RESERVE FUND STUDY HUDSON PARK ESTATES HOMEOWNERS ASSOCIATION HUDSON, OHIO Criterium Liszkay Engineers 110 N. High St. Gahanna, OH 43230 614-418-7200 www.clengineers.com AUGUST 2016
CONTENTS 1.0 INTRODUCTION... 1 2.0 EXECUTIVE SUMMARY... 2 3.0 PURPOSE & SCOPE... 3 3.1 PURPOSE... 3 3.2 SCOPE... 3 3.3 SOURCES OF INFORMATION... 5 3.4 STANDARDS OF REFERENCE... 5 4.0 DESCRIPTION... 6 5.0 OBSERVATIONS... 6 6.0 RESERVE FUND ANALYSIS... 7 7.0 CONCLUSION... 9 8.0 LIMITATIONS... 9 APPENDIX A: RESERVE FUND PROJECTIONS S&T... 1 APPENDIX B: RESERVE FUND PROJECTIONS HOA... 2 APPENDIX C: PROJECT PHOTOGRAPHS... 3 APPENDIX D: PROFESSIONAL QUALIFICATIONS... 4 Hudson Park Estates. Hudson, Ohio
1.0 INTRODUCTION. Hudson Park Estates Homeowners Association, known as Hudson Park Estates, authorized Criterium Liszkay Engineers to conduct a Building Evaluation and Reserve Fund Study Update for Hudson Park Estates HOA and Swim and Tennis Association located in Hudson, Ohio. Studies of this nature are important to ensure that community associations have 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. This report is designed to analyze components of the communities for which the Associations are 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. This study should be considered as a Full inspection since the entire site was inspected by an on site inspection. This is an update to a previous inspection conducted by Criterium Liszkay in August 2010. The present amount of funds in the reserve account was not audited by Criterium Engineers but is based on information provided by Dave Faiman. The attached spreadsheets divide the community into two separate funds. 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 20 years. The first 10 years are the most reliable. Such a study should be updated every five years. 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. Some items, beyond those of immediate concern, may be discussed, because without including these issues could cause a distortion of the association s situation. Therefore, the report should be read in its entirety in order to fully understand all of the information that has been obtained. Hudson Park Estates Hudson, Ohio Page 1
2.0 EXECUTIVE SUMMARY The swim and tennis community consists of 2 buildings, the pool mechanical building and the large activities building, the tennis courts and asphalted areas near these structures. The HOA consists of signage and three ponds. The development was established in 1977. The exteriors of the two buildings are covered with T1-11 plywood and vinyl siding. The roofs of these structures are covered with asphalt shingles. The gazebo near the tennis courts is an open structure constructed of wood framing members. There are three entrances into the community, one off of Middleton Road, another off of Stow Road and the last off of Hudson Aurora Road. The pool and tennis court areas are located off of Blue Herron Drive. The parking area around the pool and tennis courts is paved with asphalt with some asphalt covered walking paths between the structures. The buildings are generally in good condition but some minor repairs are needed to the T1-11 siding on both buildings. The addition of aerators in the ponds is included in the study. Based on our evaluation, the current level of funding of the reserve fund for the swim and tennis association is not adequate while the HOA is fully funded. A more detailed analysis of the reserve fund has been provided in Appendix A & B. Based on our observations the following items are of immediate concern: The tennis court surface needs repairs. The asphalt areas need repairs. Dredging is needed in the larger pond. Life safety equipment should be installed around the larger ponds. There are several capital expenditures to be expected over the next 10 to 20 years. For your convenience, we have prepared the following summary of the condition of the major systems of the property. Hudson Park Estates Hudson, Ohio Page 2
PROPERTY SUMMARY- SITE SYSTEM CONDITION ACTIVITY REQUIRED ANTICIPATED YEAR OF ACTIVITY Asphalt areas G Seal and repair 2017-2036 Dumpster pad - Install new 2021 Rip rap - Add around pond 2020 BUILDING EXTERIOR Roofs G Reroof 2029 Siding G-F Replace and paint 2017-2035 BUILDING INTERIOR MECHANICAL Pool equipment G Replace 2027-2029 Pond aerations and compressors G Replace and add 2018-2034 AMENITIES Tennis courts G-P Repair 2017-2030 Pool furniture and repairs G Replace and repair 2018-2035 OTHER Ponds G-P Dredge 2017-2033 Fence G Improve 2018 Table 2.1: Summary 3.0 PURPOSE & SCOPE 3.1 Purpose The purpose of this study is to perform a reserve fund analysis and to develop a capital needs plan. It is intended to be used as a tool for Hudson Park Estates Homeowners Association and the Swim and Tennis 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 20 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 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 Hudson Park Estates Homeowners Association, Criterium Liszkay Engineers and the standards of the Community Associations Institute. The findings and recommendations are based on interviews with the community s management personnel and an investigation of the buildings and site. The guidelines used to determine which physical components within the community are to be included in the component inventory are based on the following general criteria: 1. The component must be a common element, or otherwise noted to be the responsibility of the Association to replace. Hudson Park Estates Hudson, Ohio Page 3
