Hyde Park Place Owners' Association, Inc.

Transcription

1 RESERVE STUDY Full Study Hyde Park Place Owners' Association, Inc. Published - February 10, 2016 Browning Reserve Group / Emmett, ID Office (208) Tony@BrowningRG.com / Browning Reserve Group /10/ fs :nad.u Version 2/10/ :03:57 AM

2 Hyde Park Place Owners' Association, Inc. Table of Contents Section Report Page Section I: of Condominium Reserves 1 Section II: 30 Year Expense Forecast Detailed 5 Section III: 30 Year Reserve Funding Plan Cash Flow Method {c} 11 Section III-a: 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances Chart 13 Section IV: 30 Year Reserve Funding Plan Fully Funded Balance and % Funded 14 Section V: Reserve Fund Balance Forecast Component Method 15 Section VI: Component Listing Included Components 20 Section VII: Tabular Component Listing Included Components 45 Section VII-a: Expenditures by Year - Next 3 Years 48 Section IX: Directory of Reserve Study Contractors Section X: Auditor Notes 52 Section X-a: Supplementary Information for Auditor Component Method Section XI: Glossary Reserve Study Terms 57 Addendum: Homeowner Distribution Materials See Page ii for Details /10/ fs :nad.u Version 2/10/ :03:57 AM Browning Reserve Group 2016 TOC - i

3 Hyde Park Place Owners' Association, Inc. Homeowner Distribution Materials The following Reserve Study sections should be provided to each Homeowner. Section Report Idaho: Member Section III: 30 Year Reserve Funding Plan Cash Flow Method {c} /10/ fs :nad.u Version 2/10/ :03:57 AM Browning Reserve Group 2016 TOC - ii

4 Section I Full Study Hyde Park Place Owners' Association, Inc. Published - February 10, 2016 Reserve Study A Reserve Study was conducted of Hyde Park Place Owners' Association, Inc. (the "Condominium"). A Full Study includes an on-site review upon where the following tasks are performed: development of a reserve component inventory; condition assessment based upon on-site visual observation; life and valuation estimates; fund status; and a funding plan. Hyde Park Place Owners' Association, Inc. is a Condominium with a total of 39 Units. Physical Inspection Browning Reserve Group ("BRG") conducted a physical inspection of the Condominium. The inspection encompassed those major components that the Condominium is required to maintain. For this study components are determined to be major components if: 1. As of the date of the study, they have a remaining useful life of less than 30 years, and a value greater than $ Such additional components, if any, determined by the Board of Directors. During the inspection, BRG utilized the services of our own construction cost estimator. In addition, independent contractors were retained to render opinions on selected components as indicated in Section VI, Included Component Listing. Supplemental information to the physical inspection may have been obtained from the following sources: 1. Project plans where available. 2. Maintenance records of the reserve components where available. 3. Condominium board members, management and staff. of Reserves For the first year of the Reserve Study, the reserve contribution is based upon the existing budget unless otherwise noted in Section III, Reserve Funding Plan. In addition BRG relied on the Condominium to provide an accurate Beginning Reserve Balance /10/ fs :nad.u Version 2/10/ :03:57 AM Browning Reserve Group 2016 / Emmett, ID Office (208) Tony@BrowningRG.com /

5 Reserve Study - Full Study Hyde Park Place Owners' Association, Inc. 2 The status of the Condominium's reserves, as reflected in the following Reserve Study, is as follows: 1. The Expenditure Forecast of the following Reserve Study identifies the major components which the Condominium is obligated to repair, replace, restore or maintain, as determined in accordance with the criteria specified above, and specifies for each such component: a. Its current estimated replacement cost; b. Its estimated useful life; and c. Its estimated remaining useful life. 2. It is estimated that the total cash reserves necessary to repair, replace, restore or maintain such major components (in the aggregate) during and at the end of their first remaining useful life is $146,305. [For purposes of this calculation, necessary is defined as the Fully Funded Balance (FFB) (Component Current Cost X Effective Age / Useful Life, including a provision for interest and inflation in future years.)] 3. The current amount of accumulated cash reserves actually set aside to repair, replace, restore, or maintain such major components as of the fiscal year ending December 31, 2016 is estimated to be $54,998, constituting 37.6% of the total expenditures anticipated for all such major components through their first end of useful life replacement. 4. Based upon the schedule of annual reserve contributions necessary to defray the cost of repairing, replacing, restoring or maintaining such major components in the years such expenditures are estimated to be required, it is estimated that annual reserve contributions in the initial amount of $12,500 [$ per Unit per year (average)] for the fiscal year ending December 31, 2016 (the first full fiscal year following first distribution of this report) will be necessary in order to meet all such reserve expenditures when they are projected to come due. Funding Assessment Based on the 30 year cash flow projection, the Condominium's reserves are inadequately funded as the reserve fund ending balances may fail to remain positive throughout the replacement of all major components during the next 30 years. Additional reserve funding including some combination of increased contributions, special assessments and loans may be necessary to meet all reserve obligations. Idaho statute imposes no reserve funding level requirements nor does it address funding level adequacy. Percent Funded Status Based on paragraphs 1-3 above, the Condominium is 37.6% funded. The following scale can be used as a measure to determine the Condominium s financial picture whereas the lower the percentage, the higher the likelihood of the Condominium requiring a special assessment, or other large increases to the reserve contribution in the future. Percent Funded Poor % Fair % Strong %

