Prepared for: VILLAGE AT HIGHLANDS OWNERS ASSOCIATION CROZET, VA. Prepared by:

Transcription

1 RESERVE FUND STUDY THE VILLAGE AT HIGHLANDS CROZET, VA Prepared for: VILLAGE AT HIGHLANDS OWNERS ASSOCIATION CROZET, VA C/O ASSOCIA COMMUNITY GROUP 1828 PAVILION CIRCLE CHARLOTTESVILLE, VA Prepared by: 22 MONUMENT SQUARE SUITE 600 PORTLAND, ME (800) , EXT. 111 Site visits July 21 & 25, 2011 Final submittal revised December 14, 2011 Project Number:

2 CONTENTS 1.0 INTRODUCTION EXECUTIVE SUMMARY PURPOSE & SCOPE PURPOSE SCOPE SOURCES OF INFORMATION STANDARDS OF REFERENCE DESCRIPTION OBSERVATIONS RESERVE FUND ANALYSIS LIMITATIONS CONCLUSION.. 14 APPENDIX A: RESERVE FUND PROJECTIONS APPENDIX B: PROJECT PHOTOGRAPHS APPENDIX C: PROFESSIONAL QUALIFICATIONS Village at Highlands Reserve Fund Study

3 1.0 INTRODUCTION. The Village at Highlands Owners Association through Mr. Paul Carrier, Associa Community Group, authorized Criterium Engineers to conduct a Building Evaluation and Reserve Fund Study for the Village at Highlands, located at Mechums River Road and Gate Post Lane, Crozet, VA. Studies of this nature are important to ensure that a community has sufficient funds for long-term, periodic capital expenditure requirements. Anticipating large expenditures over an extended period of time through a structured analysis and scheduling process assists the Association in meeting financial requirements without increasing the service fees above permitted maximums, borrowing the funds, or levying special financial assessments to the owners. Typically, a community association has two broad cash requirements: the general operating reserves and the capital repair and replacement reserves. In this report, we will focus on those items falling under the capital repair and replacement reserve criteria. We have projected a capital repair and replacement reserve for twenty-five (25) years. The first ten years are the most reliable. Such a study should be updated every three to five years. This report is structured to analyze components of the community for which the Association is responsible and to assess a useful expected life and useful remaining life to those components. The anticipated scheduled repair or replacement of the component and the anticipated expense for the activity are then analyzed in conjunction with the current capital reserves funding program for the community. Funding program recommendations are made with the objective of limiting substantial cash excesses while minimizing financial burdens that can result from significant cash inadequacies. This report is intended to be used as a tool to determine reserve fund allocation requirements for the community, to manage future Association obligations, and to inform the community of future financial needs in general. The report that follows has been prepared from the perspective of what an owner of this property would benefit from knowing. Some items, beyond those of immediate concern, may be discussed. Therefore, the report should be read in its entirety in order to fully understand all of the information that has been obtained. Village at Highlands Reserve Fund Study Page 1

4 2.0 EXECUTIVE SUMMARY The Village at Highlands is located in the Crozet community of Albemarle County in Virginia. It is approximately one mile east of the intersection of Route 250 and Route 240 (Three Notch d Road). The property consists of 50 building lots along Mechums River Road and Gate Post Lane. The dwellings are constructed as duplexes on two adjacent lots. There are presently 46 homes with two scheduled for construction in 2012 and two for (Per client direction, we have based our reserve fund calculations on 48 homes.) The building and grounds are, generally, in good condition. Based on our observations, there are no immediate material deficiencies. There are, of course, many capital expenditures to be expected over the next twenty-five years. Those items that will require attention are discussed later in this report. Based on our evaluation, the current level of funding of the reserve for this project will prove satisfactory over the first 20 years. However, it is inadequate long-term, because it will be overwhelmed by roof replacement expense starting in If the rate of contribution is not increased and all recommended repairs and replacements are performed, then our analysis indicates that the balance of the fund could fall into negative figures when the re-roofing commences in 2031, and that the deficit would reach ($565,706) by the end of the 25-year reserve period. A more detailed analysis of the reserve fund, and alternative funding strategies have been provided in Section 6.0. Financial tables are attached in Appendix A. For your convenience, we have prepared the following summary of the condition of the major systems of the property. Village at Highlands Reserve Fund Study Page 2

5 PROPERTY SUMMARY SYSTEM CONDITION ACTIVITY REQUIRED ANTICIPATED YEAR OF ACTIVITY SITE Privacy fences G replace Lamp posts G replace BUILDING EXTERIOR Building walls & trim G Pressure wash Units on 4 year rotation, essentially every year some will be washed. Building trim & joints G Paint & caulk touchup Units on 4 year rotation after pressure washing, except when completely re-painted on 12 year rotation. Building walls & trim G Complete re-paint Units on a 12 year rotation Roof G Resurface Gutters G Replace Roof G Repair Annually, Gutters G Repair Annually, Entrances F Refurbish 2012, 2031 & 2032, 5 year cycle thereafter AMENITIES Entrance sign G replace 2016 & 2026 Mailboxes G replace Annually, Mailbox posts G replace Table 2.1: Summary Village at Highlands Reserve Fund Study Page 3

6 3.0 PURPOSE & SCOPE 3.1 Purpose The purpose of this study is to perform a reserve fund analysis and to determine a capital needs plan. It is intended to be used as a tool for the Village at Highlands Owners Association in determining the allocation requirements into the reserve fund in order to meet future anticipated capital expenditures for the community. This report forecasts obligations for the community twenty-five years into the future. It should be noted that events might occur that could have an effect on the underlying component or system useful life assumptions in this study. Likewise, inevitable market fluctuations can have an impact on replacement and repair costs. Therefore, a study such as this should be updated from time to time, usually on a three to five-year cycle, in order to reflect the most accurate needs and obligations of the community. It is our understanding that Virginia statutes require re-evaluation every five years. If current development plans are carried out as scheduled, the next evaluation should include 50 homes, which will represent 100% build-out of the association. 3.2 Scope This study has been performed according to the scope as generally defined by Mr. Paul Carrier, Associa Community Group, the Village at Highlands Owners Association, Criterium Engineers, and the standards of the Community Associations Institute. The findings and recommendations are based on interviews with the community s management personnel; a review of available documents; and an investigation of the buildings and site. The guidelines used to determine which physical components within the community are to be included in the component inventory are based on the following general criteria: 1. The component must be a common element, or otherwise noted to be the responsibility of the Association to replace. 2. The component must have an estimated remaining useful life of twenty-five years or less. As the site ages, additional components may need to be added. 3. The funding for replacement should be from one source only, not funded from another area of the budget or through a maintenance contract. 4. The cost of replacement should be high enough to make it financially unsound to fund it from the operating budget. Village at Highlands Reserve Fund Study Page 4 Our reserve study analysis included evaluating the following association property: Site and Grounds: The property consists of 50 building lots of

