OAK CREEK CONDOMINIUMS
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1 1515 Heritage Dr., Suite 204 McKinney, Texas75069 (972) TEL (972) FAX Firm Reg. No F RESERVE FUND STUDY OAK CREEK CONDOMINIUMS 1700 BAIRD FARM CIRCLE ARLINGTON, TX Prepared for: OAK CREEK HOMEOWNERS ASSOCIATION C/o Lori Welsh Veracity Inc. / Association Manager 1401 N. Central Expressway, Suite 345 Richardson, TX Date of Investigation: October 11, 2012 Investigators: Phillip Nieman, P.E. Reviewed By: David H. Dotson, P.E., R.S. January 2013, Rev. 1 (ORIG. DRAFT NOVEMBER 2012) Project Number: C
2 CONTENTS 1.0 INTRODUCTION EXECUTIVE SUMMARY PURPOSE & SCOPE PURPOSE SCOPE SOURCES OF INFORMATION DESCRIPTION OBSERVATIONS RESERVE FUND ANALYSIS CONCLUSION LIMITATIONS... 8 APPENDIX A: RESERVE FUND PROJECTIONS... 1 APPENDIX B: EXECUTIVE SUMMARY... 2 Oak Creek Arlington, TX
3 1.0 INTRODUCTION. OAK CREEK HOMEOWNERS ASSOCIATION, through VERACITY, INC., authorized Criterium Dotson Engineers to conduct a Reserve Fund Study for OAK CREEK CONDOMINIUMS, located at 1700 Baird Farm Circle in Arlington, TX. 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 years. The first ten years are the most reliable. Such a study should be updated every three to five years. There are items included in the study that fall far outside the 20-year reserve analysis. A Reserve Study is a working tool and a fluid document over time. In addition to changing conditions, one of the primary reasons that we recommend a reserve study be updated every 3-4 years is so that items that fall outside the 20-year analysis today will be pulled into the calculations and required reserve funding when they are still about 20 years out, thus allowing sufficient time to accumulate funds without placing unnecessary burden on current residents. 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. Oak Creek Arlington, TX Page 1
4 2.0 EXECUTIVE SUMMARY The OAK CREEK CONDOMINIUMS gated community that consists of 108 units located in 3 three-story buildings. Amenities at the complex include covered resident parking; a pool, hot tub, and gazebo; an amenity center that includes exercise equipment, and a sauna. The complex is located on approximately 5.9 acres in Arlington, TX between Lamer Avenue and Brown Boulevard on the east side of Baird Farm Road. The development is 28 years old. The building and grounds are, generally, in fair condition. Based on our evaluation, the current level of funding of the reserve for this project is not adequate for either short-term or long-term needs. A more detailed analysis of the reserve fund has been provided in Appendix A. Based on our observations, there are immediate material deficiencies. Those items are as follows: Sealing concrete roadway/parking lot control joints Staining perimeter wood fencing Caulk/seal & repair siding & trim Cleaning, priming and painting of metal perimeter fencing There are, of course, other capital expenditures to be expected over the next ten to twenty years. Those items that will require attention are discussed later in this report. For your convenience, we have prepared the following summary of the condition of the major systems of the property. 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 OAK CREEK HOMEOWNERS 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 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 used in this study. Likewise, inevitable market fluctuations can have an impact on component or system 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. 3.2 Scope This study has been performed according to the scope as generally defined by VERACITY, INC., Criterium Dotson 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: Oak Creek Arlington, TX Page 2
5 1. The component must be a common element, or otherwise noted to be the responsibility of the Association to replace. 2. The funding for replacement should be from one source only, not funded from another area of the budget or through a maintenance contract. 3. The cost of replacement should be high enough to make it financially unsound to fund it from the operating budget. 