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SBA Loan Information and Background
Results
of the June 20, 2005 Special Meeting - SBA Loan Approved, Special
Assessment Approved
- The Association approved
obtaining a loan from the Small
Business Administration (SBA). The amount of the loan is for $1.5
million. It is for 30 years and the interest rate is 2.9%
No payments were due for the first 12 months after the loan is
paid out. We have received the proceeds of the
loan.
- A special assessment
was approved in the following amounts:
| Unit 100 |
$ 2,377.00 |
| Efficiency |
$ 4,659.00 |
| One Bedroom |
$ 7,323.00 |
| Two Bedroom |
$ 9,606.00 |
| Three and Four Bedroom |
$14,511.00 |
- The Association voted to have
these assessments due and payable in 8
equal quarterly payments, i.e owners will have two years to pay the
assessment with 8 quarterly payments. Letters were sent out to
owners as to when the first quarterly payment was due. The
Association voted that at the end of the two year period in which to
pay the special assessment, September 1, 2007, the SBA loan will be
paid off in full. However, at the October, 2007 Annual meeting,
the owners voted to pay off the SBA loan over it's 30 year term.
- As of July 31, 2008, the outstanding balance of the SBA loan was
$1,473,808.64