The Treasurer’s report shall be submitted to the Shores News for monthly publication. The Monthly Revenue/Expense Budget Report and The auditor’s report will be available on-line on our web site and at the office.
There will be a special membership meeting at the Village Hall on Saturday, May 26th at 1:00 pm. The topic of the presentation will be the possible leasing of oil and gas rights under the Association’s property. There will be representatives of the oil and gas industry, Youngstown State University, and an attorney present to answer your questions and address your concerns. Notices of the meeting will be posted in the Clubhouse, Village Hall, Beach 1, Beach 2, and published in the Shores News and on our web site. Please plan to attend.
The search for suitable property for the construction of retention ponds continues. We have investigated 7 properties, wetlands surveys have been conducted on 6 of these properties and four (4) have been found suitable for our needs. The Board is currently evaluating each of the suitable sites and their respective impacts on costs. Some of these properties are for sale and some are for rent. The Board hopes to have the land issue resolved before the end of September.
The Board has authorized a “bridge” line-of-credit to be opened from the Andover Bank in the amount of $150,000. This is a temporary measure to ensure we have funds available to construct the retention ponds this year without having to borrow the bulk of the money for the dredging project until absolutely needed (it saves a lot of interest). When the time comes for borrowing the bulk of the dredging money, this bridge loan will be incorporated into one of the other two loans.
Some of you have asked what happens if the association defaults on the dredging loans…will the individual homeowner have a lien placed on his/her house. The collateral for the equipment loan is the equipment we buy,i.e., the dredger, the work boat, the pumps etc.. It is much like a car loan. If an owner of a car doesn’t pay the monthly payment, eventually the bank reclaims the car. If the Association doesn’t pay the monthly loan payment, the bank reclaims the equipment.
The other loan (the original roads and pool loan) has as its collateral the Association’s common property which is the clubhouse, pools , roads, and RL lots. Your homes and lots are not used as collateral for either of these loans!
Beach #2 pavilion has been removed and will be rebuilt. Smolen Engineering is currently drawing prints for the new pavilion. When the plans are complete, we will obtain the necessary building permits and start construction. Our plan is to have it complete before the pools open.
Some members may not be aware of the fact that not long ago we had an accident on the lake that resulted in a fatality. We do not want a repeat of that tragic accident. To that end, the board is exploring the possibility of having uniformed police officers on board the patrol boat this summer. Hopefully, this action will result in a safer, more enjoyable boating experience for all.
Have a Safe and Happy Summer!
Barry O’Connell, President