4. Components, such as touch-up painting, which are considered deferred maintenance, are most appropriately funded from the Operating Budget instead of Reserves. Our reserve study analysis included evaluating the following association property: Site and Grounds: The property consists of three 3-story buildings on 6 acres. There is lighted resident covered parking, wood and metal perimeter fencing, a lighted and landscaped entrance monument, pole-mounted area lighting, and an irrigation system Flatwork: The private roadway and parking areas are paved with concrete and gated. There are concrete sidewalks, walkways, curbs and stoops. There are also picnic table pads. Building Common Elements: The common elements generally consist of the roof, gutters and downspouts, cedar siding, exterior stairs, doors, and exterior lighting. Amenities: Common amenities at the complex include items such as the pool, hot tub, gazebo, and racquetball court. The amenity center includes a clubhouse, exercise room with equipment, and a sauna. The above list was obtained from documents provided by the board and by our inspection of the site. No written facility list was provided. 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 2012 dollars) for each capital item. 4. Using data developed in Steps 1, 2 and 3 to project Capital Reserve balances for Years 1 through 20. 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 Oak Creek Arlington, TX Page 3
6 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 date(s): October 11, 2012 The following people were interviewed during our study: Lori Welsh, Veracity, Inc., Association Manager The following documents were made available to us and reviewed: Site map Financial data LC+E Engineering report No building construction documents were available We based our cost estimates on some or all of the following: R.S. Means Our data files on similar projects Local contractors 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 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 Oak Creek Arlington, TX Page 4
7 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. 4.0 DESCRIPTION The OAK CREEK CONDOMINIUMS is an approximately 5.9 acre development constructed in or around Three buildings house a total of 108 residences. Items such as perimeter fencing (both metal and wood), mechanically operated entry/exit gates, parking areas, covered parking structures, building exteriors, roofs, and flatwork were included in this study. Also included in the property evaluation was the community pool and hot tub area. The pool decking, furnishings, mechanical equipment, gazebo, as well as items in the amenity center such as the exercise equipment and sauna, were observed for the evaluation. 5.0 OBSERVATIONS The following key observations were made about the current condition of the common elements of the property. Site and Grounds The metal perimeter fencing is overall in good shape, however, some chipped paint was observed. The wood perimeter fencing is unstained. We recommend painting/staining perimeter fencing, poll fencing, as well as the balcony railing in the near term, in order to realize these components expected life. The concrete pavement is also in good condition overall, however, some areas exhibit moderate cracking. We recommend replacement of the cracked sections and sealing all control joints, and restriping parking places in the near term. The pole-mounted landscape lighting is showing its age. Replacement is scheduled in three years. The parking canopies and lighting are in good condition. Building Exterior The homeowners survey, engineering report and visual evidence reveal water penetration issues with cedar siding and exterior facade. The siding appears to be original and is in fair condition. We recommend immediate siding and trim caulking sealing, and repairs. Ultimately siding replacement with James Hardi siding (or equal) installed in accordance with manufacturer s recommendations including the addition of a moisture barrier and proper flashing to mitigate leaks will be required and is budgeted for the future. We recommend replacing gutters with composite roof replacement near the end of the study; however, downspout extensions should be added now in order to help minimize potential for foundation issues. The entry door exterior paint appears to be in good condition overall. Oak Creek Arlington, TX Page 5
