Vote now to approve Association purchase of property at 840 East Lake Drive & collateral
The City Council of Edwardsville has approved the sale of the property located at 840 East Lake Drive, often called the Fogle house. The Dunlap Lake Property Owners Association has negotiated a contract in accordance with the vote of the membership last year to amend the covenants and restrictions. First Clover Leaf Bank is supplying the financing with 840 East Lake Drive, 438 East Lake Drive and/or Lot 35 of Block D of the Dunlap Lake Subdivision as collateral for the loan.
Per the 1977 amendment to the Association’s Articles of Incorporation, a vote of the membership is required to acquire or assign interest in property. A ballot has been mailed to every homeowner and must be postmarked and returned by Monday, March 16, 2015.
Your assessment will remain $500 whether or not we purchase the property. If the homeowners decide to dredge the lake, this is a perfect location for silt. It is a large lot and water would flow naturally back into the lake saving the huge expense of mechanical dewatering.
If you have questions you are welcome to respond to this e-mail or call Carolyn Green at 618-791-1398.