This is the Quick Facts sheet that is included with the voting material sent to all homeowners by Survey & Ballot Systems (the voting company) on behalf of the HOA Board. Note: Links open in separate tab
Virginia Oaks HOA – Pending Purchase of the Golf Course Land and Clubhouse
The following details pertain to the community’s pending purchase of the golf course and clubhouse. Please review these details before voting electronically, in-person on December 16th, or via proxy. For more details, please refer to the Fact Sheet that was recently mailed to all homeowners and the videoed recording of the November 6th HOA Informational Meeting (found here: https://youtu.be/_Hyj0yNmy_E). Should you have any additional questions, or wish to have any details clarified, please email the Board of Directors.
Purchase price for the golf course and clubhouse: $1,750,000.00. A summary of the terms of the Purchase Agreement executed November 8, 2019 was prepared by the HOA’s attorney and is included herein.
Loan Amount: credit line up to $2,500,000.00. This will be used to finance the purchase, make certain repairs to the clubhouse, and enhance the landscaping and property around the clubhouse and in other highly visible areas. We are not obligated to borrow the full $2.5 million and do not anticipate doing so. The loan is being financed over 15 years. All projected budgets assume using the full $2.5 million.
How much will my dues increase? Dues will increase by $180.00 per quarter ($720 per year).
Can we afford the purchase? Yes. Within the dues increase of $180.00 per quarter, the HOA will be able to handle the loan repayment, the clubhouse operating costs, increased landscaping costs, increased reserve requirements, etc. Enclosed you will find a projected budget for 2020 which assumes the purchase of the golf course. The projected surplus in 2020 is approximately $23,000. Projections based on increased landscaping costs and reserve requirements through 2022 reflect surpluses of around $20,000 continuing through 2022. The 2021 and 2022 projected budgets are available on the HOA website. An independent Certified Public Accountant (CPA) reviewed 3 years of budget projections in conjunction with the pending purchase, including supporting documentation, and authored the letter included herein.
Are we selling any portion of the front property to finance the purchase? No. There is absolutely no plan or intention to sell the front to pay for this purchase or pay for ongoing maintenance and operation costs. Not only is there is no intention or plan to sell the front, but in order to sell the front, it would require a yes vote from a minimum of 75 percent of all homeowners and written consent and approval from two-thirds of all banks/mortgage companies holding primary mortgages on Virginia Oaks homes. It is highly unlikely such a vote would ever pass. But again, there is no plan or intention to even attempt a sale of the front.
What will we use the property for if we own it?
o HOA community events and HOA meetings
o Community gathering space with WiFi and possible options for residents to read, work, play, have meetings, classes, and activities, etc.
o Option for residents to rent the clubhouse for private events (birthday, graduation, reunion, etc.)
o Improved appearance of the neighborhood with all street frontage cared for like HOA property
o 5 miles of private walking, running, and biking trails, possibly with workout stations
o Fishing and lake views and the ability for residents to care for the property behind their homes
o Room for potential future improvements such as townhouse parking, a dog park, play areas, etc.
o There are many other possibilities, some of which are laid out in the Fact Sheet recently mailed to all homeowners.
Does the HOA have any obligation to maintain the nutrient bank? No. While the HOA would own the land the nutrient bank is planted on, and have the option and ability to choose to improve its appearance, neither the HOA nor the residents have any obligation or duty to maintain the nutrient bank.
Will there be a lien on my property as a result of taking out a loan? No. The loan will be secured through HOA dues. Homeowners are not personally liable for the loan.