8 Building Interiors Overall, the interior of the clubhouse is in good condition. Painting, counter top, and carpet replacement is scheduled in six years. The interior lighting fixtures are also in good condition. Replacement of those components is scheduled in ten years. Mechanical The Elite Gate Access panel is in fair condition and showing its age. Replacement is scheduled in two years. The clubhouse HVAC system and the hot water heater appear to be original. Replacement is scheduled in three years. The remainder of the components listed in the mechanical section are in good condition and should provide several more years of service before replacement is needed. Amenities Overall, the community amenities are in good condition. We recommend staining the gazebo and resealing the pool coping/deck joint in two and three years respectively. 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. Oak Creek Arlington, TX Page 6 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 years. The capital items listed are those that are typically the responsibility of the condominium association and are derived from a list provided by the property manager. However, association by-laws vary, and therefore, components which are the responsibility of the owner and which are the responsibility of the Association can vary. The OAK CREEK HOMEOWNERS 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
9 graphs illustrate what effects the funding methods will have over the presented twenty-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. Based on our developed list of capital items and accounting for inflation, the current funding is not adequate. 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. We have included three alternatives to your current funding program and recommend that the board adopt an alternative that best reflects the objectives of the community. In summary they are as follows: EXISTING FUNDING LEVEL: We have assessed current Capital Reserve Fund balance and current level of contribution into capital reserves and determined that the Association s current financial status is severely underfunded and neither adequate to meet the Association s shortterm or long-term financial needs. ALTERNATIVE # 1: Minimum required funding for capital reserves over the duration without special assessments. This alternative starts with a substantial increase in annual reserve contribution together with periodic increases every 3 years for the next 20 years. This alternative creates an adequate fund balance throughout the study period. ALTERNATIVE # 2 Minimum required funding for capital reserves over the duration without special assessments. This alternative also starts with a substantial increase in annual reserve contribution together with a small annual increase in reserve contribution each year for the next 20 years. This alternative also creates an adequate fund balance throughout the study period. ALTERNATIVE # 3 Alternative 3 reviews maintaining minimum level funding at current level over the duration of the funding period. This alternative requires large special assessments at years 1, 7 and 13 but holds annual dues for capital reserve to a minimum. This alternative is NOT recommended but shows what the financial impact will be without long-term planning. Addendum A lists estimated capital reserves for the next twenty (20) years. Oak Creek Arlington, TX Page 7
10 7.0 CONCLUSION This analysis provides three alternatives to provide adequate funding for this property. We trust this answers any questions that may arise. If not, or if we can be of further assistance, please do not hesitate to call. 8.0 LIMITATIONS The observations described in this study are valid on the date of the investigation and have been made under the conditions noted in the report. We prepared this study for the exclusive use of the OAK CREEK HOMEOWNERS ASSOCIATION and their representatives. Criterium-Dotson Engineers does not intend any other individual or party to rely upon this study without our express written consent. If another individual or party relies on this study, they shall indemnify and hold Criterium-Dotson Engineers harmless for any damages, losses, or expenses they may incur as a result of its use. This study is limited to the visual observations made during our inspection. We did not remove surface materials, conduct any destructive or invasive testing, move furnishings or equipment, or undertake any digging or excavation. Accordingly, we cannot comment on the condition of systems that we could not see, such as buried structures and utilities, nor are we responsible for conditions that could not be seen or were not within the scope of our services at the time of the investigation. We did not undertake to completely assess the stability of the buildings or the underlying foundation soil since this effort would require excavation and destructive testing. Likewise, this is not a seismic assessment. We did not investigate the following