International Village unit owners will be getting a maintenance fee reduction for an unprecedented second year in a row. Of the more than 320 owners who submitted their proxies before our budget meeting this Tuesday (for which we thank you), about 96 percent of you voted “Yes” to paying a little less in maintenance starting in January, my colleagues and I on the Board of Directors were very pleased to vote for a budget that will make that happen.
The budget we approved not only continues to build on the savings and efficiencies of the last two years, but it also provides funding to complete the building renovations begun this year – a top Board priority. Thanks to a more proactive approach to recovering fees from delinquent accounts, as well as the increasing number of owners who are deciding to pay off their Hurricane Wilma special assessment early to save on interest, we also look forward to continuing to make steady progress toward paying down our 2007 Wilma loan ahead of schedule.
As I previously announced, owners who are still paying their monthly Wilma assessment can now take advantage of hundreds of dollars in savings by paying off the balance this month. By making a lump sum payment no later than December 30, 2015, a one-bedroom unit owner could save about $350, while a two-bedroom owner could save well over $500 in interest by paying it off approximately three years early. The amount of the lump sum payment required will vary depending on the size of your unit – from about $1,000 for a small studio to about $3,000 for a two-bedroom. To find out your exact payoff figure, send an email to manager@intlvillage.com with the subject line “Wilma Payoff” and include your name, phone and unit number in the email. Be sure to act by December 30 to take advantage of these savings.
Thank you,
John Labriola
International Village President
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