August 18, 2016 Mr. Nicholas Burbulis 420 W. Belmont Ave. Chicago, IL 60657 Reference: The Kipcon Great Lakes Dear Mr. Burbulis: Attached, please find Kipcon Great Lakes, which has been prepared for the. 8901N. Western Ave. Suite 411 Des Plaines, IL 60016 telephone: (847) 269-2590 toll free: (800) 828-4118 facsimile: (866) 491-2569 e-mail: rkatz@kipcon.com info: info.greatlakes@kipcon.com internet: http://www.kipcon.com This has been prepared in conformance with the National Reserve Study Standards of the Community Associations Institute (CAI), which is a national educational organization for the community association industry. It is recommended that prior to implementing this, it be reviewed by the Association s accountant, paying particular attention to the beginning balance and the funding plan. As always, if you have any questions or comments, please do not hesitate to contact me at your convenience. Thank you again for selecting Kipcon to provide these services. Very truly yours, KIPCON GREAT LAKES, LLC Ron Katz Principal RK/sz
Prepared for: The Chicago, Illinois Revised 8/17/16 Prepared by Kipcon Great Lakes, LLC Ronald W Katz, JD R.S. Reserve Specialist Number 017
Table of Contents The Page Description 2 Executive Summary 5 Physical Analysis 17 Financial Analysis 22 Expenditures/Charts 28 Disclosures 29 Glossary of Abbreviations 30 Bibliography Page 1
The Executive Summary The following report is a prepared by Kipcon, Great Lakes LLC for the Bel-Harbour Building Condominium Association located in Chicago, Illinois. The is a community association comprised of one 30-story residential building consisting of 207 condominium units on the upper floors. Residential units occupy floors 2-30; Commercial space currently housing a restaurant, a lobby and an office occupy the ground floor. Mechanical equipment is installed n the first floor boiler room, as well as other areas including the 2 nd floor, garage roof, the 30 th floor and the roof top. There is a pool located on the 30 th floor with locker areas and outdoor sun deck, along with a party room. There is also an elevator penthouse area above the main roof. The report is based on visual observations made during site visits conducted on June 6, 2016, prior visits to the property, the prior reserve studies and information provided by Mr. Nicholas Burbulis, the Community Manager. The purpose of a is to make updated recommendations to the Association regarding the amount to be contributed to the reserve fund on an annual basis to fund future replacements of the reserve components as those replacements become necessary. The basis for this study is an analysis of the condition, as well as the replacement costs, of the community s common area reserve components. As required by the National Reserve Study Standards of the Community Associations Institute, a Reserve Study Update is comprised of two parts, a Physical Analysis and a Financial Analysis. The Physical Analysis involves field observations of the common element components that are included within the. Unless indicated otherwise in this report, the conditions of the components were observed by Kipcon Great Lakes to be representative of their ages. A prepared by Reserve Advisors, Inc. in 2004, the Reserve Update prepared in 2011 by Kipcon; as well as site observations and information provided by the Community Manager and the building engineer were used as sources for the component listing and quantities in this. Remaining useful lives were determined based on field observations. The replacement costs were estimated using standard cost estimating guides published by R.S. Means Company, Inc. (2014 Editions) and Kipcon Great Lakes industry experience. This indicates the Association s reserves are currently underfunded. The Association has not followed the prior recommendations of the previous reserve study provided. However, it has on its own been able to maintain adequate reserves without special assessments. It is noted that the Association has made numerous improvements over the past several years including a new A/C unit, Tuck Pointing, Lobby Renovation, Pool Window replacement and various life safety upgrades. However, in reviewing the past two studies and the need for amongst other things an overhaul to the elevators, several items that were not part of the prior reports have been added. These items will be noted in the notes section of the report. Page 2
The Executive Summary Carefully review the individual components on the Component Inventory to determine if several smaller, individual components can be consolidated into one-line item that can be continuously funded. For example: If there are five or six components with a total replacement cost of $1,000 each, the Association may want to consider funding all six components under one-line item for a total of $1,000 rather than reserving the full $5,000 or $6,000 dollars for all of these items. Should one of these six items ever have to be replaced, that $1,000-line item would have to be brought current within a year or so after its expenditure. By doing this, rather than funding the full $6,000, only a portion of the total would be funded. This approach would allow the Association to reduce their Annual Contribution to the reserve fund. Based upon field observations by Kipcon Great Lakes and the available reviewed data, the existing conditions at The are accurately represented within this report. It should be recognized that costs and useful lives fluctuate as a result of variables which include overall economic conditions, conditions within the construction industry, unanticipated severe weather, and the amount of ongoing maintenance performed. To ensure that proper funding levels are maintained, this report should be updated in two (2) years to provide the Association with a more current assessment of the status of its reserve fund. This report is prepared for budgetary purposes only. In most cases, bids solicited for replacement of any of the components will not match the costs shown in the Component Inventory. The costs contained within this report are obtained from the sources previously listed and are based on the replacement of the existing components with components of similar quality. It is recommended that in the next update the Association have a complete review of its common elements to ensure that all items are appropriately accounted within its reserve study. Including but not limited to adding various elements to the report as well as deleting various elements that the cost of replacing may not be the responsibility of the Association. Specific notes in this regard may be contained within this report. In conclusion, the recommendations made in this report are provided to assist The Bel-Harbour Condominium Association in selecting the best way to optimize their assets in the future. If the Association would like to develop a strategy for replacing equipment and incorporating savings into next year s budget, Kipcon Great Lakes LLC can provide assistance. Page 3
