CR 97-21 Resolution Setting Fees - Westbrooke Patio HomesY
O
January 29, 1997 N Council Rpt #97 -21
P K
RESOLUTION SETTING FEES - WESTBROOKE PATIO HOMES
Proposed Action
Staff recommends approval of the following motion : Adopt resolution number 97 -9 approving
housing improvement fees for Housing Improvement Area No. 2 - Westbrooke Patio Homes and
authorize staff to prepare development agreement.
With this motion, the 45 day veto period will begin and a development agreement will be prepared
for Council consideration.
Overview
The City of Hopkins has the authority to establish housing improvement areas under the Housing
Improvement Act (1994 Minnesota Laws, Chapter 587, Article 9, Section 22 through 31).
Within a housing improvement area, the City can sell bonds to pay for various improvements to
individual housing units and common areas. Those bonds are then repaid through fees imposed
on the owners of the units.
The Westbrooke Patio Homes Advisory Committee and Board of Directors have identified the
improvements proposed to be financed though the creation of a housing improvement area and
have held a series of informational owner meetings. In October and November 1996, the
Association members voted on the proposed program and in December submitted the required
petitions to hold public hearings on the creation of the housing improvement area and the setting
of the fees. Petitions were signed by more than 35 percent of the owners.
On January 21, 1997 the City Council held a public hearing and had the first reading on an
ordinance to establish a housing improvement area for the Westbrooke Patio Homes. The law
requires a second reading of the ordinance, a public hearing on the fees, and the adoption of a
resolution setting the fees for the area. Both of these actions can be stopped if vetoes are filed by
at least 35 percent of the owners within a 45 -day period.
Primary Issues to Consider
o Have the legal requirements been met?
o What is the fee?
o How are the fees paid?
o What is the risk to the City?
o What is the timeline for the project?
Supporting Information
o Resolution 97 -9
o estb . oke Patio H
tr-
erste
lverum, Ho mg Coordinator
- Long Term Financial Management Plan
Patio Homes Fees
Council Rpt. 97 -021
Page 2
Analysis of the Issues
o Have the legal requirements been met?
The Westbrooke Patio Homes Association has submitted the Long -term Financial Management
Plan, required by State Law. The Plan was reviewed by staff and the financial consultant for the
project. While it shows a negative operating balance for 1997, if the plan is followed (including a
10% dues increase for at least the next two years), the association should be adequately reserving
money for future repairs. Through the development agreement, the City should have adequate
assurances that the plan will be updated and followed for the term of the district.
o What is the fee?
The total fee for each property within the Housing Improvement Area is $6,905. If not prepaid,
the estimated annual fee is $717. The fee will be reduced by approximately $3,000 for low and
moderate income homeowners through a grant from the Federal Home Loan Bank. The
following is a breakdown of the costs of the project:
Improvement Costs $1,895,000
City Administration $ 10,000
Reserve Fund $ 164,000
Finance/Legal $ 40,000
Underwriter's Discount $ 40,770
Capitalized Interest $ 113,250
Other $ 1,980
Total Costs $2,265,000
It is anticipated that the reserve fund will be released to the Association to complete Phase II of
the capital improvement program which would involve replacing the siding and repairing interior
roads and driveways.
o How are the fees paid?
Upon successful passage by the City of the ordinance and resolution setting the fees, owners will
be given 30 days to prepay a portion or the entire amount of the fee. If an owner chooses not to
prepay, payment of the fee will then be made twice annually for the term of the district. This will
be accomplished through a fee on an owner's property tax statement (including interest and
associated financing costs).
Once the annual fee has been certified to the County the fee cannot be "paid off', rather it must
be paid annually for the term of the district. The fee has been structured in this manner so that the
Patio Homes Fee
Council Rpt. 97 -021
Page 3
cash flow of the bonds is more predictable and because it contributes to making the fee appear tax
deductible. Also, administratively it saves a significant amount of time and money. One owner,
who is expected to speak at the public hearing, has requested that this policy be revised.
o What is the risk to the City?
The source of funds for the project is City- issued general obligation bonds, backed by the full faith
and credit of the City of Hopkins. However, the financing has been structured to reasonably
assure that the City is protected against compensating for any delinquencies that may be
experienced in the collection of the fees. This is being accomplished by setting the fees at 105
percent of what is required to retire the bonds, by requiring a $164,000 reserve, and by requiring
the Association to cover any delinquencies.
o What is the timeline for the project?
