February

Greetings All Homeowners,

At the BOD meeting January 11, 2025, a proposal to levy a $10,000 assessment from all Chinquapin homeowners was decided.  An assessment of this magnitude requires a majority vote of the homeowners.  The rationale for this assessment was previously outlined in prior communications but will be summarized again.  Chinquapin is an aging property.  Many of the 172 units have original decks that are now greater than 50 years old.  Some have frankly rotten members. Our recent comprehensive deck inspection report from Sagen Engineering is now available and will be posted shortly on the Chinquapin website.  It details a number of decks that will demand critical repairs or replacements this year.  The cost to replace a deck like for like (no expansion) is estimated to cost at least $75,000.  Likewise, we have identified a number of roofs that will require urgent repair or replacement.  We cannot afford to simply apply band aid repairs to roof leaks and risk the extensive interior damage that occurred in one unit last year.  Finally, all of us are acutely aware of the fire risks in the Tahoe basin and to our property at Chinquapin.  We must continue to pursue an aggressive policy of dead tree and brush removal to mitigate our fire risk.  Like the deck and roof replacements, these risk reductions efforts are very expensive.

This year we were able to secure an insurance policy at a significantly reduced rate compared to last year.  The CHOA Board elected to use this insurance savings to modestly reduce our quarterly dues.  We opted to reduce dues by $500/quarter and request an assessment in lieu of raising quarterly payments dramatically.  It was also noted in previous communications that a second assessment of $10,000 may be required next year.  The possibility of this second assessment will be dependent upon the final cost of all the mandated, critical repairs to roofs and decks this Spring, the cost of next years insurance policy (to be renewed this May), and the status of our replacement fund at years end.

The CHOA Board recognizes that this large, proposed assessment would be onerous for all and a potential hardship for some.  We would like to offer the possibility of spreading the payment of this assessment over the four quarters of 2025, if the proposal is approved.   All of the homeowners at Chinquapin have enjoyed significant gains in their property value.  A major contributing factor to the enhanced property values have been the continuous, dedicated efforts to maintain our grounds and buildings at Chinquapin to a very high level.  We have an incredible property, the most beautiful on the lake.  We cannot afford to compromise our efforts to maintain Chinquapin to this high level.  I urge you to vote “yes” on your enclosed ballot to support this proposed assessment.

Carl Bertelsen

President, CHOA