Dear Fellow Shareholders,
I am writing to inform you that on January 11, the board met in an executive session and agreed unanimously, with one member absent, to seek your approval for the resurfacing project with a budget not to exceed $170,000 to be funded by current cash reserves instead of an assessment. The funding method is the only change to the proposal which was presented to you in the fall.
Per PHRA’s bylaws, a majority approval is required for expenses over $50,000 funded by cash reserves. In contrast, at the October 19 annual shareholder meeting, a two-thirds approval was required since the proposal was to fund the project via an assessment. The October 19 decision fell four votes short of the two-thirds requirement.
The board believes resurfacing is critical to maintaining the pool for this coming season and avoiding more costly repairs in the long run. If a majority of shareholders approve this work, our contractor said the work can be completed prior to this year’s swim season. The contractor recommends that this work occur in the spring rather than the fall to ensure proper curing.
We plan to convene a special meeting on January 31, 2022 at 7:00 pm at the tennis pavilion at Poplar Heights to discuss and vote on the issue. Shareholders may vote in person at the meeting or by proxy. Please keep an eye out for your proxy, which we plan to mail to you this weekend along with return pre-addressed, stamped envelopes. Like we did for the shareholder meeting, a lock box will be placed in the same location near the upper parking lot so you can drop off your proxies prior to the meeting. You can also find the meeting notice, proxy form, and my letter on the repair on the PHRA website.
PHRA Board President