The following is the anticipated timeline for the project:
Alternatives:
January 21, 1997
February 4, 1997
March 21, 1997
March 24, 1997 -
April 22, 1997
April 14, 1997
May 15, 1998
Public hearing before the City Council on establishing the housing
improvement area
First reading of the ordinance to establish the housing improvement
area
Second reading and adoption of the ordinance to establish the
housing improvement area
Public hearing before the City Council on setting the fees for the
housing improvement area
Resolution setting fees adopted
45 -day objection period expires, the ordinance establishing the
housing improvement area and the resolution setting the fees go
into effect if not vetoed by a minimum of 35 percent of the owners
Prepayments accepted
Construction begins
First installment of fee is due, as shown on property tax statement
Following the public hearing, the Council has the following alternatives:
o Adopt resolution 97 -9 establishing fees for Westbrooke Patio Homes
o Amend resolution 97 -9 prior to adoption.
o Take no action. Delaying action will affect the construction schedule.
RESOLUTION APPROVING A HOUSING IMPROVEMENT FEE FOR.
HOUSING IMPROVEMENT AREA NO. 2, PURSUANT TO 1994 MINNESOTA
LAWS, CHAPTER 587, ARTICLE 9, SECTIONS 22 THROUGH 31
BE IT RESOLVED by the City Council of the City of Hopkins as follows:
Section 1. Recitals.
CITY OF HOPKINS
RESOLUTION NO. 97-9
1.01. The City of Hopkins ( "City ") is authorized under 1994 Minnesota Laws, Chapter 587,
Article 9, Sections 22 through 31 (the "Housing Improvement Act ") to establish by ordinance a
housing improvement area within which housing improvements are made or constructed and the costs
of the improvements are paid hi whole or in part from fees imposed within the area.
1.02. By Resolution No. 94-55 adopted June 7, 1994, the Council approved the Housing
Improvement Act.
1.03. By Ordinance No. 97 -796 adopted February 4, 1997 (the "Enabling Ordinance "), the
Council established Housing Improvement Area No. 2 in order to facilitate certain improvements to
property known as the "Westbrooke Patio Homes," all in accordance with the Housing Improvement
Act.
1.04. In accordance with Section 23 of the Housing Improvement Act, owners of at least 25
percent of the housing units within Housing Improvement Area No. 2 have filed a petition with the
City Clerk requesting a public hearing regarding imposition of a housing improvement fee for Housing
Improvement Area No. 2.
1.05. The Council has on February 4, 1997 conducted a public heating, duly noticed in
accordance with the Housing Improvement Act, regarding adoption of this resolution at which all
persons, including owners of property within Housing Improvement Area No. 2, were given an
opportunity to be heard.
1.06. Prior to the date hereof; Westbrooke Patio Homes Association, Inc. (the "Association ")
has submitted to the City a financial plan prepared by Construction Consulting and Inspections, Ltd.,
Inc., an independent third party, acceptable to the City and the Association, that provides for the
Association to finance maintenance and operation of the common elements in the Westbrooke Patio
Homes and a long -range plan to conduct and finance capital improvements therein, all in accordance
with Section 25 of the Housing Improvement Act.
1.07. For the purposes of this Resolution, the terms "Housing Improvement Area No. 2" and
"Housing Improvements" have the meanings provided in the Enabling Ordinance, provided that the
term Housing Improvements includes only those improvements described as Phase One under Section
KOEBNG116223
HP110 -55
4.01 of the Enabling Ordinance.
Section 2. Housing Improvement Fee Imposed.
2.01. The City hereby imposes a fee on each housing unit within Housing Improvement Area
No. 2 (the "Housing Improvement Fee "), as specified in Exhibit A attached hereto, which Housing
Improvement Fee is imposed on the basis of the total cost of the Housing Improvements to be financed
by the Housing Improvement Fee divided by the number of housing units in Housing Improvement
Area No. 2 as of the date of this Resolution.
2.02. The owner of any housing unit against which the Housing Improvement Fee is imposed
may, at any time within 30 days after the effective date of this Resolution, pay all or a portion of the
total Housing Improvement Fee imposed against such housing unit as specified in Exhibit A hereto to
the City Treasurer, without interest thereon; provided that if only a portion is prepaid the prepayment
amount must be at least 25% of the total fee for that unit. Any Housing Improvement Fee (or a
portion thereof) not prepaid in accordance with this Section shall be payable solely in accordance with
Section 2.03 hereof.
