Dear POENB Members, neighbors and residents of Eaton’s Neck,
After two plus years of fund raising, permitting, and community involvement we are finally ready to fund and complete the Valley Grove seawall project. To this end we are asking the community to par ticipate in Key Issue voting.
There will be three key issue votes held electronically and concluding in person at our meeting April 3rd. The voting is set to begin March30 which will allow two days for 2019 members to participate in the vote. Beginning April 1,2020 only those members who have sent their 2020 membership forms and payments will be permitted to vote. Timing is critical, so far, we have been fortunate with the weather, as summer approaches so does hurricane season. We do not want to have a vulnerable property during the harsh weather seasons.
Issue one: The boards requests permission to spend the $70,000 set aside in the budget for the Valley Grove Seawall Project.
Issue two: The board is requesting permission to fund the project in total, with the right to spend up to $150,000. Current estimates for the wall are running between $92,000 and $115,000. The scope of the project also includes new stairs leading from the walkway at Valley Grove to the landing above the seawall, plus remediation of some of the landscaping closest to the seawall which will be disrupted during construction. Like any project we anticipate some form of overage, we ask for the right to handle these as they arise without having to conduct further key issue votes. OUR GOAL is to spend as little of this money as possible.
Issue three: Presently the association does not have the funds to complete the project. We are requesting the right to borrow from the community, in the form of promissory notes, up to an additional $80,000 to be paid over a five-year period. Notes will have a 4% return with no early payment penalty for the association. Our goal as a board would be to pay these funds early if possible.
Please bring any questions you might have to our April 3rd meeting, we welcome the discussion and feedback from our community. We are looking forward to an amazing summer.
— Frank Bonomo, President
