Paving & Roofing - October 2012

Dear Oxford Park homeowner:

 

For your information:

The Board of Directors has approved a plan for capital improvements to begin in early spring of 2013.

The plan consists of replacing the roofs on all units of Cherokee Court, Watch Hill Circle, Mohawk Court, Pequot Court, Shawnee Court and Larkspur Drive, for a total of 110 units. This will include replacement of the chimney tops on all of the above units.

The plan also includes the repaving of Watch Hill Circle / Lower Larkspur Drive in early fall 2013.

The costs of these projects is approximately $600,000. Paving estimate is $130,000, while roof and chimneys will be $470,000.

Funding for these projects will be done in two parts. The association will procure a 5-year bank loan from First Niagara in the amount of $435,000, at 3.75% annual interest rate. Monthly payments will be $8,000. The remaining expenses will be funded from the association's reserve account.

Your current monthly payment of $240 includes $65 for capital improvement. The monthly fee will not increase for this project. A $5 increase in teh assessment for capital improvements is scheduled for July 1, 2014, which will be reviewed prior to that date. The remaining $175 of your monthly fee is allocated to standard operating expenses. This will remain the same until June 30, 2013. There may or may not be an increase for the operating budget starting July 1, 2013.

Roofs will be stripped completely down to the plywood decking. Ice and water barrier will be installed on the ends of the roof and all valleys. All other portions of the roof will be covered in 15 pound felt paper. New drip and rake edging will be installed. All vents protruding the roof will be replaced. Shingles will be 30-year architectural asphalt, like the ones installed on Salem Drive but a different color. The roofing project will take approximately eight weeks to complete, depending on weather.

The Board of Directors will be available for questions you may have at their next scheduled meeting on Tuesday, November 13, 2012 at 7PM in the clubhouse. Or you can contact management at 860-635-0188 or This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

Jim Pzynski

Property Manager