7 Village at Highlands Reserve Fund Study Page 5 which had 46 homes constructed on them at the time of our inspection. (Per client direction, we have based our reserve fund calculations on 48 homes.) The site and grounds common items include the mailboxes, lamp posts, privacy fences, and entrance sign. We specifically verified that the roadways, private driveway pavement, and exterior lighting fixtures are not common elements Building Common Elements: The common elements generally consist of the roof, gutters and downspouts, siding, trim, shutters, front doors and garage doors. The above list was obtained from documents provided by the Board and by our inspection of the site. Several written lists were provided. As we discussed during our meeting, we did not inspect any home interiors. This study estimates the funding levels required for maintaining the long term viability of the facility. Our approach involves: 1. Examining association managed equipment, buildings and site facilities. 2. Predicting their remaining service life and, approximating how frequently they will require repair or replacement. 3. Estimating repair or replacement costs (in 2011 dollars) for each capital item. 4. Using data developed in Steps 1, 2 and 3 to project Capital Reserve balances for Years 1 through 25. The statements in this report are opinions about the present condition of the subject community. They are based on visual evidence available during a diligent investigation of all reasonably accessible areas falling under the responsibility of the Association. We did not remove any surface materials, perform any destructive testing, or move any furnishings. This study is not an exhaustive technical evaluation. Such an evaluation would entail a significantly larger scope than this effort. For additional limitations, see Section Sources of Information Onsite inspections of the property occurred on the following dates: July 21, 2011 July 25, 2011 The following people were interviewed during our study: Mr. Kendon Stubbs, Treasurer of the Village at Highlands Owners Association

8 Mr. Robbie Whitestone, Head of the Building maintenance Committee of the Village at Highlands Owners Association. The following documents were made available to us and reviewed: Village at Highlands Reserve Fund Study Page 6 Master Site Plan (sketch), the Village at, Homes by Craig Builders. Floor plan sketched of three major houses constructed in the Village at Highlands, by Craig Builders and Real Estate III. Maintenance Reserve Projection for the Village at Highlands, for period , dated December Partial copy of the Village at Highlands Covenants, for common items listing. Property listing sorted by year built, dated 7/20/2011. Homeowner Maintenance Service and Responsibility Chart, the Village at Highlands Owners Association, dated 6/21/2011. We based our cost estimates on some or all of the following: R.S. Means Our data files on similar projects Actual recent costs obtained from the association Budget pricing from local companies 3.4 Standards of Reference For your reference, the following definitions may be helpful: Excellent: Component or system is in "as new" condition, requiring no rehabilitation and should perform in accordance with expected performance. Good: Component or system is sound and performing its function, although it may show signs of normal wear and tear. Some minor rehabilitation work may be required. Fair: Component or system falls into one or more of the following categories: a) Evidence of previous repairs not in compliance with commonly accepted practice, b) Workmanship not in compliance with commonly accepted standards, c) Component or system is obsolete, d) Component or system approaching end of expected performance. Repair or replacement is required to prevent further deterioration or to prolong expected life. Poor: Component or system has either failed or cannot be relied upon to continue performing its original function as a result of having exceeded its expected performance, excessive deferred maintenance, or state of disrepair. Present condition could contribute to or cause the deterioration of other adjoining elements or systems. Repair or replacement is required. Adequate: A component or system is of a capacity that is defined as

9 enough for what is required, sufficient, suitable, and/or conforms to standard construction practices. All ratings are determined by comparison to other buildings of similar age and construction type. Further, some details of workmanship and materials will be examined more closely in higher quality buildings where such details typically become more relevant. All directions (left, right, rear, etc.), when used, are taken from the viewpoint of an observer standing in front of a building and facing it. Repair/Replacement Reserves - Non-annual maintenance items that will require significant expenditure over the life of the buildings. Included are items that will reach the end of their estimated useful life during the course of this forecast, or, in the opinion of the investigator, will require attention during that time. Village at Highlands Reserve Fund Study Page 7

10 4.0 DESCRIPTION The Village at Highlands is located in the Crozet community of Albemarle County in Virginia. It is approximately one mile east of the intersection of Route 250 and Route 240 (Three Notch d Road). The property consists of 50 building lots along Mechums River Road and Gate Post Lane. The dwellings are constructed as duplexes on two adjacent lots. There are presently 46 homes (23 duplexes) with two homes scheduled for construction in 2011 and two for The existing homes were constructed between 2006 and (Per client direction, we have based our reserve fund calculations on 48 homes, including the 2011 units.) There are three different models of homes that have been combined in the duplexes. The models generally range from 1,405 to 2,663 square feet of living area. They are wood framed with brick veneer and cement fiber siding. The roof surfaces are of composite shingles. The windows are vinyl framed with double pane glass. Each house has a garage with a single 16 foot or two-8 foot garage doors. Each house has a mailbox located near the street. These are located at the property line with two mailboxes per post. Each lot also has a light fixture mounted on a wood post, which are positioned between the front of the house and the street. The duplexes have 12 foot long privacy fences attached to the rear of the building between the two back yards. Surface drainage from the properties generally flows toward drainage ditches at the street or to the rear of the properties to drainage ditches. The Village at Highlands sign is located on Mechums River Road at the beginning of the community. The painted and engraved sign is mounted on a brick wall. Village at Highlands Reserve Fund Study Page 8

