The association has joined the throng of homeowners refinancing their mortgage. We have recently refinanced the CIP loan to take advantage of the low interest rates. This is the second time within the past year we?ve refinanced. Each time we shorten the payoff time. Unlike refinancing a home mortgage we paid no closing costs. If the rates do not go lower we will have a ?note burning? party in September 2006 when the loan is paid off.

The Garrett Corporation has approached the association with a proposal for a second gate in exchange for support on a development project behind Harpoon Drive. There is a separate information flyer included elsewhere in this newsletter. Please read it carefully as this proposal has many far-reaching implications.

By the time this goes to print we should have gone to closing on the three building lots the membership authorized us to sell. All three lots sold for more than 10% above appraisal. Seventy five percent of the proceeds of the sales will go to pay down the CIP loan.

This has been the wettest year I can remember and the speed at which grass has been growing is unbelievable. Normally we get up to 14 complete community cuttings. It appears we are going to exceed that. The board of directors has authorized up to 2 additional cuttings, if necessary. The area along the walking paths and the interior road shoulders are an in-house responsibility and will be cut again soon.

The trash contract has recently caused untold problems. The five-year contract with Waste Management expired June 30th. In the spring five bids were received and reviewed. The low bidder was selected after carefully reviewing his references, history and financial standing. At the very last minute something, that is still unexplained, went wrong with the selectee's operation and we were caught without a trash contractor. We had some indication a week or so before but could not terminate the new contract until there was evidence of nonperformance. We had discussed an interim contract with Waste Management but could not commit until we were positive of nonperformance of the new contractor. The first day the new service was to start and didn?t we contacted Waste Management. They were able to respond and we only lost one pickup day. However, Waste Management was adamant about eliminating the large item pickup. Realizing this was short notice for our residents we arranged for several large dumpsters to be placed at the tennis courts so there was a short-term solution for some. The subject is being discussed and may be adjusted in the near future.

Work on the wetlands project at the end of Delaware Drive should start in August and take 3 to 4 weeks. The association will receive a nice payment, realize a proper off load bulkhead and get a potential wetlands park. Approximately 8,000 cubic yards of dirt will be removed and placed in the depression over the hilltop under the power lines on Harpoon Drive.

The CY 2003 road paving should be finalized next with paving to start in September. Anticipate significant road restriping to follow soon there after.

It has recently come to light that many people are having trouble obtaining homeowners insurance on their existing or new home. The insurance industry is doing to homeowners insurance applicants what they have been doing to life insurance applicants for years. Data banks are being established that track claims against homes and neighborhoods. If you or a previous owner of your home or potential home have filed claims you may find it difficult, if not impossible, to obtain insurance. This is especially true for water related and mold claims. A suggestion is to carry as high a deductible as you can handle and minimize claims. Sometimes just an inquiry call to an agent is enough to cause problems at renewal time. Another benefit of living in the ?computer age?.