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| PROPOSED 2006 SUITES RENOVATION |
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The 2006 Suites Renovation assessment is a one time expense. An assessment is used only for special circumstances such as this proposed renovation and it requires a vote from a majority of the Owners. The Suites Renovation Assessment funds collected are held in an interest-bearing account and used only for those improvements defined as part of the Assessment. Any remaining funds from the Assessment would be placed in the VOOA Reserve Fund.
Many Owners expressed the desire to pay the Suites Renovation Assessment in payments rather than a lump sum. By choosing Proposed 2006 Suites Renovation and the Installment Payment Options above, you can view the amount that would be due for the renovation of your Suite and the installment plans that have been developed at the request of your Board of Directors to offset the impact of a one time payment. If you are one of our Owners who manage your accounts online, you will also be able to use the online account function to pay those installments.
If you choose to take advantage of the two or three year installment payment options, you will be invoiced on March 1st each year with payments due sixty (60) days from the invoice date. You may prepay any installment toward the remaining balance at any time with no prepayment penalty. We want to assure you that as long as your annual maintenance fee is paid and you are making payments toward the assessment, you will be able to reserve or exchange your vacation interval.
The entire refurbishment has been scheduled so that once approved, the entire renovation project will be complete in 10 months. The renovation will begin on the 19th floor with each floor taking approximately three weeks to upgrade.
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