Creekside Special Assessment Survey July 2023

Creek Run Drive Road Repairs and Payment Options

The road between 14238 and 14246 is compromised and requires the installation of an underdrain system. We’ve been quoted approximately $415,000 to install the system properly, however, that quote is expected to increase with inflation by the time we can commit to the project potentially by 20%. We expect to begin the project in January, after the rainy season and after the holiday, because this project will be messy and inconvenient. This project will affect all those living on Creek Run Drive from 14230 through the cul-de-sac. It will take approximately three weeks to complete and will require the road to be inaccessible to vendors and homeowners during working hours established as 9am – 4pm. More details will follow. It will be accessible but will be rocky outside of those hours. Emergency access will still be available if required for ambulances, firefighters, etc.

This issue was unexpected, and the cost was not factored into the current HOA budget. The roadways were scheduled to be repaved in 2025 and 2026 (Creek Run Drive then Creek Edge, respectively), and we have reserves for that mill and overlay, however, we may be a little short on even that due to recent inflation.

Our options are to either collect a special assessment from each homeowner for this needed roadwork or to take out a loan for the roadwork and increase the operating budget/annual assessment by the maximum 15% for at least 6 years to pay back the loan and re-establish the reserves.

The underdrain will require new overlay, so Creek Run Drive will have the new overlay done as part of the construction expected in 2024, a year earlier than the reserve study expectation. As part of the overall community improvement, we can also schedule the mill and overlay of Creek Edge following construction and in the same year, two years earlier than the reserve study expectation, for the most harmonious and updated look if the community decides we want to do that.

We are planning a special assessment meeting to discuss the options and to ask for a community vote on how to proceed. Note: Road Assets typically have a 20-year life

Payment Options include getting a loan and increasing the annual assessment to pay off the loan OR collecting a special assessment with options for that as well.

We wanted to get some initial community input before that special meeting and voting.

See photos here but note that the potholes depicted were repaired in 2022, and we can expect additional potholes to erupt in the compromised road during heavy rains as flowing water under the road continues to dissolve the crushed limestone and push up the crackled asphalt. https://www.dropbox.com/scl/fo/zishl062a4kiyjbmiocuq/h?rlkey=o06iigo2mx3gnlrvcms1sarra&dl=0

Question Title

* 1. The Community requires some unexpected roadwork on Creek Run Drive, and we don't have a reserve account for it. Would you rather:

Pay a one-time special assessment

Have the community secure a loan and pay it off with 15% annual assessment increases over 6 years
2024 would be $1702.00
2025 would be $1957.30
2026 would be $2250.90
2027 would be $2588.53
2028 would be $2976.81
2029 would be $3423.33

Question Title

* 2. If a special assessment was to be collected, which option would you vote for?

Special assessment of $4,700 per household: Includes underdrain roadwork and resurfacing of Creek Run Only. This is the cost without the use of reserve funds. Reserve funds will be used for future resurfacing of Creek Edge approximately in 2026.

Special assessment of $4,967 per household: Includes underdrain roadwork on Creek Run, resurfacing of all roads, including tearing out the concrete and paving the entrance. This uses all current road reserves of $200,400.

Special assessment of $5,433 per household: Includes underdrain roadwork on Creek Run, resurfacing of all roads, including tearing out the concrete and paving the entrance. This uses $150,000 of the road reserves and maintains a reserves balance.

Special assessment of $ 6,822 per household: Includes underdrain on Creek Run, resurfacing of all roads, including tearing out concrete at the entrance and paving the entrance. This is the cost without the use of reserves.

Question Title

* 3. Contact Information

Name

Address

Email Address (optional)

Phone Number (optional)