Coronado Cays HOA - Announcements - Antigua Village Director Newsletter- January 2018

Antigua Village Director Newsletter- January 2018

1/23/2018

Dear Antigua Homeowners:

Over the past 14 months we have accomplished a number of significant tasks within our Village. I am listing several of the major components we have addressed so far.

1. Contracted with a new reserve study analyst and had them perform a far more accurate study.

2. Contracted for the re-siding, remodeling and painting of ourVillage.

3. Replacedrotten wood and
repainted garages.

4. Resurfaced or resealed all of the waterside upper decks.

5. Replacedmetal flashing on roof parapet walls

6. Repaired staircasesandinstalled additional pickets

7. Installeddrip irrigation in all breezeways so we don’t waterfences

8. Installedall new adjustable sprinklers sothey don’t hit buildings

9. Sandblastedand painted all landscape lights

10. Installed LEDbulbs throughout the Village

11. Crack filledand sealed asphalt between
garages.

12. Installed “No Parking” zone between garages

13. Refurbishing the landscape after the remodel workis complete

14. CompletedAir Conditioning policy

15. We are getting current with Compliance notifications.

16. Removed alldirt from touchingwood or stucco

17. Replaced 22 chimney capsthat were rusted through.

18. Installing all TVcables in single or multi chases.

19. We have now contracted for Landscape Maintenance with great results up to this point.

20. We have contracted for professional pest control.

21. Any problems we have encountered throughout this remodel have been dealt with. We have not “patched or “bandaged” over
anything.

22. Re-pouredseveral sidewalks that were damaged overtheyears.

23. Installed 19new palm trees toreplace trees that were removed.

24. Sealed numerous cracks in sidewalks.

25. Rework allthe dock plumbing.

26. Installed additional rails on gangways and painted gangways.

27. Contracted to have the entire Village roofs resurfaced.

We are scheduled to complete all of these projects with in the next few months.

If you’ve been around Antigua you will see hundreds of other minor improvements from new electrical boxes, replanted entrance, improved trash gates with handles, new meter covers,improved grass condition, and
many more.

Suffice it to say; Antigua Village in 2018 looks nothing like it did in 2016.

The final major project we are planning for this year is re-roofing the entire Village.This work will be done with a General Electric product that comes with a 20-year material and workmanship warranty.

Once these projects are all completed they represent the bulk of all the major items which needed repair within our Village except the relining of the interior waste water drain lines.

It is my belief that we should fund the drain pipe relining of approximately 10 units per year over the next 10 years to accomplish this task. If,however we begin to see an acceleration of the drain line failures we may need to also accelerate the funding to accomplish this project in a more condensed time frame.

Now for the financing required to fund the work we have done.

After applying the total funds,we had in our reserves we will need to borrow from the CCHOA association 1,034,000.00

The cost to re-roof our Village is 457,000.00

The total amount of short fall of these two itemsis 1,491,466.00 or 13,810.00 per unit.

We will be sending out ballots for all owners to vote to approve a special assessment in the amount of $13,810.00 per property.

Should this assessment not pass then our monthly dues will increase approximately 20% every year for the next 3 to 4 years to repay this debt.

Voting yes to this assessment now will prevent the dues from rising to cover the debt.

This assessment of 13,810.00 represents approximately just over one percent of the value of the average unit value in our Village.

We will of course be conducting an update of the reserve study as part of the budgeting process. We anticipate a vast improvement in the percent funded numbers for Antigua based on the many projects we have completed this year.

As you know, the Association must review and submit a budget to all owners prior to July 1, 2018.This includes not only the member contribution to reserves but also the Village and Common operating costs.

It is for that reason we need to resolve this special assessment vote so as we can provide a correct financialprojection for 2018/19.

Dennis Thompson– Antigua Village Director