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 day to day 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 communities currently consists of two buildings, a two court tennis complex with gazebo, three ponds with aerators, fences, paving and walks. The community was established in 1977. Private Streets, Sidewalks and Curbs: The parking areas near the pool complex and tennis courts are covered with asphalt. Any roads connecting the ponds are not the responsibility of the association. Building Common Elements: The common elements of the two buildings include the entire structures, including the roofs, gutters and downspouts, exterior wall covering, pool apron and pool, mechanical and elements of the electrical and plumbing systems, any furniture for the pool, tennis courts and fences, and playground equipment. Amenities: There are three ponds of various sizes located around the community. There are aerators in most of the ponds and the installation of more aerators is included in this study. The community s common elements were determined from information from the board of the association. 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 2016 dollars) for each capital item and applying a 3.0% inflation rate. 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 Hudson Park Estates Hudson, Ohio Page 4
the subject community. They are based on visual evidence available during a diligent investigation of all reasonably accessible areas falling under the responsibility of the Association. We did not remove any surface materials, perform any destructive testing, or move any furnishings. This study is not an exhaustive technical evaluation. Such an evaluation would entail a significantly larger scope than this effort. 3.3 Sources of Information An on-site inspection of the property occurred on the following date: August 6, 2016 The following people were interviewed: Dave Faiman No construction drawings were reviewed. We based our cost estimates on some or all of the following: Some costs and schedule information from our historical files R.S. Means Local contractors 3.4 Standards of Reference For your reference, the following definitions may be helpful: Excellent: Component or system is in "as new" condition, requiring no rehabilitation and should perform in accordance with expected performance. Good: Component or system is sound and performing its function, although it may show signs of normal wear and tear. Some minor rehabilitation work may be required. Fair: Component or system falls into one or more of the following categories: a) Evidence of previous repairs not in compliance with commonly accepted practice, b) Workmanship not in compliance with commonly accepted standards, c) Component or system is obsolete, d) Component or system approaching end of expected performance. Repair or replacement is required to prevent further deterioration or to prolong expected life. Poor: Component or system has either failed or cannot be relied upon to continue performing its original function as a result of having exceeded its expected performance, excessive deferred maintenance, or state of disrepair. Present condition could contribute to or cause the deterioration of other adjoining elements or systems. Repair or replacement is required. Adequate: A component or system is of a capacity that is defined as enough for what is required, sufficient, suitable, and/or conforms to standard construction practices. All ratings are determined by comparison to other buildings of similar age and construction type. Further, some details of workmanship and materials will be examined more closely in higher quality buildings where Hudson Park Estates Hudson, Ohio Page 5
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 associations were established in 1977 and funding and responsibilities are divided between the swim and tennis association and the homeowners association. The community consists of a total of two buildings, a heated pool, a tennis court complex, ponds with aerators, parking and some walking paths. The exteriors of both building are covered with mostly T1-11 plywood siding with limited vinyl siding. The roofs are covered with asphalt shingles. There are three ponds, some with aerators. There are community signs at the three entrances to the community. 5.0 OBSERVATIONS The following key observations were made about the current condition of the common elements of the property. Site and Grounds The ground around the ponds and community buildings is sloped towards the ponds. The ground appears to have adequate vegetation to control corrosion. The ponds appear to be in good condition and well established. Funds for periodic dredging of all ponds are included in the study. There are some limited concrete walks along the entrance to the large community building near the pool. There is a chain link fence around the pool. The asphalt areas near the pool are in good condition. Maintenance of the asphalt areas is an association responsibility. The installation of a concrete pad under the dumpster is recommended. The concrete roads through the housing areas are the responsibility of the city. No funds are included in the study for these concrete roads. Building Exterior The exterior walls of the two buildings are covered mostly with T1-11 plywood siding with the front of the building covered with vinyl siding. The siding appeared in good to fair condition but in need of maintenance and painting. Funds are included in the study for the periodic painting and partial replacement of the T1-11 siding with vinyl siding. Hudson Park Estates Hudson, Ohio Page 6
