~ History ~ |
Chimney Cove development was purchased from the LCRA in 1992 by Marion Shipman and partners. It was later divided into 60 lake-front and/or lake-view lots ranging in size from 5 or 10 acres. There is a neighborhood boat ramp, day dock, and park which is shared by all POA members and families.
The first lots were made available in 1996 and the community Property Owners Association was established in 2000.
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~ Community ~ |
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Bluebonnets have come and gone but there are still plenty of wildflowers and blooming cactus. Deer and rabbits are a daily sighting, as well as the sly fox and other creatures. There have been wild pigs seen in the neighborhood and along Hickory Creek Road. Please be careful as you are driving around; the animals may also be crossing the road.
Please forward any news pertinent to our community using the "Contact Us" form. You can send committee updates, photos, news, upcoming events, contractor names, etc.
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~ News ~ |
Chimney Cove Estates Road Repair Status
Chimney Cove Estates Property Owner,
The Board of Directors is pleased to announce that 80% of property owners have paid their special assessment. We have received funds approaching $160,000. While waiting for the balance of payment from remaining property owners, we will move forward with funds available in the road reserve to begin the road repair as soon as the contractor can schedule. As the balance of payments arrive, those funds will be applied to the reserve until fully replenished.
We will announce the construction schedule just as soon as we receive the information. We will utilize the Commons property as much as possible for staging and storage of equipment and materials to avoid interfering with the front of any owner’s property. We will continue to post information including Frequently Asked Questions in the News section of the website.
We thank those who have sent in their payments so promptly. If there are those who need assistance with their payment terms, we continue to encourage you to contact the Board. All such communications will be treated as confidential.
BoD
ROAD ASSESSMENT PAYMENT EXHIBIT
ASSESSMENT PAYMENT EXHIBIT
CHIMNEY COVE ESTATES PROPERTY OWNERS ASSOCIATION BOARD OF DIRECTORS
Notice of interest and fee structures on non-paid balances of the Special Assessment for Road Repairs passed 4/06/2023:
SCOPE
The residents of Chimney Cove Estates have voted on and passed a special assessment in the amount of $3400.00 per lot, and have tasked the Board with collecting and managing such amounts for the residents and then managing the use of these funds towards the Road Improvement as described. The board is authorized by Texas statute to charge interest, levy fees, and take legal actions including liens against properties in their efforts to collect the special assessment.
ACTION
Per notice to the residents, this assessment will be billed 4/6/2023 and will become due and payable 6/5/2023. A 25-day grace period will be applied and the payment will be considered late July 1, 2023.
All late payments will be assessed an 8% annual interest charge on the unpaid balance, compounded annually and applied monthly for any outstanding balance that remains. Monthly interest charges are calculated at 1/12th of the annual 8% interest charged against the balance at the end of the year. All additional charges will be applied to the outstanding balance, and any further interest will be calculated on the entire unpaid balance annually.
See below for an amortization schedule illustrating the 8% interest compounding on an initial $3400.00 balance with monthly application of interest charges.
Any outstanding balance may be subject to additional penalties, fees, costs or other legal or administrative or management expenditures as the board may expend in an effort to collect the assessment.
PAYMENT PLANS
In the case of hardship, the board will work with any resident to make a payment plan for the assessment. Please contact the board to arrange any such payment plan BEFORE the due date of the assessment. It is important that you make arrangements for a payment plan before the assessment invoice becomes past due.
Example 10 Year Amortization of $3400.00 @ 8%
Year Beginning Balance Monthly Interest Annual Interest Balance Interest Reset
Jul-23 $ 3,400.00 $ 22.67 $ 272.00 $ 3,422.67
Aug-23 $ 3,422.67 $ 22.67 $ 272.00 $ 3,445.33
Sep-23 $ 3,445.33 $ 22.67 $ 272.00 $ 3,468.00
Oct-23 $ 3,468.00 $ 22.67 $ 272.00 $ 3,490.67
Nov-23 $ 3,490.67 $ 22.67 $ 272.00 $ 3,513.33
Dec-23 $ 3,513.33 $ 22.67 $ 272.00 $ 3,536.00
Jan-24 $ 3,536.00 $ 23.57 $ 282.88 $ 3,559.57 $ 282.88
Feb-24 $ 3,559.57 $ 23.57 $ 282.88 $ 3,583.15
Mar-24 $ 3,583.15 $ 23.57 $ 282.88 $ 3,606.72
Apr-24 $ 3,606.72 $ 23.57 $ 282.88 $ 3,630.29
May-24 $ 3,630.29 $ 23.57 $ 282.88 $ 3,653.87
Jun-24 $ 3,653.87 $ 23.57 $ 282.88 $ 3,677.44
Jul-24 $ 3,677.44 $ 23.57 $ 282.88 $ 3,701.01
Aug-24 $ 3,701.01 $ 23.57 $ 282.88 $ 3,724.59
Sep-24 $ 3,724.59 $ 23.57 $ 282.88 $ 3,748.16