2.03. If not prepaid in accordance with Section 2.02 hereof, the Housing Improvement Fee (or
unpaid portion thereof) shall be payable in equal annual installments extending over a period of 20
years, the first of the installments to be payable in calendar year 1998, which annual payment shall be
deemed to include interest on unpaid Housing Improvement Fee from the date of this Resolution at an
annual interest rate that will produce total fee revenue collected from all units in Housing Improvement
Area No. 2 in an amount that equals 105 percent of the debt service payable each year on bonds to be
issued by the City issued to finance the Housing Improvements (the "Bonds ") in accordance with the
Enabling Ordinance and the Housing Improvement Act. Upon issuance of the Bonds, the City Clerk
shall cause to be prepared a schedule indicating the annual payment for each housing unit for which the
Housing Improvement Fee has not been prepaid, which schedule shall be attached as Exhibit B to this
Resolution in the City's official records.
2.04. The Housing Improvement Fee, unless prepaid in accordance with Section 2.02 hereof,
shall be payable at the same time and in the same manner as provided for payment and collection of ad
valorem taxes, as provided in Section 26 of the Housing Improvement Act.
2.05. The Housing Improvement Fee imposed against each housing unit shall not exceed the
amount specified in Exhibit A hereto; provided, however, that the Housing Improvement Fee may be
reduced at any time before issuance of the Bonds, which reduction shall be applied pro rata to each
housing unit's Housing Improvement Fee on the basis described in Section 2.01 hereof, and further
provided that if any housing unit owners have prepaid the Housing Improvement Fee prior to any
reduction in that fee, the City shall promptly reimburse such housing unit owner in the amount of the
pro rata share of any reduction in the fee amount. Upon any reduction in the Housing Improvement
Fee, the City Clerk shall cause to be prepared a revised copy of Exhibit A hereto, which shall be
attached to this Resolution in the City's official records and shall be promptly mailed to all housing unit
owners within Housing Improvement Area No. 2. Within 30 days after issuance of the Bonds the City
Clerk shall mail to each housing unit owner a copy of Exhibit B to this Resolution showing the final
annual fee imposed against each housing unit for which the Housing Improvement Fee has not been
KOEBNG116223
HP110 -55
2
prepaid.
3.01. Within five days after the adoption of this Resolution, the City Clerk is authorized and
directed to mail to the owner of each housing unit in Housing Improvement Area No. 2: a summary of
this Resolution; notice that owners subject to the Housing Improvement Fee have a right to veto this
Resolution if owners of at least 35 percent of the housing units within Housing Improvement Area No.
2 file an objection with the City Clerk before the effective date of this Resolution; and notice that a
copy of this ordinance is on file with the City Clerk for public inspection.
ATTEST:
City Clerk
KOEBNG116223
HP110 -55
Section 3. Notice of Right to File Objections.
Section 4. Effective Date.
4.01. This Resolution shall be effective 45 days after adoption hereof.
Section 5. Filing of Housing Improvement Fee.
5.01. Within 30 days after issuance of the Bonds, but it no event later than November 15,
1997, the City Clerk shall file a certified copy of this resolution together with a final update of Exhibits
A and B hereto to the Hennepin County Director of Taxation to be recorded on the property tax lists
of the county.
Approved by the City Council of the City of Hopkins this 4th day of February, 1997.
3
Charles D. Redepenning, Mayor
Total fee per housing unit: $6,905
KOEBNG116223
HP110 -55
EDIT A TO RESOLUTION NO. 97-9
EDIT B TO RESOLUTION NO. 97-9
[Description of annual fee for each housing unit; to be inserted upon issuance of the Bonds in
accordance with Section 2.05 of this Resolution.]
KOEBNG116223
HP110 -55
Annual fee per Housing Unit: $
5
•
DUNBAR STRANDNESS, INC.
Real Estate Services and Consulting
January 31, 1997
City of Hopkins
1010 First Street South
Hopkins, MN 55343
Attention: Kersten Elverum
bear Kersten:
Attached is the Long -Term Financial Management (Operating Budget)
Plan for Westbrooke Patio Homes. The plan was prepared by me with
the input of. Wayne Vasilis, the property manager for the Patio
Homes, and based on the 1997 operating budget prepared by Mr.
