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SETTLEMENT ON FORD’S COLONY DRIVE

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Terms of a negotiated settlement have been agreed to in principle to resolve issues concerning Ford’s Colony Drive (FCD). Final agreements are being written to define detailed elements of the solution, and it is anticipated that a settlement agreement, along with other related agreements, will be executed on September 12, 2013. The FCHOA Board of Directors and representatives of Realtec are pleased with the settlement.

Here is a summary of the proposed settlement: the FCHOA and RCS will renew the management agreement at a reduced rate for the management fee until 2019; Realtec will assign certain marketing fees to the FCHOA; the membership will vote on accepting FCD, then Realtec will transfer FCD to the FCHOA; and there will be a shared maintenance agreement to cover future maintenance and repairs for FCD. Funding for the necessary immediate repaving of FCD and related landscaping improvements in 2014 will come from a special assessment of association members that will be recouped by savings over the life of the management contract. For additional information and details, see the October TOC, attend one of the town hall meetings on October 7th or 12th, and review the voting material that will come with your 4th quarter assessment notice. More details to follow.

This information was provided by:  https://www.facebook.com/FordsColonyLiving/posts/648192581871916:0

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