Executive Summary: Key Figures Level of Service Provided Physical Description Number and Type of Building: Number and Type of Units: Recreational Facilities: Full Component Inventory Condition Assessment (based upon on-site visual observations) Life and Valuation Estimates Fund Status Funding Plan One 30-Story Building 207 Condominium Units and Commercial Unit Pool, Sundeck and Party Room Age of Community: Built in 1967 Converted in 1979 Financial Description Date of Most Recent Reserve Studies: September 7, 2004; December 21, 2011 Preparer of Most Recent Reserve Study: Beginning Reserve Balance: Source of Beginning Reserve Balance and Annual Contribution: Funding Goal: Reserve Advisors, Inc.; Kipcon Great Lakes $434,115- (As per the Budget provided via email as to the beginning balance as of 01/01/2016) Budget Prepared by: Mr. Nicholas Burbulis, Community Manager Full Funding/ Threshold Funding/Alternative Funding Reserve Fund Status Current Percent Funded (Beginning Reserve Balance/Full Funding Balance): 13% (as per summary chart on p.5) Current Annual Contribution: $164,498 Recommended Annual Contribution: Averaging Interval $243,999 Full Funding $219,599 Threshold Funding Alternative Funding: 10% Increases for 4 years; Level out at $225,000 (Includes 1x loan or special assessment) 30 years Page 4
Physical Analysis The following data represent the Physical Analysis portion of the. This analysis is based on the Component Inventory which incorporates a Condition Assessment of each specific component. The Condition Assessment is presented as the Estimated Remaining Life of each Component with the accompanying Notes. Also included is a valuation of the replacement cost for each Component. These costs are derived as outlined within this study. Construction costs and useful life estimates in this report represent the Engineer's best judgment as a professional familiar with the construction industry. It is recognized, however, that neither the Engineer nor the Association has control over the cost of labor, energy, materials, or equipment; over the contractors' methods of determining bid prices; or over competitive bidding, marketing, or negotiating conditions. Further, the Engineer cannot accurately determine the ongoing rate of deterioration, or the amount of preventive maintenance employed on an ongoing basis for determination of estimated useful lives. In all cases, unless stated otherwise, the useful life estimates are based upon visual inspections with no destructive testing employed. Accordingly, the Engineer cannot and does not warrant or represent those bids or negotiated prices and useful lives will not vary from that presented within the evaluation prepared or agreed to by the Engineer. CATEGORY RESERVE REQUIREMENT PRESENT DOLLARS BEGINNING BALANCE BALANCE REQUIRING ANNUAL RESERVE REQUIRED FULL BALANCE PERCENT FUNDED Sitework Totals $62,623 $2,856 $59,767 $3,217 $21,222 Waterproofing Totals $284,579 $24,147 $260,432 $47,320 $179,431 Interior Finishes Totals $339,932 $25,330 $314,602 $61,936 $188,225 Exterior Finishes Totals $806,722 $78,647 $728,075 $265,841 $584,412 Electrical Totals $197,728 $6,551 $191,177 $13,901 $48,676 Special Construction $84,460 $8,757 $75,703 $30,433 $65,074 The Percent Funded and Funding Goal are based on fully funding each component within the schedule. Please review the report for various funding strategies. Mechanical Totals $2,701,993 $287,827 $2,414,166 $589,642 $2,138,780 Grand Totals $4,478,036 $434,115 $4,043,921 $1,012,290 $3,225,820 13% Page 5
Sitework Component Inventory Category: Sitework COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT DOLLARS BEGINNING BALANCE ANNUAL ESTIMATED ESTIMATED RESERVE USEFUL LIFE REMAINING USEFUL LIFE REQUIRED FULL BALANCE NOTES Site Concrete 5,630 SF $11.02 $62,043 $2,783 30 20 $2,962.97 $20,681 1 Planter 1 LS $580.00 $580 $73 30 2 $253.58 $541 2 Notes: 1) Site Concrete: The Association maintains a drive for ingress and egress to the building and entry and exit from the garage. There is also a drive for refuse pick-up. The front of the building also includes concrete walk including handicap access to the building. The concrete was observed to be in overall fair condition. There were cracks noted that should be repaired. The area also includes catch basins and the alley. The quantity was taken from the prior reports. 2) Planter: There are planters contained within a brick wall. The brick was observed to have damaged areas as well as cracked mortar that should be repaired. This item was noted in the prior report but was separated to its own line item. Page 6
Waterproofing Component Inventory Category: WaterProofing COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT BEGINNING DOLLARS BALANCE ESTIMATED ESTIMATED USEFUL REMAINING LIFE USEFUL LIFE ANNUAL RESERVE REQUIRED FULL BALANCE NOTES Roof Main 58 SQ $848.26 $49,199 $5,675 35 5 $8,704.81 $42,171 3 Garage Roof Membrane 14,000 SF $8.35 $116,928 $10,490 15 5 $21,287.52 $77,952 4 Garage 2nd Floor Membrane 13,000 SF $8.35 $108,576 $6,819 15 8 $12,719.66 $50,669 5 Penthouse Roofs 1 LS $5,800.00 $5,800 $669 35 5 $1,026.19 $4,971 6 Roof Repairs 1 LS $4,075.66 $4,076 $494 10 1 $3,582.03 $3,668 7 Totals $284,579 $24,147 $47,320 $179,431 Notes: 3) The main roof consists of a modified BTU membrane. The roof was in adequate condition for its age. Some pooling was noted just to the West of the main internal drain. The Association has entered into a roof maintenance agreement which will act to extend the roof to its maximum useful life. The roofs actual age is beyond the useful life of most comparable membranes and should be monitored carefully. The area of the roof was obtained from the prior reports. 4) The property includes a 3-level garage with parking on the roof level. The roof area was observed to be in good condition, with attention needed at the entry points and the drain areas. 5) The 2 nd floor membrane of the garage was replaced in 2009 and was observed to be in good condition. Maintaining the area and minimizing the effects of winter ice and salt will act to extend the membranes estimated remaining useful life. 6) Penthouse Roofs: The elevator penthouse roof has been added to the report, and on the same track as the main roof. 7) Roof Repairs: $4,075 is set to be spent on roof repairs in 2016, in order to extend the useful life of the roofs. Page 7
