Last year the PG BOD sought approval from PG association members for an amendment to our by-laws which would require collection of three (3) months HOA fees to be collected at the time of sale of any and all units and deposited in the Association's reserve account. This was seen as a necessary step to insure that the PG reserve account continues to be adequately funded as we go forward and face increased expenditures to maintain our buildings. The collection of three months HOA fees at the time of sale provides a funding source which will allow this community to present a well-financed statement to prospective buyers and lenders. This in turn will allow those selling to attract qualified buyers and increase property values. A properly financed and well maintained community is essential to a prospective buyer in order to secure mortgage financing. Having a community that is not in danger of bankruptcy or an imminent assessment is the very best way to insure stable home values and allow for increases in unit values. Our goal is to become a well maintained, well financed and well managed association which will bring a fair price for all units, if sold, while providing a great place to live both now and far into the future.

For more information, please see our bylaws, page 9 Article VI- Fiscal Management. The change is item #4- Reserve Payments.

Thank you for your support and understanding.

The Board of Directors

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Louisville, KY