The following slides were presented by the BMV Board at the Owners Meeting on Saturday May 23 rd 2015 Background 2013 survey of owners replacing decks and railings preferred Began researching implementation in early 2014 ID: 495605
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Slide1
2015 BMV Special Project
The following slides were presented
by the BMV Board
at the Owner’s Meeting on
Saturday May 23
rd
, 2015Slide2
Background
2013 survey of owners – replacing decks and railings preferred
Began researching implementation in early 2014
Discussions with David
Hazeltine
in March
Inspection of the property through summer and early fall
Owners meeting in November
Second opinions from Russell RosenSlide3
The Board has tried to balance doing an effective and attractive project with cost effectiveness:
Materials selected
Entrances to Buildings 1,4,6 & 8
No safety issues identified
Railings will be replaced for appearance consistency and building code
Other parts (primarily floors) will be addressed as ongoing maintenance as needed
Reduced project cost by approximately $120,000
Other issues such as courtyards and lattice also deferredSlide4
Porches
Master Deed divides property into:
Apartments – owner’s responsibility
General Common Elements – everyone’s responsibility
Limited Common Elements – owner’s responsibilitySlide5
1981 version had a long list of Limited Common Elements:
Doors and windows
Decks
Porches
1994 Amendment:
Made doors, windows, and decks General Common Elements
Left porches as Limited
C
ommon
E
lementsSlide6
In discussions with our attorney, the Board has decided that:
Support structures below the floor are foundation elements – General Common Elements
Roofs are General Common Elements
Floors and all wall elements are the porch – Limited Common Elements – the responsibility of individual ownersSlide7
Project Finance
Construction:
Porches
$ 130,000
Remainder
1,457,000
Professional Fees 136,025
Contingencies 340,000
Paid To Date 84,920
Total $2,147,945Slide8
Estimated Assessments
Base Amounts (before porches)
Small 1 BR $19,271
Large 1 BR $23,005
2 and 3 BR $33,700
Porches
1,4,6,8 Ends $6,411
1,4,6,8 Middle $1,500
2,3,5,7 Ends $5,739
2,3,5,7 Middle $3,233
Due date 7/1 Slide9
Payment Options
Pay in full on 7/1 – no interest
Pay 25% - future payments including interest pending BB&T loan approval