Interior Finishes Component Inventory Category: Interior COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT BEGINNING DOLLARS BALANCE ANNUAL ESTIMATED ESTIMATED RESERVE USEFUL LIFE REMAINING USEFUL LIFE REQUIRED FULL BALANCE NOTES Carpet 750 SY $46.42 $34,817 $3,280 10 3 $10,512.50 $24,372 8 Lobby Renovation 1 LS $81,200.00 $81,200 $2,185 20 16 $4,938.41 $16,240 9 Mailboxes 208 EA $98.60 $20,509 $184 30 28 $725.89 $1,367 10 Hall Decoration 1 LS $70,760.00 $70,760 $6,666 10 3 $21,364.74 $49,532 11 Party Room and Sun Deck Furnishings 1 LS $10,440.00 $10,440 $562 15 9 $1,097.56 $4,176 12 Party Room Renovation 1 SF $5,800.00 $5,800 $624 10 2 $2,587.79 $4,640 13 Rest Room Locker Room Renovation 1 LS $13,920.00 $13,920 $1,659 35 4 $3,065.20 $12,329 14 Sauna 2 EA $10,440.00 $20,880 $1,124 25 15 $1,317.07 $8,352 15 Garage Floor Repairs 1 LS $5,046.00 $5,046 $475 10 3 $1,523.55 $3,532 16 Trash Chute and Door Repairs 1 LS $5,800.00 $5,800 $624 10 2 $2,587.79 $4,640 17 Elevator Cabs 3 EA $5,220.00 $15,660 $1,686 25 5 $2,794.81 $12,528 18 Stairwells 1 LS $11,600.00 $11,600 $1,186 25 6 $1,735.60 $8,816 19 Other Interior Doors 75 EA $464.00 $34,800 $4,098 40 5 $6,140.44 $30,450 20 Fire Extinguishers and Hoses 1 LS $8,700.00 $8,700 $976 30 5 $1,544.87 $7,250 21 Totals $339,932 $25,330 $61,936 $188,225 Notes: 8) Carpet: The hall areas are carpeted and is approximately 15 years old. It was noted that the carpet is worn particularly at the high traffic areas at the elevators. Replacement to be advanced as per the budget allows. 9) Lobby: The lobby was renovated in 2013. 10) Mail Boxes: There are mail box stacks located in a mail room adjacent to the lobby. The boxes were noted to be in good condition having been installed in 1999 and should be able to last a significant time. 11) Hall Decoration: The residential halls are primarily finished with paint. The Association plans on maintaining the corridors on the same schedule as the carpet. 12) Party Room/Sundeck Furniture: Party Room and sundeck furnishings/furniture were purchased in 2010 and 2016 and are in good condition. 13) Party Room Renovation: The party room although renovated in 2010-11 and updated and was observed to be in poor condition and in need of a face-lift sooner than anticipated. Page 8
14) Rest Room/Locker Rooms: There are two Locker rooms/restrooms serving the pool area. The floors are need of repairs especially around the drains and the plumbing fixtures were observed to be in fair condition. The fixtures can be expected to last an extended period. 15) Saunas: The restroom/pool locker areas also contain two saunas. The inserts were observed to have been updated and were in good condition 16) Garage Floor: The garage ground floor is concrete and was last extensively repaired in 2004. Due to the weather conditions and salt used during the winters in Chicago we have conservatively estimated that repairs are needed and will be done on a regular basis. Coating the entire surface is put on hold so long as regular repairs are performed. This can be reviewed again at the next update. 17) Trash Chute and Doors: There is one trash chute serving the building with access on each of the 29 floors. It appears the chute is original equipment as are the doors to the trash chute closets. However, trash chute repairs are needed if replacement is delayed. Funding for the replacement is put on hold, so long as repairs are sufficient to maintain the items. This can be reviewed again at the next update. 18) Elevator Cabs: Replacement of the elevator cab furnishings has been added to the study, and could be done in conjunction with other anticipated elevator work. 19) Stairwells: The maintenance of the stairwell walls, stairs and railings has been added to the report. 20) Interior Doors: There are various other doors located throughout the building, including stairwells, various rooms and access to the garage. Replacement of the doors should become part of the reserve budget. The actual replacement would be on as needed basis. The inventory count was done in prior reports. 21) Fire Extinguishers and Hoses: The building is also equipped with various fire extinguishers and fire hoses. These elements were included in the prior report, however up to date fire prevention equipment and systems are essential in the City of Chicago and part of the current life safety ordinance, and we have therefore added an amount to the reserve requirements for the replacement of these items. The Association has been upgrading life safety features and these are noted below. Page 9