11 5.0 OBSERVATIONS The following key observations were made about the current condition of the common elements of the property. Village at Highlands Reserve Fund Study Page 9 We have included recommendations for their repair and replacement schedule. Site and Grounds Privacy Fences: The privacy fences appear to be of plastic construction and those inspected were in good condition. With an average expected useful life of approximately 18 years, replacement of these has been scheduled for 2024 through Lamp Posts: The decorative lamp and wood post in front of each home are generally in good condition. With an average expected useful life of approximately 20 years, replacing these wood lamp posts is scheduled from 2026 through Building Exterior Pressure wash: Pressure washing typically includes cleaning stains from the gutters and dirt and mildew from the siding. Pressure washing the buildings has been scheduled on a four year cycle to coincide with the paint and caulking repair schedule set forth below. Exterior Re-Painting: The scope of work includes caulking touchup; repair deteriorated areas as necessary; painting of siding, trim, shutters, gutters (as needed) and garage doors plus painting lamp posts and mailbox posts including newspaper boxes Complete re-painting of the buildings has been scheduled on an twelve year cycle. The initial buildings constructed in 2006 are scheduled to be re-painted in 2014 and The remaining, newer buildings follow in successive years. Paint touch-up: Touch-up painting of the trim on the exterior of the buildings has been scheduled to occur at four year intervals after pressure washing, except on the years of complete re-painting. Caulking touch-up: It was noted during the site visit that some of the windows were never caulked, and that some caulked joints are cracking. Correcting this should be an immediate maintenance activity. There may be some recourse to the

12 building contractor(s), particularly for the newer homes. Touchup caulking of the exterior joints of the buildings has been scheduled to occur at four year intervals after pressure washing, except on the years of complete re-caulking and re-painting Re-Roofing: Resurfacing the roofs includes removal of the existing shingles and roofing paper; installing new roofing paper, shingles and replacing flashings as needed. This should also include the shingled areas at the soffit returns and to inspect and repair as needed the copper roofing areas. With an average expected useful life of 25 years, all roofs are scheduled to be resurfaced within the 25-year reserve period, starting in Roof repair: We have included an annual allowance for miscellaneous roof repairs. Gutter replacement: Gutter replacement includes the gutters and downspouts. This work has been scheduled to coincide with the roof resurfacing. Gutter repair: We have included an annual allowance for miscellaneous gutter and downspout repairs. Front door refurbish: Numerous front doors have deteriorated finishes and 23 of these are presently being refinished. We have budgeted to refurbish the remaining half (23) of the existing entrances in 2012, and then follow a five year repair cycle thereafter for all the units. Building Interiors No common elements. Mechanical No common elements. Amenities Entrance sign: There is one sign located at the entrance to the Village at Highlands community on Mechums River Road. The sign is in good condition. You may want to trim the shrubs back around this sign to make it more visible. Village at Highlands Reserve Fund Study Page 10 The sign s brick foundation appears to be in good condition and should not require repair within the next 25 years.

13 The average expected useful life of such signage is 10 years. We have budgeted replacement or refurbishment of the signboard in 2016 and again in Mailboxes: According to our discussions, you have replaced 5 mailboxes within the last five years. Therefore, since they are apparently being damaged, we have planned replacing two mailboxes per year starting in Mailbox Posts: The wood mailbox posts are generally in good condition. We observed some minor damage was noted at grade level. This appears to be caused by mowers or string trimmers. You may want to place mulch around the posts to relieve the problem. With an average useful life of approximately 20 years, replacing these posts is scheduled from 2026 through Other No common items identified. Village at Highlands Reserve Fund Study Page 11

14 6.0 RESERVE FUND ANALYSIS Using software developed by Criterium Engineers and KPMG Peat Marwick, we have analyzed capital reserves draw-down for the projected capital expenditures to determine the amount needed. The following is a projected reserve fund analysis for non-annual items as discussed in the report. This projection takes into consideration a reasonable return on invested moneys and inflation. Please review this thoroughly and let us know of any changes that may be desired. The intent of this reserve fund projection is to help the Association develop a reserve fund to provide for anticipated repair or replacements of various system components during the next twenty-five years. The capital items listed are those that are typically the responsibility of the home owner s association and are derived from a list provided by the property manager and the association. However, association by-laws vary, and therefore, which components are the responsibility of the owner and which are the responsibility of the Association can vary. The Village at Highlands Owners Association should confirm that the items listed should be financed by the reserve fund. This projection provides the following: An input sheet that defines all the criteria used for the financial alternatives, including the assumed inflation rate and rate of return on deposited reserve funds. A table that lists anticipated replacement and/or repair items complete with estimated remaining life expectancies, projected costs of replacement and/or repair, a frequency in years of when these items require replacement and/or repair, and a projection based on this frequency. A table and graph that represent end of year balances versus capital expenditures based on your current funding program and reserve balances, and alternatives to your current program. The provided graphs illustrate what effects the funding methods will have over the presented twenty-five year period versus the anticipated capital expenditures. Care should be taken in analyzing the graphs due to varying graphic scales that occur within each graph and between graphs. Note that based on our developed list of capital items and taking inflation into account, the current funding is inadequate. The Association should bear in mind that unanticipated expenditures can always arise and maintenance of a significant reserve fund balance can be viewed as a way to avoid special assessments. Current Funding Rate: Monthly $50/unit for 48 units as directed by the client yields $28,800 per year. Village at Highlands Reserve Fund Study Page 12