6 Reserve Study - Full Study Hyde Park Place Owners' Association, Inc. 3 Methodology The above recommended reserve contribution for the next fiscal year (and future fiscal years as outlined in Section III, Reserve Fund Balance Forecast) was developed using the cash flow method. This is a method of developing a reserve funding plan where the contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. Funding Goals The funding goal employed for Hyde Park Place Owners' Association, Inc. is Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than Fully Funding. Limitations The intention of the Reserve Study is to forecast the Condominium's ability to repair or replace major components as they wear out in future years. The Reserve Study is not an engineering report, and no destructive testing was performed. The costs outlined in the study are for budgetary and planning purposes only, and actual bid costs would depend upon the defined scope of work at the time repairs are made. Also, any latent defects are excluded from this report. Statutory Disclosures Compliance The Reserve Study complies with or exceeds all applicable statutes, if any. General: Supplemental Disclosures BRG has no other involvement(s) with the Condominium which could result in actual or perceived conflicts of interest. Personnel Credentials: N. Anthony Dann graduated from Cal State Northridge with Bachelors & Master of Science degrees in Business Administration, Management and Finance. Diane M. Dann has a Certified Property Manager designation from the Institute of Real Estate Management. Completeness: BRG has found no material issues which, if not disclosed, would cause a distortion of the Condominium's situation. Reliance on Client Data: Information provided by the official representative of the Condominium regarding financial, physical, quantity, or historical issues will be deemed reliable by BRG.

7 Reserve Study - Full Study Hyde Park Place Owners' Association, Inc. 4 Scope: This Reserve Study is a reflection of information provided to BRG and assembled for the Condominium's use, not for the purpose of performing an audit, quality/forensic analysis, health and safety inspection, or background checks of historical records. Reserve Balance: The actual beginning reserve fund balance in this Reserve Study is based upon information provided and was not audited. Reserve Projects: Information provided about reserve projects will be considered reliable. Any on-site inspection should not be considered a project audit, quality inspection, or health and safety review. Browning Reserve Group

8 Section II Hyde Park Place Owners' Association, Inc. 30 Year Expense Forecast - Detailed Current Replacement Life Useful / Reserve Component Cost Remaining Paving Asphalt Repairs & Sealing Parking Area Concrete Total Paving 1, Miscellaneous Miscellaneous Concrete Locations Total Concrete 1, Painting: Exterior Surface Restoration Building Exterior - Front Side Surface Restoration Building Exterior - Rear Side Surface Restoration Building Exterior - East Side Surface Restoration Building Exterior - West Side Metal Fencing Exterior Fencing & Railings Light Poles 8 Street Lamp Posts Total Painting: Exterior 56, Painting: Interior Building Interior Hallways Garage 8 Garage Common Doors Total Painting: Interior 11,800 1, ,025 1,131 1,249 1,379 1,025 1,131 1,249 1,379 1, ,615 1,828 2,068 1,615 1,828 2,068 12, ,692 17,527 12, ,034 17,965 3, ,596 3, ,686 23, ,513 1, ,325 1,696 13,692 15,359 3,596 3,686 28,513 17,527 19,661 10, ,480 14,695 1, ,584 11,480 1,584 14, Structural Repairs Trim Building Exterior Masonry Repairs Brick Façade Stucco Repairs Building Exterior[nr:6] Ceilings 14,457 Sq. Ft. Garage Ceiling (10%) Steel Doors 2 Common Area Metal Doors Doors Common Area Doors Windows Main Entrance , ,371 1, ,025 1,051 1,077 1,104 1,131 1,160 1, ,045 3, , ,104 1,249 1, Version 2/10/ :03:57 AM Browning Reserve Group to

9 Current Replacement Life Useful / Hyde Park Place Owners' Association, Inc. 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Mailboxes 3 Community Mailboxes Total Structural Repairs 12, Decking/Balconies Railings 1,350 Lin. Ft. Metal Railings (3%) Total Decking/Balconies 1, Roofing Low Slope: TPO 40 Squares- Flat Roof Pitched: Dimensional Composition 200 Squares- Shingle Roof Gutters / Downspouts 1,186 Lin. Ft. Gutters & Downspouts Roofing: Inspections & Repairs Flat & Shingle Roof Systems[nr:9] Miscellaneous Roof Hatch Rehab General Interior Common Area Total Roofing 59, Gate Equipment Elite Slide Gate Operators Garage Vehicle Gate Total Rehab 3, Miscellaneous On-going Repairs Garage Vehicle Gate Total Gate Equipment 4, Lighting Exterior Lights 39 Deck Carraige Lights Street Lights 8 Street Lamp Posts (13%) Interior Interior Lighting Garage Lights 30 Garage Lights Signage Total Lighting 17, Monument 2 Association Identity Monuments Total Signage 1,200 1, , ,538 1,051 1,077 2,208 3,176 1,160 5, ,261 18, ,163 34, ,834 5, , , ,389 7, ,834 3, ,035 1, ,500 1,576 1,656 1,740 1,828 1,920 2,017 2,119 4, , , , ,500 1,576 1,656 1,740 1,828 1,920 6,052 2,119 1, ,499 1, Mechanical Equipment HVAC 2 Interior Hallways Wall Heater 5 Common Area 8, ,509 1, ,697 Version 2/10/ :03:57 AM Browning Reserve Group to

10 Current Replacement Life Useful / Hyde Park Place Owners' Association, Inc. 30 Year Expense Forecast - Detailed Reserve Component Cost Remaining Sump Pump Septic System Fire Control System Fire Control System Fire Control Misc. Garage Sprinkler Heads Total Mechanical Equipment Elevator On-Going Repairs & Maint. Automatic Door Protection[nr:1] Cab Renovation Elevator Modernization Submersible Power Unit[nr:1] Modernization Hydraulic Controller[nr:1] Miscellaneous 5 Year Load Test Flooring Carpeting 436 Sq. Yds. Common Area 2, ,560 2, ,829 3,200 14, ,921 28,000 Total Elevator 107,436 Total Flooring 13, Water System Backflow Valve Domestic Water System Total Water System 1, Miscellaneous Telephone Entry System Building Entry System Fire Alarm System Fire Alarm System Fire Alarm System Fire Alarm System Security System Video Security System Utilities In-Wall Utilities Misc. Internet System Total Miscellaneous 17, Reserve Study Year Update with Site Visit Reserve Study Total Reserve Study 2,800 2, ,623 2, ,526 9,509 23,682 35, ,071 65, , ,760 3,122 3,532 2,623 2,760 3,122 47,071 3,532 13, ,937 1, ,697 3, ,311 3, , , ,657 1, , , ,643 10, , ,800 3,168 3,584 15,937 2,800 3,168 3,584 Total Expenditures 2.50% 4,300 3,075 3,152 19,546 37,325 50,790 14,042 38,617 20,201 12,114 73,404 1,050 53,527 21,387 42,692 Total Current Replacement Cost 341,614 Version 2/10/ :03:57 AM Browning Reserve Group to

