Special Assessments?

[TenThousandVolts]

Other than the "technical" assessment option at OKW for the extra 15 years- Have any of the DVC resorts been subject to special assessments? If so, what were the circumstances, costs involved to members.

 

[hellerjw]

I don't know if you would call the dues adjustment at VB an "assessment" but that would be the only other unusual thing I can think of.

 

[Chuck S]

The possibility of a special assessment was announced for VB after the last hurricanes damaged the resort. However, it was not ever implemented, as insurance and other programs covered the cost.

 

[tjkraz]

Isn't HHI in the midst of an assessment now?

I seem to remember something about a big bump in dues which was the result of a loan secured to complete unforseen repairs. IIRC, the cost is being spread out over an extended period (10 years?) and members will be incrementally paying the principle plus interest on the loan required to secure funding.

That may not meet the textbook definition of a special assessment, but it's still a big chunk of change that wasn't budgeted into the capital reserves calculations.

 

[RobDoc]

Isn't HHI in the midst of an assessment now?

I seem to remember something about a big bump in dues which was the result of a loan secured to complete unforseen repairs. IIRC, the cost is being spread out over an extended period (10 years?) and members will be incrementally paying the principle plus interest on the loan required to secure funding.

That may not meet the textbook definition of a special assessment, but it's still a big chunk of change that wasn't budgeted into the capital reserves calculations.

HH did see an increase in dues to cover some earlier-than-expected capital reserve improvements, but it was not an assessment - just a dues increase to cover a loan provided by DVD to cover the anticipated expenses. The increase was still well within the allowable 15% increase.