The roof surfaces of the buildings are covered with asphalt/fiberglass shingles. The roofing, including the flashing, gutters and downspouts, is in good condition. Building Interiors No funds for improvement to the interior of the community building are included in the study. Mechanicals The pool has a heater and a chemical injection system. Funds for the replacement of all of this equipment are included in the study. There are some bubblers in the ponds and funds the replacement of this equipment is included in the study. There is a lightning arrestor system on the large building near the pool and on the pool house. These systems appeared in good condition but they should be inspected and certified at least every five years. Amenities There are some split rail fences around sections of the ponds and at some of the entrances. At each of the entrances to the community there are two brick community signs. These signs appear in good condition and no funds for their replacement are included in the study. Funds are included in the study for the dredging of the two larger ponds. 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. 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 20 years. The capital items listed are those that are typically the responsibility of the association. However, association by-laws vary, and therefore, which components are the responsibilities of the owner and which is the responsibility of the Association can vary. 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 Hudson Park Estates Hudson, Ohio Page 7
deposited reserve funds. A table that lists anticipated replacement and/or repair items complete with estimated remaining life expectancies, projected costs of replacement and/or repair, a frequency in years of when these items require replacement and/or repair, and a projection based on this frequency. A table and graph that represent end of year balances versus capital expenditures based on your current funding program and reserve balances, and alternatives to your current program. The provided graphs illustrate what effects the funding methods will have over the presented 20 period versus the anticipated capital expenditures. Care should be taken in analyzing the graphs due to varying graphic scales that occur within each graph and between graphs. Note that based on our developed list of capital items and taking inflation into account the current funding is not adequate over the next 20 years. 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: Current Reserve Funding Rate: Based on information received from the Dave Faiman, there is $62,228 in the HOA reserve fund and $50,000 in the tennis and swimming reserves. Currently $8,000 is being contributed into a HOA reserve fund. This is adequate to be considered fully funded. While $24,000 is being placed in the swim and tennis reserves, this is not considered fully funded. To become fully funded the swim and tennis board should adopt one of the following funding plans: Alternative 1: Increase the monthly contribution into the Reserve Fund from the current rate of $5.17 per unit per month to $6.00 in 2017. Continue increasing by $1 per unit per month until 2021 when the monthly per unit contribution will be $10. This alternative maintains a positive balance during the 20 year period and is in compliance O.R. Code 5312. Alternative 2: Increase the monthly contribution into the Reserve Fund from the current rate of $5.17 per unit per month to $6.00 in 2017. Continue increasing by 3% per unit per month until 2024 when the monthly per unit contribution will be $7.38. This alternative maintains a positive balance during the 20 year period and is in compliance O.R. Code 5312. Hudson Park Estates Hudson, Ohio Page 8
Alternative 3: Increase the monthly contribution into the Reserve Fund from the current rate of $5.17 per unit per month to $7.00 in 2017. Maintain this funding rate through the balance of the 20 years This alternative maintains a positive balance during the 20 year period and is in compliance O.R. Code 5312 7.0 CONCLUSION This analysis finds that your current reserve fund contribution for the swim and tennis association is not adequately funded principally because of the repairs, improvements and maintenance of the large structure at the pool, the eventual reroofing of the buildings and the ongoing work required to the asphalt areas. While the HOA is fully funded the cost of dredging of the ponds may increase considerably based on the amount of material that will be needed to be dredged. 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 dates of the investigation and have been made under the conditions noted in the report. We prepared this study for the exclusive use of Hudson Park Estates Associations. Criterium Liszkay 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 Liszkay 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 All individual interior spaces Underwater condition of the ponds 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 Hudson Park Estates Hudson, Ohio Page 9
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 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 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. Respectfully submitted, Art Wickerham P.E. RS, Certified Building Inspection Engineer Criterium-Liszkay Engineers Hudson Park Estates Hudson, Ohio Page 10
Appendix A: RESERVE FUND PROJECTIONS SWIM AND TENNIS ASSOCIATION
