[Goldwingnut]

Originally Posted by realmoxies

So the contract I signed that placed the cap is going to go away?

Doesn't seem right.

If you have read your deed restrictions you will see that there is no "cap" given. What is given is that the fee you pay will be the prevailing rate at the time of purchase and that this rate is subject to a CPI increase annually.

In 2010 the AAC and in 2012 the SLCDD agreed to limit increases to $155 in an effort to get the varied rates being paid to be as close to equal as possible. This agreement was for 1 year and was to be reviewed annually to determine if it should remain in place or be discontinued based on financial conditions. These agreements are what is known as the "Deferral Rate". They are not a contract requirement of any amenity agreement with any resident.

As of today's joint meeting of the AAC and PWAC approximately 65% of the homes between 466 and 44 are at the $155 rate with the remainder projected to be at this rate in the next 2 years. North of 466 all but approximately 120 homes are now at a monthly rate between $140 and $155, the remaining 120 homes are less than $140. The "deferral rate" has accomplished it goal and we are now at the point of the unintended consequences of this limitation is impacting the budgets.

Assuming that SLCDD will follow the recommendations of the PWAC, and there is no reason to consider they won't, then starting on 1 October 2019 all amenities contracts will be subject to annual CPI increases, exactly as stated in your contract/deed restrictions and that you agreed to when you purchased your home..

Regardless of what the real estate person told you when you purchased your home, there is no guarantee or contract limitation on what the amenity fee is. If it's not written on a signed document during closing, it has no standing. The limits imposed on increases are the CPI annual adjustment (up or down).