While we have been successful in leveling our monthly expenses and continue to maintain our monthly regime fees at $200.00 per month, there are ongoing, capital expenses associated with maintaining our building roofs and exterior paint that must be addressed from time to time as well. Over the FYE 2012, we began addressing the issues of upcoming roofing and painting needs with a special assessment of $500.00 per unit. In the course of this past year, your Board has followed up with several roofing contractors in obtaining bids on the cost of re-roofing the even-numbered buildings, as the odd-numbered buildings have newer shingles, having been more recently re-roofed. The even-numbered buildings (left-hand side of the street) have begun to incur more and more needed repairs, primarily due to age, frequent storms, and other adverse weathering issues. In obtaining contractor bids, the Board has determined that the re-roofing will cost some $100,000 and needs to begin immediately.
Concurrently, the Board is also cognizant that the repainting of units are beginning to become an issue as well. We have tried in the past to extend the need to repaint with pressure washings and other measures, in an effort to keep expenses to a minimum and resist increases in monthly regime fees (or) the need for special assessments. However, beginning with 2012, the Board decided that repainting issues were going to have to be addressed as well. Units were last repainted in 2008 at a cost of $102,500.
As contractors expect at least partial payment to cover initial expenses at the beginning of a project and expect payment in full upon satisfactory completion, the Board has decided to extend completion of the entire project over a period of some four years, with re-roofing being the immediate priority. Re-roofing will begin immediately, doing one to two buildings at a time, as funds permit. With the $23,500 collected to date, we will immediately begin this process. Over the next four years, we will endeavor to amass the remaining funds necessary to complete the entire re-roofing and repainting projects.
In analyzing our funding needs, considering the current economic challenges to many, the possible cost increases of materials, and endeavoring to keep necessary assessments at a reasonable level for our homeowners, the Board has determined the need to increase the special assessment amount from $500.00 per year to $1,000.00 per year over the next four years, beginning with 2013. This assessment will be due and payable on a quarterly basis at $250.00 per quarter (more frequently, if you prefer), as long as a total of $250.00 is paid by the end of each quarter. These terms will allow us to keep the entire project moving towards completion as quickly as possible. Once the necessary funds are collected and available, this special assessment will cease until the need is once again apparent. The Board will work with the contractors to use those products with the longest life expectancy and highest quality.
Monthly regime fees will remain the same at $200.00 per month for 2013. The Board thanks you for helping to maintain our neighborhood’s appeal and property values and looks forward to a positive 2013. Thank you.
Marsh Pointe Board