15 Based on our evaluation, this level of funding will prove satisfactory over the first 19 years. If the rate of contribution is not increased and all recommended repairs and replacements are performed, then our analysis indicates that the balance of the fund could fall into negative figures when the re-roofing commences in 2031, and that the deficit would reach ($565,706) by the end of the 25-year reserve period. We have included three alternative strategies to your current funding program. All three maintain positive balances throughout the reserve period. See detail in Appendix A. In summary, they are as follows: Alternative 1: Starting in the second year 2013, increase the fixed contribution of $50 per unit per month annually by four dollar ($4) increments. By the end of the 25 year period, each unit s contribution will be $146 per month or $1,752 per year. The fund balance will grow to a high of $732,294 at year-end 2030, just before the re-roofing commences. After the roof replacements are nearly complete, the balance will drop to $108,490 at year-end 2034 and then start to grow again, ending at $159,893 in Alternative 2: Starting in the second year 2013, increase the rate of contribution by five and a quarter percent (+5.25%) annually. By the end of the 25 year period, each unit s contribution will be $ per month or $2, per year. The fund balance will grow to a high of $688,129 at year-end 2030, just before the re-roofing commences. After the roof replacements are nearly complete at year-end 2034, the balance will drop to $88,838. Then, it will start to grow again, ending at $165,597 in Alternative 3: Increase the rate of contribution by three and a half percent (+3.5%) annually starting in Year 6 (2017.) Increase the rate of contribution by seven percent (+7.0%) annually starting in Year 11 (2022.) Increase the rate of contribution by ten and a half percent (+10.5%) annually starting in Year 16 (2027.) In Year 25, each unit will by paying $226.05/month or $2, per year. In addition, schedule two special assessments of $1,000 per unit or $48,000 each in years 15 (2026) and 20 (2031). The fund balance will grow to a high of $585,728 at year-end 2030, just before the re-roofing commences. After the roof replacements are nearly complete at year-end 2034, the balance will drop to$72,111. Then, the fund will start to grow again. The balance at the end of the reserve period in 2036 would be $206,123. Addendum A includes tables and graphs of capital reserves for the 25-year study period from 2012 through 2036 for the current funding and all three alternatives. We recommend that the Board adopt a plan that best reflects Village at Highlands Reserve Fund Study Page 13

16 the objectives of the Owners Association. 8.0 CONCLUSION We trust this report and the attached analysis will answer any questions that may arise. If not, or if we can be of further assistance, please do not hesitate to call. Thank-you for the opportunity to be of assistance. Respectfully submitted, CRITERIUM ENGINEERS Village at Highlands Reserve Fund Study Page 14

17 Village at Highlands Reserve Fund Study Appendix A: RESERVE FUND PROJECTIONS

18 Reserve Study Worksheet General Information: 1 Organization: Village at Highlands Owners Association 2 Address: Mechums River Road and Gate Post Lane Crozet, VA Number of Units 48 4 Age of Building (in years) 5 5a Study Period (in years) 25 5b Normal Fiscal Year starts: January 1, c Partial Fiscal Year starts: January 1, d Partial Year Length: 12 months 6 Site Inspection Date July 12, Reserve Funds at start $109,721 8 Rate of Return on invested Reserve Funds (%) 1.0% 9 Inflation Rate (%) 2.5% 10 Current Funding Levels Existing Funding Levels Total/Month Total Annual Per Unit/Month Per Unit/Year Reserve Fund Contribution... $2,400 $28,800 $50.00 $ Years Out Total Annual Per Unit Planned Special Assessment... 0 $0 $0 Balance Computed... ($571,160) 11 Alternative Reserve Fund Contribution Alternative 1 Level Funding with Steps Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,400 $28,800 $50.00 $ Monthly Amount, (Last Year)... $7,008 $84,096 $ $1, Balance Required Final Year... $57,874 Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $159,893 Alternative 2 Escalating Funding at 5.25% per Year Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,400 $28,800 $50.00 $ Monthly Amount, (Last Year)... $8,195 $98,338 $ $2, Balance Required Final Year... $57,874 Base Escalation % % Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $165,597 Alternative 3 Escalating Funding with Special Assessments Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,400 $28,800 $50.00 $ Monthly Amount, (Last Year)... $10,851 $130,207 $ $2, Balance Required Final Year... $57,874 Base Escalation % % Special Assessments: Years Out Total/Year Per Unit First Assessment Jan 2026 $48,000 $1,000 Second Assessment Jan 2031 $48,000 $1,000 Balance Computed... $206,123 Criterium Engineers Page 1 of 17 12/14/2011

