Over a million dollars has been set aside that may be required for bridge modifications for flood water control if our lawsuit against CVWD is unsuccessful. What is the origin of the million dollars? If this money is ultimately not required for flood control, will it be refunded to the homeowners?

Over a million dollars has been set aside that may be required for bridge modifications for flood water control if our lawsuit against CVWD is unsuccessful. What is the origin of the million dollars? If this money is ultimately not required for flood control, will it be refunded to the homeowners?

Response:

The North Flood Control Fund f/k/a as the Capital Improvement Fund has been designated by the Finance Advisory Committee exclusively for the Association’s financial exposure on the improvements required to be made by the Association on the flood control project.  The lawsuit seeks additional funds to cover the increased financial exposure to the Association by the addition of a second flood control channel directed through our Association.  The lawsuit is not expected to cover the Association’s initial financial exposure that arose out of agreements between Pulte, the developer, and the CVWD.  If by chance there is a resolution that saved the entire fund or a portion of the fund for the Association then the Board would decide how to direct the balance of the funds.

We are not in a position to speculate on whether there would be funds left or how they might be designated at some point.  The goal of the FAC is to hopefully avoid a special assessment if the fund is inadequate to cover the cost to the Association.

Robert O. Jester, Chair Finance Advisory Committee


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