Reserve Fund Pledge

Click Here for Reserve Fund Pledge Form.

Canal Point Community Assumes

Ownership and Care of Common Elements

A strata is the corporate structure used by private communities in the Cayman Islands to achieve consistent predictable assessments to maintain and improve common elements such as roads and canals. The Canal Point Homeowner’s Association (CPHOA) is not a strata corporation and Canal Point has missed its opportunity to become a strata.

Established in 1997, CPHOA has maintained and operated the security gate to the Canal Point Community, upgraded street signs, trimmed hedges and cleaned the deep wells – all on the roads that continued to be owned by the original developer of Canal Point.

However with 30 years of use, roads and canals themselves are in need of major repairs. For example, the owners of properties (the majority but not all) on Accent Quay worked together privately to raise the funds and repave their road.

Established separately from CPHOA in 2021 by property owners in Canal Point, Canal Point Roads Fund (CPRF) received from the developer ownership of roads and canals in the Canal Point Community. Although unable to become a strata, CPRF seeks to instill similar ownership interest in our roads and canals and responsibility for their maintenance and repair.

A Vision for Canal Point Community

We are not just interested in road maintenance. We imagine a future where Canal Point is a sought after place to live in Cayman by the most discerning property owners. So we want to make certain our community is among the most desirable places to live in Cayman. It takes a thousand second impressions to change a first impression and that first impression is the quality of the roads and amenities that bring you into our great community. We want for ourselves and our neighbors, children, and friends to be safe and secure to enjoy the experience of living in a well-maintained neighborhood. Achieving this vision will not only address our immediate safety concerns such as dangerous potholes and flooding on our roads today, but it will also enhance the value of our properties and make Canal Point among the best places to live in Cayman. 

Repave Roads and Deal With Flooding

Our initial capital project will focus on repaving our roads. To attempt to resolve the flooding problems, we will be obtaining a professionally-developed stormwater management plan that will determine the various new slopes of the repaved roads and the location of 100-foot deep wells with catch basins and metal grids.

Early estimates indicate CI$1.5 million is needed to replace the roads in the near term and with inflation there’s a sense of urgency to our need to take action.  Additional costs related to an unknown number of deep wells that are also needed to be funded.

How Will We Raise the Funds?

Based on historical participation, each homeowner will need to pledge for the road and deliver on request CI$38,000 (half that for a vacant lot) and CI$7,500 for each deep well they would like to fund on their street.  As initial one-time payments, these are not significant amounts when you think of the benefits that you will enjoy over many years and when you compare this to the annual strata fees being paid in other developments. 

Complete a Pledge Form Now

We are excited that we have already received positive feedback on this and have a signed pledge form in hand from each of the directors on the Canal Point Roads Fund and from several other leaders in the community. We also need your strong support to make this happen.

Our ask is that you complete our pledge form and once we have $1 million in pledges we will begin with redeveloping the roads to address the flooding and safety concerns. Our goal here is to get these pledges as soon as possible so we are organized to get the roads and drainage up to the standard they should be. With your support we can get this done in 2025.