An attorney’s memo has attempted to clarify the future of amenity rates in The Villages.
The memo from Stone & Gerken P.A., dated Oct. 22, was prompted by questions from the Amenity Authority Committee and the Project Wide Advisory Committee. A Sept. 29 letter from the Developer had announced an adjustment of the contractural amenity fee as of Oct. 1.
“As of October 1, 2018, for the first time, the amenities fee ‘prevalent rate’ in the Developer’s contracts for new homesites exceeds the ‘deferral rate’ rate established by the District resolutions,” attorney Lewis Stone wrote in the memo.
The increases will be felt in new homes and resales.
Stone’s memo offers some comfort to existing homeowners who plan to remain in their homes.
“Any owner whose amenities fee is at the current deferral rate will continue to pay that frozen rate,” he wrote.
And those still below the deferral rate will be subject only to Consumer Price Index adjustments until their fee reaches the deferral rate.
You can read Stone’s memo at this link: Stone & Gerken Letter
An “Amenity Fee Forecast” is an informational item on Wednesday’s upcoming meeting of the AAC, which oversees amenities north of County Road 466.
In a budget workshop earlier this year, the AAC got some sobering news on the topic.
Budget Direct Barbara Kays stated that currently the number of residents over the $155 deferral rate is 5,453, with an annual impact of $124,774. However, in the 2019/2020 fiscal year, the number of residents over the $155 deferral rate will increase to 11,347 and the cumulative impact will be $1.038 million. In that meeting in April, Kays offered a forecast that could mean that by 2023/2024, the AAC could face a situation in which expenditures will exceed revenues.