Oct-24 $ 3,748.16 $ 23.57 $ 282.88 $ 3,771.73
Nov-24 $ 3,771.73 $ 23.57 $ 282.88 $ 3,795.31
Dec-24 $ 3,795.31 $ 23.57 $ 282.88 $ 3,818.88
Jan-25 $ 3,818.88 $ 25.46 $ 305.51 $ 3,844.34 $ 305.51
Jan-26 $ 4,124.39 $ 27.50 $ 329.95 $ 4,151.89 $ 329.95
Jan-27 $ 4,454.34 $ 29.70 $ 356.35 $ 4,484.04 $ 356.35
Jan-28 $ 4,810.69 $ 32.07 $ 384.86 $ 4,842.76 $ 384.86
Jan-29 $ 5,163.48 $ 34.42 $ 413.08 $ 5,197.90 $ 413.08
Jan-30 $ 5,576.56 $ 37.18 $ 446.12 $ 5,613.74 $ 446.12
Jan-31 $ 6,022.68 $ 40.15 $ 481.81 $ 6,062.83 $ 481.81
Jan-32 $ 6,504.39 $ 43.36 $ 520.36 $ 6,547.75 $ 520.35
Jan-33 $ 6,981.48 $ 46.54 $ 558.52 $ 7,028.02 $ 558.52
Chimney Cove Estates Road Maintenence Ballot Passes
Chimney Cove Estates Property Owners,
Thank you for your response and support for the road project. As of today, Thursday, April 6th, we have received 31 Yes votes in support of the road assessment. Per our Restricted Covenants and the State of Texas, this constitutes a passing vote of 52%. A total of 34 votes had been cast at the time of passing. The vote count was 31 voting Yes and 3 voting No.
Texas requires that 30 days pass after the announcement of the election results. In addition, another 30-day period is set for payment to be made, totaling 60 days from the date of this announcement before payment is due. The due date is June 5th, 2023. The treasurer will send out bills in advance.
There are Frequently Asked Questions posted on the website regarding this assessment. The Board will answer any questions not covered by the FAQ’s
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Thank you again for your support of this important project.
Board of Directors
Chimney Cove Estates Road Assmessment FAQs
Chimney Cove Property Owners Association
429 Chimney Cove Dr. Marble Falls, TX 78654
Date: March 22, 2023
Re: Road Assessment Frequently Asked Questions
Q: What is the assessment for?
A: Road Repair of all paved roads in the community.
Q: Is the road unsafe for travel?
A: No, provided you follow the speed limit and avoid potholes, the road is safe for travel. However, as more and more damage occurs, the road could eventually become unsafe.
Q: You say the road is in “Critical Condition”. Why is that?
A: The road has been in place since 1996, and has never been fully serviced or maintained. As you can see, it is deteriorating at an increasing rate. After thorough study of the problem, (which included professional reviews and studies), we have determined that the road is subject to an increasing frequency of wear, and that simply patching potholes will no longer mitigate the problem. Thus, it has been determined that the road needs resurfacing treatment to prolong its useful life and mitigate acceleration of damage.
Q: What form will the road repair take?
A: In some areas, the road will be dug up and base material will be added, then resurfaced. The entire road will then be patched and resurfaced with a road sealant and surface (Chip Seal).
Q: Will I be unable to access my home/property during these repairs?
A: During all repairs, a best effort regarding traffic control will be provided for residents to come and go normally. This may include redirecting traffic onto the grass right-of-way. You will be notified in advance as to the start of construction.
Q: What is the assessment amount, and how was it calculated?
A: The cost to repair the roads is $199,500.00. The individual assessments were calculated by dividing that cost equally amongst each lot, totaling $3,400.00 per lot.
Q: What is the time table for requesting, receiving and counting the votes for the Road Assessment?
A: The Ballot will be sent to Property Owners via email on March 22nd or 23rd. Ballot receipt and counting will be communicated to all residents once that process is complete. The vote is complete when 31 votes are cast in either direction. 31 votes meet the 51% State of Texas requirement.
Q: What will the steps be?
A: As stated above, the Ballots will be counted as they are received, and, the proposal passes or fails when a minimum of 31 votes (51% or more of property owners) for, or against, are tallied. This is dictated by both our governing documents and Texas Statute. Once we get enough Yes or No to call the outcome, the state of Texas requires we give 30 days’ notice to the residents of the outcome of the vote. Assuming the proposal passes, payments will be due 60 days after the announcement that it has passed.
Q: How will you enforce payment of the assessment?
A: This is again dictated by our governing documents and Texas statute. Should the assessment vote pass, we are authorized to levy fees and compound interest against all outstanding balances. Failing that, we will place liens against properties as may be needed to insure collection. In Addition, we will, on a case-by-case basis, work with residents who may be experiencing hardship to work out a payment plan.
Q: Were there any other potential funding sources considered?
A: Yes. The board explored several options. However, the usual and customary solution to a problem such as this is the special assessment. The board has determined that this is the most viable solution to repair the road.
