April 21, 2016

At the 2016 Annual General Meeting a proposal to raise additional funds for the purposes of carrying out improvements was discussed. The 2016 budget contains a budget of $150,000 which will be exceeded upon the completion of necessary repairs to the canal inlet. Details of other improvements are set out in the 2015 Annual Report. The Directors received input from the attending shareholders after presenting the following options:

1. Perform the repairs to the canal inlet and defer remaining projects until the budget is available
2. Increase the assessment fees from $2.75 to $3.00 per square foot (only properties with homes are affected)
3. Issue a one time charge pursuant to the Articles of Association to address immediate needs (all properties are affected)
4. Increase the assessment fees per item 2 and issue a one time charge per item 3 (with a credit to homeowners equivalent to the amount of the one time charge so that all owners contribute equally and homeowners are not effectively charged twice)

An opinion poll was proposed that if over 50% of the members did not raise any objection within 30 days, the following will apply:

For the purposes of completing repairs to the canal inlet together with further necessary improvements achievable within the budget and to be determined by the Directors, that a one time charge be applied to all shareholders’ accounts in the amount of $500 (+VAT).

A failure to respond will be considered as to having no objection. We have 504 shareholders; therefore if we receive no objection (or no response) from at least 253 shareholders, the measure will be passed and the charges applied accordingly.

If you have no objection you may indicate below or simply not participate in this opinion poll, which closes on May 21, 2016.