Wednesday, July 29, 2009
Construction Loan Approved
Sammamish Waterway HOA has received word today (7/29/09) that Foundation Bank has approved our 15 year loan, for $2,700,000 as we had originally requested. Details will be mailed to owners immediately. Please watch for very important mailings including requests for updated contact information for all SWC residents (owners and tenants).
Saturday, July 18, 2009
July 2009 Regular Board Meeting
Conducting the regular business of the SWC Association. Thursday July 23rd, 2009. To be held at 7:00pm at LWSD meeting room. Property owners are encouraged call Rich Redelfs, RCA Management at (206) 542-3300, the day of any meeting to confirm that there have been no changes to day/time. Meeting locations, times and dates do occasionally change.
Wednesday, July 1, 2009
Restoration Plan Update 7/1/09
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.
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.
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