Home
News
voice
Questions
Photos
Meetings
Meeting minutes
Treasurer's Reports
Forms
Governing Documents
Architectural Committee
C.R.E. Committee
Community Gardens
Contact Info
Links

 

 

 

 

Public Offering Statement

Public Offering Statement For Stonecrest Village,
A Homeowner’s Association Community

EVERY PROSPECTIVE PURCHASER SHOULD READ THIS DOCUMENT CAREFULLY

NAME OF ASSOCIATION:  Stonecrest Village, A Homeowner’s Association

ADDRESS OF ASSOCIATION:        P.O. Box 380, Reamstown, Pa 17567

THIS PUBLIC OFFERING STATEMENT IS BEING PRESENTED BY THE SELLER IN AN ATTEMPT TO DISCLOSE AND SUMMARIZE INFORMATION PERTINENT TO CONSIDERATION OF A PURCHASE OF A HOMEOWNER’S ASSOCIATION TOWNHOUSE LOT AT STONECREST VILLAGE. SINCE IT IS A ABBREVIATED FORMAT, PROSPECTIVE PURCHASERS SHOULD ALSO REFER TO THE COMPLETE DOCUMENTS REFERRED TO ON THIS SITE FOR MORE DETAILED INFORMATION.

THE CONTENTS OF THIS PUBLIC OFFERING STATEMENT.

This Public Offering Statement consists of separate sections. This first section is a narrative intended to summarize the significant features of the Stonecrest Village Homeowner’s Association and presents additional information of interest to prospective purchasers. The other sections include: (1) the proposed Declaration of Stonecrest Village Homeowner’s Association (including the Plats and Plans for the Homeowner’s Association in reduced size); (2) the Bylaws of Stonecrest Village Homeowner’s Association, (3) the annual budget (proposed or actual as the case may be) of the Stonecrest Village Homeowners Association and (4) a deed for the entire property. The Declaration, Articles, and the Bylaws are herein referred to as the “Homeowner’s Association Documents.” This narrative is intended to provide only an introduction to the Homeowner’s Association and not a complete or detailed discussion. Consequently, the other parts of this Public Offering Statement should be reviewed in depth. If there is any inconsistency or variation between this Public Offering Statement and the Declarations or Bylaws, the Declaration and Bylaws will govern.

No person or sales agent or other representative may orally modify the terms and conditions of the Homeowner’s Association Documents or interpret their legal effect. All capitalized terms which are not defined in this Public Offering Statement have the meanings set forth in the Declaration or in by Bylaws.

The Stonecrest Village Homeowner’s Association Concept

The term “Homeowner’s Association “refers to a form of property ownership. Property which is owned as a homeowner’s association contains one distinct type of property, Common Elements. The Common Elements, constitute the land and common open space which is not part of the deeded fee simple lots owned by each individual Townhouse Lot Owner.

A residential Townhouse Lot Owner is one of many mutual owners of Common Element areas which a Townhouse Lot Owner may use and enjoy along with owners of other Townhouse Lots.

Each individual Townhouse Lot Owner owns with his Townhouse Lot, a specific interest in the Common Elements. This means that all Townhouse Lot Owners share in the ownership of all Common Elements. The ownership of this percentage interest gives each Townhouse Lot Owner the rights, subject to the terms of the Declaration, the Bylaws, and the Plats and Plans, to use and participate in the control of the Common Elements (through membership in the Stonecrest Homeowner’s Association), and also imposes upon each Townhouse Lot Owner the obligation to pay a percentage of the expenses of operation and maintaining the Common Elements equal to his Percentage Interest multiplied by the aggregate amount of these Common Expenses. The amounts of these Common Expenses are determined in annual budgets established by the Board of Directors of the Stonecrest Village Homeowner’s Association. It is this shared ownership of the Common Elements which distinguishes Stonecrest Homeowner’s Association ownership from other forms of individual property ownership.

The Declarant: The Declarant is Stonecrest Village Homeowners Association Inc.

Locality:

The Homeowners Association is located in East Cocalico Township, Lancaster County, Pennsylvania. There are well balanced land uses with respect to the divided streets, center landscaped island , off street alleys and parking and 3.72 acres of common open space.

