TAMPOA Board Raises Assessments
At its meeting on Monday, October 2, 2006, the TAMPOA Board decided to raise assessments again for Truman Annex residents. They will have to pay another special assessment to cover TAMPOA's unpaid legal fees and to continue to fund its litigation activity. The Board has no money to pay its attorney, Bill Andersen, and owes him almost $100,000. Andersen has told the Board the money is overdue. However, the Board can't require the assessments to be paid immediately (as the Board wanted to do) because there is a procedure it must follow that requires notice to TAMPOA members and an opportunity to comment.
The procedure under the TAMPOA bylaws contemplates a deliberative process in which the Board will hear from its constituents before it decides to raise assessments. However the Board views that as a mere formality and has already decided (without a dissenting vote) to raise assessments.
Truman Annex residents will get their formal notice of the intent to raise assessments shortly. The Board wants to have the money in hand by December. The assessment, payable in December, will likely be as high as $300 for each unit in the Annex. More special assessments are coming because the Southard Street litigation is in its early stages according to several Board members and attorneys familiar with the matter.
The December assessment will be in addition to the $600 in special assessments the residents have already paid this year. These special assessments are in addition to the regular assessments (one of which is due in October) that the residents must pay quarterly. The largest of the regular assessments is due in January, 2007.
If you're a Truman Annex resident, prepare to cut back on your holiday giving. You'll be funding the excesses of the TAMPOA Board instead.
The procedure under the TAMPOA bylaws contemplates a deliberative process in which the Board will hear from its constituents before it decides to raise assessments. However the Board views that as a mere formality and has already decided (without a dissenting vote) to raise assessments.
Truman Annex residents will get their formal notice of the intent to raise assessments shortly. The Board wants to have the money in hand by December. The assessment, payable in December, will likely be as high as $300 for each unit in the Annex. More special assessments are coming because the Southard Street litigation is in its early stages according to several Board members and attorneys familiar with the matter.
The December assessment will be in addition to the $600 in special assessments the residents have already paid this year. These special assessments are in addition to the regular assessments (one of which is due in October) that the residents must pay quarterly. The largest of the regular assessments is due in January, 2007.
If you're a Truman Annex resident, prepare to cut back on your holiday giving. You'll be funding the excesses of the TAMPOA Board instead.
posted by Conchette at 9:10 AM
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