A lot has happened since the Annual Meeting so here is a positive update.
1. After reviewing expenses from 2023, there were some savings that we can use for the window project. The cost was $60,000 and we are able to use these funds to complete the project. So, no special assessment! April 24 the crew will be back to finish the entire building. No more broken windows in 2024. 🙂
2. We met this week with the three finalists for the concrete restoration project. The company we like the most is a family-owned business that specializes in smaller projects like ours. We think the cost will be closer to $200,000 for the entire project including the engineer fees. That is great news since we had bids as high as $300,000. Flack’s is the company if you want to look them up. The repairs will begin in July and weather permitting conclude in November before season.
3. We have spoken with multiple pool companies and they assure us the pool resurfacing can wait another year with no concerns. We also were able to find a reputable company to replace the equipment, resurface the pool and address the pool room for $92,000. There is $30,000 in the reserve account to use for that project which is also great news.
4. We definitely have cost savings for all projects. Our goal is to make modest changes to the property so we have funds at the end of the year to cover insurance and unanticipated expenses. Ideally to avoid an increase in our quarterly dues. After three years on the board this is the first time I believe we have caught up on expenses and repairs.