August 31, 2023
Dear Forest Springs Resident:
The purpose of this letter is to inform you of a Special Meeting of the Forest Springs Homeowners Association.
Date of the Meeting: September 19, 2023
Time of the Meeting: 7:00 PM (check-in starts at 6:15 PM so please try to arrive early)
Location of the Meeting: St Aloysius School Gym @ 122 Mount Mercy Dr, Pewee Valley, KY 40056
Purpose of the Meeting: Discussion and voting regarding (i) the HOA’s purchase and mortgaging of the Forest Springs Club, including the clubhouse and pool (the “Property”), (ii) a special assessment to fund the acquisition costs, and (iii) an amendment to the HOA’s 2023/2024 budget to cover costs of ownership.
The current owner of the Property has decided to cease operating it as a pool and clubhouse at the end of this summer. The owner has entered into a contract to sell the Property to a third party for $875,000. The Board has received information that the purchaser intends to remove the pool and clubhouse and develop the Property. The Board is attempting to obtain more information from the purchaser regarding its plans for the Property, but has not received any definitive details at this time.
The HOA has a right of first refusal to purchase the Property on the same or substantially similar terms as those contained in the current purchase contract. At this meeting, the residents will vote on (i) whether to authorize the Board to enter into a purchase contract and proceed with acquiring the Property, (ii) whether to authorize the Board to grant mortgages against the HOA’s property to secure any necessary third-party financing, (iii) whether to reject any special assessment determined by the Board as necessary to fund acquisition costs, and (iv) whether to reject any amendment to the HOA’s 2023/2024 budget determined by the Board as necessary to cover costs of ownership. Residents representing at least 61 households would need to attend the meeting in person or through a proxy in order to have a quorum to take action. Two-thirds of households in attendance would need to vote in favor of the HOA’s purchase and mortgaging of the Property in order to proceed. A majority (51%) of the households in the entire neighborhood would need to vote against any special assessment or budget amendment in order to reject those items.
This is an in-person meeting and there will not be a virtual option to attend. If you cannot attend the meeting in person and would like to give your proxy to a neighbor to vote on your behalf, please contact the HOA at firstname.lastname@example.org with your name and address, and the name and address of the resident who will cast your vote.
In order to be admitted into the meeting, you must have a picture ID with your home address. Residents who are not current on their HOA dues can attend the meeting but will not be able to vote. No money will be collected at the door for unpaid dues. One vote per household.
At this time the Board is still assembling financial information related to the potential purchase. That information will be provided at the meeting and, time permitting, in advance of the meeting via email and by posting to the Forest Springs website (www.forestsprings.com). If you are not registered on the Forest Springs website as a member to receive emails from the Board, please go to www.forestsprings.com. The register link is under the picture to the right. Contact email@example.com if you have questions on how to register.
Forest Springs HOA Board