LE BARON CONDOMINIUM ASSOCIATION
FINAL COSTS & BALANCES – RESTORATION ACCOUNT
Restoration Account Income:
Special Assessments 161 units @ $18,650.00 per unit $3,002,650.00
Special Assessments Entrance & Egress Doors $460,976.00
Special Assessments Uncollected (In legal process) ($32,300.00)
Special Door Assessments Uncollected (In legal process) ($7,772.00)
Special Assessments Restoration Received $3,423,554.00
Interest Earned $20,433.48
Loan from Wilma Acct. 244,569.81
Loan from Colonial Line of Credit $238,755.09
Total Restoration Account Income Received $3,927,312.38
Restoration Account Expenses:
Flacks Painting Payments $3,148,629.07
Bromley • Cook (Engineering Inspection Fees) $148,365.13
St. John Core (Legal Expense Insurance Claim & Collections) $36,070.69
Smith & DeShields (Doors) $258,200.00
Hugins Construction Co. (Door Installation) $231,930.32
Interest Expense $26,060.33
Loan from Wilma Acct. $244,569.81
Bank Line of Credit Colonial Bank Loan $238,755.09
Total Restoration Expense $4,332,580.44
Income less Expense $405,268.06
Forgive Wilma Loan to Restoration Account $224,364.81
Restoration Shortfall Amount $180,903.25
WORK ITEMS NOT INCLUDED IN ORIGINAL RESTORATION BUDGET ESTIMATE BUT REQUIRED TO BE INSTALLED AND PAID FOR IN RESTORATION PROJECT:
Budget Quantity Error |
$ 81,000.00 |
Painting Garage Floors |
$ 106,360.00 |
Catwalk Code Railings |
$ 165,726.00 |
Additional scaffolding required to pour penthouse balconies |
$ 53,719.00 |
Fiberglass wrap added to walkways |
$ 25,920.00 |
Close north entrance opening to beach |
$ 9,200.00 |
Parking Lot & Pool railings |
$ 32,000.00 |
Parking curbs paved areas |
$ 2,360.00 |
Total scope items completed and paid in restoration
project that were not assessed to owners |
$ 476,285.00 |
Total Wilma & Restoration Shortfall |
(204,436.12) |
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Common Area Window & Door Replacements |
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Code Upgrades Required by Insurance Company |
(116,800.00) |
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Electrical Code Upgrades |
(20,000.00) |
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Roof Exhaust Fan Upgrades |
(10,371.00) |
Promenade Wiring Upgrades |
(4,900.00) |
Ground Floor Plumbing Upgrades |
(56,000.00) |
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($412,507.12) |
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Total Units |
161 |
Total Assessment Required |
$2,562 each unit |
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Suggested Special Assessments |
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Payment Schedule: |
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August 1, 2008 |
$ 500.00 |
November 1, 2008 |
$ 500.00 |
February 1, 2009 |
$ 500.00 |
May 1, 2009 |
$ 500.00 |
August 1, 2009 |
$ 600.00 |
Total Assessments |
$ 2,600.00 |
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