RA Board in midst of changing proposed Tetra property acquisition referendum question

RA placed on its website this morning an amended proposed referendum question that it will consider this evening, February 26 at 6PM before its public meeting on the proposal.  The key change highlights that RA will use the existing building for RA purposes, an idea that was not clear in the earlier referendum proposal.

Here is the original proposal:

Should the Reston Association, acting through the Board of Directors, be authorized to:

1. Purchase the Tetra property, inclusive of land and improvements, located at 11450 Baron Cameron Avenue, Reston, VA 20190 in the North Point District as an addition to Common Area pursuant to Article IV, Section IV.10 of the Reston Deed; and,

         2. Borrow up to $2.65 million on behalf of the association to make the purchase and repurpose the    .            property for future community and recreation uses?

Here is the proposal that will be considered this evening (key change is in bold):

Should the Reston Association, acting through the Board of Directors, be authorized to:  

1) Purchase the 3.47 acre Tetra property, inclusive of land and improvements, located at 11450 Baron Cameron Avenue, Reston, VA 20190 in the North Point District as an addition to Common Area pursuant to Article IV, Section IV.10 of the Reston Deed; 

2) Borrow up to $2,650,000 on behalf of the Association to make the purchase; and,

3)  Renovate and repurpose the existing building and land for future community and recreation uses?

Using the pro formal business data presented in the "fact sheet" with this revised referendum proposal, we calculate that RA's purchase of the Tetra property will add about $16.57 per year to homeowners' HOA fee.  Here is the spreadsheet as we have summarized it:

We encourage Restonians to attend and participate in this important public hearing on the proposed Tetra property purchase.   Presumably the scheduled public hearing will follow immediately after the RA Board approves the proposed revision in the draft referendum text.