areas: Buried utilities or infrastructure Concealed structural members or systems Attic areas Interior spaces Office Racquet ball court We do not render an opinion on uninvestigated portions of the community. We did not perform any computations or other engineering analysis as part of this evaluation, nor did we conduct a comprehensive code compliance investigation. This study is not to be considered a warranty of condition, and no warranty is implied. The appendices are an integral part of this report and must be included in any review. In our Reserve Fund Analysis, we have provided estimated costs. These costs are based on our general knowledge of building systems, construction components and the contracting and construction industry. When appropriate, we have relied on standard sources, such as Means Building Construction Cost Data, to develop estimates. However, for items that we have developed costs (e.g.: structural repairs), no standard guide for developing such costs exists. Actual costs can vary significantly, based on the availability of qualified contractors to do the work, as well as many Oak Creek Arlington, TX Page 8
11 other variables. We cannot be responsible for the specific cost estimates provided. We have performed no design work as part of this study, nor have we obtained competitive quotations or estimates from contractors as this also is beyond the scope of the project. The actual cost to remedy deficiencies and deferred maintenance items that we have identified may vary significantly from estimates and competitive quotations from contractors. If you have any questions about this study or the reserve fund analysis, please feel free to contact us. Thank-you for the opportunity to be of assistance to you. Thank you for the opportunity to be of service. CRITERIUM-DOTSON ENGINEERS Oak Creek Arlington, TX Page 9
12 Appendix A: RESERVE FUND PROJECTIONS
13 Reserve Study Worksheet General Information: 1 Organization: Oak Creek Homeowners Association 2 Address: 1700 Baird Farm Circle Arlington, TX Number of Units Age of Development (Years) 28 5a Study Period (Years) 20 5b Normal Fiscal Year starts: January 1, c Partial Fiscal Year starts: January 1, d Partial Year Length: 12 months 6 Site Inspection Date October 11, Reserve Funds at start $66,125 8 Rate of Return on invested Reserve Funds (%) 2.0% 9 Inflation Rate (%) 3.0% 10 Current Funding Levels Existing Funding Levels Total/Month Total Annual Per Unit/Month Per Unit/Year Reserve Fund Contribution... $1,550 $18,600 $14.35 $ Years Out Total Annual Per Unit Planned Special Assessment... 0 $0 $0 Balance Computed... ($2,429,856) 11 Alternative Reserve Fund Contribution Alternative 1 Level Funding with Steps (Increase every 3 years) Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $7,740 $92,880 $71.67 $ Monthly Amount, (Last Year)... $16,920 $203,040 $ $1, Balance Required Final Year... $143,464 Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $260,140 Alternative 2 Escalating Funding at 4.5% per Year Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $7,740 $92,880 $71.67 $ Monthly Amount, (Last Year)... $17,863 $214,354 $ $1, Balance Required Final Year... $143,464 Base Escalation % % Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $268,638 Alternative 3 Escalating Funding with Special Assessments Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $376 $4,518 $3.49 $41.83 Monthly Amount, (Last Year)... $376 $4,518 $3.49 $41.83 Balance Required Final Year... $143,464 Base Escalation % % Special Assessments: Years Out Total/Year Per Unit First Assessment... 2 Jan 2014 $150,000 $1,389 Second Assessment... 7 Jan 2019 $325,000 $3,009 Third Assessment Jan 2025 $2,250,000 $20,833 Balance Computed... $109,822 Criterium Engineers Page 1 of 16 3/25/2013
14 Itemized Worksheet Reserve Full Capital Item Reserve Beginning Frequency Remaining Funding Required Funding To Be Replaced Quantity Unit cost Requirement (*) Balance (yrs**) Life (yrs) Monthly Annual Balance Notes Site Concrete Parking Lot Repairs/Replacement (Periodic) 7,900 sq ft $0.75 $5, $ $ $5, $4, Concrete Parking Lot Replacement (33%) 26,370 sq ft $7.00 $184, $8, $1, $12, $127, Concrete Parking Lot Replacement (33%) 26,370 sq ft $7.00 $184, $8, $ $11, $123, Concrete Parking Lot Replacement (33%) 26,370 sq ft $7.00 $184, $7, $ $11, $118, Concrete Sidewalk Repairs/Replacement (Periodic) 1 lot $2, $2, $ $78.94 $ $1, Concrete Streets - Seal Control Joints 16,500 lin ft $0.40 $6, $ $ $6, $5, Entry Monument Signage