On November 15, 2021, Hot Springs Village Property Owners voted to raise assessments. Starting in 2022, the new monthly assessment amount will be $90 for improved properties and $43 for unimproved properties. In 2023 the new monthly assessment will raise to $100 for improved properties and $46 for unimproved properties and in 2024 improved property owners will pay $110 per month, while unimproved owners pay $49.
Below is the email notification the Board sent to HSV Property Owners on November 15, 2021.
Background
On February 1, 2021, the Hot Springs Village Property Owners’ Association made the following announcement regarding the newly-formed Task Force.
“With the mission of ensuring HSV continues as a financially secure, gated community the HSVPOA Board of Directors recently announced the formation of the Future Revenue Analysis Task Force (FRATF). The task force is moving forward quickly and has its membership in place. That membership represents a balanced distribution of expertise, business experience, Village longevity, and geographic representation from a variety of volunteers.”The task force will work closely with staff and Committees and will engage a variety of Villagers over time for specific tasks, analysis, and brainstorming in order to provide definitive analysis and possible solutions to be presented to the Board later in 2021.”
https://hotspringsvillagepeople.com/hsvpoa-task-force-update-fratf/
After months of compiling data, the Hot Springs Village Future Revenue Analysis Task Force (FRATF) presented its recommendations to the Board of Directors at the Discussion Session on August 4, 2021.
FRATF presented three Options to the Board of Directors. The Board choose Option 1 – Rapid Recovery for the Property Owners to vote on.
In October, 2021, HSV Property Owners in Good Standing received in the mail a Proxy(ies) from the POA. This Proxy could either be filled out and returned by mail or the Property Owner could choose to vote in person at the Special Vote Meeting held on November 15, 2021. Property Owners could vote “yes” or “no” for Option 1. If the proxy was filled out and returned, but if neither “yes” or “no” were chosen, the proxy would be counted as a “yes” vote.
This Special Meeting began at 9:00 and lasted into the late afternoon, which gave Property Owners ample time to vote in person if they choose to do so.
Board Chair, Joanie Corry presented the background. Rick Donovan, Attorney at Rose Law Firm, presented the legal requirements. Lindsey Baker, Auditor, EGP, PLLC spoke about the casting of votes and changing of votes.
The vote closed at 4:00 p.m. and the final vote count commenced and the announcement was made.
Agenda for Special Assessment Vote Meeting – November 15, 2021
ORDER-OF-BUSINESS-Special-Meeting-November-15-2021-Proposed-Assessment-IncreaseBy Joe Dowden, November 15, 2021
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Walter Chance
11/15/2021 — 5:35 pm
Let’s hope the increase goes to infrastructure, especially roads and culverts and visual improvements.
Scott McCord
11/15/2021 — 8:51 pm
Thank you for posting.
Now we hopefully get to watch the responsible use of our money. Between the newly adopted policy and a public that will have a magnifying glass on their every move, as we should, we will be able to restore trust for those that lost it.
Jim Erickson
11/16/2021 — 12:17 pm
What was the vote count?
Marti Mather
11/16/2021 — 8:24 pm
yes, I would also like to know the vote count. Transparency……………please……….
HSVP J
11/17/2021 — 4:27 pm
The results per the board meeting this morning was as follows:
Non-resident = 2,195 for the increase and 2950 against increase.
Total votes non-resident = 5,145
Residents = 4,337 for the increase and 2210 against increase.
Total votes resident = 6,547
Ballots rejected = 3
Overall it was 56% were for the increase and 44% were against.
Total votes cast 11,695
Kenny Landers
11/17/2021 — 4:09 am
Why are those who live here paying twice as much as those who own lots here and still get the same privileges, if they own a lot here they should oay the same, those are the people who will never live here or even intend to live here, their just taking advantage and reaping the benefits of us here thats on a fixed income, it should be the same price for everyone, fair is fair
Mrs. Katherine Miller
11/18/2021 — 1:48 pm
Kenny,
It’s complicated… Hope this helps –
1 – At the top of this website screen, pick Menu.
2 – From that drop-down list, pick HSVPOA Affairs.
3 – From that drop-down list, pick HSVPOA Legal Issues.
4 – Then you can scroll down and read articles and comments about the Garner case, which may help answer your question.
Scott McCord
11/19/2021 — 7:46 pm
Kenny,
We are glad we have the lot owners paying their dues. Please remember they represent almost half of the assessment revenue currently.
If we made them pay the same as residents pay we would lose most of the lot owners(lot value doesn’t justify paying large fee, especially if they are not using amenities.
If we did equalize the assessments we would need to pass another increase for residents to cover the loss of revenue of lot owner default.(there would be plenty)
It’s a complicated issue…..it takes a vote to increase assessments.. Lot owners will kill a large increase.
Let’s keep those good paying lot owners as lot owners. Running them off just cost the rest of us.
Walter Chance
11/17/2021 — 6:16 pm
Joe. The BOD just sent blast of results. FYI
Mrs. Katherine Miller
11/17/2021 — 9:19 pm
In the last table there are “Resident”s on “Unimproved” lots. Hmmm?
Frank Shears
11/18/2021 — 2:35 pm
I, for one, am very surprised and pleased with the results of the vote. Scott McCord’s comment is exactly right. We MUST keep an eye on things going on here in the Village to make certain the money is being spent appropriately for what we were promised, Maintenance. It is a huge relief. Even Rambo likes it.
Congratulations to all Board of Directors members because without this increase, we were headed for bankruptcy court. It was not a fun job putting this all together but you all did a stellar job. Thank you.