Education facilities in the general area are good. Elementary and secondary schools in the vicinity of the site include the following:

Public schools: Cocalico School District

Reamstown Elementary School

Cocalico Middle School

Cocalico Senior High School

Private Schools:

Linden Hall, Lititz, Pa

Lancaster Catholic High School Lancaster, Pa

Montessori Learning Center, Lancaster, Pa

Colleges and Universities:

Millersville University, Millersville, Pa

Franklin & Marshall College, Lancaster Pa

Elizabethtown College, Elizabethtown, Pa

Aibright College, Reading , Pa

Reading Area Community College, Reading, Pa

Stevens State School of Technology, Lancaster, Pa

A wide variety of shopping facilities are also located near the site, among these are:

Park City Mall, Old Harrisburg Pike, Lancaster, Pa

Downtown Ephrata

Ephrata area shopping centers

Numerous places of worship are conveniently located with respect to the site, and health care facilities servicing East Cocalico township include:

Ephrata Community Hospital

Public transportation via Amtrak and the Red Rose, Greyhound and Trailways bus systems service the Lancaster area. In addition, convenient highway access is available via U.S. Route 272, Route 222, and Pennsylvania Turnpike.

General Description of the Homeowner’s Association

Stonecrest Village is located in East Cocalico Township at approximately 169 North Reamstown Road, Lancaster County, Pennsylvania 17567. Stonecrest Village consists of five (5) buildings which contain five (5), six (6) and eight (8) Townhouses each for a total of thirty —five (35) Townhouses, situated on approximately 8.198 acres of ground. Townhouses constructed as two and three bedroom homes with the majority being three bedrooms.

The Percentage Interest allocated to each Townhouse Lot is equal to 1/35 ownership of the Common Elements.

Public water service and public sanitary sewer service will be provided by the East Cocalico Water and Sewer Authority. Each Townhouse has a meter to monitor usage. Electricity service is presently provided by the Pennsylvania Power & Light Company and will be individually metered to each Townhouse Lot. Gas service for heating, cooking, hot water and clothes drying will be provided by U.G.I. and is individually metered to each townhouse Lot.

The Homeowner’s Association Documents

The Homeowner’s Association documents consists of the Declaration, Proposed Budget and the Bylaws. The Declaration may be amended only by a vote of sixty (60%) percent of the Townhouse Lot Owners to whom votes in the Stonecrest Village Homeowner’s Association subject, in certain instances, to the concurrence of the holders of mortgages encumbering the Townhouse Lots.

The Declaration is the formal, legal document which creates the Homeowner’s Association, records the Plats and the Plans showing all Townhouse Lots, defines certain terms, and allocates the Percentage Interest in the Common Elements and Common Expenses.

The Bylaws are the governing documents setting forth the method of management of the Homeowner’s Association. The Homeowner’s Association Property, including the Common Elements, is to be managed by the Association of the Townhouse Lot Owners through a Board of Directors.

The Declaration and the By laws are complex documents. Copies of these documents are attached for review by you and any legal counsel or other advisors you may elect to retain. Some of the significant features of the Declaration and Bylaws are described below.

Townhouses constructed on Townhouse Lots may be used by the Owner only for residential purposes.

Under the declaration, the Board of Directors may promulgate Rules and Regulations governing the use of the Homeowner’s Association Property. Copies of the Declaration with the rules and regulations must be delivered to every Townhouse Lot Owner. If at the date of delivery of this Public Offering Statement any Rules and Regulations have been enacted, they are attached hereto. These Rules and Regulations may govern, among other things, the use of recreation facilities, if any, and the ownership and enjoyment of pets on the Property.

Each Townhouse Lot Owner is solely responsible for the proper care and maintenance of his or her Townhouses. Maintenance of the Common Elements is the responsibility of the Homeowners Association.

The Homeowners Association is comprised of all of the Townhouse Lot Owners. The daily affairs of the Homeowners Association are to be managed by the Board of Directors, which initially shall consist of three (3) persons. The Association has the right to remove any of its appointees at any time.