Exterior Finishes Component Inventory Category: Exterior COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT DOLLARS BEGINNING BALANCE ESTIMATED ESTIMATED USEFUL REMAINING LIFE USEFUL LIFE ANNUAL RESERVE REQUIRED FULL BALANCE NOTES Balcony Capital Repairs 54 EA $4,176.00 $225,504 $21,243 40 12 $17,021.75 $157,853 22 Balcony Railings 54 EA $1,044.00 $56,376 $5,311 40 12 $4,255.44 $39,463 23 Wall City Critical Examination(s) 1 LS $4,640.00 $4,640 $156 4 3 $1,494.63 $1,160 24 Wall Concrete Capital Repairs 10,000 LF $7.08 $70,760 $7,618 15 3 $21,047.32 $56,608 25 Tuck Pointing South 1 LS $75,400.00 $75,400 $812 25 23 $3,242.97 $6,032 26 Window and Balcony Door Sealants 14,000 LF $4.93 $69,020 $7,431 10 2 $30,794.65 $55,216 27 Tuck Pointing North and Parapet walls 1 LS $200,100.00 $200,100 $25,851 25 1 $174,248.66 $192,096 28 Tuck Pointing East and West 1 LS $75,400.00 $75,400 $7,306 25 7 $9,727.74 $54,288 29 Smoke Stack 1 LS $17,400.00 $17,400 $1,686 25 7 $2,244.86 $12,528 30 Exterior Doors 8 EA $754.00 $6,032 $676 30 5 $1,071.11 $5,027 31 Garage Doors 3 EA $2,030.00 $6,090 $557 25 8 $691.59 $4,141 32 Totals $806,722 $78,647 $265,841 $584,412 Notes: 22) Balcony Repairs: There are 54 balconies constructed of reinforced concrete located on the front (South) elevation of the building. A review of the Condominium Declaration confirmed that these are common elements and the responsibility of the Association. They were last renovated in 1993 and based on our observations work should be budgeted for as necessary to maintain the integrity of the balcony surfaces. Only useful life was updated. 23) Balcony Railings: The balcony railings are constructed of steel and were replaced in 1993. They should be periodically maintained, however, due to their exposure and the weather conditions new railings should be anticipated again by 2028 based on prior useful life of the last replacement and the prior reserve studies. This can be reviewed again in the next update. 24) Critical Exam: The City of Chicago requires inspection of the building facade of this type of structure each 4 years. The Association may budget this expense through reserves or the operating budget. If the operating budget is used, then this report should be adjusted accordingly. 25) Wall/Concrete Repairs: During these inspections it is anticipated that various deficiencies may be noted and that wall and concrete repairs can be anticipated from time to time. This is in addition to the scheduled tuck pointing. 26) Tuck Pointing (South Wall) The façade is primarily brick with decorative concrete details. Extensive tuck pointing was on the South wall in 2015. Tuck pointing is anticipated to last 20-25 years if done properly. If the upcoming critical exams change the useful life estimates they can be revised accordingly. 27) Window and Door Sealants: A review of the Declaration of Condominium indicated that the individual unit windows and balcony doors are limited common elements. Therefore, the replacement costs of the windows and doors have been removed as limited common elements are the financial responsibility of the Page 10
individual unit owners. There remain various common area windows and therefore the cost to maintain the windows and doors as well as caulking the limited elements have been included in the reserve budget. 28) Tuck Pointing North and Garage Parapet Walls: Tuck pointing projects have been broken down in this report. The North wall work is scheduled for 2016. The parapet walls of the garage roof should also be included. 29) Tuck Pointing East and West Walls: The East and West walls have less square footage to cover and are scheduled together in 5-7 years. 30) Smoke Stack: The smoke stack painting and repairs have been added to be done with the West wall. 31) Exterior Doors: The building maintains several common exterior doors including automated handicapped accessible entry doors, garage entry and trash entry doors. An estimated amount was therefore included to this report and added to the update as an additional element. 32) Garage Doors: There are three overhead garage doors. However, the one by the trash area is not in use and not considered in the replacement costs. This item is add-on to the study. Page 11
Electrical Component Inventory Category: Electrical COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT BEGINNING DOLLARS BALANCE ANNUAL ESTIMATED ESTIMATED RESERVE USEFUL LIFE REMAINING USEFUL LIFE REQUIRED FULL BALANCE NOTES Interior Fixtures 108 EA $185.60 $20,045 $1,834 25 8 $2,276.31 $13,630 33 Emergency and Exit Fixtures 99 EA $377.00 $37,323 $1,808 25 16 $2,219.68 $13,436 34 Intercom 1 LS $30,160.00 $30,160 $1,299 25 17 $1,697.72 $9,651 35 Garage Openers 2 EA $2,320.00 $4,640 $42 15 14 $328.46 $309 36 Elevators Controls Upgrades 3 EA $0.00 $0 $0 40 3 $0.00 $0 37 Security System Equipment 1 LS $7,540.00 $7,540 $51 20 19 $394.17 $377 38 Life Safety Upgrades 1 LS $81,200.00 $81,200 $728 15 14 $5,747.96 $5,413 39 Gararge Lighting 1 LS $8,700.00 $8,700 $351 20 14 $596.34 $2,610 40 Exterior Lighting 1 LS $8,120.00 $8,120 $437 20 12 $640.24 $3,248 41 Totals $197,728 $6,551 $13,901 $48,676 Notes: 33) Interior Fixtures: There are wall mounted light fixtures located throughout the interior common area hallways and other common areas primarily updated in 2002. Updating these with energy efficient lights whenever possible is highly recommended. (Useful Life Change Only) 34) Emergency and Exit Fixtures: Emergency and Exit lighting in the stairwells, hallways and garage areas is sufficient for this structure. These were installed in 2002 and in 2015. (Useful Life was adjusted to average in the newer fixtures) 35) Intercom: The Association installed a new wireless intercom system in 2008 and was observed to be in working condition. (Useful Life Change Only) 36) Garage Door Openers: The garage has two operating overhead doors one at ground level and one at roof level. There is in addition one smaller overhead door that is no longer used. The openers were recently installed and in good condition and operating at the time of inspection. 37) Elevator Control Upgrades: The building is equipped with three traction Otis elevators. The drives are located in the elevator penthouse (see elevators below). One generator has been repaired since the time of the last update. Elevator controls and specifications as required by City Ordinance is constantly in flux and should be closely monitored. Updates to the controls and also to the cabs should be anticipated going forward. An elevator renovation project is in the planning and controls maybe a part. If that is done this section should be updated accordingly. The cost of new controls will be factored in to the elevator modernization plan in the mechanical section below on p.15. 38) Security System and Equipment: A new key FOB system was installed in 2015 and additional cameras to upgrade overall security. This item was added to the study. Page 12