11 30 Year Expense Forecast - Detailed Reserve Component Paving Asphalt Repairs & Sealing Parking Area Total Paving 1,522 1,680 1,854 2,046 1,522 1,680 1,854 2, Concrete Miscellaneous Miscellaneous Concrete Locations Total Concrete Painting: Exterior Surface Restoration Building Exterior - Front Side Surface Restoration Building Exterior - Rear Side Surface Restoration Building Exterior - East Side Surface Restoration Building Exterior - West Side Metal Fencing Exterior Fencing & Railings Light Poles 8 Street Lamp Posts Total Painting: Exterior Painting: Interior Building Interior Hallways Garage 8 Garage Common Doors Total Painting: Interior Structural Repairs Trim Building Exterior Masonry Repairs Brick Façade Stucco Repairs Building Exterior[nr:6] Ceilings 14,457 Sq. Ft. Garage Ceiling (10%) Steel Doors 2 Common Area Metal Doors Doors Common Area Doors Windows Main Entrance Mailboxes 3 Community Mailboxes Total Structural Repairs Decking/Balconies Railings 1,350 Lin. Ft. Metal Railings (3%) Total Decking/Balconies 2,339 2,647 2,995 2,339 2,647 2,995 22,436 22,997 4,604 5,893 4,719 6,040 36,499 46,722 2,170 4,604 4,719 36,499 22,436 25,167 5,893 6,040 46,722 18,811 2,028 2,596 2,028 18,811 2, ,595 7,162 2,617 3,350 4,454 5,039 5,701 1,599 1,809 2,046 2,713 2,617 4,454 7,194 5,879 4,522 3,350 5,701 9,209 1,760 1,895 2,041 2,198 2,367 1,760 1,895 2,041 2,198 2,367 Version 2/10/ :03:57 AM Browning Reserve Group to

12 30 Year Expense Forecast - Detailed Reserve Component Roofing Low Slope: TPO 40 Squares- Flat Roof Pitched: Dimensional Composition 200 Squares- Shingle Roof Gutters / Downspouts 1,186 Lin. Ft. Gutters & Downspouts Roofing: Inspections & Repairs Flat & Shingle Roof Systems[nr:9] Miscellaneous Roof Hatch Total Roofing ,678 11, ,678 11, Rehab General Interior Common Area Total Rehab Gate Equipment Elite Slide Gate Operators Garage Vehicle Gate Miscellaneous On-going Repairs Garage Vehicle Gate Total Gate Equipment Lighting Exterior Lights 39 Deck Carraige Lights Street Lights 8 Street Lamp Posts (13%) Interior Interior Lighting Garage Lights 30 Garage Lights Total Lighting 4,454 4,454 2,227 2,339 2,458 2,582 2,713 2,850 2,995 2,227 2,339 2,458 2,582 2,713 2,850 2,995 7,418 3,605 4,079 9,052 7,194 9,052 7,418 7,194 3,605 4, Signage Monument 2 Association Identity Monuments Total Signage 2,456 2, Mechanical Equipment HVAC 2 Interior Hallways Wall Heater 5 Common Area Sump Pump Septic System Fire Control System Fire Control System Fire Control Misc. Garage Sprinkler Heads Total Mechanical Equipment Elevator 14,832 2,458 3,621 4,097 4,635 22,941 3,621 29,495 19,466 Version 2/10/ :03:57 AM Browning Reserve Group to

13 30 Year Expense Forecast - Detailed Reserve Component On-Going Repairs & Maint. Automatic Door Protection[nr:1] Cab Renovation Elevator Modernization Submersible Power Unit[nr:1] Modernization Hydraulic Controller[nr:1] Miscellaneous 5 Year Load Test Total Elevator 94,139 3,711 3,997 4,522 5,116 94,139 3,711 3,997 4,522 5, Flooring Carpeting 436 Sq. Yds. Common Area Total Flooring 26,114 26, Water System Backflow Valve Domestic Water System Total Water System Miscellaneous Telephone Entry System Building Entry System Fire Alarm System Fire Alarm System Fire Alarm System Fire Alarm System Security System Video Security System Utilities In-Wall Utilities Misc. Internet System Total Miscellaneous Reserve Study Year Update with Site Visit Reserve Study Total Reserve Study Total Expenditures 2.50% 2,458 2,458 4,796 5, ,193 2,172 2,458 2,781 6,554 7, ,276 17, , ,055 4,588 5,191 4,055 4,588 5, ,275 20,009 45,895 7,042 23,660 60,301 10,103 3,099 25,612 58,475 80,444 26,430 49,673 32,703 19,441 Version 2/10/ :03:57 AM Browning Reserve Group to