Vasilis.
Based on my personal knowledge of the property and its operations
and finances, I am comfortable in certifying that the Plan is
realistic and reflects the long -term physical and financial
requirements which must be met in order for the property to be
returned to, and maintained in, a high quality condition.
Please call me if you have any questions or concerns. : I would be
happy to meet with you to review the plan in person.
8 pcerely,
Dough's' D. Strandness
President, Dunbar Strandness, Inc. and
Management Consultant to Westbrooke Patio Homes
1306 Wynridge Drive
St. Paul, MN 55112
(612) 638-0765
Fax (612) 638 -0766
SUMMARY
Westbrooke Patio Homes Association, Inc.
Hopkins, Minnesota
1997 CAPITAL IMPROVEMENT PROGRAM:
Long -Term Financial Management (Operating Budget) Plan
January 31, 1997
The Plan is based on the following:
1. The Association's approved operating budget for 1997 (copy
attached).
2. The Long -Term Financial Management (Reserve) Plan prepared by
Construction Consulting and Inspections, Ltd. and dated
January 1, 1997.
3. The assumptions outlined below.
The Plan projects the annual increases in Association dues needed
to cover both operating costs and the scheduled funding
requirements for the Reserve Plan, and to generate and maintain
working capital of approximately $50,000.
The only significant issue identified by the Plan is the first -year
deficit, a combination of the beginning negative operating cash
balance and the operating deficit for the year. This can
reasonably be handled by deferring some of the 1997 programmed
replacements to 1998 and /or by deferring some of the reserved
deposits to 1998 or 1999. These deferrals would be reasonable
because of the substantial operating surpluses projected for 1998
through 2001 and could be subject to a formal agreement with the
City of Hopkins.
The significant positive factor identified by the Plan is that even
if the projected increases in costs are somewhat on the low side
there is still room for increases in dues. After substantial dues
increases from 1997 through 1999, the projected increases average
only about one percent more than projected inflation (and recently
published economic analysis argue that projected inflation is
probably overstated by a further one percent).
LINE ITEM ASSUMPTIONS
1. Association Dues. The percentage increase in the dues from
the prior year is indicated at the bottom of each column for
the years covered.
2. Uncollected Dues. The allowance is increased by the
percentage used each year for the dues increase.
3. Other Income. The amount remains constant.
3. Expenses. Expense categories are projected to increase by the
following percentages each year:
a. Administrative. 3% per year.
b. Insurance and Legal. 2% per year. Both of these should
tend to decrease or remain constant as the property is
improved and collection issues and other legal issues are
resolved. However, a conservative approach dictates some
allowance for increases.
c. Utilities. 5% per year. Utilities are the most
difficult expenses to forecast. However, a review of the
last five years indicates that 5% is conservative.
d. Building Maintenance. 6% per year for 5 years, and then
4% per year. This will allow for the aggressive
elimination of minor categories of deferred maintenance
not covered by the programmed replacements or Phase 1 and
2 of the Capital Improvement Program.
e. Common Maintenance. 5% per year for 5 years, and then 4%
per year. This follows the same analysis as for Building
Maintenance.
NOTE: In 1997, the costs for the programmed replacements
are subtracted from Building and Common Maintenance so
that they can be grouped in accordance with the Reserve
Plan.
f. Grounds Maintenance and Repair. 4% per year for 5 years,
and then 3% per year. This will allow the grounds to be
steadily upgraded over the next five years and then
maintained.
g. Replacements. The amounts for this category are drawn
from the Reserve Plan.
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CONSTRUCTION
CONSULTING &
INSPECTIONS, LTD.
City of Hopkins
1010 First Street South
Hopkins, Mn 55343
Attn: Kersten Alverum
Housing Coordinator
Dear Ms. Alverum:
January 30, 1997
Attached is a copy of the Long Term Financial Management (Reserve) Plan prepared for
Westbrooke Patio Homes, Hopkins, Minnesota by CC &I, Ltd. The plan was prepared by me
with assistance by my civil engineer, Gene Henderson.
CC &I, Ltd. prepares a number of reserve plans each year for association properties and has
done so for a decade. We are particularly qualified to do reserve planning for a number of
reasons:
• We work with literally dozens of associations at any given time concerning rehabilitation
and replacement projects. We survey, price, specify, bid, contract, and monitor exterior
work worth several millions each year. Most of the work falls into the exterior areas of :
roofing, siding, guttering, concrete, asphalt, doors, and windows. Consequently we are
very familiar with life expectancies as well as current costs.
