Plantation on Pelham Owners Meeting 1/13/16 Reserve Study - History • 2014 – HOA Board recognized a need for a Study – Obtained quotes from Engineering Co.’s • 2015 – Home Owners voted to pay for Study – Study performed – Detailed Findings shared on NHE’s web site – HOA Board elected committee to review
Plantation on Pelham Owners Meeting 1/13/16 Reserve Study - Summary Expenses Over Next 10 Years* : • Townhomes: $902,046 • Single Family Lots: $240,379 (* over and above present operating expenses)
Plantation on Pelham Owners Meeting 1/13/16 Major Expenses - Next 10 Years 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Common Area: $20,000 $245,000 front Road gate Paving Townhomes: $82,000 $180,000 $128,000 $132,000 $168,000 Townhome Townhome Townhome Townhome Townhome Alleys Paint Roofs Roofs Roofs & Alleys ________ ____ _______ _______ _______ _______ _______ _______ ________ ________ Total $8,000 $82,000 $189,000 $129,000 $132,000 $168,000 Townhomes Total $15,000 $41,000 $16,000 $22,000 $15,000 $16,000 $16,000 $245,000 $21,000 $32,000 Common Area
Plantation on Pelham Owners Meeting 1/13/16 Reserve Funds - Current Rate • Townhome Reserves 2015: $ 76,580 2025: $303,780 • Single Family Lot Reserves 2015: $20,131 2025: $71,331
Plantation on Pelham Owners Meeting 1/13/16 Reserve Deficits Over Next 10 years • Townhomes: $598,266 • Single Family Lots: $169,048
Plantation on Pelham Owners Meeting 1/13/16 Cost to Fund Reserve Deficit • Townhomes: $598,266 ($128/month for 10 years)* • Single Family Lots: $169,048 ($353/year for 10 years)* (* in addition to present fees)
Plantation on Pelham Owners Meeting 1/13/16 Options to Fund Deficit • Do Nothing Common Areas insolvent in 2-3 years o Townhomes insolvent in 6-7 years o • Special Assessments as needed Extremely high Dues the year needed o Require Home Owners majority vote for each Assessment (past problem) o • Sell Clubhouse Valued +$500k o
Plantation on Pelham Owners Meeting 1/13/16 Options to Fund Deficit (pg. 2) • Increase Regime Fees o Flat increase to stay same over 10 years • Must be high enough to cover early significant costs • May generate high excess reserves in later years • If you move, you will have paid an excess for repairs in the future o Slowly step up fees each year • Will require annual vote of all home owners (past problem) o Combination of above with Special Assessments added o Others?
Plantation on Pelham Owners Meeting 1/13/16 What’s Next? HOA Board: 1. Evaluate Feed-back from 1/13/16 mtg. 2. Requesting Home Owners to email feedback to NHE by Friday, 1/22/16. 3. Schedule additional community mtgs. to answer question. 4. Review all input from community and offer options to vote on. 5. Sponsor vote if community is favorable to Regime Fee increase. (Will require: 2/3 of 87 Owners = 58 votes to pass)
Recommend
More recommend
