Special Assessment
In the enclosed Maintenance Fee invoice, you will see an additional line item for a Special Assessment. As many of you know, Special Assessments are needed at to cover additional HOA costs when reserve funds are not enough, to keep maintenance fees from increasing when a portion of the ownership does not pay their annual dues or to complete renovations or upgrades to make improvements to the resort. In our case, insurance funds only cover the value of what was damaged in the hurricane but not the cost of upgrades. Among other improvements, we are replacing all windows and doors, which were original to the buildings and while they were not all damaged, they were the cause of much of the water intrusion during the storm. With the upgrades we are making above and beyond what is covered by insurance, you will experience a brand new resort. While the hurricane was devastating and no one anticipated the resort being closed for this long, we used the opportunity to make significant improvements. In total, the cost of renovations is approximately $11 million, with an additional $3.5 million for new furniture, fixtures, equipment and applicances. Of that, insurance is covering $8.9 million. The rest will be funded by the Special Assessment.
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To ease the financial burden, we will be splitting the Special Assessment into two payments. The first payment will be due on January 1, 2020, along with your annual maintenance fees. You will receive an invoice in the mail for the second and final payment, which will be due by May 1, 2020. While we know that extra costs are never welcome, especially at a time when you have not been able to vacation to your resort, we hope that you will understand the necessity of the assessment and the reward that will come when you do visit the resort in 2020, when it will be better than ever.
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Festiva Owner Services 855-411-9335
We also want to ensure that we have your most current contact information on file, as we will be sending most of our updates and communication via email to make communications more efficient and be environmentally conscious. Please visit the following link to complete our contact information update form online: www.festiva.com/ABContactUpdate
Hours: Mon. - Thu. 8 a.m. - 6 p.m.
Fri. 8 a.m. - 5:30 p.m. Sat. 8:30 a.m. - 5 p.m. Eastern Time Closed Sunday & Major Holidays
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Fall 2019 Atlantic Beach Resrort Owner News
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