- May 11th, 2016, 12:47 pm
#509383
David Correy, LU General Counsel, was on the radio this morning and clarified some of the ongoing items related to this issue, including why it is that they are suing ~450 property owners in and around Ivy Lake.
According to David, it was always a part of the plan to sue the property owners as a part of the process to transfer the rights of the lake over to a new HOA. The reason why is that apparently the property owners are split, with some of them wanting to keep the situation status quo (ie. not wanting to take ownership of the lake) and the others wanting to move forward. Apparently, LU has offered an interest free, 20 yr loan for the cost of repairs to the dam to the new HOA. The amount each property would be responsible for depends on the outcome of a property assessor whom will consider the "benefit" that the property gains from their location on the lake.
If this is the whole truth, it would seem to be a pretty fair shake for the property owners. Apparently, it's possible that some could pay ~$700 annually to cover their property's portion of the lake. You can see why some of them might be against taking ownership, because as they see it right now, they are basically getting a free ride.