Disclosure Statements Edit page

Owners selling their Unit are required to disclose the current Special Assessments to the Condominium Units.  The following disclosure statements reflect the current status of the Special Assessments to fund the needed repairs to the Condominium property:

Special Assessment for Breezeway Repairs

 

There is an active Special Assessment for the 186 Units in Buildings A, B, C, E, F, and G to repay a 15-year fixed term loan in the amount of $3,000,000 designated to fund repairs to the 31 breezeways that serve the Units in those buildings.  Owners have the option to pay a Lump-Sum Assessment of $15,000 up front or a Multi-Year Assessment through monthly payments of $123.47 for 15 years. 

Special Assessment for Capital Repairs and Improvements

 

As announced at the association’s Annual Meeting on February 18th, payment of the special assessment to fund the Capital Repair Project began June 1st, 2021.

There is a current Special Assessment approved for all 202 Units based on each Unit’s percentage of ownership in the Common Elements.  The purpose of the Special Assessment is to repay a 15-year fixed term loan in the amount of $5,500,000 designated to fund a renovation project that will include the roofs, parapet walls, and exterior walls of all seven buildings that make up the Condominium. Owners had three options to pay the assessment: 1) Lump-Sum Assessment; 2) Multi-Year Assessment paid on monthly basis for 15 years; or 3) 50% Lump-Sum Assessment plus 50% Multi-Year Assessment paid on a monthly basis for 15 years. The projected amount of the special assessment for each Unit is shown below. 

Final assessment – notice to go out to homeowners. Collection to begin January 1, 2026 to give homeowners time to plan for.  

Funding from the bank loans plus the reserves totaled $9,243,452.00, leaving a shortfall of $1,500,000.00.

The board voted to allow homeowners an option to pay over 60 months for those that need.  

The amount of each owner’s pending special assessment is shown in the table below. In calculating the amounts, the board determined the costs related solely to breezeway repairs vs. costs pertaining to common elements and aesthetic upgrades.

Original Special Assessment Amounts and Payment Options

Special Assessment to All Units for $5,500,000.00 Loan for Capital Repairs and Improvements

 

1) Lump Sum Special Assessment Option (One-time Payment):

• 1 Bdrm (E bldg.)                                 $20,020
• 1 Bdrm (G bldg.)                                $20,075
• 2 Bdrms (A, B, C, F bldgs.)                 $29,425
• 3 Bdrms (D bldg.)                               $43,945

2) Multi-Year Assessment Option, paid in monthly installments each year for 15 years:

• 1 Bdrm (E bldg.)                                 $157.80/month           
• 1 Bdrm (G bldg.)                                $158.23/month
• 2 Bdrms (A, B, C, F bldgs.)                 $231.93/month
• 3 Bdrms (D bldg.)                              $346.37/month

3) 50% Lump Sum + 50% Multi-Year Special Assessment Option (One-time Payment + Multi-year assessment, paid in monthly installments each year for 15 years):

• 1 Bdrm (E bldg.)                                 $10,010 + 78.90/month         
• 1 Bdrm (G bldg.)                                $10,038 + 79.11/month
• 2 Bdrms (A, B, C, F bldgs.)                 $14,713 + 115.96/month
• 3 Bdrms (D bldg.)                               $21,973 + 173.19/month

Existing Special Assessment for Breezeway Repairs

 

1) Lump Sum Special Assessment Option (One-time Payment):

• Units in A, B, C, E, F, & G                        $15,000

2) Multi-Year Assessment Option, paid in monthly installments each year for 15 years:

Units in A, B, C, E, F, & G                         $123.37/month