• We prepare reserve plans as part of the services of our company. This is not a new or
unfamiliar experience.
• I (John Russo) have a Ph.D. in Engineering Valuation. One of the key areas of this
degree is capital expenditure programming, effectively reserve planning. My
understanding of the process is literally second to none.
We have very specifically reviewed the conditions at Westbrooke Patio Homes as outlined
below and are very qualified to have prepared this reserve plan. Our reviews have included:
• Fall 1994 - A total review of all exterior aspects of the complex -- under contract to the
association. A full, priced report was prepared at that time by John Russo and CC &I,
Ltd. engineer Larry White -- projecting rehabilitation needs.
Pentagon Towers, Box 36184
Minneapolis, Minnesota 55435
(612) 944 -7137
FAX (612) 944 -7018
•
• Summer 1996 - CC &I, Ltd. engineer Gene Henderson did a two day review of all roofs
and adjacent areas in preparation for the 1997 Capital Improvement Program A report
with photos was prepared.
Fall 1996 - John Russo and Gene Henderson did a detailed study of building #26 at
Westbrooke in preparation for and during work on this "prototype" building. Roofing,
decking, siding, garage door, furnace, and attic work was accomplished in September -
October 1996. The purpose of the "prototype" work was to gain additional insights into
the needed work for the reserve plan and phase 1 and 2 replacements. Building #26 is
one of the forty -one basically identical buildings in the complex.
Based on our knowledge of the property and the governing documents, we have developed
the attached replacement (reserve) plan. To the best of our knowledge the attached plan
fulfills all of the capital improvement needs of the Westbrooke Patio Homes Association over
the next 20 years.
Please call if you have questions.
Snc
n G . Russo, Ph.D.
Pr- ident - CC &I, Ltd.
2
Westbrooke Patio Home Association
Hopkins, Minnesota
1997 CAPITAL IMPROVEMENT PROGRAM:
Long -term Financial Management (Reserve) Plan
January 1, 1997
SUMMARY
There are three components to the Plan: programmed replacements, reserved replacements and
City - financed replacements.
A programmed replacement is a category of items which are replaced on a phased basis over
a period of time equal to the economic life of one item. For example, each year Westbrooke
Patio replaces about 7% of its short yard fences. With this approach, it is not necessary to
reserve funds for programmed replacements.
A reserved replacement is a category of items which are replaced at one time. Accordingly,
funds are reserved over time, so that the funds are on hand at the point in time when the
items must be replaced.
The City - financed replacements are those categories of items which will be replaced in 1997
(Phase I) or 1999 (Phase II) with funds borrowed through the City of Hopkins. With these
categories of items replaced, they will then be added, when appropriate, to the list of reserved
replacements, and funds accumulated towards their next replacement. Reserved replacements
are done on a 20 year horizon. At the point when items are added within the horizon, 20
years is a sufficient and appropriate length of time in which to accumulate funds.
Costs are in current dollars. Costs will be reviewed on an annual basis, and the plan adjusted
accordingly.
LINE ITEM NOTES
PROGRAMMED REPLACEMENTS
A. FENCES
1. Short Yard Fences
These fences are rebuilt by association maintenance staff at about 7% per year. The
homeowners pay 50% of materials and the association pays for 50% of materials.
B. CONCRETE
1. Patios
The 252 patios are replaced at a rate of about 5% per year. Homeowners and
association share the costs evenly.
2
2. Courtyard Gates
The courtyard gates only exist on 65% of the 16 buildings with between garage
sidewalks. They are rebuilt by association maintenance staff at about 7% per year
with homeowners and the association sharing (50 -50) materials costs ($50 each
average).
2. 'Y' Sidewalks to Patios
The 252 'Y' walks are replaced at a rate of about 5% per year. Homeowners and
association share the cost evenly.
3. Common Sidewalks
It is estimated that 4500 s.f. of common sidewalk will need to be replaced over the
next 20 years at 5% per year. The association is 100% responsible for these walks.
4. Stairs to Walk Ups
The 38 stairs to the 76 walk up units are estimated to need replacement at a rate of
about one per year for the next 38 years. The association is 100% responsible for
these stairs.
