As of today, the Foundation Bank is still in their ‘review’ process and has not granted final approval the Association’s 15-Year Term Loan. The loan committee meets once per week, on Tuesdays. We have been assured that the committee will review our file next week, this however, means a delay.
The Special Assessment, approved by the Sammamish Waterway Board of Directors on May 28, 2009, had a due date which was conditioned on the approval of the loan. Therefore, the Association has postponed the Special Assessment. The new Special Assessment due date will not be announced until it receives loan approval.
For anyone who has already mailed their special assessment, in full or in part, these checks will be held, without deposit, until a new due date is announced and the loan is approved. Alternatively, if you wish to have your check returned, please contact Richard Redelfs with RCA Management.
With hopes that the loan review process is nearly complete and our belief that the loan will eventually be approved, the Association is proceeding with the Preconstruction Informational Meeting scheduled for Monday, July 13 at 7:00 PM at the Lake Washington School District Building. The meeting will be hosted by the Board of Directors, representatives of Eggert Strand Hunt Construction and Morrison Hershfield (Project Manager.) The primary purpose of this meeting will be to provide Owners with a general overview of the project and to address any Owner questions and concerns. If Foundation Bank has not provided us approval by that time, a representative from the Bank will be in attendance as well to provide an update.