Reserve Study Worksheet General Information: 1 Organization: Hudson Park Estates Swim and Tennis Club 2 Address: Hudson, Ohio 3 Size 387 4 Age of Building (in years) 38 5a Study Period (in years) 20 5b Normal Fiscal Year starts: January 1, 2012 5c Partial Fiscal Year starts: January 1, 2012 5d Partial Year Length: 12 months 6 Site Inspection Date August 6, 2016 7 Reserve Funds at start $50,000 8 Rate of Return on invested Reserve Funds (%) 0.0% 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... $2,000 $24,000 $5.17 $62.02 Years Out Total Annual Per Unit Planned Special Assessment... 0 $0 $0 Balance Computed... ($128,729) 11 Alternative Reserve Fund Contribution Alternative 1 Funding with Level Step Increases Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,322 $27,864 $6.00 $72.00 Monthly Amount, (Last Year)... $3,870 $46,440 $10.00 $120.00 Balance Required Final Year... $32,936 Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $273,631 Alternative 2 Escalating Funding at 3% per Year Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,322 $27,864 $6.00 $72.00 Monthly Amount, (Last Year)... $2,856 $34,269 $7.38 $88.55 Balance Required Final Year... $32,936 Base Escalation %... 3.00% Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $50,277 Alternative 3 Level Funding without Special Assessments Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $2,709 $32,508 $7.00 $84.00 Monthly Amount, (Last Year)... $2,709 $32,508 $7.00 $84.00 Balance Required Final Year... $32,936 Base Escalation %... 0.00% Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... $41,431 Criterium Engineers Page 1 of 15 8/18/2016
Itemized Worksheet Full Capital Item Reserve Beginning Frequency Remaining Reserve Funding Required Funding To Be Replaced Quantity Unit cost Requirement (*) Balance (yrs**) Life (yrs) Monthly Annual Balance Site Seal asphalt areas 65,000 sf $0.15 $9,750.00 $3,868.31 4 0 $0.00 $0.00 $9,750.00 Repair east parking at pool 1,000 sf $2.25 $2,250.00 $892.69 15 0 $0.00 $0.00 $2,250.00 Add dumpster pad in parking lot 625 sf $5.00 $3,125.00 $1,041.47 25 4 $43.41 $520.88 $2,625.00 Mill and fill asphalt areas 65,000 sf $1.50 $97,500.00 $9,283.95 25 19 $386.91 $4,642.95 $23,400.00 Building Exterior Paint portions of T1-11 siding at pool and poolhouse 1 ls $10,000.00 $10,000.00 $3,967.50 8 0 $0.00 $0.00 $10,000.00 Replace portions of T1-11 siding 1 ls $17,000.00 $17,000.00 $6,744.75 2 0 $0.00 $0.00 $17,000.00 Reroof pavilion and pool equip bldg 82 sq $350.00 $28,700.00 $5,175.78 22 12 $163.36 $1,960.35 $13,045.45 Building Interior Mechanical Replace pool heater 1 ea $2,500.00 $2,500.00 $198.37 15 12 $15.98 $191.80 $500.00 Replace pool chemical system 1 ea $2,000.00 $2,000.00 $264.50 15 10 $14.46 $173.55 $666.67 Replace sand filters 1 ls $1,500.00 $1,500.00 $49.59 12 11 $10.99 $131.86 $125.00 Amenities Resurface portions of tennis court 1 ls $5,000.00 $5,000.00 $1,983.75 5 0 $0.00 $0.00 $5,000.00 Paint gazebo at tennis court 1 ls $1,500.00 $1,500.00 $520.73 8 1 $81.61 $979.27 $1,312.50 Replace some pool furniture 1 ls $2,000.00 $2,000.00 $0.00 2 2 $83.33 $1,000.00 $0.00 Replace sections of the pool concrete 1 ls $30,000.00 $30,000.00 $11,426.40 25 1 $1,547.80 $18,573.60 $28,800.00 Replace pool cover 1 ls $5,000.00 $5,000.00 $925.75 15 8 $42.44 $509.28 $2,333.33 Other Replace pool fence 1 ls $9,600.00 $9,600.00 $3,656.45 25 1 $495.30 $5,943.55 $9,216.00 Total Over Term $475,675.00 Total Over Term with Inflation $658,729.13 * Costs are typically 10%± ** Reserve study is based on a 20 year projection of non-annual maintenance Totals $227,425.00 $50,000.00 $2,885.59 $34,627.09 $126,023.95 Criterium Engineers Page 2 of 15 8/18/2016
Itemized Graph Categories Totals Site $153,875 Building Exterior $228,700 Building Interior $0 Mechanical $6,000 Amenities $77,500 Other $9,600 Total $475,675 Site, $153,875 Itemized Graph Site Building Exterior Building Interior Mechanical Amenities Other Other, $9,600 Building Exterior, $228,700 Amenities, $77,500 Mechanical, $6,000 Building Interior, $0 Criterium Engineers Page 3 of 15 8/18/2016
Itemized Funding Monthly Annual Balance Reserve Reserve Full Simple Reserve Beginning Requiring Funding Funding Funding Percent Categories Requirement Balance Funding Required Required Balance Funded Site $153,875 $15,086 $138,789 $430 $5,164 $38,025 Building Exterior $228,700 $15,888 $212,812 $163 $1,960 $40,045 Building Interior $0 $0 $0 $0 $0 $0 Mechanical $6,000 $512 $5,488 $41 $497 $1,292 Amenities $77,500 $14,857 $62,643 $1,755 $21,062 $37,446 Other $9,600 $3,656 $5,944 $495 $5,944 $9,216 $530,000 Totals $475,675 $50,000 $425,675 $2,886 $34,627 $126,024 80.5% 658729.1328 Criterium Engineers Page 4 of 15 8/18/2016
Annual Expense By Year Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Site Seal asphalt areas 9,750 0 0 0 9,750 0 0 0 9,750 0 0 0 9,750 0 0 0 Repair east parking at pool 2,250 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,250 Add dumpster pad in parking lot 0 0 0 0 3,125 0 0 0 0 0 0 0 0 0 0 0 Mill and fill asphalt areas 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building Exterior Paint portions of T1-11 siding at pool and poolhouse 10,000 0 0 0 0 0 0 0 10,000 0 0 0 0 0 0 0 Replace portions of T1-11 siding 17,000 0 17,000 0 17,000 0 17,000 0 17,000 0 17,000 0 17,000 0 17,000 0 Reroof pavilion and pool equip bldg 0 0 0 0 0 0 0 0 0 0 0 0 28,700 0 0 0 Building Interior Mechanical Replace pool heater 0 0 0 0 0 0 0 0 0 0 0 0 2,500 0 0 0 Replace pool chemical system 0 0 0 0 0 0 0 0 0 0 2,000 0 0 0 0 0 Replace sand filters 0 0 0 0 0 0 0 0 0 0 0 1,500 0 0 0 0 Amenities Resurface portions of tennis court 5,000 0 0 0 0 5,000 0 0 0 0 5,000 0 0 0 0 5,000 Paint gazebo at tennis court 0 1,500 0 0 0 0 0 0 0 1,500 0 0 0 0 0 0 Replace some pool furniture 0 0 2,000 0 2,000 0 2,000 0 2,000 0 2,000 0 2,000 0 2,000 0 Replace sections of the pool concrete 0 30,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replace pool cover 0 0 0 0 0 0 0 0 5,000 0 0 0 0 0 0 0 Other Replace pool fence 0 9,600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Costs 44,000 41,100 19,000 0 31,875 5,000 19,000 0 43,750 1,500 26,000 1,500 59,950 0 19,000 7,250 Total Costs Adjusted For 3% Inflation 44,000 42,333 20,157 0 35,876 5,796 22,687 0 55,421 1,957 34,942 2,076 85,474 0 28,739 11,295 Criterium Engineers Page 5 of 15 8/18/2016
