WEA is sending a vote out shortly, proposing an increase of CIF. Here are some key points to note before voting on this issue.
What is CIF: Capital Improvement Fund, is a onetime fee paid by the buyer at the time of home/land purchase
What is the current amount: $2000 for homes and $1000 for land
Proposed increase: $2000 to $3500 for home sales. The amount for land sale which is $1000 will remain the same with the difference to be paid when a home is built on the lot.
What can CIF be used for? It can be used to rebuild, replace, add or expand the facilities (we adhere to IRS guidelines)
When was it last increased: 1988. To add perspective, the cost of an average home nationwide was $138,000 in 1988 and is currently at $403,600.
What will it cost the current homeowner and landowner: $ 0.00
This is paid by the buyer at the time of purchase of the land/home. It will not cost the current owner.
Why is it important now? Our buildings and infrastructure need upkeep. If the CIF does not keep with inflation, we will need to raise taxes to maintain our facilities which will be a burden on current homeowners.
Where has it been used:
See below pictures of the various projects where CIF has been used including the new locker rooms. These improvements are necessary to maintain, enhance property values.
The WEA board has pledged to allocate any additional revenues generated from the CIF increase in the year 2021 towards the tennis court project to help offset the tax increase. CIF can potentially help offset future tax increases. Also ensures new homeowners contribute towards the costs of improvements made to the facilities.
For more information, click on this link
https://docs.google.com/presentation/d/1KeKrKe9YOz5ByQV3HJuiEHsq8oKM1qE3SkhutnkCxoY/edit?usp=sharing
Meeting Recording: This is video recording of the meeting with detailed explanation of CIF and need for increase
https://zoom.us/…/im3MEehRJ6ME8qcTtIyKazNc8okRgYwnXeLFB…
Access Passcode: h!B5%Ssx
Here are before and after pics of the fitness room, kids arcade room and other projects where CIF was used for updating our facilities. And be sure to check out the brand-new updated locker rooms-opening soon! We will be using CIF money for updates to the kids’ room at the community center, hot tub, outdoor tennis courts and many other areas where we have identified need for structural improvements in the short term and long term.