|
|
 |
|||||||||||||||||||||||||||||
| Renovation Photos | Renovation Project Budget This phase of renovation has been completed. Following the 1999 annual meeting, the Board of the Sanibel Harbour Tower South Condominium Association reported its decision to pursue a course of action that would resolve the continuing water intrusion problems affecting many of the units in the building. Since the condominium was built in 1985, the Association has incurred excessive repair and maintenance costs due to water penetrating from defective windows and cracks in the decorative columns. The action taken by the Board was in conjunction with a building condition and evaluation study conducted by Welbro Management, Inc., in August, 1999 and their subsequent recommendations regarding the scope of reconstruction. Following the annual meeting, the Board voted to pursue a scope of work proposed by Welbro and authorized Moore & Spence Architects to prepare design drawings and specifications and to select a qualified general contractor to perform the work. During this process, the Board also consulted with a qualified roofing professional, to determine the condition of both the upper (12th floor) roofing system as well as the flat roof covering the front entrance (portico). Based upon the preliminary scope of work, the Board estimated the budget at approximately $400,000 prior to any roof work. Due to the tremendous construction activity in Southwest Florida, the number of construction firms capable of executing this type of project is small and it proved difficult for our architect to find qualified contractors to bid on such a complicated job. Starting with four contractors, Moore & Spence ended the process with only two serious bidders for the work. In addition, due to the high number of unknown factors in the scope of work, many of the costs were bid as estimates; the extent of the total cost to be determined only upon completion of the project. As a result of these factors, the preliminary budget increased substantially and the total cost of the project could not be fully determined until the work was completed. The Board considered funding the costs associated with the remedial effort with a two-year assessment program that would include interim financing through a short-term bank loan. Prior to finalizing its decision, a special Board meeting was held on September 28, 2000 to ratify the proposed budget and assessment program. The Board delayed its final decision on this matter to allow time to solicit any written comments from Association members. Items included in the renovation project were as follows:
Although the full extent of the cost of the items outlined above could not be fully determined at the time the project started, Moore & Spence provided the Board a range of costs to assist in securing a source of funding for the project. Therefore, at the September 28th meeting, the Board levied a special assessment of $12,500.00 per unit. The Special Assessment is payable in two installments. The first installment was due and payable October 31, 2000 in the amount of $5,000.00. The second installment is due and payable on September 28, 2001 in the amount of $7,500.00. Considerable time and effort was spent working with a team of professionals to plan the most appropriate course of action and permanently resolve the ongoing water damage. The Board members realized the value of the owner's investment in the building increased substantially in the past few years and realized that everyone wanted to preserve their assets well into the future. The members of the Board collectively agreed to resolve these issues as comprehensively as possible while cognizant of the burden a special assessment would bring to the owners. Through the consultants, the Board "valued engineered" the project without sacrificing a long-term, permanent solution. The existing painting and roof replacement reserve was utilized to subsidize the initial assessment while the interim loan allowed the owners the ability to spread the cost over a two-year period.
|