Annual Expense By Year Year: Year Number: Site Seal asphalt areas Repair east parking at pool Add dumpster pad in parking lot Mill and fill asphalt areas Building Exterior Paint portions of T1-11 siding at pool and poolhouse Replace portions of T1-11 siding Reroof pavilion and pool equip bldg Building Interior Mechanical Replace pool heater Replace pool chemical system Replace sand filters Amenities Resurface portions of tennis court Paint gazebo at tennis court Replace some pool furniture Replace sections of the pool concrete Replace pool cover Other Replace pool fence Total Costs Total Costs Adjusted For 3% Inflation 2033 2034 2035 2036 17 18 19 20 9,750 0 0 0 0 0 0 0 0 0 0 0 0 0 0 97,500 10,000 0 0 0 17,000 0 17,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,500 0 0 2,000 0 2,000 0 0 0 0 0 0 0 0 0 0 0 0 0 38,750 1,500 19,000 97,500 62,182 2,479 32,346 170,967 658729.13 Criterium Engineers Page 6 of 15 8/18/2016
Existing Funding Levels Beginning Year Reserve Fund Fee Special Investment Capital Ending Year Number Balance Revenue Assessments Earnings Expenditures Balance 2017 1 $50,000 $24,000 $0 $0 $44,000 $30,000 2018 2 $30,000 $24,000 $0 $0 $42,333 $11,667 2019 3 $11,667 $24,000 $0 $0 $20,157 $15,510 2020 4 $15,510 $24,000 $0 $0 $0 $39,510 2021 5 $39,510 $24,000 $0 $0 $35,876 $27,634 2022 6 $27,634 $24,000 $0 $0 $5,796 $45,838 2023 7 $45,838 $24,000 $0 $0 $22,687 $47,151 2024 8 $47,151 $24,000 $0 $0 $0 $71,151 2025 9 $71,151 $24,000 $0 $0 $55,421 $39,730 2026 10 $39,730 $24,000 $0 $0 $1,957 $61,773 2027 11 $61,773 $24,000 $0 $0 $34,942 $50,831 2028 12 $50,831 $24,000 $0 $0 $2,076 $72,754 2029 13 $72,754 $24,000 $0 $0 $85,474 $11,280 2030 14 $11,280 $24,000 $0 $0 $0 $35,280 2031 15 $35,280 $24,000 $0 $0 $28,739 $30,541 2032 16 $30,541 $24,000 $0 $0 $11,295 $43,246 2033 17 $43,246 $24,000 $0 $0 $62,182 $5,063 2034 18 $5,063 $24,000 $0 $0 $2,479 $26,584 2035 19 $26,584 $24,000 $0 $0 $32,346 $18,238 2036 20 $18,238 $24,000 $0 $0 $170,967 ($128,729) $50,000 $480,000 $530,000 Criterium Engineers Page 7 of 15 8/18/2016
Existing Funding Levels Beginning Balance as of start of year beginning Jan 2012: $50,000 CONTRIBUTIONS SPECIAL ASSESSMENTS AMOUNT Totals $24,000.00 per year Per Year $0 Per Unit $0 $62.02 per unit per year $2,000.00 per month $5.17 per unit per month Projected Annual Funding and Expenditures: Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 End of Year Reserve Fund Balance 30,000 11,667 15,510 39,510 27,634 45,838 47,151 71,151 39,730 61,773 50,831 72,754 11,280 35,280 30,541 Capital Expenditures: 44,000 42,333 20,157-35,876 5,796 22,687-55,421 1,957 34,942 2,076 85,474-28,739 Total Revenue (all sources) 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 Year: 2032 2033 2034 2035 2036 Year Number: 16 17 18 19 20 End of Year Reserve Fund Balance 43,246 5,063 26,584 18,238 (128,729) Capital Expenditures: 11,295 62,182 2,479 32,346 170,967 Total Revenue (all sources) 24,000 24,000 24,000 24,000 24,000 Existing Funding Levels 100,000 50,000-2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Dollars (50,000) (100,000) (150,000) Funding Years Criterium Engineers Page 8 of 15 8/18/2016
Alternative 1: Funding with Level Step Increases Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance 2017 1 $50,000 $27,864 $0 $0 $0 $44,000 $33,864 2018 2 $33,864 $32,508 $0 $0 $0 $42,333 $24,039 2019 3 $24,039 $37,152 $0 $0 $0 $20,157 $41,034 2020 4 $41,034 $41,796 $0 $0 $0 $0 $82,830 2021 5 $82,830 $46,440 $0 $0 $0 $35,876 $93,394 2022 6 $93,394 $46,440 $0 $0 $0 $5,796 $134,038 2023 7 $134,038 $46,440 $0 $0 $0 $22,687 $157,791 2024 8 $157,791 $46,440 $0 $0 $0 $0 $204,231 2025 9 $204,231 $46,440 $0 $0 $0 $55,421 $195,250 2026 10 $195,250 $46,440 $0 $0 $0 $1,957 $239,733 2027 11 $239,733 $46,440 $0 $0 $0 $34,942 $251,231 2028 12 $251,231 $46,440 $0 $0 $0 $2,076 $295,594 2029 13 $295,594 $46,440 $0 $0 $0 $85,474 $256,560 2030 14 $256,560 $46,440 $0 $0 $0 $0 $303,000 2031 15 $303,000 $46,440 $0 $0 $0 $28,739 $320,701 2032 16 $320,701 $46,440 $0 $0 $0 $11,295 $355,846 2033 17 $355,846 $46,440 $0 $0 $0 $62,182 $340,103 2034 18 $340,103 $46,440 $0 $0 $0 $2,479 $384,064 2035 19 $384,064 $46,440 $0 $0 $0 $32,346 $398,158 2036 20 $398,158 $46,440 $0 $0 $0 $170,967 $273,631 Criterium Engineers Page 9 of 15 8/18/2016
Alternative 1: Funding with Level Step Increases Beginning Balance as of start of year beginning Jan 2012: $50,000 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 6 $27,864.00 $46,440.00 per year First Per Year $0 Per Unit $0 Increment by ($): 1 $72.00 $120.00 per unit per year Second Per Year $0 Per Unit $0 Every 1 year $2,322.00 $3,870.00 per month Frequency: 4 time $6.00 $10.00 per unit per month Projected Annual Funding and Expenditures: Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 End of Year Reserve Fund Balance 33,864 24,039 41,034 82,830 93,394 134,038 157,791 204,231 195,250 239,733 251,231 295,594 256,560 303,000 320,701 Capital Expenditures: 44,000 42,333 20,157-35,876 5,796 22,687-55,421 1,957 34,942 2,076 85,474-28,739 Total Revenue (all sources) 27,864 32,508 37,152 41,796 46,440 46,440 46,440 46,440 46,440 46,440 46,440 46,440 46,440 46,440 46,440 Year: 2032 2033 2034 2035 2036 Year Number: 16 17 18 19 20 End of Year Reserve Fund Balance 355,846 340,103 384,064 398,158 273,631 Capital Expenditures: 11,295 62,182 2,479 32,346 170,967 Total Revenue (all sources) 46,440 46,440 46,440 46,440 46,440 Alternative 1: Funding with Level Step Increases 450,000 400,000 350,000 300,000 250,000 Dollars 200,000 150,000 100,000 50,000-2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Funding Years Criterium Engineers Page 10 of 15 8/18/2016
