Fairfield Harbour Property Owners Reform Team
Voting Meeting – The voting meeting to determine if Fairfield Harbour POA will purchase the Mid-South properties was conducted as rescheduled on Wednesday evening, August 17th. The result of the vote was 1202 in favor and 377 against.
Approximately 1000 property owners didn't vote (40%).
Were you ONE of them?
North Carolina - Licenses & Registration
FHPORT will stand up to make sure the property owners who do not want to pay for the amenities have some representation at any members meeting to be
held by the FHPOA.
The Simple Facts.....
The Board has reversed itself. It has decided to use the 151 votes it got from foreclosures to vote YES on the Mid South properties. That change was made about 2 weeks ago. Our guess is that they will use it, only if it means the difference between winning and losing.
25% of the property owners are now making monthly dues payments to the POA.
Craven County currently has the Mid South properties assessed at about $2M. Yet, the board has a deal with Mid South for $2.75M that will ultimately cost the members over $5M. The Board's view is that Craven County assessed value has nothing to do with the sales price. Maybe, but then why have they not gone out and asked for their own appraisal?
The true cost to us for the $2.75M sales price will be more that $5M depending on the interest rate the POA negotiates with the loan company:
- It would be about $5M @ 6% - principle & interest for life of a 10 yr loan.
- and about $7M @ 12% - principle & interest for life of a 10 year loan.
- The higher the interest rate and the longer the loan term - the more it will cost!
The POA has scheduled a special meeting for the vote. It will occur on July 27, 2016 at 7pm in the FH Community Center. There was a mailing with aproxy. The only name on the proxy is Ann Simpson with no option to vote Yes or No. For more info, click here.
The info packet that the FHPOA mailed everyone with the very important notification of the Mid South property purchase and proxy will arrive in an unmarked white envelope with a return address of CAS, Inc. There is no indication on the envelope that it originated from FHPOA or Fairfield Harbour or even New Bern.
Ask yourself these questions.....
- Without an independent appraisal, do you really think that the POA should purchase for $5M+ (depending of interest and term) the Mid South properties currently assessed at about $2M by Craven County?
Are you willing to pay the rehab costs for the Shoreline Clubhouse and pool, and all the additional taxes and insurance costs that will surely be covered by the POA maintenance unbrella? It will likely add hundreds of dollars to your annual dues bill.
Are you willing to incur the addition legal bills that will surely occur after the POA breaks there promises to pay all this with Non-Dues income?
Are you willing to accept the dues increase for maintenance of the Mid South property that has already been announced at just $100? That number is a estimate and is likely not based on reality.
Are you willing to accept that this Mid South purchase news was not available before we elected new board members. It's just all to convenient!
Is this the only way to get this vote passed? Cram it down everyone's throat in less than 3 weeks. If this was really something that most members would want, we could do a paper vote for all the membership. The POA knows that to win - that this is not possible. And so they have to find a different way around the legal issues.
Vote NO and let your voice be heard - Loud and Clear!
Call your POA Board of directors and it's president! Save Fairfield Harbour from a few determined people willing to do anything to get what they want at the expense of all our neighbors!
POA Office 252 633-5500
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