The votes are in and we had a quorom with a total of 891 valid votes received of 740 needed. The ballot passed with 535 votes for and 355 votes against the purchase. Please see above link for the original document and all details.
On behalf of the Tahoe Keys Property Owners Association (TKPOA) I would like to thank all the TKPOA members that submitted a ballot for the Purchase of the Lake Tallac Property and One Time Special Assessment vote. A total of 914 ballots were returned representing over 61% of TKPOA members that were eligible to vote. To achieve the quorum for the vote we needed 741 valid ballots (one half of eligible owners), which was clearly achieved and the minimum number of “FOR” votes required was 371.
The TKPOA Board of Directors is proud to announce a majority “FOR” vote has been achieved: 535 members voted “FOR”. Details of the ballot count are shown on the table below. This “FOR” vote authorizes the Association to act on RESOLUTION #2016-002 that allows the TKPOA to purchase real property based on the TKPOA Bylaws, Article II, Articles of Incorporation. The Board of Directors is hereby authorized to enter into one or more contracts for the purchase of “Lake Tallac Lagoon Property” in an amount of approximately $350,000 with the total purchase cost not to exceed $380,000.
This “FOR” vote also authorizes the Association to approve a one-time Special Assessment of not more than $275, subject to subsequent partial credit for any funds later received to fund the purchase of the 23.2 acre parcel underlying the Lake Tallac Lagoon. Per the TKPOA CC&Rs, ARTICLE IV Assessments, Section 4. Special Assessments (a)(ii)(A). The one-time Special Assessment is due and payable on August 1, 2016 and delinquent if not paid by August 30, 2016. No change in quarterly assessments for 2016 will be required to fund this purchase. The Davis-Stirling Act Civil Code §5605(c) requires special assessments are approved by a majority of the members casting votes once a quorum has been established.
The Lake Tallac Lagoon Property is an important and integral part of the Tahoe Keys Lagoon System in that it prevents flooding during peak runoff and it reduces the fine sediments that would otherwise enter Lake Tahoe. This control over the Lake Tallac Lagoon will benefit both TKPOA members in the immediate vicinity and it should have a positive impact on all TKPOA members with respect to our ability to control aquatic weeds, and the related costs paid for by all members, in the future.
Additional important information concerning this purchase, including the prior Keys Breeze articles, cost, technical information and the complete Inspector of Elections Report is available here on the TKPOA website, www.tkpoa.com.