The Woodlake Board of Directors believes the passage of the Voting Power Amendment to the covenants will put in place a clear, equitable and stable voting distribution between Class A (residents) and Class C (commercial). The financial impact with passage the assessment to the budget will be minimal.

The Voting Power Amendment At-A-Glance

• An issue exists in Woodlake’s bylaws in how votes are distributed between Residential and Commercial Property Owners.
• • As a result, a misalignment and disparity between the voting power of the Residents and the voting power of Woodlake Commercial Property Owners will continue to increase over time.
• • To correct this issue, an amendment is needed to Woodlake’s covenants.
• • The amendment (Item 3 on the April Ballot) will put in place a clear, equitable and stable voting distribution between Residential and Commercial Property Owners.

The Amendment Will:

1. 1. Ensure all Residential and Commercial Property Owners receive (an equal) 2 votes per property.
2. 2. In consideration of the redistribution of votes, Commercial Property Owners will receive a 50% discount on any future assessment increases beginning 2024.

A detailed summary of the amendment is available below.