September 21, 2009

Dear Townes at Old Stone Crossing Homeowner:

 Enclosed (below) please find a copy of the 2010 Budget for the Townes at Old Stone Crossing.   The Board of Directors has the responsibility of determining the Common Expenses required for the affairs of the community including the operation and maintenance of the common areas and facilities.  The Board recently met to review the financial status of the Association and future needs of the community.  Following this process, the Board adopted the attached budget for 2010.  The budget enclosed reflects a 2.9% increase to the annual assessment.  The assessment to each owner is equal to $145.00 per month.   The increase is necessary to offset rising costs in the Operating Expenditures, which are needed to maintain the community’s assets, and fund the Reserve Account.  The increase will go into affect on January 1, 2010.

 There will be a Budget Ratification on Thursday, October 8^th, 6:00 pm at the Back Creek Presbyterian Church in the Green Room located upstairs in the classrooms of Back Creek Presbyterian.  The address for the Church is 1821 Back Creek Church Road, Charlotte, NC.  This budget is approved and adopted by the Board of Directors and shall be deemed ratified unless at the ratification, a majority of all the members in the association rejects the budget.  A quorum is not required.

Sincerely,

 The Townes at Old Stone Crossing Board of Directors

2010 HOA Budget