President’s Corner – December 2012

The Manzo property is now owned by the Association, as are two other properties located along Lake Vue Drive between Ketchum Road and U.S. Route 6. DMRA’s (Dredged Material Relocation Areas) will be constructed on two (2) of these properties. Engineering on the design of one these DMRA’s should be completed in January and the design will be submitted to the Army Corp of Engineers and the EPA for approval. Once that approval has been obtained, The Association will begin the competitive bidding process for the construction of the DMRA and obtain the necessary building permits. Once the bids are received the Board will update and review the dredging cost estimate.

During the title search for the purchase of the Manzo property, An Easement Deed owned by Mr. Manzo was discovered that crossed 4 lot owner’s properties, RL 39 and Morning Star Drive. This easement was unacceptable to us. As a result, the negotiations continued for an extended time period until Mr. Manzo agreed to file a Quit Claim deed to all of the property owners affected. In short, these property owners no longer have an easement going through their respective properties.

In other dredging related news, six weeks ago three of our board members visited an Ellicott facility. The main reason for the visit was to enlist their engineering assistance to determine what would be required to pump the sludge farther distances. The dredging equipment we were considering could pump only 7500 feet, not quite enough to dredge all locations in the lake without extensive pipelines running through residential areas and several more DMRA locations. We received their proposal late in November. While the new proposal accomplishes the pumping length requirement we were after, it also costs more. As of this writing several board members are reviewing the financial impact of this proposal on the dredging program and developing different planning scenarios. Nothing has been decided at this point in time.

As of the end of November the Projected Cash Flow Report indicates the following year-end financial numbers:

Projected Revenues: $1,099,128
Projected Expenses: $756,604
Projected Capital Expenses: $336,454
Projected Residual: $6,070

Barry O’Connell, President
Board of Directors

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