39) Life Safety Upgrades: The building completed some life safety upgrades in 2015 the rest in 2016 as per the City Hi-Rise Ordinance. A line item has been established for this as well. 40) Garage Lighting: The garage new lighting installed in 2010. 41) Exterior Lights: The building has various exterior lighting fixtures, including garage roof pole mounted and wall mounted fixtures, front entry overhead lights, emergency lights, as well as four light standards. Some outside lights were removed and the amount being collected has been slightly reduced from the prior report. Page 13
Special Construction Component Inventory Category: Special Construction COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT BEGINNING DOLLARS BALANCE ANNUAL ESTIMATED ESTIMATED RESERVE USEFUL LIFE REMAINING USEFUL LIFE REQUIRED FULL BALANCE NOTES Pool Filter 1 EA $3,260.00 $3,260 $316 25 7 $420.59 $2,347 42 Pool Heater 1 EA $6,380.00 $6,380 $744 15 2 $2,817.94 $5,529 43 Pool Liner 1 EA $37,120.00 $37,120 $4,329 15 2 $16,395.31 $32,171 44 Pool Piping 1 LS $5,800.00 $5,800 $215 40 29 $192.60 $1,595 45 Pool Walls 1 LS $23,200.00 $23,200 $2,872 25 2 $10,163.81 $21,344 46 Pool Deck 1 LS $8,700.00 $8,700 $281 25 19 $443.11 $2,088 47 Totals $84,460 $8,757 $30,433 $65,074 Notes: 42) Pool Filter: There is an indoor pool located on the 30 th floor. The pool is equipped with a sand type filter installed in 2001. As long as it is maintained and the other mechanical parts including chlorinators, pumps, controls, pipes, fittings and valves are replaced and maintained the filter should meet or exceed its estimated remaining useful life. (Useful life changes only) 43) Pool Heater: The pool is equipped with a gas fired heater, installed in 1984 and rebuilt in 2002. Due to the ability of the maintenance staff to maintain and repair the system the need for replacement may not be necessary but it is scheduled for replacement in 2017. 44) Pool Liner: Fiberglass pool liners have a10-12year useful life. The pool usage however is light to moderate and the pool area is frequently serviced, therefore the liner generally lasts up to 15 years. However, the liner has had to have several repairs and should be scheduled for replacement. 45) Pool Piping: The piping should be monitored closely for leaks and maintained. A replacement pipe was installed in 2005. 46) Pool Walls: The pool walls are in need of tuck pointing and painting and has been added to the budget. 47) Pool Deck: The pool deck was replaced with a safety deck surface in 2010 and was noted to be in good condition. Note: The windows around the pool were replaced in 2015. Their useful life and remaining useful should exceed the 30-year time frame of this report and thus have not been included. Page 14
Mechanical Component Inventory Category: Mechanical COMPONENT QUANTITY UNIT COST RESERVE REQUIREMENT PRESENT DOLLARS BEGINNING BALANCE ESTIMATED ESTIMATED USEFUL REMAINING LIFE USEFUL LIFE ANNUAL RESERVE REQUIRED FULL BALANCE NOTES Air Conditioning Compressors 1 EA $75,400.00 $75,400 $9,857 35 1 $65,542.95 $73,246 48 Boilers 7 EA $29,000.00 $203,000 $11,708 35 20 $9,564.60 $87,000 49 Cooling Tower 1 EA $20,880.00 $20,880 $1,461 25 12 $1,618.24 $10,858 50 MAU Unit 1 EA $13,920.00 $13,920 $250 30 26 $525.78 $1,856 51 Air Handlers 2 EA $11,020.00 $22,040 $2,175 30 8 $2,483.11 $16,163 52 Trash Compactor 1 EA $16,240.00 $16,240 $175 25 23 $698.49 $1,299 53 Domestic Hot Water Heaters 2 EA $8,700.00 $17,400 $1,030 25 14 $1,169.26 $7,656 54 Plumbing Repairs 1 LS $12,499.00 $12,499 $1,346 5 1 $11,153.36 $9,999 55 Heat Pumps 3 EA $17,400.00 $52,200 $3,512 30 15 $3,245.84 $26,100 56 Circulating Pumps 5 EA $6,960.00 $34,800 $2,810 20 8 $3,998.76 $20,880 57 Exhaust Fan Phase 1 (3) 3 EA $2,900.00 $8,700 $78 30 28 $307.93 $580 58 Exhaust Fans Phase 2 (4) 4 EA $3,016.00 $12,064 $1,461 30 3 $3,534.28 $10,858 59 Elevator Penthouse HVAC 1 LS $0.00 $0 $0 25 3 $0.00 $0 60 Hot Water Risers I 1 LS $522,000.00 $522,000 $58,540 60 10 $46,345.98 $435,000 61 Hot Water Risers II 1 LS $522,000.00 $522,000 $56,199 60 12 $38,816.79 $417,600 62 Cold Water Risers 1 LS $464,000.00 $464,000 $47,873 60 14 $29,723.37 $355,733 63 Storage Tanks 3 EA $2,900.00 $8,700 $351 30 21 $397.56 $2,610 64 Elevator Modernization 3 EA $77,350.00 $232,050 $30,447 40 1 $201,602.55 $226,249 65 Elevator Modernization 3 EA $77,350.00 $232,050 $29,667 40 2 $101,191.63 $220,448 65 Elevator Modernization 3 EA $77,350.00 $232,050 $28,886 40 3 $67,721.32 $214,646 65 Totals $2,701,993 $287,827 $589,642 $2,138,780 Notes: 48) Air Conditioning: The common areas are cooled by an air conditioning unit with one compressor installed on the 2 nd floor. Compressors have been replaced and the unit was replaced in 2016. While the unit is new and installed in the 2 nd floor ceiling, the ventilation system must be repaired as the dampers were not working thus limiting the efficiency of the unit. 49) Boilers: The Association has 6 Lochinvar Boilers and one Dura-Max installed in 2005 to provide heat to the residential units and common areas. This was a significant upgrade to the prior system however the efficiency and structure should be reviewed to ensure the application is the best that could be utilized. (Useful life change only) 50) Cooling Tower: The building is equipped with a BAC cooling tower to assist the compressor system to cool the common areas. The current unit was installed in 2002 and was observed in good operating condition. (Useful life change only) Page 15
51) Make Up Air Unit: The Yasakawa MAU unit was installed in 2012. This unit heats the outside air for the building. 52) Air Handlers: There are 2 other Air Handlers on located on the garage roof parking area servicing floors 1-15 and one located on the 30 th floor for floors 16-30. 53) Trash Compactor: Anew compactor was installed in 2014 and in good operating condition. 54) Domestic Hot Water Heaters: 2 A.O. Smith Hot Water Heaters were installed in 2005 and in good operating condition. 55) Plumbing Repairs: Plumbing repairs are needed for 2016 and due to the age of the building it is reasonable to foresee repairs will be needed on a regular basis. 56) Heat Pumps: Heat pumps are installed to work with the boilers for the building heat delivery. The staff keeps them in good working condition. 57) Circulating Pumps: There are circulating pumps for water delivery assistance working with the Hot Water Boilers and the storage tanks. 58) Exhaust Fans I: Three of the 7 exhaust fans located on the main and garage roof have been replaced. 