assessments-and-fees

Privately Funded Community

View a Breakdown of the 2017 Assessments and Fees

Hurricane Matthew Supplemental Assessment

The Supplemental Annual Assessment – February 2013 Digest

GENERAL ASSESSMENTS

Paid annually by all members, general assessments cover the maintenance of common properties (e.g. association owned/leased roads, landscaping, lakes, leisure trails, signage and majority of boardwalks), security operations (e.g. gate access, patrols and commercial access) and administrative operations (e.g. insurance on the common properties, legal and accounting services).

THE SANDCASTLE/POOL AMENITY ASSESSMENT

This assessment is paid by Type A (residential) members annually, and funds the operation and maintenance of The Sandcastle and pool.  Only Type A members may use the facility. (Separate program user fees may apply.)

SUPPLEMENTAL ANNUAL ASSESSMENT (SAA) AND HURRICANE MATTHEW ASSESSMENT

First approved in January 2013, the SAA strengthens and diversifies the revenue stream supporting KICA’s reserve fund. Reserve funds are used to repair and replace vital infrastructure on the island. For 2016, an additional supplemental assessment will fund the ongoing clean-up and repairs necessary following Hurricane Matthew. The hurricane supplemental assessment was approved in December of 2016 and is reflected on the 2017 statement.

SECOND GATE SEGMENT ASSESSMENT

The Second Gate Segment Assessment is paid annually by members owning property behind the Vanderhorst gate (V-gate) and covers the operation and maintenance of that gate.

PRESERVE SEGMENT ASSESSMENT

Paid annually by members in the Preserve, this assessment covers the repairs and maintenance to the common area fences and landscaping.

SECONDARY OWNER ADMINISTRATIVE FEE

This fee is charged annually for each additional member household of the property to cover costs associated with multiple-ownership (e.g. barcode application processing, guest pass and service requests, new member guides, printing, postage, database updates and legal fees associated with verifying ownership.)

CONTRIBUTION TO RESERVES

A fee of 0.5% of the gross purchase price of a new property, with a minimum due not less than the amount of the current year’s annual assessment.

PROPERTY SALE ADMINISTRATION FEE

This fee is collected at closing on each property transfer to cover the administration costs associated with ownership changes.

RECREATION CENTER INITIATION FEE

This fee is due at closing on new lot sales or homes not previously assessed. The fee is equal to the amount of the general assessment for an unimproved property.

PROPERTY STATUS CHANGE FEE

(Balance of the Recreation Center Initiation Fee) When an ARB building permit is issued, the lot status changes from unimproved to improved and this fee becomes due.