To the residents of Shannon Vista subdivision:
The Board of Directors would like to share with the community how we are paying for the recent renovations to the pool.
The cost of the total renovation was $48,000. This did not include $2100 for a motor for the pump that was discovered bad during the repair.
In reserves, we had a little over $48,000 and felt that it was not wise to use all of the reserves. After getting three quotes we decide use our current pool company. We worked with our current pool company, Swim Club Management Group (SCMG herein) to develop a plan which included the following:
We paid $30,000 out of reserves.
Agreed to a two year extension on our contract with the pool company. During the next 18 months we will pay an additional $1,000 to payoff remaining $18,000 owed to SCMG at 0% interest.
In the extended agreement we have a clause that allows us to cancel the agreement if we feel that we are not receiving the service expected. We would have to pay the remaining balance in full before we cancel the contract.
If you have any additional questions please feel free to contact Braesael Management and we will be happy to answer any questions.
Shannon Vista HOA Board of Directors
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