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News and Updates

Message from the ORC Board of Directors

July 19, 2005

Dear Oaks Club Members,
Thanks to everyone in our club who participated in our recent vote regarding Special Assessments. Each assessment requires a 67% majority of ballots cast to pass. The final results of the vote are as follows:

• Assessment #1 for $295.00 for locker room repairs overwhelmingly passes with 93% voting yes.
• Assessment #2 for $100.00 for window replacement and siding work passes with 78% voting yes.
• Assessment #3 for $100.00 for a new slide received 60% yes votes and does not pass.

Fortunately, this level of commitment from members insures that we will be open and in operation next year and beyond. Your Board will continue to work to implement the measures that passed, we appreciate everyone’s support.
Sincerely,
Oaks Recreational Club Board of Directors

Invitation to July 18, 2005 Members Meeting

To: Oaks Club Members From:
Oaks Club Board of Directors
Subject: Vote on Clubhouse Repairs Date: July 11, 2005

Dear Members, Another summer season is successfully underway at our pool, and we hope that all members are enjoying the wonderful facility that we all own right here in our neighborhood. The Board of Directors would like to thank all Oaks Club members for their continued support. All Oaks Club members are invited to attend a special meeting to be held at our clubhouse on Monday, July 18 at 7:00 p.m. At this meeting, we will conduct a vote that will determine the future of our facility. As most of you know, our clubhouse structure is in need of significant repair in the shower area of the locker rooms. This repair MUST be done after the close of this year's swim season in order for us to be able to use the indoor showers. Without the full use of indoor showers in coming seasons, we WILL NOT be allowed to open or operate our pool in the future.

Your Board of Directors has been hard at work identifying the nature and scope of the repair work that must be done, securing the proper structural and architectural plans for such work, gaining the appropriate permits from city and county officials and pursuing quotes for the project from qualified construction firms. This has been a large undertaking, and we are now ready to proceed with the critical repair work that our club requires in order to operate past this season. We thank the many club members who have volunteered their valuable time to help the Board with this effort. The last item required is funding, and for that, we need the support of all our members.

On Monday, July 18, the Board will present several proposals for a vote by Oaks Club members. These proposals will call for approval by the members of one or more special assessments to be levied to finance this work. Although we currently have over $20,000.00 in our capital reserve fund, and expect to finish 2005 with a positive cash position, the needed repairs will require additional capital. Our best quotation for the locker room repair project is approximately $80,000. We have looked into the possibility of borrowing all or part of this money, but our options in that regard are limited. Therefore, we will ask members to approved a special assessment of $295.00 per Oaks Club family to cover the cost of this project. Please keep in mind that we are asking only for what is necessary to keep our club operational, and without approval of this special assessment, our pool will be permanently closed after the 2005 season.

We will also request the approval of two additional assessments, each one seeking $100.00 per Oaks Club family. The first of these $100.00 assessments will be used for the replacement of all of the windows in our clubhouse, which are currently in various stages of rot and disrepair and will also allow us to begin a capital reserve for eventual replacement of the siding on our clubhouse. The second $100.00 assessment will be used for needed amenities for our pool, possibly including a new slide, extra shade over the baby pool, water toys for the baby pool and additional decking and shade for the designated eating area near the concession stand. Additional information and detail regarding these projects, as well as long term financial projections for our club will be available on our website.

Thanks once again to all of our members for their support of our club, and their interest in our successful future. We look forward to seeing each of you on Monday, July 18 at 7:00 p.m. at our clubhouse.

Sincerely,
Oaks Recreational Club and Association Board of Directors