19 Itemized Worksheet Full Capital Item Reserve Beginning Frequency Remaining Reserve Funding Required Funding To Be Replaced Quantity Unit cost Requirement (*) Balance (yrs**) Life (yrs) Monthly Annual Balance Information Source Site Privacy Fences Units 9 Lot $ $5, $1, $28.77 $ $1, Privacy Fences 2007 Units 7 Lot $ $4, $ $21.70 $ $1, Privacy Fences 2008 Units 2 Lot $ $1, $ $6.03 $72.41 $ Privacy Fences 2009 Units 4 Lot $ $2, $ $11.78 $ $ Privacy Fence 2010 Unit 1 Lot $ $ $ $2.88 $34.59 $66.67 Lamp Posts 2006 Units 18 Each $ $2, $ $12.70 $ $ Lamp Posts 2007 Units 14 Each $ $2, $ $9.63 $ $ Lamp Posts 2008 Units 4 Each $ $ $ $2.69 $32.26 $ Lamp Posts 2009 Units 8 Each $ $1, $ $5.27 $63.19 $ Lamp Post 2010 Units 2 Each $ $ $ $1.29 $15.50 $30.00 Privacy Fences Units 1 Lot $ $ $ $2.83 $33.92 $33.33 Lamp Posts Units 2 Each $ $ $ $1.27 $15.24 $15.00 Building Exterior Pressure Wash Exterior Walls 2006 Units 18 Lot $ $3, $1, $97.60 $1, $1, Pressure Wash Exterior Walls 2007 Units 14 Lot $ $2, $ $64.19 $ $ Pressure Wash Exterior Walls 2008 Units 4 Lot $ $ $ $16.67 $ $0.00 Pressure Wash Exterior Walls 2009 Units 8 Lot $ $1, $ $63.46 $ $1, Pressure Wash Exterior Walls 2010 Unit 2 Lot $ $ $ $10.84 $ $ Touch-Up Caulking & Exterior Paint 2006 Units 18 Lot $ $3, $1, $97.60 $1, $1, Touch-Up Caulking & Exterior Paint 2007 Units 14 Lot $ $2, $ $64.19 $ $ Touch-Up Caulking & Exterior Paint 2008 Units 4 Lot $ $ $ $16.67 $ $0.00 Touch-Up Caulking & Exterior Paint 2009 Units 8 Lot $ $1, $ $63.46 $ $1, Touch-Up Caulking & Exterior Paint 2010 Unit 2 Lot $ $ $ $10.84 $ $ Complete Re-Caulk & Re-Paint Exterior Units 18 Lot $1, $32, $11, $ $3, $16, Complete Re-Caulk & Re-Paint Exterior Units 14 Lot $1, $25, $7, $ $2, $10, Complete Re-Caulk & Re-Paint Exterior Units 4 Lot $1, $7, $1, $57.53 $ $2, Complete Re-Caulk & Re-Paint Exterior Units 8 Lot $1, $14, $2, $ $1, $3, Complete Re-Caulk & Re-Paint Exterior Unit 2 Lot $1, $3, $ $26.51 $ $ Re-Roof & Replace Gutters Units 18 Lot $10, $197, $33, $ $8, $47, Re-Roof & Replace Gutters Units 14 Lot $10, $153, $21, $ $6, $30, Re-Roof & Replace Gutters Units 4 Lot $10, $43, $4, $ $1, $7, Re-Roof & Replace Gutters Units 8 Lot $10, $87, $7, $ $3, $10, Re-Roof & Replace Gutters Unit 2 Lot $10, $21, $1, $74.91 $ $1, Roofing & Gutter Repairs - Annual Allowance 1 Lot $ $ $ $0.00 $0.00 $ Refurbish Front Entrances - Second Phase 24 Lot $ $8, $5, $0.00 $0.00 $8, Refurbish Front Entrances - First Phase 24 Lot $ $8, $1, $ $1, $1, Pressure Wash Exterior Walls 2011 Units 2 Lot $ $ $ $9.17 $ $ Touch-Up Caulking & Exterior Paint Units 2 Lot $ $ $ $9.17 $ $ Complete Re-Caulk & Re-Paint Exterior Units 2 Lot $1, $3, $ $25.68 $ $ Re-Roof & Replace Gutters Units 2 Lot $10, $21, $ $73.92 $ $ Building Interior No Common Elements $0.00 $ $0.00 $0.00 $0.00 Mechanical No Common Elements $0.00 $ $0.00 $0.00 $0.00 Amenities Entrance Sign 1 Each $ $ $ $6.05 $72.60 $ Mailbox Posts 2006 Units 9 Each $ $1, $ $6.35 $76.22 $ Mailbox Posts 2007 Units 7 Each $ $1, $ $4.81 $57.77 $ Mailbox Posts 2008 Units 2 Each $ $ $ $1.34 $16.13 $60.00 Mailbox Posts 2009 Units 4 Each $ $ $ $2.63 $31.60 $90.00 Mailbox Post 2010 Unit 1 Each $ $ $ $0.65 $7.75 $15.00 Mailbox Replacement - Annual Allowance 2 Each $ $ $ $0.00 $0.00 $ Other No Common Elements $0.00 $ $0.00 $0.00 $0.00 Total Over Term $941, * Costs are typically 10%± ** Reserve study is based on a 25 year projection of non-annual maintenance Totals $674, $109, $3, $40, $157, Criterium Engineers Page 2 of 17 12/14/2011

20 Itemized Graph Categories Totals Site $21,600 Building Exterior $910,100 Building Interior $0 Mechanical $0 Amenities $9,950 Other $0 Total $941,650 Site, $21,600 Amenities, $9,950 Itemized Graph Building Exterior, $910,100 Site Building Exterior Building Interior Mechanical Amenities Other Criterium Engineers Page 3 of 18 12/14/2011

21 Itemized Funding Monthly Annual Balance Reserve Reserve Full Reserve Beginning Requiring Funding Funding Funding Percent Categories Requirement Balance Funding Required Required Balance Funded Site $21,600 $3,782 $17,818 $107 $1,282 $5,413 Building Exterior $910,100 $105,008 $805,092 $3,276 $39,310 $150,292 Building Interior $0 $0 $0 $0 $0 $0 Mechanical $0 $0 $0 $0 $0 $0 Amenities $9,950 $931 $9,019 $22 $262 $1,333 Other $0 $0 $0 $0 $0 $0 Totals $941,650 $109,721 $831,929 $3,405 $40,854 $157, % Criterium Engineers Page 4 of 17 12/14/2011

22 Annual Expense By Year Year: Year Number: Site Privacy Fences Units , Privacy Fences 2007 Units , Privacy Fences 2008 Units ,200 0 Privacy Fences 2009 Units ,400 Privacy Fence 2010 Unit Lamp Posts 2006 Units ,700 0 Lamp Posts 2007 Units ,100 Lamp Posts 2008 Units Lamp Posts 2009 Units Lamp Post 2010 Units Privacy Fences Units Lamp Posts Units Building Exterior Pressure Wash Exterior Walls 2006 Units 0 0 3, , , ,600 0 Pressure Wash Exterior Walls 2007 Units , , , ,800 Pressure Wash Exterior Walls 2008 Units Pressure Wash Exterior Walls 2009 Units 0 1, , , , Pressure Wash Exterior Walls 2010 Unit Touch-Up Caulking & Exterior Paint 2006 Units 0 0 3, , , ,600 0 Touch-Up Caulking & Exterior Paint 2007 Units , , , ,800 Touch-Up Caulking & Exterior Paint 2008 Units Touch-Up Caulking & Exterior Paint 2009 Units 0 1, , , , Touch-Up Caulking & Exterior Paint 2010 Unit Complete Re-Caulk & Re-Paint Exterior Units , Complete Re-Caulk & Re-Paint Exterior Units , Complete Re-Caulk & Re-Paint Exterior Units , Complete Re-Caulk & Re-Paint Exterior Units , Complete Re-Caulk & Re-Paint Exterior Unit , Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Unit Roofing & Gutter Repairs - Annual Allowance Refurbish Front Entrances - Second Phase 8, , , ,400 Refurbish Front Entrances - First Phase , , ,400 0 Pressure Wash Exterior Walls 2011 Units Touch-Up Caulking & Exterior Paint Units Complete Re-Caulk & Re-Paint Exterior Units , Re-Roof & Replace Gutters Units Building Interior No Common Elements Mechanical No Common Elements Amenities Entrance Sign Mailbox Posts 2006 Units ,350 0 Mailbox Posts 2007 Units ,050 Mailbox Posts 2008 Units Mailbox Posts 2009 Units Mailbox Post 2010 Unit Criterium Engineers Page 5 of 17 12/14/2011

