Park & Recreation Promissory Note | Woodmen Hills
Woodmen Hills Metropolitan District
Park and Recreation Fees
On March 11, 1996 Peter Susemihl submitted a REQUEST for MODIFICATION of the APPROVED SERVICE PLAN seeking to acquire the West Recreation Center for the Woodmen Hills Metropolitan District. "The Owners would like to sell this Club House to the District for the sum of $900,000 to be paid by way of a twenty year promissory note bearing interest at 8%. The source of repayment would be a new Park & Rec MONTHLY FEE PER HOMEOWNER in the amount of $35 (which includes an additionally maintenance fee of $10) and these would escalate annually with the CPI. The only source of payment will be the fee so that there is NO LIABILITY TO THE PROPERTY OWNER - it will be like a cash flow note." (Source: Letter dtd March 11, 1996, Pg. 1, Emphasis Added)
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