Q: Where can I get more information?
A: We will post all pertinent information on the POA website, and your Board of Directors are happy to answer any questions you may have. Simply email via the website at www.chimneycovepoa.net/contact.php
The Board
Chimney Cove Estates Road Maintenence Proposal
Dear POA Member,
The March 19, 2023 Board of Directors meeting was held, the property owners were invited, and the details of the following information and action plan were presented and discussed.
The good news is that the community’s annual dues can currently generate approximately $495 per lot per year toward the road fund, after the general fund has been directed to pay for insurance, taxes, grass cutting, and other maintenance items. Our 59 lots therefore generate a little over $29,000 annually for the road. These reserves then raise over $230,000 every eight years, and $292,000 every ten years. Our current bid for road repair and resurfacing comes in at $199,500. If we assume a full resurfacing, and some refurbishing, of the road every ten years, we have a great chance to be fully funded to do so, even with predictable rising costs.
The bad news is that this type of road funding mechanism was not put in place ten or fifteen years ago. Although we have a plan to fund the future road requirements, the current road, as is, needs immediate resurfacing and some base repair. With the use of a subsurface engineering study, and our resident geologist to decipher and make recommendations, we have a plan to resurface the entire road, and apply those repairs where required, for $199,500.
Unfortunately, the road is in critical condition in some areas, and action to rectify is required immediately. In order to fund the project, we will require a one-time special assessment. It is proposed that each lot be assessed $3,400. In order, to pass a special assessment in Chimney Cove Estates, the 2002 Second Amendment to our Restrictive Covenants allows for a majority vote (greater than 50%) to pass. The State of Texas statute, regarding this, stipulates 51% minimum. Therefore, the vote will either pass or be rejected when 31 POA members representing their lots have voted either way.
The attached documents were sent in advance of the March 19th public Board of Directors meeting and are attached again for your review. They include, the geotechnical report, the geologist’s review and recommendations, and the contractor bids. The Board voted unanimously for the contract bid from LoneStar Chip Seal at $199,500.
A separate email will contain the Ballot for property owners to vote on this proposal.
Questions and other inquiries can be directed to the Board via the website, Chimney Cove Estates POA (chimneycovepoa.net), and selecting “Contact Us” from the left-hand column.
Thank you in advance for your support of this effort.
Board of Directors
Chimney Cove Estates Property Owners Association
Attachments
2022 Chimney Cove Turkey Trott
To all,
Despite raining all night and rain continuing up until 8:30 AM, and several property owners out of town, many hearty "Trotters" were able to make the sojourn and a very successful 2022 Turkey Trot.
See you next year!
Chimney Cove Estates Volenteers Update
Chimney Cove Estates Community Work Force Volunteers
If you would like to be considered a volunteer for various community projects, please send your name and contact information (phone number and email address) to rick@declairmont.com. We understand that by volunteering, you are not necessarily going to be available for each event. Projects in the past have included road repair, tree trimming, front gate rock garden maintenance, commons park road and picnic area.
Thank you. BoD
Burnet County Burning Guidelines
Chimney Cove Estates Members - Please access Business Documents and download the Burnet County Burning Guidelines. Please follow these guidelines when burning within Chimney Cove Estates.
The Board
Cattle Grazing Lease Agreement
To: Chimney Cove Estates Members
Re: Cattle Grazing Lease Agreements For County Agriculture Exemption
The transition of cattle ranchers within Chimney Cove Estates has been completed.
When any new property buyer is required by the county to produce a cattle grazing lease agreement, the new rancher will produce the paperwork necessary. The point of contact for this paperwork will be Shelbi Liner. Shelbi can be reached at: shelbi.liner@heritagecctx.com
Thank you.
Longhorn Safety
Date: July 22, 2020
Subject: Longhorn Safety
We want to remind everyone that Longhorns are livestock, and like most livestock, they can view dogs as a threat. There are a couple of things you can do to keep you and your dog safe if you encounter Longhorns in the road.
1.) Turn around. It is never a good plan to walk through a herd of livestock with a dog; no matter how big or small the dog.
2.) If the cow makes an aggressive move towards your dog. Let the leash go. Dogs are much faster and more nimble than we are, they are also much faster than the Longhorns, so do not make it a package deal.
3.) Make noise and wave and clap your hands to get them moving a different direction.
I would be happy to schedule some time with any residents that would like some training in this area. These Longhorns are very easy going, but they are big and they can hurt you if you panic or lose your balance etc.
Regards,
Jake Brydon
Jake@heritagecctx.com
512-797-1611
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~ Committee Updates ~ |
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Committee updates and reports are posted in two locations: a summary is posted in Committee Updates to the far left; and Committee Reports are posted in Business Documents to the far left.
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~ Documents ~ |
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There are two repositories for documents: Business Documents and Member Documents. Business documents are accessed by selecting "Business Documents" to the far left, and then selecting the requested document in pdf format for viewing or printing.
Member Documents are accessed similarly, but email address and password are required for document access.
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~ Surveys ~ |
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