23 Annual Expense By Year Year: Year Number: Mailbox Replacement - Annual Allowance Other No Common Elements Total Costs 9,100 3,900 8,700 7,100 11,200 12,300 41,100 32,300 9,500 26,700 20,700 10,700 7,700 8,100 22,850 21,050 Total Costs Adjusted For 2.5% Inflation 9,100 3,998 9,140 7,646 12,363 13,916 47,663 38,395 11,575 33,345 26,498 14,039 10,356 11,166 32,286 30,487 Criterium Engineers Page 6 of 17 12/14/2011

24 Annual Expense By Year Year: Year Number: Site Privacy Fences Units Privacy Fences 2007 Units Privacy Fences 2008 Units Privacy Fences 2009 Units Privacy Fence 2010 Unit Lamp Posts 2006 Units Lamp Posts 2007 Units Lamp Posts 2008 Units Lamp Posts 2009 Units Lamp Post 2010 Units Privacy Fences Units Lamp Posts Units Building Exterior Pressure Wash Exterior Walls 2006 Units Pressure Wash Exterior Walls 2007 Units Pressure Wash Exterior Walls 2008 Units Pressure Wash Exterior Walls 2009 Units Pressure Wash Exterior Walls 2010 Unit Touch-Up Caulking & Exterior Paint 2006 Units Touch-Up Caulking & Exterior Paint 2007 Units Touch-Up Caulking & Exterior Paint 2008 Units Touch-Up Caulking & Exterior Paint 2009 Units Touch-Up Caulking & Exterior Paint 2010 Unit Complete Re-Caulk & Re-Paint Exterior Units Complete Re-Caulk & Re-Paint Exterior Units Complete Re-Caulk & Re-Paint Exterior Units Complete Re-Caulk & Re-Paint Exterior Units Complete Re-Caulk & Re-Paint Exterior Unit Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Units Re-Roof & Replace Gutters Unit Roofing & Gutter Repairs - Annual Allowance Refurbish Front Entrances - Second Phase Refurbish Front Entrances - First Phase Pressure Wash Exterior Walls 2011 Units Touch-Up Caulking & Exterior Paint Units Complete Re-Caulk & Re-Paint Exterior Units Re-Roof & Replace Gutters Units Building Interior No Common Elements Mechanical No Common Elements Amenities Entrance Sign Mailbox Posts 2006 Units Mailbox Posts 2007 Units Mailbox Posts 2008 Units Mailbox Posts 2009 Units Mailbox Post 2010 Unit , , , , , , , , , , , , , , , , , , , , , , , , , , , , Criterium Engineers Page 7 of 17 12/14/2011

25 Annual Expense By Year Mailbox Replacement - Annual Allowance Other No Common Elements Total Costs Total Costs Adjusted For 2.5% Inflation Year: Year Number: ,800 6,300 41, , ,200 62,100 99,900 32,600 33,100 5,641 9,586 64, , , , ,985 57,526 59,869 Criterium Engineers Page 8 of 17 12/14/2011

26 Existing Funding Levels Beginning Year Reserve Fund Fee Special Investment Capital Ending Year Number Balance Revenue Assessments Earnings Expenditures Balance $109,721 $28,800 $0 $1,294 $9,100 $130, $130,715 $28,800 $0 $1,555 $3,998 $157, $157,073 $28,800 $0 $1,767 $9,140 $178, $178,500 $28,800 $0 $1,997 $7,646 $201, $201,650 $28,800 $0 $2,181 $12,363 $220, $220,269 $28,800 $0 $2,352 $13,916 $237, $237,504 $28,800 $0 $2,186 $47,663 $220, $220,827 $28,800 $0 $2,112 $38,395 $213, $213,345 $28,800 $0 $2,306 $11,575 $232, $232,875 $28,800 $0 $2,283 $33,345 $230, $230,614 $28,800 $0 $2,329 $26,498 $235, $235,245 $28,800 $0 $2,500 $14,039 $252, $252,506 $28,800 $0 $2,710 $10,356 $273, $273,660 $28,800 $0 $2,913 $11,166 $294, $294,207 $28,800 $0 $2,907 $32,286 $293, $293,628 $28,800 $0 $2,919 $30,487 $294, $294,861 $28,800 $0 $3,180 $5,641 $321, $321,200 $28,800 $0 $3,404 $9,586 $343, $343,818 $28,800 $0 $3,078 $64,804 $310, $310,892 $28,800 $0 $0 $380,639 ($40,947) ($40,947) $28,800 $0 $0 $280,531 ($292,678) ($292,678) $28,800 $0 $0 $104,302 ($368,180) ($368,180) $28,800 $0 $0 $171,985 ($511,365) ($511,365) $28,800 $0 $0 $57,526 ($540,091) ($540,091) $28,800 $0 $0 $59,869 ($571,160) Criterium Engineers Page 9 of 17 12/14/2011

27 Existing Funding Levels Beginning Balance as of start of year beginning Jan 2012: $109,721 CONTRIBUTIONS SPECIAL ASSESSMENTS AMOUNT Totals $28, per year Per Year $0 Per Unit $0 $ per unit per year $2, per month $50.00 per unit per month Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 130, , , , , , , , , , , , , , ,628 Capital Expenditures: 9,100 3,998 9,140 7,646 12,363 13,916 47,663 38,395 11,575 33,345 26,498 14,039 10,356 11,166 32,286 Total Revenue (all sources) 30,094 30,355 30,567 30,797 30,981 31,152 30,986 30,912 31,106 31,083 31,129 31,300 31,510 31,713 31,707 Year: Year Number: End of Year Reserve Fund Balance Capital Expenditures: 294, , , ,892 (40,947) (292,678) (368,180) (511,365) (540,091) (571,160) Total Revenue (all sources) 31,719 31,980 32,204 31,878 28,800 28,800 28,800 28,800 28,800 28,800 Existing Funding Levels 350, , , ,000 Dollars 150, ,000 50, Funding Years Criterium Engineers Page 10 of 17 12/14/2011

