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Severn Grove Improvement Association Seeks Council Approval To Use Assessments as Loan Security
Summary
The Severn Grove Improvement Association told the county it seeks approval to pledge multi-year assessments as security for a $140,000, 15-year loan to renovate its clubhouse and said homeowners' annual assessments are expected to remain unchanged.
The Severn Grove Improvement Association is asking the Anne Arundel County Council to approve a request allowing the community’s Special Community Benefit District to place a multiyear obligation on the district so Sandy Spring Bank can use the district assessments as security for a $140,000, 15-year loan to renovate the association’s clubhouse.
“We intend for the association’s annual…
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