RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUNNYBROOK VILLAGE COMMUNITY ASSOCIATION TO INCREASE THE CAPITAL IMPROVEMENT FEE UPON THE TRANSFER OR RESALE OF A UNIT
The undersigned, being the members of the Board of Directors of the Sunnybrook Village Community Association (the “Association”), a Pennsylvania domestic not-for-profit corporation, do hereby consent in writing to the adoption of the following resolution in accordance with the Declaration of the Association:
WHEREAS, Title 68, Chapter 53, Section 5302(a)(12) of the Pennsylvania Consolidated Statutes empowers the Association to impose a capital improvement fee on the resale or transfer of units, and,
WHEREAS, the Board of Directors has determined that a capital improvement fee to be paid upon the sale or transfer of any unit is necessary an appropriate, to be used to defray the future cost of new capital improvements, or replacement of existing common elements; and,
WHEREAS, the Board of Directors approved a capital improvement fee in an amount equal to one-third (1/3) of the annual assessment for the most recently completed fiscal year, effective February 1, 2007.
THEREFORE, IT IS RESOLVED that the capital improvement fee is to be increased to five (5) times the currently monthly assessment to be paid to the Association upon the sale or transfer of any unit in the community. No capital improvement fee shall be imposed on any gratuitous transfer of any unit between any of the following family members: spouses, parent and child, siblings, grandparent and grandchild. The monies generated by this capital improvement fee shall be placed in a separate capital account and may be expended only for new capital improvements or replacement of existing common elements and may not be expended for operation, maintenance or other purposes.
The capital improvement fee shall be paid at the time of settlement upon sale or transfer, and no deed shall be transferred or recorded until the capital improvement fee is paid to the Association. Delinquent payment of the capital improvement fee shall be collected in the same manner as any other delinquent assessment.
THIS RESOLUTION BECOMES EFFECTIVE September 1, 2019.
IN WITNESS WHEREOF and as approved by the Board of Directors of the Sunnybrook Village Community Association on the 3rd day of June, 2019.