Alternative 2: Escalating Funding at 3% per Year Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance 2017 1 $50,000 $27,864 $0 $0 $0 $44,000 $33,864 2018 2 $33,864 $28,700 $0 $0 $0 $42,333 $20,231 2019 3 $20,231 $29,561 $0 $0 $0 $20,157 $29,635 2020 4 $29,635 $30,448 $0 $0 $0 $0 $60,082 2021 5 $60,082 $31,361 $0 $0 $0 $35,876 $55,568 2022 6 $55,568 $32,302 $0 $0 $0 $5,796 $82,074 2023 7 $82,074 $33,271 $0 $0 $0 $22,687 $92,658 2024 8 $92,658 $34,269 $0 $0 $0 $0 $126,927 2025 9 $126,927 $34,269 $0 $0 $0 $55,421 $105,775 2026 10 $105,775 $34,269 $0 $0 $0 $1,957 $138,087 2027 11 $138,087 $34,269 $0 $0 $0 $34,942 $137,414 2028 12 $137,414 $34,269 $0 $0 $0 $2,076 $169,607 2029 13 $169,607 $34,269 $0 $0 $0 $85,474 $118,402 2030 14 $118,402 $34,269 $0 $0 $0 $0 $152,671 2031 15 $152,671 $34,269 $0 $0 $0 $28,739 $158,201 2032 16 $158,201 $34,269 $0 $0 $0 $11,295 $181,175 2033 17 $181,175 $34,269 $0 $0 $0 $62,182 $153,262 2034 18 $153,262 $34,269 $0 $0 $0 $2,479 $185,052 2035 19 $185,052 $34,269 $0 $0 $0 $32,346 $186,975 2036 20 $186,975 $34,269 $0 $0 $0 $170,967 $50,277 Criterium Engineers Page 11 of 15 8/18/2016
Alternative 2: Escalating Funding at 3% per Year Beginning Balance as of start of year beginning Jan 2012: $50,000 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 6 $27,864.00 $34,269.21 per year First Per Year $0 Per Unit $0 Increment by (%): 3 $72.00 $88.55 per unit per year Second Per Year $0 Per Unit $0 Step (%): $2,322.00 $2,855.77 per month Every 1 year $6.00 $7.38 per unit per month Frequency: 7 time Projected Annual Funding and Expenditures: Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 End of Year Reserve Fund Balance 33,864 20,231 29,635 60,082 55,568 82,074 92,658 126,927 105,775 138,087 137,414 169,607 118,402 152,671 158,201 Capital Expenditures: 44,000 42,333 20,157-35,876 5,796 22,687-55,421 1,957 34,942 2,076 85,474-28,739 Total Revenue (all sources) 27,864 28,700 29,561 30,448 31,361 32,302 33,271 34,269 34,269 34,269 34,269 34,269 34,269 34,269 34,269 Year: 2032 2033 2034 2035 2036 Year Number: 16 17 18 19 20 End of Year Reserve Fund Balance 181,175 153,262 185,052 186,975 50,277 Capital Expenditures: 11,295 62,182 2,479 32,346 170,967 Total Revenue (all sources) 34,269 34,269 34,269 34,269 34,269 Alternative 2: Escalating Funding at 3% per Year 200,000 180,000 160,000 140,000 120,000 Dollars 100,000 80,000 60,000 40,000 20,000-2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Funding Years Criterium Engineers Page 12 of 15 8/18/2016
Alternative 3: Level Funding without Special Assessments Beginning Year Reserve Fund Fee Special Special Investment Capital Ending Year Number Balance Revenue Assessments 1 Assessments 2 Earnings Expenditures Balance 2017 1 $50,000 $32,508 $0 $0 $0 $44,000 $38,508 2018 2 $38,508 $32,508 $0 $0 $0 $42,333 $28,683 2019 3 $28,683 $32,508 $0 $0 $0 $20,157 $41,034 2020 4 $41,034 $32,508 $0 $0 $0 $0 $73,542 2021 5 $73,542 $32,508 $0 $0 $0 $35,876 $70,174 2022 6 $70,174 $32,508 $0 $0 $0 $5,796 $96,886 2023 7 $96,886 $32,508 $0 $0 $0 $22,687 $106,707 2024 8 $106,707 $32,508 $0 $0 $0 $0 $139,215 2025 9 $139,215 $32,508 $0 $0 $0 $55,421 $116,302 2026 10 $116,302 $32,508 $0 $0 $0 $1,957 $146,853 2027 11 $146,853 $32,508 $0 $0 $0 $34,942 $144,419 2028 12 $144,419 $32,508 $0 $0 $0 $2,076 $174,850 2029 13 $174,850 $32,508 $0 $0 $0 $85,474 $121,884 2030 14 $121,884 $32,508 $0 $0 $0 $0 $154,392 2031 15 $154,392 $32,508 $0 $0 $0 $28,739 $158,161 2032 16 $158,161 $32,508 $0 $0 $0 $11,295 $179,374 2033 17 $179,374 $32,508 $0 $0 $0 $62,182 $149,699 2034 18 $149,699 $32,508 $0 $0 $0 $2,479 $179,728 2035 19 $179,728 $32,508 $0 $0 $0 $32,346 $179,890 2036 20 $179,890 $32,508 $0 $0 $0 $170,967 $41,431 Criterium Engineers Page 13 of 15 8/18/2016
Alternative 3: Level Funding without Special Assessments Beginning Balance as of start of year beginning Jan 2012: $50,000 CONTRIBUTIONS SPECIAL ASSESSMENTS SETTINGS (analyzed by unit/month) FIRST YR LAST YR Totals Starting amount ($): 7 $32,508.00 $32,508.00 per year First Per Year $0 Per Unit $0 Increment by (%): 0 $84.00 $84.00 per unit per year Second Per Year $0 Per Unit $0 Step (%): 0 $2,709.00 $2,709.00 per month Every 1 year $7.00 $7.00 per unit per month Frequency: 2 time Projected Annual Funding and Expenditures: Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 End of Year Reserve Fund Balance 38,508 28,683 41,034 73,542 70,174 96,886 106,707 139,215 116,302 146,853 144,419 174,850 121,884 154,392 158,161 Capital Expenditures: 44,000 42,333 20,157-35,876 5,796 22,687-55,421 1,957 34,942 2,076 85,474-28,739 Total Revenue (all sources) 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 32,508 Year: 2032 2033 2034 2035 2036 Year Number: 16 17 18 19 20 End of Year Reserve Fund Balance 179,374 149,699 179,728 179,890 41,431 Capital Expenditures: 11,295 62,182 2,479 32,346 170,967 Total Revenue (all sources) 32,508 32,508 32,508 32,508 32,508 Alternative 3: Level Funding without Special Assessments 200,000 180,000 160,000 140,000 120,000 Dollars 100,000 80,000 60,000 40,000 20,000-2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Funding Years Criterium Engineers Page 14 of 15 8/18/2016
