As all of you may know, the Association has been paying $6000 per month on a loan that was taken out by a prior board for the flat roofs and drainage work. We have six more months to pay the loan off.
We had hoped to be able to delay the repair of the stairwells and carport posts on several of the buildings but after the board walked the property with our Property Manager, we find it necessary to begin the repairs as soon as possible.
We have been advised that Building 5 is in the worst shape and repairs will start on that building this week. Building 2 will be next and then Building 4. We are hopeful that some "band-aids" can be applied on the other three buildings until we are able to build up more reserve funds.
In addition, the Board also ordered a new reserve study so we can budget for future repairs/replacements and assist the Association in properly planning for future capital expenditures. We are still waiting on the findings of that reserve study. Due to the emergency repairs on the stairways, we predict the need to build up the deferred maintenance reserve and reduce funding to other reserves and will discuss this option at the next Budget Workshop.
We request all homeowners who live in building 5 to please follow all safety directions as the vendor completes the repairs. Please be patient with some of the inconvenience during the repair process and feel free to contact management with any questions or concerns.
Board of Directors
East Lake Woodlands Condos VII
Notice of ELWCA Sidewalk Pressure Washing April 5-9