We are setting up two special assessments.
As we announced at the owners meeting in February this year, we are setting up one special assessment to cover the cost of repairs that are scheduled for this year:
- Driveway retaining wall replacement and installing drainage system,
- Masonry repairs, balconies painting and building waterproofing,
- Skylight replacement.
These three projects will be financed via a commercial loan but before we enter into a bank agreement, we would like to give owners an opportunity to pay their special assessment up-front in lump sum in the amount of 23,500 dollars.
Owners who are willing to make one-time payment must contact the manager by May 8th.
If paying a lump sum not a good option for you or if you chose not to reply to this letter then the assessment fee for your unit will be set to approximately 475 dollars a month for the next 5 years.
The second assessment will be set in the amount 100 dollars a month, also for 5 years and it does not need to be paid in lump sum. The purpose of the second assessment is to accumulate funds for smaller repairs that are due but can be done gradually to save money on the bank interest fees.
Total two assessments will be 575 dollars a month. This amount is estimated and will be confirmed after the bank loan is secured later this month.
We expect that the assessments will go into effects on June 1st and it will be announced by the end of May.
Please let me know if you have questions.
Thank you
Alex
As we announced at the owners meeting in February this year, we are setting up one special assessment to cover the cost of repairs that are scheduled for this year:
- Driveway retaining wall replacement and installing drainage system,
- Masonry repairs, balconies painting and building waterproofing,
- Skylight replacement.
These three projects will be financed via a commercial loan but before we enter into a bank agreement, we would like to give owners an opportunity to pay their special assessment up-front in lump sum in the amount of 23,500 dollars.
Owners who are willing to make one-time payment must contact the manager by May 8th.
If paying a lump sum not a good option for you or if you chose not to reply to this letter then the assessment fee for your unit will be set to approximately 475 dollars a month for the next 5 years.
The second assessment will be set in the amount 100 dollars a month, also for 5 years and it does not need to be paid in lump sum. The purpose of the second assessment is to accumulate funds for smaller repairs that are due but can be done gradually to save money on the bank interest fees.
Total two assessments will be 575 dollars a month. This amount is estimated and will be confirmed after the bank loan is secured later this month.
We expect that the assessments will go into effects on June 1st and it will be announced by the end of May.
Please let me know if you have questions.
Thank you
Alex
