President's Message - February 2004

Norman Salisbury
President

Dear Fellow Owners:

The construction of our air conditioning retrofit has begun. On January 5th, your Board of trustees awarded the construction contract to Koch Mechanical. The contract provides that the new plant will be supplying chilled water by May 15 with financial penalties if that date is not met. We have phased the project such that we will continue to run our cooling tower and one old chiller while the new is under construction until May 15 when we will shut off the old system. The contract also provides that the full new system will be completed by June 30.

Although the Board accepted the lowest bid, all of the bids came in significantly higher than the projections of John Frank. We are still within the parameters of our assessment, but there is now a much smaller contingency allowance. Included in this newsletter is a table summarizing the financial details of the project.

As you know, we have made arrangements to provide owners with the option to pay the assessment in a lump sum or monthly for seven years. Thus far roughly 25% of owners have elected the lump sum payment option. I mention this to remind owners that the lump sum option can be exercised without penalty at any time in the seven year period for those who wish to eliminate this increase from your monthly condo fees. The lump sum payoff also enables the Association to reduce the loan amount more quickly.

We thank you for your support and patience during this retrofit project and anxiously await the hot summertime when, for the first time in years I expect we will enjoy perfectly cool and comfortable temperatures in our homes.

Sincerely,