Replacement 1 ea. $2, $2, $ $52.99 $ $1, Lamp Post Replacement 12 ea $ $6, $ $ $1, $4, Mailbox Replacement 1 lot $5, $5, $ $20.38 $ $1, Protected from weather Parking Canopies - Periodic Repair & Paint 1 lot $2, $2, $ $41.12 $ $ Parking Lighting Fixture Replacement (Accent and Flood) 1 lot $3, $3, $ $23.98 $ $ Includes floods and accent at parking and at Perimeter Metal Fencing - Clean/Prime/Paint (Periodic) 690 lin. ft. $7.00 $4, $ $ $4, $4, racquetball court Perimeter Metal Fencing Replacement 690 lin. ft. $50.00 $34, $1, $ $1, $19, Perimeter Wood Fencing Replacement 1,410 lin. ft. $28.00 $39, $1, $ $4, $20, Perimeter Wood Fencing Stain & Repair 1,410 lin. ft. $4.00 $5, $ $0.00 $0.00 $5, Re-Stripe Parking Lot 1 lot $1, $1, $ $ $1, $1, Retaining Wall Repairs - Stone 50 lin ft $20.00 $1, $ $26.49 $ $ Site Electrical Panel Replacement 4 ea. $ $2, $ $39.53 $ $1, Wrought Iron Gate Entry/Exit 4 ea $1, $4, $ $25.96 $ $1, Building Exterior Aluminum Gutters Replacement 990 lin ft $4.00 $3, $ $17.09 $ $ Replace with comp shingle replacement Siding & Trim - Caulk/Seal/Repair 102,850 sq ft $0.80 $82, $4, $6, $77, $71, Siding & Trim Replacement 102,850 sq ft $5.50 $565, $26, $3, $44, $395, Including moisture barrier & flashing Composition Shingle Roof Replacement 10,700 sq ft $2.75 $29, $ $ $1, $1, Concrete Treads Replacement (Approximately 5%) 30 ea $80.00 $2, $ $24.67 $ $ Exterior Door Painting 108 ea $60.00 $6, $ $35.05 $ $2, Exterior Flood Light Replacement 39 ea $ $9, $ $66.81 $ $1, Exterior Light Fixture Replacement 160 ea $ $16, $ $ $1, $3, Flat Roof Replacement 23,700 sq ft $3.75 $88, $ $ $3, $3, Replaced in 2011 Orn Iron Balcony Rails and Fencing Clean/Prime/Paint 1,875 lin ft $3.50 $6, $ $0.00 $0.00 $6, includes stairs Add Downposut Extensions 60 ea $40.00 $2, $ $ $2, $2, Periodic Foundation Repairs 1 lot $7, $7, $ $ $3, $5, Building Interior Ceiling Fixtures Replacement 1 lot $3, $3, $ $26.51 $ $1, Counter Kitchen Replacement 1 lot $2, $2, $ $13.41 $ $1, Fixtures & Restrooms Replacement 1 lot $2, $2, $ $16.77 $ $1, Paint Interior 9,300 sq ft $1.25 $11, $ $ $1, $4, Counter Top/Sink/ Faucet Kitchen 1 lot $1, $1, $ $15.90 $ $ Carpet Replacement 775 sq ft $7.50 $5, $ $78.07 $ $2, Mechanical Elite Access System Replacement 1 ea $4, $4, $ $ $1, $3, Elite system Clubhouse HVAC Replacement 1 ea $5, $5, $ $ $1, $4, Goodman compressor, 4 ton Electrical Panel Replacement 2 ea $1, $2, $ $17.72 $ $ Amenity center and pool house Irrigation Controller Replacement 6 ea $ $3, $ $45.15 $ $1, Pool Filter Replacement 3 ea $ $2, $ $24.84 $ $ Pool Pump Replacement 3 ea $1, $3, $ $38.96 $ $ Entry/Exit Rolling Gate Equipment Replacement 4 ea $3, $14, $ $ $1, $4, Water Heater Replacement 1 ea $ $ $ $23.10 $ $ Ruud, electric, 40 gal Replace Security Pool Area / Upgrade Equip. 1 lot $5, $5, $ $50.94 $ $1, Amenities Gazebo Replacement 425 sq ft $15.00 $6, $ $51.02 $ $3, Gazebo -Stain 1 lot $3, $3, $ $ $1, $2, Clubhouse Furnishing/Appliance Replacement 1 lot $5, $5, $ $79.21 $ $3, Door Replacement 9 ea $ $5, $ $25.91 $ $1, Fitness Equipment Replacement 1 lot $2, $2, $ $25.70 $ $ Pool Furniture Replacement 1 lot $2, $2, $ $32.71 $ $ aluminum and vinyl chaises Re-Seal Coping to Decking Joint (Seal-O-Deck) 180 lin ft $4.50 $ $ $22.13 $ $ Re-Surface Pool 1,835 sq ft $5.50 $10, $ $ $1, $1, Sauna Equipment Replacement 1 ea $5, $5, $ $58.35 $ $1, Metal Fencing at Pool- Clean/Prime/Paint (Periodic) 245 lin. ft. $7.00 $1, $ $0.00 $0.00 $1, Metal Fencing at Pool Replacement 245 lin. ft. $50.00 $12, $ $44.69 $ $6, Replace Security A.C. / Upgrade Equip. 1 lot $2, $2, $ $25.47 $ $ Other Reserve Study Updates 1 ea. $1, $1, $ $25.00 $ $0.00 Contingency 1 ea. $6, $6, $ $0.00 $0.00 $6, Totals $1,633, $66, $18, $221, ########### Total Over Term $1,840, Criterium Engineers * Costs are typically 10%± ** Reserve study is based on a 20 year projection of non-annual maintenance Page 2 of 16 3/25/2013
15 Itemized Graph Categories Totals Site $697,840 Building Exterior $847,605 Building Interior $43,875 Mechanical $74,950 Amenities $51,030 Other $124,800 Total $1,840,100 Itemized Graph Site Building Exterior Building Interior Site, $697,840 Mechanical Amenities Other, $124,800 Building Exterior, $847,605 Other Amenities, $51,030 Mechanical, $74,950 Building Interior, $43,875 Criterium Engineers Page 3 of 16 3/25/2013
