ROOFING PROJECT UPDATE #5
Concerns/Questions regarding the roofing project should be directed to National Property Services at ashleynps@aol.com or 480-443-5566. The Board’s roofing consultant is Louis Hunt (http://www.prmteam.com). The Board of Directors understands the impact and enormity of this project and encourages input from ALL homeowners. Here are answers to more questions from homeowners:
1.Q: When will homeowners be given an idea of just how much money we’ll be assessed?
A: The Board of Directors, along with Management and roofing consultant Louis Hunt, continue doing research into all the factors that must be considered in determining a “solid number.” When that number is presented to the Village 2 membership, homeowners will be given details as to how that number was established. At the present time, it appears that the assessment will not exceed $4,200 per homeowner, and may, indeed, be less than that, as the Board looks at all options to assure Village 2 homeowners get the best job at the best price.
2.Q: When will I have to pay the assessment?
A: The Board understands that homeowners will need time to raise the money. Therefore, the current thinking is that the Board will announce the exact amount of the assessment before the end of 2010, and homeowners will have until June 30, 2011, to make full payment to the Association. From the time of this mailing in August 2010, this window gives homeowners nine (9) months to make arrangements. Neither Management nor Village 2 HOA will be involved in procuring financing options for individual homeowners.
3.Q: I’m concerned about my air conditioners while the workers are on the roof.
A: The A/C units are in the towers, not on the tile roofs. Last year, the Board began refurbishing the towers by cleaning and refoaming the flat roofs of four buildings that were identified as most in need. The Board is now studying bids from contractors to proceed with another four buildings, and the remaining four buildings will be done in the spring of 2011, completing the towers of all 12 buildings prior to the tile project. The cost of these projects is paid for from the reserves. Contractors working in the towers are responsible for preserving the current condition of the air conditioners at the time the work is performed.
4.Q: Why is the Board considering borrowing money from foreign banks?
A: At the present time, the Board is not considering borrowing money from any bank because borrowing would increase the cost of the project to the homeowners. While it might possibly be necessary for HOA to borrow for unforeseen circumstances, absolutely no mention has been made of borrowing from foreign banks. Everybody paying his/her fair share on time should make borrowing unnecessary. Please be sure your homeowner’s account is current.
5.Q: Why would the Board not consider using a portion of reserves to defray the cost of the project?
A: The Board has determined that current reserves are insufficient to fund this project. One must keep in mind that the roofing project is not the only concern for the Association. The Board is responsible for ensuring all the Association's costs are well-covered for the present as well as for the future. The CCR’s require us to reserve enough money to cover at least two months of bills. We must continue saving for future projects such as infrastructure repairs, landscaping, paving, and painting when they become necessary again, as well as for emergencies.
6.Q: Village 2 homeowners pay $170 in monthly assessments. How does this compare with the other villages?
A: Lowest is $160, and highest is $186. One is $172 and the remaining two villages are $170.
Here is what V2 homeowners receive for their $170 monthly assessment:
1 $55 per homeowner goes to VRA to maintain pools, tennis courts, common areas
2 Maintenance of V2 property: painting, repairs, night lighting
3 Insuring V2 property as required by the CCR’s
4 Property maintenance: tree trimming, lawn and shrubs
5 Water, sewer, garbage
6 Management/administration fees
7 Legal fees
8 Pest control: termites, rodents, flying insects, etc
9 Emergency repairs as required by the CCR’s
10 $2,083.33 is transferred from checking to savings (reserves) every month
A volunteer board of directors oversees all of the above so you won’t have to!!! We’re always looking for volunteers who can find ways of doing things faster, cheaper, and better. If that’s you, don’t hesitate to volunteer for the 2011 board and bring your good ideas!!!
DISCLOSURE
The Village Two Board of Directors has a fiduciary duty, by law, to inform the homeowners of potential issues that have come to their attention. Furthermore, the Board has a fiduciary duty to correct the issues to the best of their ability, exploring all possible options. When homeowners buy into a condominium homeowners' association (HOA), there are at least two implied agreements: 1) homeowners agree to abide by the CCR's (restrictions), and 2) homeowners agree to pay for improvements and maintenance/upkeep of the property. Now that the Board, Management, and Village Two homeowners are all aware of the roofing situation, it is required by law that this information be disclosed to realtors and all future homebuyers.