28 Alternative 1: Level Funding with Steps Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance $109,721 $28,800 $0 $0 $1,294 $9,100 $130, $130,715 $31,104 $0 $0 $1,578 $3,998 $159, $159,400 $33,408 $0 $0 $1,837 $9,140 $185, $185,504 $35,712 $0 $0 $2,136 $7,646 $215, $215,706 $38,016 $0 $0 $2,414 $12,363 $243, $243,773 $40,320 $0 $0 $2,702 $13,916 $272, $272,878 $42,624 $0 $0 $2,678 $47,663 $270, $270,517 $44,928 $0 $0 $2,771 $38,395 $279, $279,821 $47,232 $0 $0 $3,155 $11,575 $318, $318,633 $49,536 $0 $0 $3,348 $33,345 $338, $338,173 $51,840 $0 $0 $3,635 $26,498 $367, $367,150 $54,144 $0 $0 $4,073 $14,039 $411, $411,327 $56,448 $0 $0 $4,574 $10,356 $461, $461,994 $58,752 $0 $0 $5,096 $11,166 $514, $514,676 $61,056 $0 $0 $5,434 $32,286 $548, $548,880 $63,360 $0 $0 $5,818 $30,487 $587, $587,571 $65,664 $0 $0 $6,476 $5,641 $654, $654,069 $67,968 $0 $0 $7,125 $9,586 $719, $719,576 $70,272 $0 $0 $7,250 $64,804 $732, $732,294 $72,576 $0 $0 $4,242 $380,639 $428, $428,474 $74,880 $0 $0 $2,228 $280,531 $225, $225,051 $77,184 $0 $0 $1,979 $104,302 $199, $199,913 $79,488 $0 $0 $1,074 $171,985 $108, $108,490 $81,792 $0 $0 $1,328 $57,526 $134, $134,083 $84,096 $0 $0 $1,583 $59,869 $159,893 Criterium Engineers Page 11 of 17 12/14/2011

29 Alternative 1: Level Funding with Steps Beginning Balance as of start of year beginning Jan 2012: $109,721 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 50 $28, $84, per year First Per Year $0 Per Unit $0 Increment by ($): 4 $ $1, per unit per year Second Per Year $0 Per Unit $0 Every 1 year $2, $7, per month Frequency: 25 time $50.00 $ per unit per month Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 130, , , , , , , , , , , , , , ,880 Capital Expenditures: 9,100 3,998 9,140 7,646 12,363 13,916 47,663 38,395 11,575 33,345 26,498 14,039 10,356 11,166 32,286 Total Revenue (all sources) 30,094 32,682 35,245 37,848 40,430 43,022 45,302 47,699 50,387 52,884 55,475 58,217 61,022 63,848 66,490 Year: Year Number: End of Year Reserve Fund Balance 587, , , , , , , , , ,893 Capital Expenditures: 30,487 5,641 9,586 64, , , , ,985 57,526 59,869 Total Revenue (all sources) 69,178 72,140 75,093 77,522 76,818 77,108 79,163 80,562 83,120 85,679 Alternative 1: Level Funding with Steps 800, , , ,000 Dollars 400, , , , Funding Years Criterium Engineers Page 12 of 17 12/14/2011

30 Alternative 2: Escalating Funding at 5.25% per Year Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance $109,721 $28,800 $0 $0 $1,294 $9,100 $130, $130,715 $30,312 $0 $0 $1,570 $3,998 $158, $158,600 $31,903 $0 $0 $1,814 $9,140 $183, $183,177 $33,578 $0 $0 $2,091 $7,646 $211, $211,200 $35,341 $0 $0 $2,342 $12,363 $236, $236,520 $37,197 $0 $0 $2,598 $13,916 $262, $262,399 $39,149 $0 $0 $2,539 $47,663 $256, $256,423 $41,205 $0 $0 $2,592 $38,395 $261, $261,826 $43,368 $0 $0 $2,936 $11,575 $296, $296,555 $45,645 $0 $0 $3,089 $33,345 $311, $311,944 $48,041 $0 $0 $3,335 $26,498 $336, $336,822 $50,563 $0 $0 $3,733 $14,039 $377, $377,080 $53,218 $0 $0 $4,199 $10,356 $424, $424,141 $56,012 $0 $0 $4,690 $11,166 $473, $473,677 $58,952 $0 $0 $5,003 $32,286 $505, $505,347 $62,047 $0 $0 $5,369 $30,487 $542, $542,277 $65,305 $0 $0 $6,019 $5,641 $607, $607,960 $68,733 $0 $0 $6,671 $9,586 $673, $673,778 $72,342 $0 $0 $6,813 $64,804 $688, $688,129 $76,140 $0 $0 $3,836 $380,639 $387, $387,467 $80,137 $0 $0 $1,871 $280,531 $188, $188,944 $84,344 $0 $0 $1,690 $104,302 $170, $170,676 $88,773 $0 $0 $875 $171,985 $88, $88,338 $93,433 $0 $0 $1,242 $57,526 $125, $125,488 $98,338 $0 $0 $1,640 $59,869 $165,597 Criterium Engineers Page 13 of 17 12/14/2011

31 Alternative 2: Escalating Funding at 5.25% per Year Beginning Balance as of start of year beginning Jan 2012: $109,721 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 50 $28, $98, per year First Per Year $0 Per Unit $0 Increment by (%): 5.25 $ $2, per unit per year Second Per Year $0 Per Unit $0 Step (%): $2, $8, per month Every 1 year $50.00 $ per unit per month Frequency: 25 time Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 130, , , , , , , , , , , , , , ,347 Capital Expenditures: 9,100 3,998 9,140 7,646 12,363 13,916 47,663 38,395 11,575 33,345 26,498 14,039 10,356 11,166 32,286 Total Revenue (all sources) 30,094 31,882 33,717 35,669 37,683 39,795 41,688 43,797 46,304 48,733 51,376 54,297 57,417 60,702 63,956 Year: Year Number: End of Year Reserve Fund Balance 542, , , , , , ,676 88, , ,597 Capital Expenditures: 30,487 5,641 9,586 64, , , , ,985 57,526 59,869 Total Revenue (all sources) 67,417 71,324 75,405 79,155 79,976 82,008 86,034 89,647 94,676 99,978 Alternative 2: Escalating Funding at 5.25% per Year 800, , , ,000 Dollars 400, , , , Funding Years Criterium Engineers Page 14 of 17 12/14/2011

