And, we have eliminated our original mortgage of $7,000,000 incurred at the time of conversion without ever refinancing the principal or taking on a second mortgage. In the same period of time we have expended $15,000,000 for capital improvements.

The current $900,000 in assessments is because we did not lower charges when we retired the mortgage. We moved the mortgage amount (about $450,000) from maintenance income to assessment (for IRS tracking purposes) and maintained our original assessment amount of $450,000. The combination of the two streams (now one assessment) produces $900,000 a year.

Net net. the shareholders are paying the same amount as they did when the mortgage existed, save the yearly maintenance increases that we all face.

Our long term capital improvement plan, as required by the AICPA, shows that over the next fifteen or so years we have another $15,000,000 to expend.