During the POA Meeting, Joan Marchetti mentioned that assessments per lot are figured by dividing the budget by 147 and 1/2. Since there are 150 lots, I wondered why the POA doesn’t divide by 150. I sent Joan an email:
During the discussion you said you divide by 147.5 to get the per lot assessment of the POA.
Why don’t you divide by 150? There are 150 lots.
Here’s Joan’s response:
There were 6 original owners when the Island was to be developed. They were granted ½ share until their lot was sold and then it would go to a full share. Lot 10DI was sold so that leaves 5 original owners and thus 147-1/2. The Utility does not fall under this so that is divided by 150 lots
And that’s why the POA divides by 147.5.