59) Exhaust Fans II: There are plans to replace the other 4 fans. 60) Elevator Penthouse HVAC: It is highly recommended particularly in light of the projected elevator overhaul that the elevator penthouse be equipped with its own HVAC combo-pack unit. His has been added to the schedule, the cost being initially included in the elevator modernization budget. 61) Hot Water Risers I: Plumbing infrastructure circa 1967 is due for replacement to begin and should be planned for on or before the next 10 years. The valves for the baseboard heating units are also original and their replacement should be handled along with the piping. 62) Hot Water Risers II: The project has been split due to the nature of its size and budgetary purposes. 63) Cold Water Risers: The cold water risers generally last slightly longer than hot water. All risers replacements were added to this report. 64) Storage Tanks: The Hot Water system includes storage tanks that are in good condition and well maintained. 65) Elevator Modernization: The three traction machines have original geared drives and other equipment that has never been replaced since the machines were put into use some 50 years ago. A complete overhaul is anticipated and in the planning stages. The work will be phased in beginning in 2016 and take 3 years to complete. Page 16
Financial Analysis The Cash Flow Chart and Cash Flow Graph (pages 19, 20 and 21) contain a Projected Thirty (30) Year Cash Flow of the reserve requirements for The. This analysis contains four (4) funding scenarios. The first, entitled Full Funding is based on the assumption that all of the items which make up the schedule will be fully funded. In other words, Full Funding means that each component will accumulate its full replacement cost over the span of its Estimated Useful Life. When a component reaches the end of its useful life (which varies for each reserve component), the component would be replaced and the funding cycle would immediately begin again for that particular component. Because expenditures vary from year to year, the Annual Contribution to the reserve changes over the projection period. Since it is impractical for the Association to adjust the amount of its contribution to the reserve fund on a yearly basis, a cash flow analysis based on an average contribution amount (designated Average Annual Contribution) is shown under Full Funding Analysis on page 19. The average annual contribution is based on an average of Full Funding contributions over all 30 years. The second funding scenario, entitled Current Funding, represents a projection of the Association s current contribution amount for the next 30 years. It is based on the Beginning Balance provided by Mr. Nicholas Burbulis and the calculated expenditures. We find that Current Funding is insufficient and will require increases and a special assessment to manage all the upcoming projects that are needed for this property. A negative balance would begin in 2018 due to the anticipated elevator project and other high end work. (We however, anticipate a loan or special assessment for this project (see alternative funding scenario) so that the plans would need to be adjusted once the elevator budget and financing options are decided upon by the Association.) The third funding scenario, entitled Baseline or Threshold Funding represents a projection of reserve contributions and expenditures which would allow for the Association to plan contributions less than the amount recommended for Full Funding. This funding plan is often utilized by Associations that have been historically underfunded and are unable to contribute the amounts needed for full funding but still then able to contribute a sufficient amount to meets its responsibilities. Should The Association decide to adopt Baseline or Threshold Funding this report should be updated a minimum of every two (2) years to avoid negative reserve balances. It is noted that the amount recommended is less than the full funding amount but more than the Association currently contributes. Despite that due to the projects projected for the near term this plan alone is insufficient without a special assessment or bank loan to supplement that funding. The fourth funding scenario is an Alternative Funding Plan and is on page 20. This plan would increase the assessments by 10% for the next 4 years and then level off at $225,000 for the remainder of the plan. A $600,000 special assessment would be needed for the elevator project, otherwise all other projects in the time frame would be able to be met and a health reserve balance should be accumulated by 2045 increasing the over value of the property and the units. The following data was calculated for The : 1. The Full Funding Annual Contribution for the year beginning 2016 would be $1,012,290. This amount is taken directly from the Summary of Replacement Reserve Needs on page 5 and is the amount used in the cash flow projection. 2. Projections of the Full Funding Annual Contribution amount for Years 2017 through 2045 vary from year to year but, generally decrease over time to an amount of $151,107 in the final year of the projection. 3. The Average Annual Contribution is $243,999. The average annual contribution is based on an average of Full Funding contributions over all 30 years. However, without a loan or special assessment this contribution amount would also be insufficient to keep the reserve balance positive in the years 2018,2027,2029 and 2030. Page 17
