NOTICE OF SPECIAL ASSESSMENT MEETING OF
MARINER’S COVE MARINA OWNERS ASSOCIATION, INC.

Revised Notice with Corrected Day
August 4, 2020

TO ALL OWNERS:

On Tuesday , August 11, 2020 at 5:30 PM. by way of “Zoom Meeting” [instructions to join meeting referenced in this Notice] a meeting shall occur for the purpose of the Board of Director’s consideration to impose a special assessment in the amount of $838,199.95.

The purpose of the special assessment is to cover the debt service associated with funding the anticipated, actual, and incidental costs associated with the scope of the project which generally includes but is not limited to:
The need to repair docks and impacted electrical and plumbing components as soon as possible. The docks have deteriorated to a point where they present a safety hazard and a potential liability for the community. The dock repair will include the Association’s fresh water marina and all the docks. Also, all docks that are located on the intracoastal connected canals need to be repaired.
The total estimated cost of the project is $838,199.95 with the Association obtaining a loan in the amount of $838,199.95 to fund the cost of the project and the special assessment to be used to cover the debt service associated with such loan. Such special assessment, if imposed, shall be due and payable from the Owners in the following manner with each Owner utilizing either payment Option 1 or Option 2 below:

1) Monthly special assessment payments of $121.52 for a period of ten (10) years [120 monthly payments] commencing October 1, 2020 totaling $14,582.40;

or

2) A one-time payment in the amount of $11,974.29 due on or before October 1, 2020. [equal to a savings of $2,608.11 compared to the ten (10) year payment option disclosed in Option 1 above].

Zoom Instructions:
You are invited to a Zoom meeting.
When: Aug 11, 2020 05:30 PM Eastern Time (US and Canada)

Register in advance for this meeting:
https://us02web.zoom.us/meeting/register/tZwsc-ispjgtHtab8ADOkLWC17-G8HJiN-RC

Thank You.

Board of Directors
Notice previously mailed to all owners initially referenced as Wednesday.