any difference at the resort. This should be similar to the replacement of the exterior siding at BWV - except that HH members are paying for it instead of the original contractor.

 

[iloveokw]

Thanks Doc. I just wondered because I hadn't noticed any major improvements the last year or so - Mike says hi, too.

Kathy in Danville, IL

 

[CherCrazy]

They also put in a basketball court! heehee