The Association board has updated the plan based on new information gathered since 2010 and it is available for review and comment prior to finalization and vote.
In accordance with the bylaws and deed restrictions, the Capital Reserve allocations shall be based on a reserve study made of all the major capital systems in the association that may require repair or replacement within 30 years.
The major capital systems includes the 2023 Wilshire building lots and fences, Brentwood and Wilshire roadways, water mains and valves under the street and fire hydrants, entryway gates and gardens, treadle and warning lights at the community exit, concrete screening fence separating the subdivision from the multifamily property to the west, storm drains running under the subdivision, concrete screening fences on either side of the exit alley, sewer mains, cul-de-sac gardens, and the community mailboxes collectively known as The Freeman Irving Heights Addition Block A /Lot 23 and Split A ACS 2.0804, as conveyed in Volume 83030, Page 2277, Dallas County Records.
Thereafter the Association shall include as part of its Annual Assessment an amount which is reasonably necessary to achieve an adequate reserve fund for the periodic maintenance, repair and replacement of improvements to the Common Properties and any other area which the Association may be obligated to maintain and as scheduled in the Capital Reserve Study. The Capital Reserve shall be maintained in a dedicated bank account, separate from the Associations operating accounts and emergency reserves accounts, and used only to fund capital repairs and replacements approved by a vote of the Owners. ~ ARTICLE VII: COVENANT FOR ASSESSMENTS Section 7: Capital Reserve Fund
