Coronado Cays HOA - Announcements - Mardi Gras Village Newsletter

Mardi Gras Village Newsletter - May 2017

5/8/2018

Good morning Mardi Gras homeowners and residents.

This is the late spring update letting you know about the numerous happenings and reminders about your Coronado Cays Homeowner's Association(CCHOA).

Montego/Antigua Renovations

The renovations are nearly complete for the two Villages. Each village has approved their special assessment. The Montego special assessment is $24,194. The special assessment for Antigua is $13,810. As previously mentioned and available on the CCHOA website, Antigua borrowed $1,491,480 and Montego borrowed $1,742,000 from the CCHOA in order to complete their renovations. The funds were borrowed from the CCHOA at the US Prime Interest Rate which is currently 4.75%. This rate was recently increased from 4.5%

Grounds/Landscaping Developments

The CCHOA Finance Committee reviewed and the CCHOA Board recently approved a change in the grounds/landscaping department. These services will be outsourced to Park West beginning July 1, 2018. Three of the Villages have been using Park West this current year and have been totally pleased with their grounds services. The final decision was based on the services received and the cost. The CCHOA will save $600,000 over the next 2 years and Mardi Gras will save approximately $142,000 over the next two years. These cost savings are important as all services we receive seem to be increasing as noted in a couple of areas mentioned later in this email.

Seawalls

In the last letter I mentioned that all of the various permits have been received to begin installing tiebacks in the southern part of the Mardi Gras seawall. This area has suffered the most change in our seawalls with the very end of the seawall suffering from a major slab fracture that is moving in a couple of directions. As you know numerous homeowners have been concerned about this slab movement for a number of years and approximately 3 years ago the permitting process with the Port of San Diego started. Most recently we had a problem with securing a California contractor as our out of State contractor could not secure an exemption from the State. We had two CA contractors that have experience working with seawalls but not these tiebacks. The CCHOA Board at the last meeting selected one of these CA contractors (Harbor Constructors-that is now trained in the installation of these tiebacks). As mentioned above, the cost has doubled but is considerably less than some of the contracts we were looking at much earlier. Tieback installation should begin shortly after July 1, 2018.

Sand replenishment is an added measure of security for the seawalls, but the Port of San Diego has indicated that this will probably not be an option in the foreseeable future and certainly not riprap along the seawall.

Budget for Mardi Gras

The budget process for all of the Villages within the CCHOA has been approved by the CCHOA Board on April 26, 2018. Although we have more budgetary concerns than most of the Villages, such as streets, lighting, sewers, roofs, painting, seawalls, and large grounds areas there will be no change in Mardi Gras' annual dues. There is always a cost of living which to date has been relatively minor although some of the services that we require are increasing rather significantly. Your Director continues to be cognizant of reigning in expenses while receiving true value for our services and holding down our annual dues increases while insuring that we do not defer any maintenance so that we maintain our homes in the very best condition possible.

Water and Termites

Up to this point the Mardi Gras water bill has doubled and if we are to maintain beauty in our grounds additional ideas will be needed as to how we can improve the beauty and save on water. Please don’t forget that we have many residents that are opposed to turning our area into a desert. Grounds has added a couple of artificial grass areas to test the beauty, as well as more drought tolerant plants in some areas. If at any time you see water nozzles that are malfunctioning in the common areas please let safety know as well as the CCHOA office, including areas outside of Mardi Gras but in the CCHOA..

The termite problem remains. Homeowners can call various termite companies and receive a free termite survey to help insure that their homes are free of termites and check to see if there are any openings around your roof line that might allow the termites to enter. If you see areas on your home that need to be repaired please let the CCHOA office know.

Investments

Currently, the CCHOA continues to invest the Reserve funds with safety and security in mind. That basically leaves CDs available to the CCHOA. Only recently have these rates started to increase to the point where it is easier to find rates in excess of 2% whereas in the past the rates have averaged 1.34%. The total CCHOA Reserves have decreased over this past year due to loaning the two Villages funds for renovation but will begin to increase after July 1, 2018, and should ultimately arrive back at their pre renovation levels, as the assessments are received and the two Villages gradually increases their Reserves. It is anticipated that an approximately $3.3 million will be added to the reserves shortly after July 1 and over the next 5 years an additional $2 million will be added as the two Villages begin to rebuild their Reserves. All Villages must be at 50% funding by 2023/24, but most will be higher as the new requirements are 100% within 30 years. Mardi Gras currently has Reserves at 87%.

Home Repairs and Upgrades

As a constant reminder, when planning home upgrades, particularly exterior type upgrades or changes, please remember to submit your plans to the CCHOA Architectural Committee (AECC). The permit forms are available in the Cays office or online at the CCHOA website.

Conclusion

I welcome the opportunity to improve our homes and the surrounding grounds. I continue to believe that this is a wonderful place to call home, and as always welcome your questions, concerns, comments, and advice. Again, if you have neighbors that did not receive this email and believe that they would welcome the opportunity to remain aware of Mardi Gras happenings please have them send me their email address and I will add it to the mailing list.

Bob Rood, Mardi Gras Director, dirmardigras@cchoa.org