11/05/2025
Good Evening Neighbors!
This is Tony Blecher, your current HOA board president. This week you should have received in the mail a proposed amendment change to our indentures to vote on. As a board, we agreed to send out these proposed changes for a few reasons which I will attempt to briefly summarize below as best I can to hopefully clear up any confusion there may be and alleviate any concerns. In retrospect, it would have been prudent for us as a board to hold an informational meeting before sending out these proposed amendments. As Board President, I’ll take full responsibility for that lack of forethought and apologize for the poor communication. In an attempt to rectify that error, we will be holding a virtual Q&A meeting next Wednesday, November 12th at 4pm CST via zoom. All three board members, Treestone, and our lawyer will be on the call to discuss and talk about any questions you may have. Treestone should be sending out a link via email tomorrow, November 5th.
Now my attempt to clarify a couple of points.
1) The current quorum requirement to hold an annual meeting and elect new board members is 30%. While this may seem low, we have a very large neighborhood and attaining that 30% has been difficult year after year. This has required board members to go door to door to try and attain a required number of proxies. One proposed amendment change would lower the quorum requirement to 10%. This (along with mail in voting) should make it easier to hold annual meetings and elect new board members. This does not change the requirement to change any part of the indentures. We will still need 2/3rds of the neighborhood to give written consent to change the indentures as stated in Article XI, section 4 which isn’t being changed by this amendment. This will prove even more difficult to obtain than the 30%. We expect this to take awhile to reach the required 2/3rds to pass these proposed changes.
2) Regarding the leasing restrictions: there is a “grandfather” clause in the proposed amendment for every current owner in the neighborhood. The only new requirement for renting your house if you already own is having to own your property for at least 5 years before renting. All other requirements will be applicable to new owners after the date this proposal reaches the required 2/3rds support of all current owners. This includes the 10% maximum rental rate which won’t apply to any current owners grandfathered in. Our current rental percentage is just under 5%.
Hopefully these two clarifications are helpful.
Let me end by thanking the other two board members and every other volunteer helping on any committee. We are all volunteers (including myself) just trying to do our best to help make Preston Woods the best neighborhood possible. We’re not perfect by any means (as evident by our lack of communication prior to this proposed amendment being mailed out). We also aren’t expert lawyers with vast experience at drafting proposed amendments to indentures! Which is why we will be having the lawyer on the virtual meeting next week to help answer the finer, more nuanced questions you may have!
Whether these proposed amendment changes pass or not, I want to thank you for your understanding and involvement in this process.
Sincerely,
Tony Blecher