16 Annual Expense By Year Year: Year Number: Site Concrete Parking Lot Repairs/Replacement (Periodic) 0 5,925 5,925 5,925 0 Concrete Parking Lot Replacement (33%) ,590 Concrete Parking Lot Replacement (33%) Concrete Parking Lot Replacement (33%) Concrete Sidewalk Repairs/Replacement (Periodic) 0 0 2,00 2, Concrete Streets - Seal Control Joints 0 6,60 0 6,60 0 6,600 0 Entry Monument Signage Replacement ,00 2,000 0 Lamp Post Replacement , Mailbox Replacement Parking Canopies - Periodic Repair & Paint ,00 2,00 2,000 Parking Lighting Fixture Replacement (Accent and Flood) 0 0 3, Perimeter Metal Fencing - Clean/Prime/Paint (Periodic) 0 4, , Perimeter Metal Fencing Replacement Perimeter Wood Fencing Replacement , Perimeter Wood Fencing Stain & Repair 5, , , , Re-Stripe Parking Lot 0 1,50 1,50 1, Retaining Wall Repairs - Stone ,00 1,000 0 Site Electrical Panel Replacement ,00 0 Wrought Iron Gate Entry/Exit Building Exterior Aluminum Gutters Replacement Siding & Trim - Caulk/Seal/Repair 0 82, ,28 0 Siding & Trim Replacement , Composition Shingle Roof Replacement Concrete Treads Replacement (Approximately 5%) , Exterior Door Painting Exterior Flood Light Replacement 0 0 9, Exterior Light Fixture Replacement , Flat Roof Replacement Orn Iron Balcony Rails and Fencing Clean/Prime/Paint 6,563 6,563 6, Add Downposut Extensions 0 2, Periodic Foundation Repairs 0 0 7, ,50 0 Building Interior Ceiling Fixtures Replacement 3,30 Counter Kitchen Replacement 0 0 2, Fixtures & Restrooms Replacement 0 0 2, Paint Interior 0 11, Counter Top/Sink/ Faucet Kitchen 0 1, Carpet Replacement 0 5, Mechanical Elite Access System Replacement 0 0 4,00 4, Clubhouse HVAC Replacement , Electrical Panel Replacement 0 2, Irrigation Controller Replacement 0 0 3, Pool Filter Replacement ,70 0 Pool Pump Replacement 0 0 3, Entry/Exit Rolling Gate Equipment Replacement , Water Heater Replacement Replace Security Pool Area / Upgrade Equip , Amenities Gazebo Replacement 6, Criterium Engineers Page 4 of 16 3/25/2013
17 Annual Expense By Year Year: Year Number: Gazebo -Stain 0 0 3,60 3,60 3, Clubhouse Furnishing/Appliance Replacement 5,00 Door Replacement Fitness Equipment Replacement , Pool Furniture Replacement 2, , Re-Seal Coping to Decking Joint (Seal-O-Deck) Re-Surface Pool , Sauna Equipment Replacement 0 0 5, Metal Fencing at Pool- Clean/Prime/Paint (Periodic) 1, , ,715 Metal Fencing at Pool Replacement Replace Security A.C. / Upgrade Equip , Other Reserve Study Updates , , , Contingency 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 Total Costs 19, ,535 23,100 21,685 16,840 13,000 32,700 60,943 69, ,480 15,675 10, ,428 21, ,305 Total Costs Adjusted For 3% Inflation 19, ,821 24,507 23,696 18,954 15,071 39,046 74,952 88, ,104 21,066 14, ,839 31, ,904 Criterium Engineers Page 5 of 16 3/25/2013
18 Annual Expense By Year Year: Year Number: Site Concrete Parking Lot Repairs/Replacement (Periodic) Concrete Parking Lot Replacement (33%) Concrete Parking Lot Replacement (33%) Concrete Parking Lot Replacement (33%) Concrete Sidewalk Repairs/Replacement (Periodic) Concrete Streets - Seal Control Joints Entry Monument Signage Replacement Lamp Post Replacement Mailbox Replacement Parking Canopies - Periodic Repair & Paint Parking Lighting Fixture Replacement (Accent and Flood) Perimeter Metal Fencing - Clean/Prime/Paint (Periodic) Perimeter Metal Fencing Replacement Perimeter Wood Fencing Replacement Perimeter Wood Fencing Stain & Repair Re-Stripe Parking Lot Retaining Wall Repairs - Stone Site Electrical Panel Replacement Wrought Iron Gate Entry/Exit Building Exterior Aluminum Gutters Replacement Siding & Trim - Caulk/Seal/Repair Siding & Trim Replacement Composition Shingle Roof Replacement Concrete Treads Replacement (Approximately 5%) Exterior Door Painting Exterior Flood Light Replacement Exterior Light Fixture Replacement Flat Roof Replacement Orn Iron Balcony Rails and Fencing Clean/Prime/Paint Add Downposut Extensions Periodic Foundation Repairs Building Interior Ceiling Fixtures Replacement Counter Kitchen Replacement Fixtures & Restrooms Replacement Paint Interior Counter Top/Sink/ Faucet Kitchen Carpet Replacement Mechanical Elite Access System Replacement Clubhouse HVAC Replacement Electrical Panel Replacement Irrigation Controller Replacement Pool Filter Replacement Pool Pump Replacement Entry/Exit Rolling Gate Equipment Replacement Water Heater Replacement Replace Security Pool Area / Upgrade Equip. Amenities Gazebo Replacement , , , , , ,000 4,83 0 5, , , , , , , , , , , , , , , ,700 3, , Criterium Engineers Page 6 of 16 3/25/2013
