Quarterly fee for 2005

During annual budget meeting Nov. 11, homeowners voted to increase the 2005 quarterly assessment  to $300 per quarter. The members agreed to this increase to allow Islesworth the chance to start to recover from hurricane damage. 

The increase will add more than $25,000 to our 2005 budget, but it will still fall short of what Islesworth needs for repairs. The fence bill alone could approach $30,000 or more, and insurance has paid only about $11,000.

In addition, several deep potholes have formed in our roadways, one of which has the compacted base showing through and crumbling. We have not received an estimate on road repair yet, but the bite into our paving reserve could be substantial.

The trees we lost in the storms will eat into the $10,000 we put into "landscape extras" in 2005. And we have not even addressed the large pine trees along Sunset Trail threatening the homeowners on Captiva Court. That could be another $4,000- $6,000.

SBA loan sought

Also during the Nov. 11 meeting, members voted to pursue a low-interest loan from the Small Business Administration, via FEMA. 

As a not-for-profit homeowners association in a presidentially declared disaster county, we can and have applied for a 2.9% loan, which can be repaid for up to 30 years.

Islesworth HOA president Dennis Rohan toured the Islesworth common grounds with an SBA damage assessor Dec. 4. We are asking for funds to cover the fence repair, the paving repair, and replacement of some 150 trees lost around lakes and common grounds. 

We should know in 20 to 30 days if we will be approved for the loan.