14 Section III Hyde Park Place Owners' Association, Inc. 30 Year Reserve Funding Plan Cash Flow Method *See Important footnotes at end of this Section III. Beginning Balance Inflated 2.5% Reserve Contribution 39 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance 1) , ,573 54,998 67,471 67,456 54,545 34,274 52,275 47,305 62,431 4,300 3,075 3,152 19,546 37,325 50,790 14,042 38,617 20,201 12,114 10, ,500 15,625 19,531 24,414 30,518 32,044 33,646 35,328 37, % 25.0% 25.0% 25.0% 25.0% 5.0% 5.0% 5.0% 5.0% ,573 54,998 67,471 67,456 54,545 34,274 52,275 47,305 62,431 87,411 Beginning Balance provided by DS Property Management. Beginning Balance Inflated 2.5% Reserve Contribution 39 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance ,411 52,957 92,803 82, , ,568 30,002 59,702 63,516 88,785 73,404 1,050 53,527 21,387 42, ,275 20,009 45,895 7,042 23,660 38,949 40,896 42,941 45,088 47,342 49,709 49,709 49,709 32,311 32, , , , , , , , % 5.0% 5.0% 5.0% 5.0% 5.0% 0.0% 0.0% -35.0% 0.0% ,957 92,803 82, , ,568 30,002 59,702 63,516 88,785 97,436 Beginning Balance Inflated 2.5% Reserve Contribution 39 Percentage Increase Special Assessments / Other Interest Pre 0.00% Ending Balance ,436 69,446 91, , , ,401 53,268 59,149 41,787 41,395 60,301 10,103 3,099 25,612 58,475 80,444 26,430 49,673 32,703 19,441 32,311 32,311 32,311 32,311 32,311 32,311 32,311 32,311 32,311 32, % 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% ,446 91, , , ,401 53,268 59,149 41,787 41,395 54,265 Version 2/10/ :03:57 AM Browning Reserve Group

15 30 Year Reserve Funding PlanCash Flow Method 2) Period / Year 00 / 2015 Reserve Funding Plan - Footnotes Reserve Contribution provided by DS Proprety Management. Version 2/10/ :03:57 AM Browning Reserve Group

16 Fund Balance Section III-a Hyde Park Place Owners' Association, Inc. 30 Year Reserve Funding Plan Cash Flow Method - Ending Balances $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $ Version 2/10/ :03:57 AM Browning Reserve Group Years

17 Section IV Hyde Park Place Owners' Association, Inc. 30 Year Reserve Funding Plan Including Fully Funded Balance and % Funded Year Beginning Balance Fully Funded Balance Percent Funded Inflated 2.50% Reserve Contribution Special Assessments & Other Contributions , , % 4,300 10, , , , % 3,075 12, , , , % 3,152 15, , , , % 19,546 19, , , , % 37,325 24, , , , % 50,790 30, , , , % 14,042 32, , , , % 38,617 33, , , , % 20,201 35, , , , % 12,114 37, , , , % 73,404 38, , , , % 1,050 40, , , , % 53,527 42, , , , % 21,387 45, , , , % 42,692 47, , , , % 130,275 49, , , , % 20,009 49, , , , % 45,895 49, , , , % 7,042 32, , , , % 23,660 32, , , , % 60,301 32, , , , % 10,103 32, , , , % 3,099 32, , , , % 25,612 32, , , , % 58,475 32, , , , % 80,444 32, , , , % 26,430 32, , , , % 49,673 32, , , , % 32,703 32, , , , % 19,441 32, ,265 Interest Ending Balance Version 2/10/ :03:57 AM Browning Reserve Group

18 Section V Hyde Park Place Owners' Association, Inc. Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Paving Asphalt Repairs & Sealing Parking Area Concrete Miscellaneous Miscellaneous Concrete Locations Painting: Exterior Surface Restoration Building Exterior - Front Side Surface Restoration Building Exterior - Rear Side Surface Restoration Building Exterior - East Side Surface Restoration Building Exterior - West Side Metal Fencing Exterior Fencing & Railings Light Poles 8 Street Lamp Posts 1, , , % 100 1, , % , ,692 1,369 8,900 10, % , ,034 1,403 7,629 9, % 546 3, , ,589 1, % 140 3, , ,271 1, % , ,513 2,851 7,196 9, % 1,110 1, , % 52 Sub-total [ Painting: Exterior] 56,973 64,846 6,485 27,306 33, % 2, Painting: Interior Building Interior Hallways Garage 8 Garage Common Doors 10, ,480 1,148 6,240 7, % 447 1, , % 62 Sub-total [ Painting: Interior] 11,800 13,064 1,306 6,940 8, % 508 Version 2/10/ :03:57 AM Browning Reserve Group

19 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Structural Repairs Trim Building Exterior Masonry Repairs Brick Façade Stucco Repairs Building Exterior[nr:6] Ceilings 14,457 Sq. Ft. Garage Ceiling (10%) Steel Doors 2 Common Area Metal Doors Doors Common Area Doors Windows Main Entrance Mailboxes 3 Community Mailboxes % 20 3, , % 170 1, , , % 199 1, , , % 80 3, , % 102 1, , % % 13 1, , % 35 Sub-total [ Structural Repairs] 12,907 17,071 1,812 3,144 4, % Decking/Balconies Railings 1,350 Lin. Ft. Metal Railings (3%) Roofing Low Slope: TPO 40 Squares- Flat Roof Pitched: Dimensional Composition 200 Squares- Shingle Roof Gutters / Downspouts 1,186 Lin. Ft. Gutters & Downspouts Roofing: Inspections & Repairs Flat & Shingle Roof Systems[nr:9] Miscellaneous Roof Hatch 1, , % 43 18, ,163 1,058 14,029 15, % , ,834 1,461 22,829 24, % 569 5, , ,151 4, % % % 11 Sub-total [ Roofing] 59,578 72,803 2,995 41,308 44, % 1, Rehab General Interior Common Area 3, , ,080 1, % 69 Version 2/10/ :03:57 AM Browning Reserve Group