19 Annual Expense By Year Year: Year Number: Gazebo -Stain Clubhouse Furnishing/Appliance Replacement Door Replacement Fitness Equipment Replacement Pool Furniture Replacement Re-Seal Coping to Decking Joint (Seal-O-Deck) Re-Surface Pool Sauna Equipment Replacement Metal Fencing at Pool- Clean/Prime/Paint (Periodic) Metal Fencing at Pool Replacement Replace Security A.C. / Upgrade Equip. Other Reserve Study Updates Contingency Total Costs Total Costs Adjusted For 3% Inflation , , , , , , , ,000 6,000 6,000 6,000 6, , , ,280 34,275 63, , , ,193 58, ,032 Criterium Engineers Page 7 of 16 3/25/2013
20 Existing Funding Levels Beginning Year Reserve Fund Fee Special Investment Capital Ending Year Number Balance Revenue Assessments Earnings Expenditures Balance $66,125 $18,600 $0 $1,296 $19,918 $66, $66,104 $18,600 $0 $0 $112,821 ($28,117) ($28,117) $18,600 $0 $0 $24,507 ($34,024) ($34,024) $18,600 $0 $0 $23,696 ($39,120) ($39,120) $18,600 $0 $0 $18,954 ($39,474) ($39,474) $18,600 $0 $0 $15,071 ($35,944) ($35,944) $18,600 $0 $0 $39,046 ($56,390) ($56,390) $18,600 $0 $0 $74,952 ($112,741) ($112,741) $18,600 $0 $0 $88,104 ($182,245) ($182,245) $18,600 $0 $0 $131,104 ($294,749) ($294,749) $18,600 $0 $0 $21,066 ($297,215) ($297,215) $18,600 $0 $0 $14,825 ($293,440) ($293,440) $18,600 $0 $0 $898,839 ($1,173,679) ($1,173,679) $18,600 $0 $0 $31,610 ($1,186,689) ($1,186,689) $18,600 $0 $0 $293,904 ($1,461,993) ($1,461,993) $18,600 $0 $0 $345,522 ($1,788,915) ($1,788,915) $18,600 $0 $0 $353,766 ($2,124,080) ($2,124,080) $18,600 $0 $0 $192,193 ($2,297,673) ($2,297,673) $18,600 $0 $0 $58,351 ($2,337,424) ($2,337,424) $18,600 $0 $0 $111,032 ($2,429,856) Criterium Engineers Page 8 of 16 3/25/2013
21 Existing Funding Levels Beginning Balance as of start of year beginning Jan 2013: $66,125 CONTRIBUTIONS SPECIAL ASSESSMENTS AMOUNT Totals $18, per year Per Year $0 Per Unit $0 $ per unit per year $1, per month $14.35 per unit per month Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 66,104 (28,117) (34,024) (39,120) (39,474) (35,944) (56,390) (112,741) (182,245) (294,749) (297,215) (293,440) (1,173,679) (1,186,689) (1,461,993) Capital Expenditures: 19, ,821 24,507 23,696 18,954 15,071 39,046 74,952 88, ,104 21,066 14, ,839 31, ,904 Total Revenue (all sources) 19,896 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 18,600 Year: Year Number: End of Year Reserve Fund Balance (1,788,915) (2,124,080) (2,297,673) (2,337,424) (2,429,856) Capital Expenditures: 345, , ,193 58, ,032 Total Revenue (all sources) (1,443,393) (1,770,315) (2,105,480) (2,279,073) (2,318,824) Existing Funding Levels 500, (500,000) (1,000,000) Dollars (1,500,000) (2,000,000) (2,500,000) (3,000,000) Funding Years Criterium Engineers Page 9 of 16 3/25/2013
22 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 $66,125 $92,880 $0 $0 $2,782 $19,918 $141, $141,869 $92,880 $0 $0 $2,439 $112,821 $124, $124,367 $92,880 $0 $0 $3,855 $24,507 $196, $196,595 $111,240 $0 $0 $5,683 $23,696 $289, $289,822 $111,240 $0 $0 $7,642 $18,954 $389, $389,750 $111,240 $0 $0 $9,718 $15,071 $495, $495,638 $129,600 $0 $0 $11,724 $39,046 $597, $597,917 $129,600 $0 $0 $13,051 $74,952 $665, $665,616 $129,600 $0 $0 $14,142 $88,104 $721, $721,255 $147,960 $0 $0 $14,762 $131,104 $752, $752,873 $147,960 $0 $0 $17,595 $21,066 $897, $897,363 $147,960 $0 $0 $20,610 $14,825 $1,051, $1,051,108 $166,320 $0 $0 $6,372 $898,839 $324, $324,960 $166,320 $0 $0 $9,193 $31,610 $468, $468,864 $166,320 $0 $0 $6,826 $293,904 $348, $348,105 $184,680 $0 $0 $3,745 $345,522 $191, $191,009 $184,680 $0 $0 $438 $353,766 $22, $22,362 $184,680 $0 $0 $297 $192,193 $15, $15,145 $203,040 $0 $0 $3,197 $58,351 $163, $163,031 $203,040 $0 $0 $5,101 $111,032 $260,140 Criterium Engineers Page 10 of 16 3/25/2013
23 Alternative 1: Level Funding with Steps Beginning Balance as of start of year beginning Jan 2013: $66,125 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/year) FIRST YR LAST YR Totals Starting amount ($): 860 $92, $203, per year First Per Year $0 Per Unit $0 Increment by ($): 170 $ $1, per unit per year Second Per Year $0 Per Unit $0 Every 3 year $7, $16, per month Frequency: 7 time $71.67 $ per unit per month Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 141, , , , , , , , , , ,363 1,051, , , ,105 Capital Expenditures: 19, ,821 24,507 23,696 18,954 15,071 39,046 74,952 88, ,104 21,066 14, ,839 31, ,904 Total Revenue (all sources) 95,662 95,319 96, , , , , , , , , , , , ,146 Year: Year Number: End of Year Reserve Fund Balance 191,009 22,362 15, , ,140 Capital Expenditures: 345, , ,193 58, ,032 Total Revenue (all sources) 188, , , , ,141 Alternative 1: Level Funding with Steps 1,200,000 1,000, ,000 Dollars 600, , , Funding Years Criterium Engineers Page 11 of 16 3/25/2013
