This is an excerpt from a letter that was sent to Kenthill Townhomes homeowners on December 5, 2002:
The Board has recently completed the yearly review of our financial position and proposes 10% increase for the year 2003. The board is retracting the original 15% increase as previously announced. We apologize for any inconvenience caused. The increase is based on utility and maintenance increases and to assist in rebuilding our reserve funds.
Our insurance costs alone went up 35%. We are also hoping to replace two roofs a year over the next seven years. By slowly increasing our dues, we will not have to continually have special assessments for projects.
The dues increase will be effective January 1, 2003.
