We recently had a Reserve Study of Bridgewood performed. A Reserve Study takes into account all property/buildings, etc. owned by the HOA and how much it will cost to maintain these areas for the next several decades. The Reserve Study gives recommendations on how much should be in the HOA’s Reserve (savings) Fund on a yearly basis.
Two (2) big things that stood out were maintenance of the fences as well as the parking lots at both parks. It turns out that the HOA is responsible for over two (2) miles of fencing which will be a major cost to maintain.
The Reserve Study has recommended that as of 2021, Bridgewood contribute $178,500 that year into the Reserve Fund. Bridgewood has the lowest Assessment rate in the area and can’t contribute the recommended amount with our current rate. Therefore, unfortunately, the Board had to implement a rate increase.
Please know that we thought long and hard and agonized on this issue but could see no other way to meet the Reserve Fund requirements for present and future maintenance of the Associations’ assets. We understand that Assessments may represent a financial hardship to you, so we’re making 2018’s Assessments due in March to help ease the financial burden. The statement you received stated 2018 Assessments are due 01 January 2018. However, the Board voted to not enforce that due date and no late fees will be assessed until 31 March 2018.
We have implemented a lot of improvements over the last year and we hope that you have noticed and enjoyed them. These have included:
- Complete repair and renovation of the pool.
- New walking track at Vollmer Park.
- We are currently working on making the entrances better, you may have may have noticed the works at the Liberty Park entrance. This renovation will then be performed at all entrances.
- An additional office entrance to keep office business and pool separate.
- New playscape at Vollmer Park.
- Complete repair of all irrigation systems.
- Increased references to the attorney’s office for long-standing DRV’s.
- Increased references to the attorney’s office for delinquent assessments.
- Increased security patrols.
- Increased bulk trash pickup (Community Days).
- New lighting.
- Basketball court fencing.
- Bigger and better Fall Festival.
Some items we are working:
- Painting and repairing perimeter fencing (this is the big one).
- Asphalt repair at both parks.
- Doggy park.
- Force mows.
- Purchasing new requested speed bumps.
- Maintenance of all HOA buildings, to include pavilions.
The Board would like to thank you for your support and understanding. Please contact us with your questions and concerns. Our email addresses can be found here: http://mybridgewood.com/board-of-directors/