C. RETAINING WALLS
1. Other Than At Pool
There are 21 areas within the complex with low retaining wall sections. They include
6500 s.f. of wall. The walls will be replaced at about 7% per year. The association is
100% responsible for these walls.
D. GARAGES
1. Structural Wall Repair
Some garage walls are exhibiting structural problems due to earth load. It is estimated
that one every other year will need to be replaced for the next 20 years.
RESERVED REPLACEMENTS
3
A. RETAINING WALLS
1. Pool Area Retaining Wall
The retaining wall adjacent to the pool will need replacement in approximately 4
years. It's life after that will be 30 plus years with replacement use of long lived
products.
B. DOORS
1. Entry Doors
The entry doors will need to be replaced over the next 15 years. It is estimated that
this replacement will take place at the 10 (') and 15 ('/) year points. The association
is 100% responsibility for this work. The homeowners are responsible 100% for
screen /storm doors and sliding patio doors.
C. POOL
1. Major Overhaul of Pool and Area
It is planned that the pool will be rehabbed in two segments at 8 years ($50,000) and
12 years ($25,000). This cost is 100% association responsibility.
D. WINDOWS
1. Windows
The windows are scheduled for replacement in three segments at 3 years ($120,000),
at 6 years ($120,000) and at 9 years ($120,000).
CITY FINANCIAL REPLACEMENTS
These replacements are laid out in two phases. Phase I will be done in 1997; Phase II is
anticipated to be done in 1999. Any future replacements (within the 20 year plan) will be
shown on the Reserved Replacements spread sheet as appropriate.
ITEM
QUANTITY
CYCLE
(YEARS)
UNIT
COST
CYCLE
COST
A. FENCES
1. Short Yard
165 units
15
$I50 /fence
$24,750
2. Courtyard
Gates
45 gates
15
$50 /gate
$2,250
B. CONCRETE
1. Patio
252 patios
20
$375
$113,400
2. 'Y' walks to
patio
252 'Y's
20
$99/'Y'
$22,680
3. Common
Sidewalks
4500 s.f.
20
$4.50 /s.f.
$20,250
4. Stairs to
walk -up units
38 stairs
38
$2,000 /stair
$76,000
C.RETAINING
WALLS
1. R/W -other
than pool
6500 s.f.
15
$20 /s.f.
$130,000
D. GARAGES
1. Structural
wall repair
10
20
$5,000
$50,000
TOTAL
$439,330
Westbrooke Patio Home Association
Hopkins, Minnesota
1997 Capital Improvement Program:
Long -Term Financial Management (Reserve) Plan
January 1, 1997
PROGRAMMED REPLACEMENTS
4
ITEM
UNUSED LIFE
UNIT COST
REPLACEMENT
COST
A. RETAINING
WALL
1. Pool area
retaining wall (1)
4
$20 /s.f.
$30,000
B. DOORS
1. Entry (328)
10; 15
$400 /door
$131,200
C. POOL
1. Major overhaul
of pool /area
8, 12
$75,000
$75,000
D. WINDOWS
1. Replace (900)
3, 6, 9
$400
$360,000
TOTAL
$596,200
RESERVED REPLACEMENTS
5
ITEM
QUANTITY
LIFE
UNIT COST
REPLMNT
COST
A. Pitched Roofs (main building)
1. Soffit Extension
40 buildings
40+
$8,700/bldg
$348,000
2. Remove Chimney Housings
40 buildings
N.A.
$250/bldg
$10,000
3. Gutters and Downs
40 buildings
30
$1,800/bldg
$72,000
4. Replace Roofs
40 buildings
25
$10,150/bldg
$406,000
5. Draft Walls, Insulation, Seal by-
Passes, Exhaust Vent Work
40 buildings
40+
$5,500 /attic
$220,00
B. Flat Roofs (garage buildings)
1. Replace Privacy Walls; Walk ups
18 walls
25
$600 /wall
$10,800
2. Replace Furnace Surround Fences
32 fences
20
$600 /fence
$10,200
3. Remove/Reinstall Furnaces
72 furnaces
N.A.
$450 /unit
$32,400
4. Replace Roofs
72 roofs
25
$1,250 -
$1,700 /roof
$432,400
5. Leak Damage Repair
40 buildings
N.A.
