Wilma and Restoration Projects Final Costs
Dear Owner,
Many of you have asked for a final accounting of the Wilma and Restoration Projects checking accounts.
Please remember that at the start of these projects accounting was handled by our in-house accounting system and the final portion of these projects accounting was handled through our management companies accounting systems. Thus, it has taken some time to assemble a final accounting for your information.
Attached is an accounting of all the income, expenses, interest paid and earned, and loans from our bank and inter-account borrowing. These reports are titled as follows:
Wilma Project Cleanup Final Cost, Restoration Project Final Cost and a listing of work items that were required to be completed by code that were not anticipated in the original budgets.
You should note that the final projects cost overrun was $204,436.12. Also note there were code required extra items added to the contract that were paid and not assessed from owners, in the amount of $476,285.00.
Also attached is a listing of items of building work items that need to be upgraded and required by either current building code or our insurance company at a cost of $208,071.00. Until our insurance company is assured, by inspection, that all our windows and doors have been upgraded, we will continue to pay a premium in insurance cost each year.
The upgrade cost estimate includes all common area windows and doors, all laundry room windows, all stairwell windows, all alcove windows, all clubhouse windows and doors, all maintenance building windows and the four main building entrance doors.
The total cost of code upgrades and project shortfall is estimated at this time at $412,600.00.
The shortfall will require a special assessment of owners in the amount of $2,600.00 each over time to complete these upgrades and cover the final project costs. The Board has the option of using a bank line of credit to ease the pain of this assessment.
The Board would therefore suggest the following schedule of special unit assessments to complete these items by August 1, 2009:
Le Baron Owner
June 10, 2008
Page 2
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 |
A Special Board of Directors Meeting will be scheduled in the near future, with proper notice, to discuss this special assessment.
Should you have questions regarding any of these reports, costs, upgrade work items or assessments, please feel free to contact me. I may be reached via email at sambowling@doughertyco.com.
Very truly yours,
Samuel M. Bowling
for the Board of Directors
Attachments:
Wilma Project Cleanup Cost Summary
Restoration Project Cost Summary
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