This letter to the community appeared in the October 2023 Homestead Herald:
August 23, 2023
Dear Neighbors,
As most of you know, the fence in Homestead needs to be replaced. For the past year, the Board of Directors has worked tirelessly as we considered various materials, builders, and financing options. The roughly $2,700,000 project was proposed to homeowners, and the vote concluded on August 22.
I am happy to report both ballot measures passed with the overwhelming support of the neighborhood: 75% of votes cast were in favor.
The Board of Directors will be meeting with Split Rail next week to begin the process of replacing the fence. Our hope is that construction will start within a month, and the project will be completed within ten months (weather dependent). Thus, by next summer, we should have a new fence!
The special assessment of $3,100 will begin in April of 2024. The payment schedule is as follows:
- April 2024: $516.67
- October 2024: $516.67
- April 2025: $516.67
- October 2025: $516.67
- April 2026: $516.66
- October 2026: $516.66
As a reminder, these payments are in addition to the regular dues of the association.
In order to complete the project prior to receipt of the entire special assessment, we will obtain a line of credit. The goal of the Board is to minimize the use of the line of credit to reduce the interest cost for the entire neighborhood. We will do everything we can to keep the project under budget. If you are able and want to pay the entire special assessment up front, we will use those funds to reduce the amount borrowed, thereby reducing interest costs. The state of Colorado prohibits us from giving incentives to people who pay in full. Thus, paying in full will not reduce the cost of your special assessment.
The Board wishes to thank homeowners who volunteered their time to the fence committee and assisted in getting out the vote as well as all HOA staff. Your time and efforts are immensely appreciated!
Sincerely,
James Keating, President of the Board of Directors