$1,200/bldg
$48,000
6. Replace Wood Decks
a. full
b. partial
60
12
25
15
$2,400
$350
$114,000
$4,200
C. All Buildings
1. Clean up; Crane Costs; Debris
Removal; Deck Demo
40
N.A.
$750
$30,000
2. Inflation and Contingency
40
N.A.
$1,750
$87,000
3. Consulting & Engineering Fee
1
N.A.
$70,000
$70,000
TOTAL A,B,C
$1,895,000
CITY - FINANCED REPLACEMENTS - PHASE I (1997)
ITEM
QUANTITY
LIFE
UNIT COST
REPLMNT
COST
A. Siding and Accessories
1. Siding
41 buildings
40+
$30,000/bldg
$1,230,000
2. Cladding Doors
406 doors
40+
$55 /door
$22,330
3. Cladding Windows
900 windows
40+
$55 /window
$49,500
4. New Garage Corner Boards
41 buildings
30
$500/building
$20,500
B. Gas Meter Posts
1. Replace
76 posts
40+
$175 /post
$13,300
C. Privacy Walls
1. Lower Levels; Replace
70 walls
25
$600 /wall
$42,000
D. Upper Decks
1. Replace Rails /Gates
76 units
25
$1,100 /unit
$83,600
E. Asphalt
1. Replace Drives and Parking
275,000 s.f.
20
$1.70 s.f.
$467,500
F. Garage Overhead Doors
1. Replace Including Springs &
Rails (Association 50 %)
324
25
$1,000
$81,000
TOTAL
$2,009,730
CITY - FINANCED REPLACEMENTS - PHASE II (1999)
Total per year
D Garages
1 Wall Repair
C Retain Walls
1 Common
4 Stairs
I 3 Common
I 2 `Y' Walks
B Concrete
1 Patio
I 2 Ctyd Gates
A Fences
1 Short Yard
IItem
1 22,783
2,500
8,667
2,000
I 1,012
1,134
5,670
150
1,650
1997
22,784
2,500
8,667
I 2,000
1,013
1,134
5,670
150
1,650
1998
1 22,783
2,500
8,667
I 2,000
r 1,012
I 1,134
5,670
150
1,650
1999
22,784
2,500
8,667
2,000 I
I 1,013
1,134
5,670
150
1,650
2000
22,783
2,500
8,667
2,000
1,012
I 1,134
5,670
150
1,650
2001
22,784
[ 2,500
[ 8,667
2,000
1,013
I 1,1
5,670
I 150J
1,650
2002
22,783
2,500
8,667
2,000
1,012
L_ 1,134
5,670
150
L 1,650
2003
22,784
2,500
8,667
2,000
1,013
1,134
5,670
150
1,650
2004
[22,783
2,500
8,667
2,000
1,012
1,134
5,670
150
1,650
2005
1 22,784
2,500
8,667
r 2,000
r 1,013
1,134
5,670
150
1,650
2006
1 22,783
2,500
8,667
2,000
1,012
1,134
5,670
150
1,650
2007
22,784
2,500
8,667
2,000
1,013
1,134
5,670
150
1,650
2008
1 22,783
2,500
8,667
2,000
1,012
1,134 I
5,670
150
1,650
2009
1 22,784
2,500
8,667
2,000
1,013
1,134
5,670
I
150
1,650
2010
1 22,783
2,500
8,667
I 2,000
I
1,012
I
1,134
5,670
150
I
1,650
2011
I 12,317
2,500
I 2,000
1,013
I 1,134
5,670
2012
1 12,316
2,500
2,000
1,012
1,134
5,670
2013
I 12,317
2,500
2,000
1,013
1,134
5,670
2014
12,316
2,500
2,000
1,012
1,134
5,670
2015
12,317
2,500
2,000
1,013
1,134
5,670
2016
ro
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8
1 Total per year I 0 1 01 120,0001 30,0001 01 120,0001 01 37,5001
1 Replace
D Windows
1 Overhaul
C Pool
I Entry
B Doors
I Pool
A Retain Wall
Item
1997
1998
1. 120,0001
1999
1 30,0001
2000
2001
120,000
2002
1
1
2003 2004 1 2005 2006 1 2007 1 2008 I 2009 1 2010 1 2011 1 2012 1 2013 1 2014 1 2015 1 2016
37,500
120,000
120,000
I 65,600
65,600
01
37,5001
37,5001
OI
0l
65,600
1 65,600
0'
01
0
01
0
9
10
11