4. The average annual contribution for Baseline/Threshold Funding is $219,599. This is 10% less than the full funding plan, however has multiple years where there would be negative balances to the fund. Either loans or special assessments would be needed in these years for specific projects. This plan on its face costs $730,000 less than the full funding plan, but does not account for the loans or special assessments that would be required. 5. The alternative funding plan begins with the current annual budgeted contribution. In the years 2017-2021 a 10% increase to the reserve contribution is planned. In 2022 through the remainder of the plan the annual contribution would level off at $225,000.00. The plan contemplates that in order to meet the funds required by the anticipated upcoming projects a $600,000 special assessment or loan would be needed in 2017 for the elevator project, which is beginning in 2016. This is only a sample projection and if adopted a clear understanding of the timing and cost of the elevator program should be included in the finalized plan adopted by the Association. This would be the only year a special assessment or bank loan is projected to be needed. The loan point of the plan would be a balance of around $8,000 in 2029. This plan would be $75,000 less than the full funding costs. However, noting the reserve balances there should be funds available in the reserves to handle the interest costs due to any loans. On the Projected Thirty (30) Year Cash Flow Chart on page 19, the column entitled Reserve Fund Balance shows the projected reserve fund amounts over the thirty (30) year period. This cash balance is also represented by the upper line on the Cash Flow Graph (see page 21) which is designated as the Reserve Fund Balance Full Funding. (The other funding plans are also represented in the chart and graph.) This is calculated by taking the amount that is currently contained in the reserve fund, adding to it the Average Annual Contribution, and subtracting the Annual Expenditure, if any. The Alternative cash flow is found on the chart on page 20. Page 18
Financial Analysis Year Beginning Annual Contribution Average Annual Contribution Effective Date: January 1, 2016 Annual Expenditure Reserve Fund Balance Annual Contribution Reserve Fund Balance Annual Contribution Reserve Fund Balance Pooling Factor 90.00% 2015 Beginning Balance $434,115 $164,498 $434,115 $434,115 2016 $1,012,290 $243,999 $524,125 $153,989 2017 $684,315 $243,999 $379,950 $18,038 2018 $520,264 $243,999 $430,137 -$168,101 2019 $314,857 $243,999 $13,920 $61,978 2020 $338,023 $243,999 $237,119 $68,857 2021 $265,037 $243,999 $24,099 $288,757 2022 $269,265 $243,999 $100,700 $432,056 2023 $259,358 $243,999 $191,551 $484,504 2024 $232,314 $243,999 $10,440 $718,062 2025 $244,414 $243,999 $522,000 $440,061 2026 $198,814 $243,999 $21,215 $662,845 2027 $207,343 $243,999 $913,500 -$6,656 2028 $168,018 $243,999 $110,623 $126,719 2029 $168,090 $243,999 $575,940 -$205,222 2030 $155,582 $243,999 $77,720 -$38,943 2031 $154,925 $243,999 $131,022 $74,033 2032 $153,616 $243,999 $73,660 $244,372 2033 $153,176 $243,999 $70,760 $417,611 2034 $152,877 $243,999 $20,880 $640,730 2035 $153,338 $243,999 $381,971 $502,758 2036 $151,764 $243,999 $25,275 $721,482 2037 $151,846 $243,999 $80,620 $884,860 2038 $151,890 $243,999 $315,479 $813,380 2039 $151,269 $243,999 $10,440 $1,046,938 2040 $151,289 $243,999 $0 $1,290,937 2041 $151,395 $243,999 $226,519 $1,308,417 2042 $151,163 $243,999 $27,840 $1,524,576 2043 $151,170 $243,999 $64,009 $1,704,565 2044 $151,151 $243,999 $91,640 $1,856,924 2045 $151,107 $243,999 $15,660 $2,085,263 TOTAL $7,319,961 $7,319,961 Reserve Study Funding Plan Projected Thirty Year Cash Flow FULL ANALYSIS CURRENT ANALYSIS $164,498 $74,488 $219,599 $129,589 $164,498 -$140,964 $219,599 -$30,762 $164,498 -$406,603 $219,599 -$241,301 $164,498 -$256,025 $219,599 -$35,622 $164,498 -$328,646 $219,599 -$53,142 $164,498 -$188,247 $219,599 $142,358 $164,498 -$124,449 $219,599 $261,257 $164,498 -$151,502 $219,599 $289,305 $164,498 $2,556 $219,599 $498,464 $164,498 -$354,946 $219,599 $196,062 $164,498 -$211,663 $219,599 $394,447 $164,498 -$960,665 $219,599 -$299,455 $164,498 -$906,790 $219,599 -$190,479 $164,498 -$1,318,232 $219,599 -$546,820 $164,498 -$1,231,454 $219,599 -$404,941 $164,498 -$1,197,978 $219,599 -$316,365 $164,498 -$1,107,140 $219,599 -$170,426 $164,498 -$1,013,402 $219,599 -$21,587 $164,498 -$869,784 $219,599 $177,132 $164,498 -$1,087,257 $219,599 $14,760 $164,498 -$948,033 $219,599 $209,084 $164,498 -$864,155 $219,599 $348,063 $164,498 -$1,015,137 $219,599 $252,183 $164,498 -$861,079 $219,599 $461,342 $164,498 -$696,581 $219,599 $680,940 $164,498 -$758,602 $219,599 $674,020 $164,498 -$621,944 $219,599 $865,779 $164,498 -$521,455 $219,599 $1,021,369 $164,498 -$448,597 $219,599 $1,149,328 $164,498 -$299,759 $219,599 $1,353,267 $4,934,940 $6,587,965 Baseline/Threshold Funding Analysis Page 19
ALTERNATIVE Year Beginning Annual Contribution Reserve Fund Balance 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 TOTAL Pooling Factor 0.00% $434,115 $164,498 $74,488 $780,947 $475,485 $199,042 $244,390 $218,945 $449,415 $240,839 $453,135 $225,000 $654,036 $225,000 $778,336 $225,000 $811,785 $225,000 $1,026,345 $225,000 $729,345 $225,000 $933,130 $225,000 $244,630 $225,000 $359,007 $225,000 $7,977 $225,000 $155,347 $225,000 $249,325 $225,000 $396,605 $225,000 $530,845 $225,000 $714,965 $225,000 $559,898 $225,000 $739,623 $225,000 $884,363 $225,000 $793,884 $225,000 $1,008,444 $225,000 $1,253,444 $225,000 $1,231,925 $225,000 $1,429,085 $225,000 $1,610,585 $225,000 $1,743,945 $225,000 $1,953,285 $7,229,271 Page 20
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Financial Analysis Expenditure List (Projected) CHARTS 2016-2030 Category Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Sitework Totals $0 $580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Waterproofing Totals $4,076 $0 $0 $0 $171,927 $0 $0 $108,576 $0 $0 $4,076 $0 $0 $0 $0 Interior Finishes Totals $0 $11,600 $110,623 $13,920 $59,160 $11,600 $0 $0 $10,440 $0 $0 $11,600 $110,623 $0 $20,880 Exterior Finishes Totals $200,100 $69,020 $75,400 $0 $6,032 $0 $97,440 $6,090 $0 $0 $4,640 $350,900 $0 $0 $4,640 Electrical Totals $0 $0 $0 $0 $0 $0 $0 $20,045 $0 $0 $0 $8,120 $0 $94,540 $0 Special Construction Totals $0 $66,700 $0 $0 $0 $0 $3,260 $0 $0 $0 $0 $0 $0 $0 $0 Mechanical Totals $319,949 $232,050 $244,114 $0 $0 $12,499 $0 $56,840 $0 $522,000 $12,499 $542,880 $0 $481,400 $52,200 Grand Totals $524,125 $379,950 $430,137 $13,920 $237,119 $24,099 $100,700 $191,551 $10,440 $522,000 $21,215 $913,500 $110,623 $575,940 $77,720 Page 22