The Board of Directors is required to meet at least once a month. Its responsibilities include the approval of capital expenditures, the establishment of a budget for each fiscal year and the assessment against each Townhouse Lot and

Townhouse Lot Owner of a portion of the funds necessary to operate under such budget, A majority of all Townhouse Lot Owners may, however, reject any budget or capital expenditure approved by the Board of Directors, within thirty (30) days after such approval

Each Townhouse Lot’s assessment for Common expenses shall be in proportion to its Percentage Interest. Assessments for Common Expenses are made by the Board of Directors and are payable by the Townhouse Lot Owners. If the amount assessed and collected by the Board of Directors during any year is not sufficient to cover the actual expenses of the Homeowners Association, the Board of Directors may make additional assessments for the fiscal year. Any assessment which a Townhouse Lot Owner does not pay, when due, becomes a lien against the Townhouse Lot Owner’s Townhouse Lot and is enforceable in accordance with the Bylaws, which provide for a late charge often (10%) percent of the overdue amount or such other rate as the Board of Directors may determine. In addition, if the Board of Directors wishes to expend or borrow monies or incur expenses in an amount greater that 33.3% of the aggregate of all budgeted expenses for the fiscal year, such expenditures must have the prior approval of two-thirds of all the Townhouse Lot Owners at either a regular meeting or a special meeting called for such purpose.

Homeowners Association Budget

If, as of the effective date of this Public Offering Statement, the Association has any balance sheet, the same is attached hereto. A Projected Budget for the twelve-month period from December 1997, to December of 1998 is attached hereto. This budget was prepared by the Treasurer based on occupancy of 35 townhouses for twelve (12) months. The budget includes a reserve for repairs and replacements and a small contingency reserve for unanticipated expenses. The budget provides no other reserves. The budget also sets forth the projected assessments.

A reserve fund will be established by segregation of a portion of each month’s payment on account of the Homeowner’s Association.

Judgments and Lawsuits

There are no judgments against the Homeowners Association and there are no lawsuits pending against the Homeowner’s Association of which the Association has any knowledge.

Insurance Coverage

The Board of Directors and the Homeowners Association agree to obtain and maintain insurance coverage for the Homeowner’s Association Property as follows:

(a) Comprehensive liability insurance insuring Townhouse Lot Owners (in their capacity as Townhouse Lot Owners), members of the Board of Directors and any management agent against any liability to the public or to the Townhouse Lot Owner, their tenants or invitees. The initial limits of liability shall be $1,000,000.00 for death or personal injury in any single occurrence and $500,000.00 for property damage in any single occurrence.

EACH TOWNHOUSE LOT OWNER AND OWNER OF A LOT AND TOWNHOUSE SHOULD MAINTAIN HIS/HER OWN LIABILITY INSURANCE.

(b) Fidelity coverage against dishonest acts on the part of the Board of Directors and members, officers, agents, employees and volunteers who handle Association ftinds. Such coverage to be in an amount at least equal to the sum of three month’ assessments on all Townhouse Lots in the Project, plus reserve funds.

(C) Workman’s Compensation insurance, if required by law, The premium for the foregoing insurance will be paid by the Homeowner’s Association, and each Townhouse Lot Owner will pay his share as part his assessment for Common Expenses. The Association may carry any other policies of insurance it deems appropriate.

Fees and Charges

Except for the Common Expenses assessments referred to above, the Association does not expect to cause or have any other charges imposed for the use of Common Elements or other facilities related to the Homeowner’s Association Property. The Board of Directors may, however, impose charges for the use of the Recreation Areas,

Structural Components and Major Utility Installations

All common Element components and major utility installations in the Homeowner’s Association Property will be new when installed. The useful life (based solely on manufacturer’s representations and reasonable expectations) and estimated cost of replacing such items for each building (based on current costs) is as follows:

COMPONENT           USEFUL LIFE REPLACEMENT

COSTS

Asphalt 12 years           $8,000.00

2,000 Lin. Ft. x 12       = 2,667 cu. Yds. Top coat

apron 600’ x 8’            = 534 cu. Yds. Top coat

top coat @ $2.50/cu.yd.           = $8,000.00

Reserve required yearly            $1200.00

Common Sidewalk at Entrance Only

COMPONENT           USEFUL LIFE REPLACEMENT

COSTS

Concrete          20 years           $5,750.00

575 un. Ft. @ $2.50/sq. ft.       $5,750.00

Reserve required yearly            = $ 287.50

Amendments

This Public Offering Statement is subject to change without notice in order to

reflect any material changes in the information set forth herein or otherwise required by law.

Any information or date regarding the Homeowner’s Association not included in this

Public Offering Statement must not be relied upon. No person has been authorized by the Association to make any representation or warranty not expressly contained herein, and nothing in this Public Offering Statement may be changed or modified orally.

STONECREST VILLAGE HOMEOWNERS ASSOCIATION

PROJECTED BUDGET 2007

(Updated information coming soon)

I

2007 BUDGET ASSUMPTIONS

(updated information coming soon)

 

Back

.......................