20 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Gate Equipment Elite Slide Gate Operators Garage Vehicle Gate Miscellaneous On-going Repairs Garage Vehicle Gate 3, , ,560 1, % 63 1, , , % 292 Sub-total [ Gate Equipment] 4,500 5, ,060 2, % Lighting Exterior Lights 39 Deck Carraige Lights Street Lights 8 Street Lamp Posts (13%) Interior Interior Lighting Garage Lights 30 Garage Lights 4, , ,915 2, % 103 2, , % 67 6, , ,500 2, % 141 4, , ,650 1, % 93 Sub-total [ Lighting] 17,825 27,269 1,038 6,170 6, % Signage Monument 2 Association Identity Monuments Mechanical Equipment HVAC 2 Interior Hallways Wall Heater 5 Common Area Sump Pump Septic System Fire Control System Fire Control System Fire Control Misc. Garage Sprinkler Heads 1, , % 29 8, , ,889 5, % 206 1, , ,000 1, % 44 2, , ,000 1, % 50 2, , % , ,921 1,629 1,273 1, % 634 Sub-total [ Mechanical Equipment] 28,000 34,516 2,870 8,578 9, % 1,117 Version 2/10/ :03:57 AM Browning Reserve Group

21 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method Elevator On-Going Repairs & Maint. Automatic Door Protection[nr:1] Cab Renovation Elevator Modernization Submersible Power Unit[nr:1] Modernization Hydraulic Controller[nr:1] Miscellaneous 5 Year Load Test 2, , % 255 2, , % 72 35, ,071 3,621 2,692 2, % 1,409 65, ,139 5,884 4,063 4, % 2,290 2, , , % 215 Sub-total [ Elevator] 107, ,305 10,898 8,364 9, % 4, Flooring Carpeting 436 Sq. Yds. Common Area Water System Backflow Valve Domestic Water System Miscellaneous Telephone Entry System Building Entry System Fire Alarm System Fire Alarm System Fire Alarm System Fire Alarm System Security System Video Security System Utilities In-Wall Utilities Misc. Internet System 13, , ,848 8, % 310 1, , ,000 1, % 44 3, , ,200 2, % 86 3, , ,400 1, % % 60 5, , ,333 3, % 147 1, , % 53 4, , ,667 3, % 117 Sub-total [ Miscellaneous] 17,300 21,043 1,392 9,844 11, % Reserve Study Year Update with Site Visit Reserve Study 2, , , % 218 Version 2/10/ :03:57 AM Browning Reserve Group

22 Reserve Fund Balance Forecast Component Method Reserve Component Current Repl. Cost Useful Life Remaining Life Estimated Future Replacement Costs Per Year 2015 Fully Funded Balance 2016 Fully Funded Balance % Per Year Straight Line 2016 Line Item Contribution based on Cash Flow Method [A] [B] Totals 341, ,238 32, , , % 12,500 [EndBal] [EndBal] [A] [B] Percent Funded 35.18% 37.59% Version 2/10/ :03:57 AM Browning Reserve Group

23 Section VI Hyde Park Place Owners' Association, Inc. Component Listing Included Components Paving Asphalt Repairs & Sealing Useful Life 4 Parking Area Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,000 Replacement Year 2016 Future Cost $1,025 This is to apply a single coat asphalt emulsion product. Also includes crackfill as needed and striping of the parking area as well as the garage. Cost estimate and useful life provided by Lach McIntosh. 1 Costing provided by PC Maintenance Concrete Miscellaneous Useful Life 5 Miscellaneous Concrete Locations Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,500 Replacement Year 2018 Future Cost $1,615 This is for miscellaneous concrete repair as needed. Includes curbs, walkways, ramp, etc. 3 Version 2/10/ :03:57 AM Browning Reserve Group

24 Component Listing Included Components Painting: Exterior Surface Restoration Useful Life 10 Building Exterior - Front Side Quantity 1 Unit of Measure Lump Sum Cost /LS $12, % Total Cost/Study $12,714 Replacement Year 2018 Future Cost $13,692 This is to paint the front side only of the building exterior stucco including all exterior doors on that side. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate provided by Chris Berry. 3 Costing provided by B & K Painting Inc Surface Restoration Useful Life 10 Building Exterior - Rear Side Quantity 1 Unit of Measure Lump Sum Cost /LS $12, % Total Cost/Study $12,714 Replacement Year 2019 Future Cost $14,034 This is to paint the rear side only of the building exterior stucco including all exterior doors on that side. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate provided by Chris Berry. 4 Costing provided by B & K Painting Inc. Version 2/10/ :03:57 AM Browning Reserve Group

25 Component Listing Included Components Painting: Exterior Surface Restoration Useful Life 10 Building Exterior - East Side Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,179 Replacement Year 2020 Future Cost $3,596 This is to paint the east side only of the building exterior stucco including all exterior doors on that side. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate provided by Chris Berry. 5 Costing provided by B & K Painting Inc Surface Restoration Useful Life 10 Building Exterior - West Side Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,179 Replacement Year 2021 Future Cost $3,686 This is to paint the west side only of the building exterior stucco including all exterior doors on that side. Includes preparation, power washing, sanding, scraping and caulking as needed. Cost estimate provided by Chris Berry. 6 Costing provided by B & K Painting Inc. Version 2/10/ :03:57 AM Browning Reserve Group

26 Component Listing Included Components Painting: Exterior Metal Fencing Useful Life 10 Exterior Fencing & Railings Quantity 1 Unit of Measure Lump Sum Cost /LS $23, % Total Cost/Study $23,987 Replacement Year 2022 Future Cost $28,513 This is to prep and paint all the wrought iron and steel work on and around the exterior of the building. Cost estimate provided by Chris Berry. 7 Costing provided by B & K Painting Inc Light Poles Useful Life 10 8 Street Lamp Posts Quantity 8 Unit of Measure Items Cost /Itm $150 This is to prep and paint the street lamp posts as needed % Total Cost/Study $1,200 Replacement Year 2019 Future Cost $1,325 4 Version 2/10/ :03:57 AM Browning Reserve Group

