Final Paving Special Assessment Fact Sheet

The mailing you received today from Kramer-Triad announcing the 2012 Annual Meeting also included a one-page fact sheet about the proposed Final Paving Special Assessment that will be voted upon at that meeting.  I'm reproducing the contents of the fact sheet below so that it is also available on this blog.

At the 2012 Annual Meeting, the current Board of Directors will be asking members of the Manors at Central Park Condominium Association to approve a Special Assessment for the purposes of

a)      Repairing numerous sections of cracked concrete curbing

b)      Paving the final asphalt layer on the remainder of our streets and private access drives.

A Special Assessment requires the approval of more than 2/3rds of all "members in value" (as opposed to "members in number"), since it is levied on the basis of the percent of value assigned to each Unit.   Per the Amended Master Deed, owners of Units 1-14 have each been assigned 0.17422 percent of value and owners of Units 16-167 (including the Carpenters Pension Trust Fund, which owns 47 incomplete units) each have 0.64185 percent of value (owners of all Units each have a vote that is worth 1/166 = 0.60241 percent when voting by number). 

Shelby Township had obtained a letter of credit in 2004 from Sable Realty Ventures to be used in case the company failed to install the final layer of asphalt paving.  However, as previously explained, that letter of credit is no longer valid.   Attorneys for the Carpenters Pension Trust Fund maintain that they are not required to honor the legal agreement that Sable Realty Ventures made with the Township to provide the final paving at a later date. Therefore, the entire cost of the final paving will have to be paid by the owners of the complete and incomplete Units that comprise the Manors at Central Park Condominiums.

Pending the receipt of competitive bids, the Board estimates that the final paving project will cost about $83,700 and therefore, the Special Assessment levy will be about $145 ($83,700 x 0.0017422) for each of Units 1-14 and about $540 ($83,700 x 0.0064185) for each of Units 16-167. The Carpenters Pension Trust Fund owns (47) incomplete Units and they will also pay the Special Assessment amount for each of their Units. 

The current Board of Directors recommends a "yes" vote on the Special Assessment for the following reasons:

a)      The final paving is a capital improvement in excess of $5,000 and it is an addition to the common elements that must eventually be completed.  Therefore the Bylaws stipulate that it be funded via a Special Assessment instead of through the replacement reserve account or the annual budget.

b)      The exposed base layer of asphalt is already seven years old and was not designed to stand up to weather and traffic for that length of time; further delays could necessitate costly repairs that must be made before applying the final asphalt layer.

c)      The cost of asphalt paving has more than doubled since 2004; further delays will likely result in a higher cost to complete the final paving project.

If approved, the curb repairs and final layer of asphalt paving will be completed before the end of 2012.

I would personally like to add one more reason for approving the proposed Final Paving Special Assessment now rather than later and that can be found by reading this post.

If you have any questions about the proposed Special Assessment, please contact me using the phone number or e-mail address shown in the right sidebar.