Wood Rot Repair, Painting & Renovation ALTAMIRA 4 HOMEOWNERS - - PowerPoint PPT Presentation
Wood Rot Repair, Painting & Renovation ALTAMIRA 4 HOMEOWNERS ASSOCIATION TOWN HALL MEETING SEPTEMBER 16, 2017 This Meeting is Being Recorded Information Provided is Subject To Change Images May Not be Representative q Silence
ALTAMIRA 4 HOMEOWNERS ASSOCIATION TOWN HALL MEETING – SEPTEMBER 16, 2017
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ü This Meeting is Being
Recorded
ü Information Provided is Subject
To Change
ü Images May Not be
Representative
q Silence Phones
q Quiet q Web Address/Copies at End q Slide Copies Differ Slightly
§ Project History § Options Considered § Project Scope § Project Cost/Funding § Q&A With Experts § Next Steps
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§ Ann Ekland, President § Kate Lister, Vice President § Barbara Beeby, Treasurer § Shawn Burns, Secretary § Bill Braude, Member at Large
Kirby Hady, Founder Pacific Western Painting PWP)
Brendan Concannon, V.P. Regional Account Executive Mutual of Omaha Bank
Laurie S. Poole, Esq., CCAL Peters & Freedman, L.L.P.
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Raini Gordy, Realtor Carrington Real Estate Adam Rohrbaugh, AIA, NCARB Architect, Founder A7 Group, Inc.
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The Problems
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$ Annual Income (from dues, tennis, etc.)
utilities, management, etc.)
street sealing, large landscape projects, etc.)
Operating Budget vs. Reserves
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11 Reserve Study (2017) 100% Funding $1,755,000
Actual Reserves* $727,000 Percentage Funded 41% 41%
* 6/30/17
“A 2013 survey by the Foundation for Community Association Research found that 1 in 5 Associations issued a special assessment in the previous 5 years, to cover necessary expenses that were not funded by reserves. Another one-third significantly increased monthly assessments to pay for major repairs and replacements.” 12
From IndependentAmericanCommunities.com
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Altamira 4 2008 to 2015 2015 Up 10% $225
Source: Article by Independent American Communities January 2016
About 7% 1992-2008
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Project History
The Cave of Altamira Santillana del Mar in Cantabria, Spain 35,000 years ago
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January 2015 – New Board Installed Began to look at wood repair project in earnest Interviewed Professional Service Firms Separate inspections/evaluations of property Chose architect (A7) October 2015 - Town Hall Meeting Presentation of concept by Architectural Firm. Informal indication of interest to pursue broad renovation project estimated to cost $1.2 to $2MM Mid-2016 - Solicited 3 Bids to Paint Unit on Fuchsia Lane as Prototype Approximately $10,000/lot Best Value Bidder (PWP) Selected to Bid Full Complex Full Complex Bid with various scenarios/scopes per Infrastructure Committee
Project History 2015-2016
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Project History 2017
Three New Board Members Installed Reviewed and reconsidered scope and re-bid as matter of due-diligence A7 Coordinated Re-Bid of Fuchsia Lane Prototype (3 Bids) PWP again chosen as best value bidder Architectural firm agreed on choice of PWP Board Agreed on Scope Management Company, Advisors, Committees, and Board Members Worked with PWP to Refine Cost for Full Project Examined Various Funding Models Board Agreed on Model to Present to Membership
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Options Considered By Infrastructure Committee and Board
enhancements 19
§ Painting alone: $400-$500K § No repairs § Due now
§ Minimum wage law § Skilled labor shortage
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Lighting Doorbells = $250,000 Savings
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Paint Scheme and Colors are Not Final
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Two Story Mock-up
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Garage door and garage wall - real paint
Window surround, fascia, gutter and down spout – photoshop color conversion
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Project Scope Includes:
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stucco
foam
Project Scope Does Not Include:
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Does NOT Include (Quoted as Options):
reinstalled
Homeowners will be responsible for removing plants and objects that will obstruct work.
Financial Analysis
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Project Cost Reserve Funding
33 Estimate* Project $1,227,823 Project Management $126,000 Contingency (20%) $270,765 Loan Costs & Fees $10,500 = Total Project $1,635,088 Less Reserve Funds Used $424,588 = Net Total $1,210,500 Per Lot (137 Lots) $8,835.77
* All estimates subject to change; some numbers are rounded
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If Paid Over Time (10 Years)
35 Estimate* Net Total $1,210,500 + Interest Costs $390,945 Remaining Cost $1,601,445 ÷ 137 Lots = $11,689.38/Lot ÷ 120 Months = $97.41/Month
* All estimates subject to change; some numbers are rounded
Total Cost Including Financing & Monthly Payment if Spread Over Time
Cost Savings if Paid Upfront
36 Total with Financing Cost $11,689.38 Total w/o Financing Cost $8,835.77 Savings if Paid Upfront $2,853.61
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If you sell your home in: You breakeven if the value is higher by: 1 year $1,164 5 year $5,820 10 years $11, 640
Next Steps
Board Next Steps If Approved by Owners: § Mail Results to Homeowners § Negotiate Contracts § Re-Apply for Bank Loan § Execute Contracts § Provide Homeowners with at least 60 Days Notice of Assessment Due § Set Start Date 38
Board Options
Approved
Board Options If Not Approved:
20% per Year
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Voting Process:
Important Sign outside of ballot envelope Must be received by 10/24/17
Q & A Project Team
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42 Kirby Hady, Founder Pacific Western Commercial and Residential Painting (PWP) Adam Rohrbaugh, AIA, NCARB Architect, Founder A7 Group, Inc.
43 Raini Gordy Realtor, Carrington Real Estate Realtor for Highest Value Property Sale in AM4 (to date)
Brendan Concannon Regional Account Executive Mutual of Omaha Bank 44
45 Laurie S. Poole, Esq., CCAL Peters & Freedman, L.L.P.
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47 Visit http://altamira4hoa.org to:
Email: Board@Altamira4HOA.org