27 Component Listing Included Components Building Painting: Interior Useful Life 10 Interior Hallways Quantity 1 Unit of Measure Lump Sum Cost /LS $10, % Total Cost/Study $10,400 Replacement Year 2019 Future Cost $11,480 This is to paint all building interior hallways including walls, ceilings, trim and doors. Cost estimate provided by Chris Berry. Chris has also offered an option to paint just the walls for $4, Costing provided by B & K Painting Inc Garage Useful Life 10 8 Garage Common Doors Quantity 8 Unit of Measure Items Cost /Itm $ % Total Cost/Study $1,400 Replacement Year 2020 Future Cost $1,584 This is to paint the metal common doors and door jambs in the garage. Cost estimate provided by Chris Berry. 5 Costing provided by B & K Painting Inc. Version 2/10/ :03:57 AM Browning Reserve Group

28 Component Listing Included Components Trim Structural Repairs Useful Life 10 Building Exterior Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $500 Replacement Year 2016 Future Cost $512 This is to replace portions of trim as needed during the full body painting cycles Masonry Repairs Useful Life 10 Brick Façade Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,500 Replacement Year 2024 Future Cost $4,371 This is to power wash, minor repointing if needed, and seal the brick façade. 9 Version 2/10/ :03:57 AM Browning Reserve Group

29 Component Listing Included Components Structural Repairs Stucco Repairs Useful Life 1 Building Exterior Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % 1 Treatment [nr:6] Total Cost/Study $1,000 Replacement Year 2016 Future Cost $1,025 This is to have funds available to repair the damaged stucco related to leaks created by inferior flashing at certain locations on the building exterior. History will dictate if this projection will need to be increased or deleted at some point in time. Cost estimate provided by Bob Nichols. Costing provided by Bob Nichols Plastering Ceilings Useful Life 10 14,457 Sq. Ft. Garage Ceiling (10%) Quantity 14,457 Unit of Measure Square Feet Cost /SqFt $1.25 Qty * $/SqFt $18, % Total Cost/Study $1,807 Replacement Year 2020 Future Cost $2,045 This is to have funds available to clean and make necessary repairs to the existing ceiling grid and replace the 4x4 ceiling tiles as needed. The projected cost per square footage at 100% would be for a total replacement of the grid and tiles, this projection is for repairs only and for approximately 10% as needed. Square footage is approximate by BRG. 5 Version 2/10/ :03:57 AM Browning Reserve Group

30 Component Listing Included Components Steel Doors Structural Repairs Useful Life 5 2 Common Area Metal Doors Quantity 2 Unit of Measure Items Cost /Itm $1, % Total Cost/Study $3,000 Replacement Year 2031 Future Cost $4,454 This is to have funds available for replacing 2 of the 10 metal doors as needed. Door count is approximate by BRG Doors Useful Life 5 Common Area Doors Quantity 1 Unit of Measure Items Cost /Itm $1, % Total Cost/Study $1,000 Replacement Year 2019 Future Cost $1,104 This is to have funds available to replace 1 out of the 5 common area wood doors and the front entry glass door, as needed. This projection can be used for minor repairs in lieu of replacement. Door count is approximate by BRG. 4 Version 2/10/ :03:57 AM Browning Reserve Group

31 Component Listing Included Components Windows Structural Repairs Useful Life 25 Main Entrance Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $600 Replacement Year 2029 Future Cost $848 This is to have funds available to replace individual glass panels as needed, not full replacement at one time Mailboxes Useful Life 30 3 Community Mailboxes Quantity 3 Unit of Measure Items This is to replace the mailbox covers. Cost /Itm $ % Total Cost/Study $1,500 Replacement Year 2039 Future Cost $2,713 Version 2/10/ :03:57 AM Browning Reserve Group

32 Component Listing Included Components Railings Decking/Balconies Useful Life 3 1,350 Lin. Ft. Metal Railings (3%) Quantity 1,350 Unit of Measure Linear Feet Cost /l.f. $30.00 Qty * $/l.f. $40, % Total Cost/Study $1,215 Replacement Year 2030 Future Cost $1,760 This is to have funds available periodically to replace the metal railings as needed. This projection is for approximately 40 linear feet (3% of total) to be replaced at every three year cycle. History will dictate if this projection will need to be adjusted. With aggressive paint maintenance, this component's life may be extended. Painting is provided for within another component. Linear footage is approximate by BRG Roofing Low Slope: TPO Useful Life Squares- Flat Roof Quantity 40 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $18,705 Replacement Year 2020 Future Cost $21,163 This is to replace the existing flat roof with a 60 mil GAF TPO mechanically attached membrane roofing system. Includes TPO pipe flashings, roof drain inserts and slip sheets at condenser units. Square count, cost estimate, useful and remaining life provided by Mike Forbes. 5 Costing provided by ADA County Roofing Inc. Version 2/10/ :03:57 AM Browning Reserve Group

33 Component Listing Included Components Roofing Pitched: Dimensional Composition Useful Life Squares- Shingle Roof Quantity 200 Unit of Measure Squares Cost /Sqrs $ % Total Cost/Study $34,243 Replacement Year 2025 Future Cost $43,834 This is to recover the existing three tab roofing system with a 30 year architectural shingle. Includes 80 one way metal exhaust vents and 80 pipe flashings. Square count, cost estimate, useful and remaining life provided by Mike Forbes. Costing provided by ADA County Roofing Inc Gutters / Downspouts Useful Life 20 1,186 Lin. Ft. Gutters & Downspouts Quantity 1,186 Unit of Measure Linear Feet Cost /l.f. $ % Total Cost/Study $5,930 Replacement Year 2021 Future Cost $6,877 This is to replace the gutters and downspouts with a similar style material. Linear footage is approximate by BRG. 6 Version 2/10/ :03:57 AM Browning Reserve Group

