The Edge Creek HOA Board, communicating through Certified Management of Austin (CMA), has indicated intent to procure a loan on behalf of the community to make improvements to the common elements of the property. The loan would result in an increase in assessments (dues) for all homeowners or a Special Assessment that would be required to be paid by all homeowners. The intended use of loan funds has not been clearly explained to the homeowners and the members of the HOA have not been provided an opportunity to understand all options related to funding of improvements. The effect of such a loan and the associated increase in assessments may adversely affect property values, possibly impacting the ability to sell property and/or resulting in higher rents that make the property less desirable.

The community of homeowners would like an opportunity to understand the intended actions of the Board and be able to vote before any actions are taken. No meetings have been scheduled by the Board and the Board has not been forthcoming in explaining why they are pursuing a loan, the specific use of loan funds, and an evaluation of the impact on the community as a whole.

This petition is to request that the Board schedule a general HOA meeting prior to initiating any actions related to a loan. In addition, the HOA community requests the opportunity to participate in an official vote based on all available options.

Note: This petition is to demonstrate community consensus against pursuing a loan option without involving the entire community in the decision process. It is not a vote of disapproval in accordance with Declaration of Condominium Regime, Section 5.3 since no increase in assessment of levying of Special Assessments has been formally proposed by the Board at this time.