INDIVIDUAL CATEGORIES LISTED BELOW Category: Sitework Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Site Concrete Planter $0 $580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Totals $0 $580 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Category: Waterproofing Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Roof Main $0 $0 $0 $0 $49,199 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Garage Roof Membrane $0 $0 $0 $0 $116,928 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Garage 2nd Floor Membrane $0 $0 $0 $0 $0 $0 $0 $108,576 $0 $0 $0 $0 $0 $0 $0 Penthouse Roofs $0 $0 $0 $0 $5,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Roof Repairs $4,076 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,076 $0 $0 $0 $0 Totals $4,076 $0 $0 $0 $171,927 $0 $0 $108,576 $0 $0 $4,076 $0 $0 $0 $0 Page 23
Category: Interior Finishes Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Carpet $0 $0 $34,817 $0 $0 $0 $0 $0 $0 $0 $0 $0 $34,817 $0 $0 Lobby Renovation Mailboxes Hall Decoration $0 $0 $70,760 $0 $0 $0 $0 $0 $0 $0 $0 $0 $70,760 $0 $0 Party Room and Sun Deck Furnishings $0 $0 $0 $0 $0 $0 $0 $0 $10,440 $0 $0 $0 $0 $0 $0 Party Room Renovation $0 $5,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,800 $0 $0 $0 Rest Room Locker Room Renovation $0 $0 $0 $13,920 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sauna $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $20,880 Garage Floor Repairs $0 $0 $5,046 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,046 $0 $0 Trash Chute and Door Repairs $0 $5,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $5,800 $0 $0 $0 Elevator Cabs $0 $0 $0 $0 $15,660 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Stairwells $0 $0 $0 $0 $0 $11,600 $0 $0 $0 $0 $0 $0 $0 $0 $0 Other Interior Doors $0 $0 $0 $0 $34,800 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Fire Extinguishers and Hoses $0 $0 $0 $0 $8,700 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Totals $0 $11,600 $110,623 $13,920 $59,160 $11,600 $0 $0 $10,440 $0 $0 $11,600 $110,623 $0 $20,880 Category: Exterior Finishes Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Balcony Capital Repairs $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $225,504 $0 $0 $0 Balcony Railings $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $56,376 $0 $0 $0 Wall City Critical Examination(s) $0 $0 $4,640 $0 $0 $0 $4,640 $0 $0 $0 $4,640 $0 $0 $0 $4,640 Wall Concrete Capital Repairs $0 $0 $70,760 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Tuck Pointing South Window and Balcony Door Sealants $0 $69,020 $0 $0 $0 $0 $0 $0 $0 $0 $0 $69,020 $0 $0 $0 Tuck Pointing North and Parapet walls $200,100 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Tuck Pointing East and West $0 $0 $0 $0 $0 $0 $75,400 $0 $0 $0 $0 $0 $0 $0 $0 Smoke Stack $0 $0 $0 $0 $0 $0 $17,400 $0 $0 $0 $0 $0 $0 $0 $0 Exterior Doors $0 $0 $0 $0 $6,032 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Garage Doors $0 $0 $0 $0 $0 $0 $0 $6,090 $0 $0 $0 $0 $0 $0 $0 Totals $200,100 $69,020 $75,400 $0 $6,032 $0 $97,440 $6,090 $0 $0 $4,640 $350,900 $0 $0 $4,640 Category: Electrical Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Interior Fixtures $0 $0 $0 $0 $0 $0 $0 $20,045 $0 $0 $0 $0 $0 $0 $0 Emergency and Exit Fixtures Intercom Garage Openers $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,640 $0 Elevators Controls Upgrades Security System Equipment Life Safety Upgrades $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $81,200 $0 Gararge Lighting $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,700 $0 Exterior Lighting $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $8,120 $0 $0 $0 Totals $0 $0 $0 $0 $0 $0 $0 $20,045 $0 $0 $0 $8,120 $0 $94,540 $0 Page 24
Category: Special Construction Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Pool Filter $0 $0 $0 $0 $0 $0 $3,260 $0 $0 $0 $0 $0 $0 $0 $0 Pool Heater $0 $6,380 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Pool Liner $0 $37,120 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Pool Piping Pool Walls $0 $23,200 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Pool Deck Totals $0 $66,700 $0 $0 $0 $0 $3,260 $0 $0 $0 $0 $0 $0 $0 $0 Category: Mechanical Component Expenditures by Year (Present Dollars) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Air Conditioning Compressors $75,400 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Boilers Cooling Tower $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $20,880 $0 $0 $0 MAU Unit Air Handlers $0 $0 $0 $0 $0 $0 $0 $22,040 $0 $0 $0 $0 $0 $0 $0 Trash Compactor Domestic Hot Water Heaters $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $17,400 $0 Plumbing Repairs $12,499 $0 $0 $0 $0 $12,499 $0 $0 $0 $0 $12,499 $0 $0 $0 $0 Heat Pumps $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $52,200 Circulating Pumps $0 $0 $0 $0 $0 $0 $0 $34,800 $0 $0 $0 $0 $0 $0 $0 Exhaust Fan Phase 1 (3) Exhaust Fans Phase 2 (4) $0 $0 $12,064 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Elevator Penthouse HVAC Hot Water Risers I $0 $0 $0 $0 $0 $0 $0 $0 $0 $522,000 $0 $0 $0 $0 $0 Hot Water Risers II $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $522,000 $0 $0 $0 Cold Water Risers $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $464,000 $0 Storage Tanks Elevator Modernization $232,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Elevator Modernization $0 $232,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Elevator Modernization $0 $0 $232,050 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Totals $319,949 $232,050 $244,114 $0 $0 $12,499 $0 $56,840 $0 $522,000 $12,499 $542,880 $0 $481,400 $52,200 2031-2045 PROJECTED EXPENDITURES Category Expenditures by Year (Present Dollars) 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Sitework Totals $0 $0 $0 $0 $62,043 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Waterproofing Totals $0 $0 $0 $0 $116,928 $4,076 $0 $108,576 $0 $0 $0 $0 $0 $0 $0 Interior Finishes Totals $81,200 $0 $0 $0 $0 $0 $11,600 $110,623 $10,440 $0 $0 $0 $20,509 $0 $15,660 Exterior Finishes Totals $0 $0 $70,760 $4,640 $0 $0 $69,020 $80,040 $0 $0 $200,100 $4,640 $0 $0 $0 Electrical Totals $37,323 $30,160 $0 $7,540 $0 $0 $0 $0 $0 $0 $0 $0 $0 $85,840 $0 Special Construction Totals $0 $43,500 $0 $8,700 $0 $0 $0 $0 $0 $0 $0 $23,200 $0 $5,800 $0 Mechanical Totals $12,499 $0 $0 $0 $203,000 $21,199 $0 $16,240 $0 $0 $26,419 $0 $43,500 $0 $0 Totals $62,623 $518,234 $610,479 $1,243,462 $283,568 $151,160 $2,799,138 Grand Totals $131,022 $73,660 $70,760 $20,880 $381,971 $25,275 $80,620 $315,479 $10,440 $0 $226,519 $27,840 $64,009 $91,640 $15,660 $5,668,664 Page 25