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October 30, 2002 Dear Edgemere II Unit Owner: Enclosed please find various documents pertaining to the upcoming Annual Meeting of the Edgemere II Condominium Association. This meeting shall be held on Wednesday, November 20, 2002 at 7:00 p.m. in the Community Room of the East Hampton Public Library located at 105 Main Street, East Hampton, Connecticut. The Annual Meeting will include the election of two officers to the Board of Directors. Nominations for these positions will be accepted from the floor prior to the election. The Board encourages all unit owners who have not previously served on the Board to consider serving at this time. Should you have any questions concerning the responsibilities and time commitments of a Board member, please feel free to call me. The meeting will also include a vote to ratify the 2003 Budget. The Board of Directors thought it appropriate to handle the budget presentation differently this year. Accordingly, enclosed please find two proposed budgets. The first is entitled "Budget A". This budget provides for no increase in monthly common charges. The other budget is entitled "Budget B". This proposed budget represents a 7.5% increase in common fees (see table below). All of the proposed 7.5% increase is attributable to an increase of $11,939 in the funding of the Capital Reserve Fund. The Board of Directors is offering this choice in response to constructive criticism offered at the last couple of Annual Meetings whereby several unit owners have expressed the concern the Association is not adequately funding the Capital Reserve Fund to meet future capital needs. The Board felt it was appropriate to offer unit owners these two options based on the pending commencement of the Special Assessment for the pavement project, which unit owners will begin funding in the spring of 2003. Each proposed budget will be discussed at length at the Annual Meeting. A majority of those unit owners present or represented by proxy will determine which budget will be adopted for 2003. Budget "B" Proposed increase
If you own a unit with a fireplace you will find a separate letter concerning the mandatory annual chimney inspection. Kindly follow the directions outlined in the letter by contacting Yankee Sweeper to set up an inspection appointment on either of the specified dates. We look forward to seeing as many of you as possible at the Annual Meeting. Sincerely, Richard Stern Property Manager RS/kd encls |