32 Alternative 3: Escalating Funding with Special Assessments Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance $109,721 $28,800 $0 $0 $1,294 $9,100 $130, $130,715 $28,800 $0 $0 $1,555 $3,998 $157, $157,073 $28,800 $0 $0 $1,767 $9,140 $178, $178,500 $28,800 $0 $0 $1,997 $7,646 $201, $201,650 $28,800 $0 $0 $2,181 $12,363 $220, $220,269 $29,808 $0 $0 $2,362 $13,916 $238, $238,522 $30,851 $0 $0 $2,217 $47,663 $223, $223,927 $31,931 $0 $0 $2,175 $38,395 $219, $219,638 $33,049 $0 $0 $2,411 $11,575 $243, $243,523 $34,205 $0 $0 $2,444 $33,345 $246, $246,827 $36,600 $0 $0 $2,569 $26,498 $259, $259,499 $39,162 $0 $0 $2,846 $14,039 $287, $287,467 $41,903 $0 $0 $3,190 $10,356 $322, $322,205 $44,836 $0 $0 $3,559 $11,166 $359, $359,434 $47,975 $48,000 $0 $4,231 $32,286 $427, $427,354 $53,012 $0 $0 $4,499 $30,487 $454, $454,378 $58,578 $0 $0 $5,073 $5,641 $512, $512,388 $64,729 $0 $0 $5,675 $9,586 $573, $573,207 $71,526 $0 $0 $5,799 $64,804 $585, $585,728 $79,036 $0 $48,000 $2,841 $380,639 $334, $334,966 $87,335 $0 $0 $1,418 $280,531 $143, $143,188 $96,505 $0 $0 $1,354 $104,302 $136, $136,744 $106,638 $0 $0 $714 $171,985 $72, $72,111 $117,835 $0 $0 $1,324 $57,526 $133, $133,744 $130,207 $0 $0 $2,041 $59,869 $206,123 Criterium Engineers Page 15 of 17 12/14/2011

33 Alternative 3: Escalating Funding with Special Assessments Beginning Balance as of start of year beginning Jan 2012: $109,721 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 50 $28, $130, per year First Jan 2026 Per Year $48,000 Per Unit $1,000 Increment by (%): 0 $ $2, per unit per year Second Jan 2031 Per Year $48,000 Per Unit $1,000 Step (%): 3.5 $2, $10, per month Every 5 year $50.00 $ per unit per month Frequency: 3 time Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 130, , , , , , , , , , , , , , ,354 Capital Expenditures: 9,100 3,998 9,140 7,646 12,363 13,916 47,663 38,395 11,575 33,345 26,498 14,039 10,356 11,166 32,286 Total Revenue (all sources) 30,094 30,355 30,567 30,797 30,981 32,170 33,068 34,106 35,460 36,649 39,169 42,008 45,093 48, ,206 Year: Year Number: End of Year Reserve Fund Balance 454, , , , , , ,744 72, , ,123 Capital Expenditures: 30,487 5,641 9,586 64, , , , ,985 57,526 59,869 Total Revenue (all sources) 57,511 63,652 70,404 77, ,877 88,752 97, , , ,248 Alternative 3: Escalating Funding with Special Assessments 700, , , ,000 Dollars 300, , , Funding Years Criterium Engineers Page 16 of 17 12/14/2011

34 Summary of Reserve Balances Year Yearly Year Number Expenditures Alt. 1 Alt. 2 Alt $9,100 $130,715 $130,715 $130, $3,998 $159,400 $158,600 $157, $9,140 $185,504 $183,177 $178, $7,646 $215,706 $211,200 $201, $12,363 $243,773 $236,520 $220, $13,916 $272,878 $262,399 $238, $47,663 $270,517 $256,423 $223, $38,395 $279,821 $261,826 $219, $11,575 $318,633 $296,555 $243, $33,345 $338,173 $311,944 $246, $26,498 $367,150 $336,822 $259, $14,039 $411,327 $377,080 $287, $10,356 $461,994 $424,141 $322, $11,166 $514,676 $473,677 $359, $32,286 $548,880 $505,347 $427, $30,487 $587,571 $542,277 $454, $5,641 $654,069 $607,960 $512, $9,586 $719,576 $673,778 $573, $64,804 $732,294 $688,129 $585, $380,639 $428,474 $387,467 $334, $280,531 $225,051 $188,944 $143, $104,302 $199,913 $170,676 $136, $171,985 $108,490 $88,338 $72, $57,526 $134,083 $125,488 $133, $59,869 $159,893 $165,597 $206,123 Summary of Reserve Balances $800, $700,000 $600,000 $500,000 Dollars $400,000 $300,000 $200,000 $100,000 $ Funding Years Alt. 1 Alt. 2 Alt. 3 Criterium Engineers Page 17 of 17 12/14/2011

35 Village at Highlands Reserve Fund Study Appendix B: PROJECT PHOTOGRAPHS

36 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Entrance sign on Mechums River Road. Photo Number 1 Description: Partial view of community from Gate Post Lane. Photo Number 2

37 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Privacy fences on rear of duplexes. Photo Number 3 Description: Lamp and post on front yard of each house. Photo Number 4

38 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Mailboxes with common post on adjacent duplexes at frontage property line. Photo Number 5 Description: Front view of typical duplex. Photo Number 6

39 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Front view of typical house. Photo Number 7 Description: Right side view of house. Photo Number 8

40 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Partial rear view (right section) of house. Photo Number 9 Description: Partial rear view (left section) of house. Photo Number 10

41 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Front covered entrance. Photo Number 11 Description: Single garage door on two-car garage. Photo Number 12

42 Location: Photos Taken by: Date: Village of Highlands Charles E. Dutt, P.E. July 21 & 25, 2011 Crozet, VA Description: Two single garage doors on two-car garage. Photo Number 13