Grand Valley Lakes POA, Inc.
405 Grand Valley Drive Saulsbury, TN 38067
Office: 731-376-0116 Gate: 731-376-8333
Fax: 731-879-1419 Email: gvlpoa@yahoo.com Website: www.grandvalleylakes.com
May 17, 2021
To GVL Property Owners:
The spillway gate, which regulates the water level in the lake, is not functioning and has to be replaced. If it were to fail, the lake would drain and there is the possibility that we would lose part of the levy, also, so it is important that it be replaced as soon as possible. On 2-23-21, the Board contracted with F&M Engineering in Savannah TN, based on their experience with spillways and water control systems. Their plan is to begin the work around June 15th of this year.
The current proposals for replacement total $114,106 and $149,860. A more precise number will be given to us by F&M Engineering before the work is started. Whatever amount we are given, we will be adding in 10% of the cost to attempt to cover unforeseen costs; that amount will be used to decide how much to pull from our accounts.
$41,000 of the total cost will come from the PPP money that we received for COVID relief. Other options continue to be discussed, such as–select cutting some trees. The remainder of the money will come from our savings account. We will work out a repayment plan to ourselves with a 2% interest rate over the payback period.
In order to lessen the amount taken out of our savings, each Board member has committed to giving some amount of money. We are asking that everyone who can, please contribute some amount of money; no amount is too small.
These funds can be given to Lona Coffee or mailed to her at 240 Teton Dr., Saulsbury, TN 38067. You can also leave it with Margaret in the POA Office; Margaret can also take credit cards.
Your additional money would be appreciated as soon as possible so that we can pull less out of savings. However, if you can’t make the early June timeframe, we’ll still take it and put it back in savings.
A MEETING WILL BE HELD AT THE POA LODGE ON FRIDAY, MAY 28th AT 7:00 PM TO GIVE FOLKS DETAILS, LET THEM ASK QUESTIONS AND PRESENT ANY IDEAS ON WHERE THE MONEY COULD COME FROM AS WELL AS HOW LONG THE PAYBACK TIME SHOULD BE.
Thank you,
Your Property Owners Association Board