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Answers to questions about cooperative ownership of Briarcrest

  • Published in Letters

To The Daily Sun,

At the beginning stages of the meetings of the co-op for Briarcrest Estates, there were a lot of unanswered questions. Since then, many of those questions have been answered. We have found out it IS affordable. We have also found out through lawyers, bankers, realtors and the local community many reasons why it is the right choice. Home values, loan interest rates, equity loans are just a few. I have listed some of the questions that I know concern many of us. The answers have been confirmed. We will be having meetings frequently to answer any questions people may have. We are hoping that people will take an interest in hearing what we have accomplished. The meetings are open to all residents with no obligation. We want to take control of our own destiny and hope you feel the same.

Will my rent go up? The park rent will fall under the existing lease, weather it be co-op or not. Whoever buys Briarcrest has to follow the existing lease.

What will my rent include? Your rent will include all of the services you are presently getting.

Will I have a mortgage? You will have no mortgage, just your existing park rent. No person, will be responsible for the mortgage to purchase the park. The rent you pay will stay the same and follow the rules of the lease.

What about my house? Will it be part of the mortgage? Your house remains yours. It is not, a part of the mortgage.

Will the park be kept up? The park will be kept up to the same standards we presently enjoy. We will all be owners and have a say in protecting our investment.

Will there be rules? There will most definitely be rules as there is now, to protect the beauty of the park. Any rule changes will be voted on by members of the co-op.

Does it cost to Join the Co Op? There is a joining fee that has not yet been determined. It will not exceed $500. You make the decision whether to join or not.

What if I want to join in order to have a vote in the community decisions but can't afford it? You can opt to make small monthly payments with your park rent for as little as $5.

How does the board get chosen? The board gets chosen by a vote by members of the co-op. The board we have now are all volunteers, doing an excellent job!

Will the same people be running the co-op that are handling it now?. The existing board is temporary. If they choose to run, they will have to be elected by the majority.

Will we have to work in the community? No, the maintenance of the community will be contracted out to local business. Everything will remain local including management, banking, landscaping, rubbish removal etc. All will be included in your park rent as it is now.

Please attend a few meetings with an open mind. We all have the same interest.

MaryLou Blaisdell