Memorial Northwest Homeowners' Association Financial Community Center Costs Structure
In early 2005 the MNW Homeowners
Association members voted to take possession take possession of the Memorial
Northwest Swim and Racquet Club facilities and increase dues $175.00 per year
to fund the activity.Various scenarios
were analyzed and this dues level is believed to be sufficient to fund the facilities
under most refurbishment and rebuilding alternatives. A mortgage of up to $750,000 can be
accommodated and the major renovations would be phased under a long term plan
without having to increase dues.
This mutually beneficial
transaction came about as the club (a non profit private organization) was
dissolved and donated its facilities to the Memorial Northwest homeowners
Association.At that time the Homeowners
Association paid off approximately $20,000 worth of debts of the club and hence
the actual transaction was treated as an acquisition.
For the remainder of 2005 the MNW
Homeowners Association completed various repairs to the facility totaling about
$100,000 including safety, an electronic access system and cards, clean-up and
power washing, painting, electrical andconstruction of a tennis viewing area.Also purchased were fitness center equipment and updates for the
neighborhood swim team.
In 2006 a Long Term Community
Center Planning committee was formed to evaluate alternatives and make
recommendations to the Board.Spending
on the facility is carefully balanced between short term needs and the desire
to wait until the long term vision is more fully developed and we know how much
in major repairs makes sense.