34 Component Listing Included Components Roofing Roofing: Inspections & Repairs Useful Life 1 Flat & Shingle Roof Systems Quantity 1 Unit of Measure Lump Sum Cost /LS $ % 1 Treatment [nr:9] Total Cost/Study $200 Replacement Year 2016 Future Cost $205 This is to inspect and perform rudimentary maintenance as needed to the roofing. Cost estimate and useful life provided by Mike Forbes. Costing provided by ADA County Roofing Inc Miscellaneous Useful Life 25 Roof Hatch Quantity 1 Unit of Measure Items Cost /Itm $ % Total Cost/Study $500 Replacement Year 2030 Future Cost $724 This is to replace the roof hatch. Cost estimate, useful and remaining life provided by Mike Forbes. Costing provided by ADA County Roofing Inc. Version 2/10/ :03:57 AM Browning Reserve Group

35 Component Listing Included Components Rehab General Useful Life 25 Interior Common Area Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,000 Replacement Year 2031 Future Cost $4,454 This is for a general rehab of the common area interior. Includes lobby furniture, 8 pieces of art work, 10 track lights and miscellaneous decorative items Gate Equipment Elite Slide Gate Operators Useful Life 25 Garage Vehicle Gate Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,000 Replacement Year 2027 Future Cost $4,035 This is to replace the Elite slide gate operator. Cost estimate, useful and remaining life provided by Sean Robinson. Costing provided by Overhead Door Co. SW Idaho Version 2/10/ :03:57 AM Browning Reserve Group

36 Component Listing Included Components Gate Equipment Miscellaneous On-going Repairs Useful Life 2 Garage Vehicle Gate Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,500 Replacement Year 2015 Future Cost $1,500 This is for on-going miscellaneous vehicle gate equipment repairs. Includes replacement of gate rollers, track and any components of the gate operator (master control, bearings, etc.) as needed. Cost estimate and useful life provided by Sean Robinson. 0 Costing provided by Overhead Door Co. SW Idaho Lighting Exterior Lights Useful Life Deck Carraige Lights Quantity 39 Unit of Measure Items Cost /Itm $125 This is to replace the exterior carriage style light fixtures. Light count is approximate by BRG % Total Cost/Study $4,875 Replacement Year 2032 Future Cost $7,418 Version 2/10/ :03:57 AM Browning Reserve Group

37 Component Listing Included Components Lighting Street Lights Useful Life 5 8 Street Lamp Posts (13%) Quantity 8 Unit of Measure Items Cost /Itm $2,200 Qty * $/Itm $17, % Total Cost/Study $2,200 Replacement Year 2035 Future Cost $3,605 This is to replace a percentage of the association street lights. Since the core light standard and fixture useful life exceeds the scope of this study, this component is for partial replacement only Interior Useful Life 25 Interior Lighting Quantity 1 Unit of Measure Lump Sum Cost /LS $6,250 This is to replace interior lighting. Includes the following: 1 Chandelier; 35 Wall sconces; Light fixture count is approximate by BRG % Total Cost/Study $6,250 Replacement Year 2030 Future Cost $9,052 Version 2/10/ :03:57 AM Browning Reserve Group

38 Component Listing Included Components Lighting Garage Lights Useful Life Garage Lights Quantity 30 Unit of Measure Items This is to replace the garage lights. Light count is approximate by BRG. Cost /Itm $ % Total Cost/Study $4,500 Replacement Year 2034 Future Cost $7, Signage Monument Useful Life 20 2 Association Identity Monuments Quantity 2 Unit of Measure Items Cost /Itm $ % Total Cost/Study $1,200 Replacement Year 2024 Future Cost $1,499 This is to have funds to repair/repaint the community identity custom monument signs. 9 Version 2/10/ :03:57 AM Browning Reserve Group

39 Component Listing Included Components HVAC Mechanical Equipment Useful Life 18 2 Interior Hallways Quantity 2 Unit of Measure Items Cost /Itm $4, % Total Cost/Study $8,000 Replacement Year 2022 Future Cost $9,509 This is to replace the two split system HVAC units including condensers, evaporative coils and air handlers. The useful life is contingent upon regular maintenance. Cost estimate, useful and remaining life provided by Brian Schneider. 7 Costing provided by ACCO Engineered Systems Wall Heater Useful Life 15 5 Common Area Quantity 5 Unit of Measure Items Cost /Itm $ % Total Cost/Study $1,500 Replacement Year 2020 Future Cost $1,697 This is to replace the wall heaters located in the common areas. Cost estimate and useful life provided by Brian Schneider. 5 Costing provided by ACCO Engineered Systems Version 2/10/ :03:57 AM Browning Reserve Group

40 Component Listing Included Components Sump Pump Mechanical Equipment Useful Life 20 Septic System Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % Total Cost/Study $2,000 Replacement Year 2025 Future Cost $2,560 This is to replace the submersible sump pump and other components of the septic system as needed Fire Control System Useful Life 5 Fire Control System Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % Total Cost/Study $2,500 Replacement Year 2020 Future Cost $2,829 This is to have funds available periodically to repair/replace the mechanical and structural components of the wet system. Includes double check valve, Victaulic valves, Potter flow and tamper switches, gauges, lateral piping, etc. Unless a leak develops as the system ages, funds required should be nominal. An annual inspection is recommended as an operating expense. Cost estimate and useful life provided by Sam Ball. 5 Costing provided by Absolute Fire Protection Version 2/10/ :03:57 AM Browning Reserve Group

