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HOA Dues Increase

Dear Homeowners,

Addison Estates is a planned community that was founded about 30 years ago. Our community is

now showing its old age. We need major improvements to enhance property values and compete with

neighboring communities.

We are self-managed by a Board of homeowners, not a property management company. The Board

gets its powers from our by-laws and the State of Florida.

No matter how many improvements you make to your home, your community also contributes to the

real value of your property. A beautiful and inviting community improves our ability to attract the

best families who are willing to pay a higher asking price.

In 30 years, our dues went from $25 to only $50/month: still the best value in Coral Springs. Despite

our age and being self-managed (saving us a lot of money from property management fees), our

reserves have not allowed us to undertake any major maintenance or improvement projects for the

community. Note that all work must be funded in advance through our cash reserves.

Planned maintenance projects have been included in the upcoming budget but need to be fully

funded. Consequently, to meet the funding requirements set in the new budget, the Board finds it

necessary to increase the current monthly dues to $150 per month for 9 months from April 1 through

December 31, 2023. After such time and assuming, that the funding requirements are met, the

planned projects will get underway. New payment coupons will be mailed to all homeowners with

new dues payment to start on April 1, 2023. Those homeowners who have paid their April dues

already will need to pay the additional $100 per month

After meeting our funding goals, the Board will revisit the CAM fees with two things in mind:

a) Have a fee structure that ensures long-term funding requirements to meet proper up-keep of

the community

b) Provide a decrease of homeowners’dues

These decisions were taken consistent with the powers given to the Board by our by-laws and the

State of Florida. Board members are not paid for their services. All funds collected go to the

community business.

We have multiple positions open on the Board including Vice-President and Treasurer. Homeowners

are encouraged to volunteer to become Board members and be part of the community leadership

team.

All Board meetings are held on the second Wednesday of each quarter. The next three meetings will

be held on April 12th, July 12th, and October 11, 2023, and are posted in advance. Please mark your

calendars and plan to attend.

The HOA Board of Directors

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