Bloom Village is on its way: units incorporated into MVF

The long-awaited Bloom Village construction on the former golf course property is underway! Monument Realty is managing the site construction, including grading, utility work, street and stormwater construction, to allow for the development by Ryan Homes of approximately 85 town homes. The first phase of development is located just off Montgomery Village Avenue, with an entrance on Arrowhead Road. The neighboring HOA is Patton Ridge. The first new homes will be ready for sale by spring/summer 2021.

Also underway is the development of all the legal documents to form the new Bloom Village HOA. Just like other communities brought into the Montgomery Village Foundation (MVF), a Supplementary Declaration is being written and will be recorded in the land records with each new town house lot, requiring the payment of fees to MVF, and requiring new homeowners to abide by MVF covenants, including architectural standards. HOA documents will be recorded in the land records for each lot as well.

The new Bloom Village HOA will be managed by MVF’s Community Management Department. They are busy reviewing the draft bylaws for the new HOA and preparing a draft budget with Monument. This is all part of the normal process when getting ready for a new community.

In addition, Monument is building a new park located at the corner of Montgomery Village Avenue and Stewartown Road extended. This park will serve the entire community and will include a new playground, dog park, walking trails and community gardens. The park is required to be open prior to the occupancy of the 150th home. The community gardens will open once Stewartown Road extended has been built during the last phase of the project. Buildout is expected to last 4 years.

In accordance with MVF By-laws, MVF may collect a fee upon each transfer of title of a Private Dwelling Unit within Montgomery Village, the proceeds of which are to be used to provide for facilities and amenities open for the use and enjoyment of all MVF residents. For each new home that is built in Bloom Village, Monument will pay to MVF an initial Capital Contribution Fee (CCF), which MVF negotiated with Monument early on in the development process. The agreement with Monument specifies a graduated scale of per unit fees as development of the Bloom Village community progresses, with first units to be charged $1,000 per unit and last units over 400 charged up to $2,500 per unit. This agreement further ensures that the development of these new properties will contribute to the benefit of every Montgomery Village resident. Once the house is resold, the customary 1/10 of 1% CCF fee applies.

More information about the Bloom project can be found online at www.bloominmv.com.