24 Alternative 2: Escalating Funding at 4.5% per Year Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance $66,125 $92,880 $0 $0 $2,782 $19,918 $141, $141,869 $97,060 $0 $0 $2,522 $112,821 $128, $128,630 $101,427 $0 $0 $4,111 $24,507 $209, $209,661 $105,992 $0 $0 $5,839 $23,696 $297, $297,796 $110,761 $0 $0 $7,792 $18,954 $397, $397,396 $115,745 $0 $0 $9,961 $15,071 $508, $508,032 $120,954 $0 $0 $11,799 $39,046 $601, $601,739 $126,397 $0 $0 $13,064 $74,952 $666, $666,248 $132,085 $0 $0 $14,205 $88,104 $724, $724,434 $138,029 $0 $0 $14,627 $131,104 $745, $745,986 $144,240 $0 $0 $17,383 $21,066 $886, $886,543 $150,731 $0 $0 $20,449 $14,825 $1,042, $1,042,897 $157,513 $0 $0 $6,031 $898,839 $307, $307,603 $164,602 $0 $0 $8,812 $31,610 $449, $449,407 $172,009 $0 $0 $6,550 $293,904 $334, $334,062 $179,749 $0 $0 $3,366 $345,522 $171, $171,655 $187,838 $0 $0 $115 $353,766 $5, $5,841 $196,290 $0 $0 $199 $192,193 $10, $10,137 $205,124 $0 $0 $3,138 $58,351 $160, $160,048 $214,354 $0 $0 $5,267 $111,032 $268,638 Criterium Engineers Page 12 of 16 3/25/2013
25 Alternative 2: Escalating Funding at 4.5% per Year Beginning Balance as of start of year beginning Jan 2013: $66,125 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/year) FIRST YR LAST YR Totals Starting amount ($): 860 $92, $214, per year First Per Year $0 Per Unit $0 Increment by (%): 4.5 $ $1, per unit per year Second Per Year $0 Per Unit $0 Step (%): $7, $17, per month Every 1 year $71.67 $ per unit per month Frequency: 20 time Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 141, , , , , , , , , , ,543 1,042, , , ,062 Capital Expenditures: 19, ,821 24,507 23,696 18,954 15,071 39,046 74,952 88, ,104 21,066 14, ,839 31, ,904 Total Revenue (all sources) 95,662 99, , , , , , , , , , , , , ,559 Year: Year Number: End of Year Reserve Fund Balance 171,655 5,841 10, , ,638 Capital Expenditures: 345, , ,193 58, ,032 Total Revenue (all sources) 183, , , , ,621 Alternative 2: Escalating Funding at 4.5% per Year 1,200,000 1,000, ,000 Dollars 600, , , Funding Years Criterium Engineers Page 13 of 16 3/25/2013
26 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 $66,125 $376 $0 $0 $932 $19,918 $47, $47,516 $4,518 $150,000 $0 $1,784 $112,821 $90, $90,996 $4,518 $0 $0 $1,420 $24,507 $72, $72,427 $4,518 $0 $0 $1,065 $23,696 $54, $54,314 $4,518 $0 $0 $798 $18,954 $40, $40,676 $4,518 $0 $0 $602 $15,071 $30, $30,725 $4,518 $0 $325,000 $0 $39,046 $321, $321,198 $4,518 $0 $0 $5,015 $74,952 $255, $255,779 $4,518 $0 $0 $3,444 $88,104 $175, $175,637 $4,518 $0 $0 $981 $131,104 $50, $50,032 $4,518 $0 $0 $670 $21,066 $34, $34,153 $4,518 $0 $0 $477 $14,825 $24, $24,322 $4,518 $0 $2,250,000 $0 $898,839 $1,380, $1,380,001 $4,518 $0 $0 $27,058 $31,610 $1,379, $1,379,967 $4,518 $0 $0 $21,812 $293,904 $1,112, $1,112,392 $4,518 $0 $0 $15,428 $345,522 $786, $786,816 $4,518 $0 $0 $8,751 $353,766 $446, $446,319 $4,518 $0 $0 $5,173 $192,193 $263, $263,816 $4,518 $0 $0 $4,200 $58,351 $214, $214,183 $4,518 $0 $0 $2,153 $111,032 $109,822 Criterium Engineers Page 14 of 16 3/25/2013
27 Alternative 3: Escalating Funding with Special Assessments Beginning Balance as of start of year beginning Jan 2013: $66,125 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/year) FIRST YR LAST YR Totals Starting amount ($): $4, $4, per year First Jan 2014 Per Year $150,000 Per Unit $1,389 Increment by (%): 0 $41.83 $41.83 per unit per year Second Jan 2019 Per Year $325,000 Per Unit $3,009 Step (%): 0 $ $ per month Every 1 year $3.49 $3.49 per unit per month Frequency: 19 time Projected Annual Funding and Expenditures: Year: Year Number: End of Year Reserve Fund Balance 47,516 90,996 72,427 54,314 40,676 30, , , ,637 50,032 34,153 24,322 1,380,001 1,379,967 1,112,392 Capital Expenditures: 19, ,821 24,507 23,696 18,954 15,071 39,046 74,952 88, ,104 21,066 14, ,839 31, ,904 Total Revenue (all sources) 1, ,302 5,938 5,583 5,315 5, ,518 9,533 7,961 5,499 5,187 4,995 2,254,518 31,576 26,329 Year: Year Number: End of Year Reserve Fund Balance 786, , , , ,822 Capital Expenditures: 345, , ,193 58, ,032 Total Revenue (all sources) 19,945 13,269 9,691 8,717 6,671 Alternative 3: Escalating Funding with Special Assessments 1,600,000 1,400,000 1,200,000 1,000,000 Dollars 800, , , , Funding Years Criterium Engineers Page 15 of 16 3/25/2013
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