Laserfiche WebLink
ENGEO <br /> <br />iNCORPORATED <br /> <br />BUDGET <br /> <br />An annual assessment will be established on all residential parcels in the GHAD, subject to <br />approval by a majority of property owners within the GHAD boundaries. The assessment shall <br />be levied by the GHAD on each individual residential parcel beginning the first fiscal year <br />following such authorization by the property owners. No assessment may be authorized or <br />levied if there is majority protest of property owners, as provided in Article XIIID of the <br />California Constitution (Proposition 218). <br /> <br />The maintenance of the open space is to be shared equally by the homeowners of the project. The <br />funds that will be collected fi.om the homeowners will be held by the GHAD for expenditure only <br />on approved items. These funds will be used exclusively for geologic hazard abatement <br />maintenance work within open space areas of the project. The GHAD Board shall have the ability <br />to create a special assessment in order to implement corrective actions in time of an emergency. <br />The GHAD may use the services of outside consultants. <br /> <br />Funding will be paid by the owners of each lot within the subdivision. It is recon~rnended that each <br />residential unit pay $500.00 per year, based on the 2003 dollar. The levy shall be adjusted annually <br />using the Engineering News and Record Construction Cost Index for the San Francisco Bay Area <br />(January I, 2003 = 100). <br /> <br />The developer of Lemoine property is required to contribute $1,000 per unit to finance the initial <br />operation of the GHAD and to help establish an appropriate reserve fund for the GHAD until the <br />revenues from the property assessments become available. It is anticipated that a total of <br />12 units will be constructed within the development. <br /> <br />4992.5.001.01 <br />February28, 2003 2 DRAFT2 <br /> <br /> <br />