41 Component Listing Included Components Mechanical Equipment Fire Control Misc. Useful Life 10 Garage Sprinkler Heads Quantity 1 Unit of Measure Lump Sum Cost /LS $14, % Total Cost/Study $14,000 Replacement Year 2025 Future Cost $17,921 This is to have funds available to replace the sprinkler heads should there be a failure in the test conducted every 10 years. The sprinkler heads passed the test in BRG consulted with Brian Schneider in making this projection. Costing provided by ACCO Engineered Systems Elevator On-Going Repairs & Maint. Useful Life 1 Automatic Door Protection Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % 3 Treatment [nr:1] Total Cost/Study $2,436 Replacement Year 2018 Future Cost $2,623 This is to install new automatic door protection to meet code compliance and safety standards. Cost estimate and remaining life provided by Justin Lee. Costing provided by Schindler Elevator Corporation Version 2/10/ :03:57 AM Browning Reserve Group

42 Component Listing Included Components Elevator Cab Renovation Useful Life 20 Elevator Quantity 1 Unit of Measure Lump Sum This is to renovate the interior of the cab. Cost /LS $2, % Total Cost/Study $2,500 Replacement Year 2031 Future Cost $3, Modernization Useful Life 1 Submersible Power Unit Quantity 1 Unit of Measure Items Cost /Itm $35, % 12 Treatment [nr:1] Total Cost/Study $35,000 Replacement Year 2027 Future Cost $47,071 This is to modernize the elevator by installing a state-of-the-art submersible power unit to improve the reliability of the hydraulic system. Cost estimate and remaining life provided by Justin Lee. Costing provided by Schindler Elevator Corporation Version 2/10/ :03:57 AM Browning Reserve Group

43 Component Listing Included Components Elevator Modernization Useful Life 1 Hydraulic Controller Quantity 1 Unit of Measure Items Cost /Itm $65, % 15 Treatment [nr:1] Total Cost/Study $65,000 Replacement Year 2030 Future Cost $94,139 This is to modernize the elevator hydraulic controller to improve reliability, leveling accuracy and floor-to-floor times with the new state-of-the-art system. Cost estimate and remaining life provided by Justin Lee. Costing provided by Schindler Elevator Corporation Miscellaneous Useful Life 5 5 Year Load Test Quantity 1 Unit of Measure Lump Sum Cost /LS $2,500 This is for the 5 year state required load test for the elevator. Costing provided by Schindler Elevator Corporation % Total Cost/Study $2,500 Replacement Year 2019 Future Cost $2,760 4 Version 2/10/ :03:57 AM Browning Reserve Group

44 Component Listing Included Components Flooring Carpeting Useful Life Sq. Yds. Common Area Quantity 436 Unit of Measure Square Yard This is to replace the carpeting. Square yards are approximate by BRG. Cost /SqYd $ % Total Cost/Study $13,080 Replacement Year 2023 Future Cost $15,937 8 Costing provided by A to Z Sprinklers & Landscape Water System Backflow Valve Useful Life 15 Domestic Water System Quantity 1 Unit of Measure Items Cost /Itm $1,500 This is to replace the backflow preventer valve as needed % Total Cost/Study $1,500 Replacement Year 2020 Future Cost $1,697 5 Version 2/10/ :03:57 AM Browning Reserve Group

45 Component Listing Included Components Miscellaneous Telephone Entry System Useful Life 15 Building Entry System Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,000 Replacement Year 2019 Future Cost $3,311 This is to replace the Keri Entregard digital telephone entry system. Cost estimate, useful and remaining life provided by Neal Timmerman. 4 Costing provided by M2 Automation and Control Services, Inc Fire Alarm System Useful Life 25 Fire Alarm System Quantity 1 Unit of Measure Lump Sum Cost /LS $3, % Total Cost/Study $3,500 Replacement Year 2030 Future Cost $5,069 This is to replace the Silent Knight fire alarm communicator control panel. Cost estimate, useful and remaining life provided by Neal Timmerman. Costing provided by M2 Automation and Control Services, Inc. Version 2/10/ :03:57 AM Browning Reserve Group

46 Component Listing Included Components Miscellaneous Fire Alarm System Useful Life 1 Fire Alarm System Quantity 1 Unit of Measure Lump Sum Cost /LS $ % Total Cost/Study $300 Replacement Year 2016 Future Cost $308 This is to have funds available periodically to replace the components of the fire alarm system. Includes horns, strobes, smoke detectors, etc. Cost estimate, useful and remaining life provided by Neal Timmerman. 1 Costing provided by M2 Automation and Control Services, Inc Security System Useful Life 15 Video Security System Quantity 1 Unit of Measure Lump Sum Cost /LS $5, % Total Cost/Study $5,000 Replacement Year 2020 Future Cost $5,657 This is to have funds available to upgrade the video security system as needed. Includes cameras, web based server, etc. The time frame to utilize these funds is not specifically known at the time of the study. BRG consulted with Neal Timmerman in making this projection. 5 Costing provided by M2 Automation and Control Services, Inc. Version 2/10/ :03:57 AM Browning Reserve Group

47 Component Listing Included Components Utilities Miscellaneous Useful Life 5 In-Wall Utilities Quantity 1 Unit of Measure Lump Sum Cost /LS $1, % Total Cost/Study $1,500 Replacement Year 2030 Future Cost $2,172 This is to have funds available periodically for minor repairs of the in-wall utilities Misc. Useful Life 15 Internet System Quantity 1 Unit of Measure Lump Sum Cost /LS $4, % Total Cost/Study $4,000 Replacement Year 2020 Future Cost $4,526 This is to have funds available to upgrade the data infrastructure of the high speed internet system. The time frame to utilize these funds is not specifically known at the time of the study. BRG consulted with Neal Timmerman in making this projection. 5 Costing provided by M2 Automation and Control Services, Inc Reserve Study Year Update with Site Visit Useful Life 5 Reserve Study Quantity 1 Unit of Measure Lump Sum Cost /LS $2, % Total Cost/Study $2,800 Replacement Year 2015 Future Cost $2,800 This is for the 5 year complete reserve study which includes a visual observation of the accessible reserve components the association is obligated to maintain. Costing provided by BRG Northwest, LLC 0 Version 2/10/ :03:57 AM Browning Reserve Group