At the August Board meeting, the Lakeside Chautauqua Board of Directors formally approved the Infrastructure Engineering Project and a funding plan for the initial work.
After hearing from the community that homeowners shouldn’t bear the entire burden of the project, the Board agreed to split the funding, with $85,000 of the funding designated to come from sources other than the assessment. The Board also agreed that the assessment portion of the funding would be spread over six quarters instead of four, reducing the quarterly increase that homeowners will be billed.
After receiving questions from the community, the project components and deliverables were reviewed from a legal perspective and were found to be consistent with the streets and sanitary definition of the lease.
The assessment will temporarily go from 3.08 mils to 4.38 mils, to be billed for the six quarters beginning with the current quarter July-Sept. 2019, billed in October 2019 and ending with the quarter Oct.-Dec. 2020, billed in January 2021. At the end of the six quarters, the homeowner assessment will revert back to the current rate of 3.08 mils.