Summary of Reserve Balances Year Yearly Year Number Expenditures Alt. 1 Alt. 2 Alt. 3 2017 1 $44,000 $33,864 $33,864 $38,508 2018 2 $42,333 $24,039 $20,231 $28,683 2019 3 $20,157 $41,034 $29,635 $41,034 2020 4 $0 $82,830 $60,082 $73,542 2021 5 $35,876 $93,394 $55,568 $70,174 2022 6 $5,796 $134,038 $82,074 $96,886 2023 7 $22,687 $157,791 $92,658 $106,707 2024 8 $0 $204,231 $126,927 $139,215 2025 9 $55,421 $195,250 $105,775 $116,302 2026 10 $1,957 $239,733 $138,087 $146,853 2027 11 $34,942 $251,231 $137,414 $144,419 2028 12 $2,076 $295,594 $169,607 $174,850 2029 13 $85,474 $256,560 $118,402 $121,884 2030 14 $0 $303,000 $152,671 $154,392 2031 15 $28,739 $320,701 $158,201 $158,161 2032 16 $11,295 $355,846 $181,175 $179,374 2033 17 $62,182 $340,103 $153,262 $149,699 2034 18 $2,479 $384,064 $185,052 $179,728 2035 19 $32,346 $398,158 $186,975 $179,890 2036 20 $170,967 $273,631 $50,277 $41,431 Summary of Reserve Balances $450,000 $400,000 $350,000 $300,000 Dollars $250,000 $200,000 $150,000 $100,000 $50,000 $0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Funding Years Alt. 1 Alt. 2 Alt. 3 Criterium Engineers Page 15 of 15 8/18/2016
Appendix B: RESERVE FUND PROJECTIONS HOME OWNERS ASSOCIATION
Reserve Study Worksheet General Information: 1 Organization: Hudson Estates Homeowners Association 2 Address: Hudson, OH 3 Number of Units 387 4 Age of Building (in years) 38 5a Study Period (in years) 20 5b Normal Fiscal Year starts: January 1, 2017 5c Partial Fiscal Year starts: January 1, 2017 5d Partial Year Length: 12 months 6 Site Inspection Date August 6, 2016 7 Reserve Funds at start $62,228 8 Rate of Return on invested Reserve Funds (%) 0.7% 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... $667 $8,000 $1.72 $20.67 Years Out Total Annual Per Unit Planned Special Assessment... 0 $0 $0 Balance Computed... $60,394 11 Alternative Reserve Fund Contribution Alternative 1 Level Funding with Steps Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $0 $0 $0.00 $0.00 Monthly Amount, (Last Year)... $0 $0 $0.00 $0.00 Balance Required Final Year... $8,535 Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... ($107,306) Alternative 2 Escalating Funding at 0% per Year Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $0 $0 $0.00 $0.00 Monthly Amount, (Last Year)... $0 $0 $0.00 $0.00 Balance Required Final Year... $8,535 Base Escalation %... 0.00% Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... ($107,306) Alternative 3 Escalating Funding with Special Assessments Total/Month Total Annual Per Unit/Month Per Unit/Year Monthly Amount, (First Year)... $0 $0 $0.00 $0.00 Monthly Amount, (Last Year)... $0 $0 $0.00 $0.00 Balance Required Final Year... $8,535 Base Escalation %... 0.00% Special Assessments: Years Out Total/Year Per Unit First Assessment... 0 $0 $0 Second Assessment... 0 $0 $0 Balance Computed... ($107,306) Criterium Engineers Page 1 of 8 8/24/2016
Itemized Worksheet Full Capital Item Reserve Beginning Frequency Remaining Reserve Funding Required Funding To Be Replaced Quantity Unit cost Requirement (*) Balance (yrs**) Life (yrs) Monthly Annual Balance Site Add rip rap at Stow pond 1 ls $5,000.00 $5,000.00 $6,029.15 25 3 ($28.59) ($343.05) $4,400.00 Building Exterior Building Interior Mechanical Replace pond aerators compressor 1 ea $1,200.00 $1,200.00 $1,534.69 15 1 ($27.89) ($334.69) $1,120.00 Replace aerators in pool pond 1 ea $9,600.00 $9,600.00 $11,400.57 15 2 ($75.02) ($900.29) $8,320.00 Add aerator at Stow pond 1 ea $3,896.00 $3,896.00 $4,697.91 25 3 ($22.28) ($267.30) $3,428.48 Replace existing pond bubblers 2 ea $2,200.00 $4,400.00 $4,823.32 15 3 ($11.76) ($141.11) $3,520.00 Add aerator at Middleton Pond 1 ea $2,200.00 $2,200.00 $2,813.60 15 1 ($51.13) ($613.60) $2,053.33 Amenities Replace entrance signs 3 ea $5,000.00 $15,000.00 $11,745.10 35 15 $18.08 $216.99 $8,571.43 Other Dredge pool pond 1 ls $10,000.00 $10,000.00 $13,702.61 4 0 $0.00 $0.00 $10,000.00 Dredge north pond 1 ls $5,000.00 $5,000.00 $5,481.04 5 1 ($40.09) ($481.04) $4,000.00 Total Over Term $128,696.00 Total Over Term with Inflation $170,691.52 * Costs are typically 10%± ** Reserve study is based on a 20 year projection of non-annual maintenance Totals $56,296.00 $62,228.00 ($238.67) ($2,864.09) $45,413.24 Criterium Engineers Page 2 of 8 8/24/2016
Itemized Graph Categories Totals Site $5,000 Building Exterior $0 Building Interior $0 Mechanical $38,696 Amenities $15,000 Other $70,000 Total $128,696 Mechanical, $38,696 Itemized Graph Amenities, $15,000 Site Building Exterior Building Interior Mechanical Building Interior, $0 Building Exterior, $0 Amenities Other Site, $5,000 Other, $70,000 Criterium Engineers Page 3 of 8 8/24/2016
Itemized Funding Monthly Annual Balance Reserve Reserve Full Simple Reserve Beginning Requiring Funding Funding Funding Percent Categories Requirement Balance Funding Required Required Balance Funded Site $5,000 $6,029 ($1,029) ($29) ($343) $4,400 Building Exterior $0 $0 $0 $0 $0 $0 Building Interior $0 $0 $0 $0 $0 $0 Mechanical $38,696 $25,270 $13,426 ($188) ($2,257) $18,442 Amenities $15,000 $11,745 $3,255 $18 $217 $8,571 Other $70,000 $19,184 $50,816 ($40) ($481) $14,000 $231,085 Totals $128,696 $62,228 $66,468 ($239) ($2,864) $45,413 135.4% 170691.5193 Criterium Engineers Page 4 of 8 8/24/2016
Annual Expense By Year Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Site Add rip rap at Stow pond 0 0 0 5,000 0 0 0 0 0 0 0 0 0 0 0 0 Building Exterior Building Interior Mechanical Replace pond aerators compressor 0 1,200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replace aerators in pool pond 0 0 9,600 0 0 0 0 0 0 0 0 0 0 0 0 0 Add aerator at Stow pond 0 0 0 3,896 0 0 0 0 0 0 0 0 0 0 0 0 Replace existing pond bubblers 0 0 0 4,400 0 0 0 0 0 0 0 0 0 0 0 0 Add aerator at Middleton Pond 0 2,200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Amenities Replace entrance signs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15,000 Other Dredge pool pond 10,000 0 0 0 10,000 0 0 0 10,000 0 0 0 10,000 0 0 0 Dredge north pond 0 5,000 0 0 0 0 5,000 0 0 0 0 5,000 0 0 0 0 Total Costs 10,000 8,400 9,600 13,296 10,000 0 5,000 0 10,000 0 0 5,000 10,000 0 0 15,000 Total Costs Adjusted For 3% Inflation 10,000 8,652 10,185 14,529 11,255 0 5,970 0 12,668 0 0 6,921 14,258 0 0 23,370 Criterium Engineers Page 5 of 8 8/24/2016
