Special Meeting By-Laws Changes 7/8

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June 7, 2024

Dear Mill Pond Homeowners:

There will be a special meeting regarding proposed by-law changes on Monday, July 8th at 3:30 PM in our Clubhouse. These changes have already been informally introduced at several regular open board meetings. Here, we would like to inform all homeowners of new bylaws and amendments we are proposing and why.

The first amendment is to raise the buyers fee from the current rate, half of one percent (0.005) of the contract price to one percent (0.01) of the contract price. The board feels this is a smart approach for generating additional passive income to our reserve, especially with our property getting older and the likely need for capital improvements in the coming years.

The second is a new bylaw, stating that a homeowner must be in good standing with maintenance and all fees paid up to date in order to run for a seat on the board of managers.

Third is the landlord bylaw, proposing that any homeowner who rents their unit must pay the Condominium 5% of the yearly lease that they have with their tenant. Again, this is a way to generate money for future projects, repairs, and Improvements.

Fourth, is an amendment proposing to change the percentage of homeowners needed to amend bylaws from the current 66 2/3rds percent to 55 percent.  It is very difficult to obtain the 66 2/3rds as many of you know that the buyers fee amendment took us three tries including a door-to-door effort.

The additional income to MPA generated by the above bylaws and amendments will help us keep the common charges down yearly, as well as avoid possible assessments.  Overall, we believe Mill Pond Acres homeowners will benefit significantly from these bylaw changes.

Please join us at the July 8th meeting for clarification and community discussion. 

Sincerely,

MPA Board (Regina, Geri, Bill, Barbara and John)

Stacey Kandel, TCM