The HOA Board has executed the Purchase Agreement for the property. They have validated all aspects of financing, operating costs, and long-term maintenance. The Purchase Agreement is a legal contract for the purchase of real estate. With an executed real estate contract in place, the HOA Board is legally obligated to act in good faith to support the purchase (per HOA attorney at information briefing September 24, 2019.)
Per the HOA Board (see Official Board FAQ #2), just some of the potential reasons for the purchase are:
- It may protect or enhance property values.
- It will enable the community to determine how the property will ultimately be owned and used, thereby reducing uncertainty.
- It ensures that the property will be maintained at the same class A level as existing HOA common area.
- It provides the community with the opportunity for a new identity as a greenspace community on Lake Manassas with 157.5 acres of private park, five miles of private walking, jogging, and biking trails, fishing ponds, and lake views.
- It provides a central space to gather for HOA meetings, community events and parties, club meetings, game nights, pot lucks, cookouts, childrens’ activities, snow day activities, playgroups, senior events, comfortable work space with WIFI, and much more.
If we don’t like owning the property, we can sell it ourselves, or lease it, or make other provisions. We will control our identity. If we vote against or do not vote at all, someone else will make these choices for us.