Annual Expense By Year Site Add rip rap at Stow pond Building Exterior Building Interior Mechanical Replace pond aerators compressor Replace aerators in pool pond Add aerator at Stow pond Replace existing pond bubblers Add aerator at Middleton Pond Amenities Replace entrance signs Other Dredge pool pond Dredge north pond Total Costs Total Costs Adjusted For 3% Inflation Year: Year Number: 2033 2034 2035 2036 17 18 19 20 0 0 0 0 1,200 0 0 0 0 9,600 0 0 0 0 0 0 0 0 4,400 0 2,200 0 0 0 0 0 0 0 10,000 0 0 0 5,000 0 0 0 18,400 9,600 4,400 0 29,527 15,867 7,491 0 170691.52 Criterium Engineers Page 6 of 8 8/24/2016
Existing Funding Levels Beginning Year Reserve Fund Fee Special Investment Capital Ending Year Number Balance Revenue Assessments Earnings Expenditures Balance 2017 1 $62,228 $8,000 $0 $404 $10,000 $60,632 2018 2 $60,632 $8,000 $0 $402 $8,652 $60,381 2019 3 $60,381 $8,000 $0 $390 $10,185 $58,587 2020 4 $58,587 $8,000 $0 $349 $14,529 $52,407 2021 5 $52,407 $8,000 $0 $329 $11,255 $49,481 2022 6 $49,481 $8,000 $0 $385 $0 $57,866 2023 7 $57,866 $8,000 $0 $401 $5,970 $60,297 2024 8 $60,297 $8,000 $0 $458 $0 $68,755 2025 9 $68,755 $8,000 $0 $429 $12,668 $64,517 2026 10 $64,517 $8,000 $0 $486 $0 $73,002 2027 11 $73,002 $8,000 $0 $543 $0 $81,545 2028 12 $81,545 $8,000 $0 $554 $6,921 $83,178 2029 13 $83,178 $8,000 $0 $515 $14,258 $77,435 2030 14 $77,435 $8,000 $0 $572 $0 $86,008 2031 15 $86,008 $8,000 $0 $630 $0 $94,638 2032 16 $94,638 $8,000 $0 $531 $23,370 $79,799 2033 17 $79,799 $8,000 $0 $390 $29,527 $58,663 2034 18 $58,663 $8,000 $0 $340 $15,867 $51,136 2035 19 $51,136 $8,000 $0 $346 $7,491 $51,992 2036 20 $51,992 $8,000 $0 $402 $0 $60,394 $62,228 $160,001 $8,856 $231,085 Criterium Engineers Page 7 of 8 8/24/2016
Existing Funding Levels Beginning Balance as of start of year beginning Jan 2017: $62,228 CONTRIBUTIONS SPECIAL ASSESSMENTS AMOUNT Totals $8,000.04 per year Per Year $0 Per Unit $0 $20.67 per unit per year $666.67 per month $1.72 per unit per month Projected Annual Funding and Expenditures: Year: 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Year Number: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 End of Year Reserve Fund Balance 60,632 60,381 58,587 52,407 49,481 57,866 60,297 68,755 64,517 73,002 81,545 83,178 77,435 86,008 94,638 Capital Expenditures: 10,000 8,652 10,185 14,529 11,255-5,970-12,668 - - 6,921 14,258 - - Total Revenue (all sources) 8,404 8,402 8,390 8,349 8,329 8,385 8,401 8,458 8,429 8,486 8,543 8,554 8,515 8,572 8,630 Year: 2032 2033 2034 2035 2036 Year Number: 16 17 18 19 20 End of Year Reserve Fund Balance - - - - - Capital Expenditures: 79,799 58,663 51,136 51,992 60,394 Total Revenue (all sources) 8,531 8,390 8,340 8,346 8,402 Existing Funding Levels $100,000 $90,000 $80,000 $70,000 $60,000 Dollars $50,000 $40,000 $30,000 $20,000 $10,000 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Funding Years Criterium Engineers Page 8 of 8 8/24/2016
Appendix C: PROJECT PHOTOGRAPHS
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: One of the three entrance signs into the community. Photo Number 1 Description: Aerial view of the community. Photo Number 2
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the community pavilion. Photo Number 3 Description: View of the interior of the pavilion. Photo Number 4
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of one side of the pavilion. The T1-11 siding needs repairs and painting or replacement with vinyl siding. Photo Number 5 Description: Another example where the T1-11 needs painting or replacement with vinyl siding. Photo Number 6
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: The siding should be kept at least six inches off the ground. Photo Number 7 Description: View of the pool. Photo Number 8
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View pool and pool house. Photo Number 9 Description: The T1-11 siding should be kept at least two inches off the concrete. Photo Number 10
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the pool s sand filters. Photo Number 11 Description: View of the new pool heater. Photo Number 12
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the chemical injection controls. Photo Number 13 Description: View of the gazebo at the tennis courts. Photo Number 14
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the tennis courts that are in good condition. Photo Number 15 Description: Area of the tennis court where repairs are needed. Photo Number 16
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the parking lot nearest the tennis court. The center of the lot needs to be repaired. Photo Number 17 Description: The dumpster is sitting on the asphalt. We recommend the installation of a concrete pad under the dumpster. Photo Number 18
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the large lake near the pavilion. Photo Number 19 Description: View of the pond at Stow Rd. Photo Number 20
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: The installation of rip rap is recommended along the steep edge of the pond. Photo Number 21 Description: View of the pond at the north side of the community. Photo Number 22
Location: Photo Taken by: Date: Hudson Estates Wickerham, P.E. August 6, 2016 Hudson, Ohio Description: View of the decking that has been added to the north pond. The cat tails around the edge of the pond need to be removed. Photo Number 23