Letter about 2013 Loan

January 10, 2013

Dear Oxford Park Homeowner:

 

As you know through the letter sent in October 2012, the Board of Directors has approved a plan for capital improvements to being in the spring of 2013. This is a continuation of capital improvements that have been scheduled under the reserve plan.

The plan consists of replacing roofs and chimney caps on 110 units, plus final paving of upper Watch Hill Circle and lower Larkspur. This is the final installment of critical repairs that have been done over the last few years. The total cost for all improvements is approximately $600,000.

Under the reserve study structure, there will be no special assessment, because a portion of your monthly dues is already allocated for capital improvements.

Funding the project will be done in two parts. The paving will be paid for directly from the Oxford Park reserve account. For the roofing, Oxford Park has obtained a loan commitment from First Niagara Bank for a 5-year loan in the amount of $435,000, at 3.75% annual percentage rate. Monthly payments will be $8000.

Borrowing this money at this low rate will allow Oxford Park to continue building reserves at $4,000 per month, and to have adequate reserves for significatn emergencies, should they arise. This borrowing will also allow work to be done all at once, and not over a 2-year span, which will save the association and residents money.

 

IMPORTANT

 

Due to 2010 changes in condominium law, for Oxford Park to fund the roofing with the bank loan, a majority of unit owners (81 or more) must approve the loan.

There will be an informal gathering for questions and answers at the club house on Tuesday, January 22, at 7PM.

The vote to proceed with the bank loan is scheduled for Tuesday, February 12 at 7PM in the club house.

In the near future, you will receive formal notice of this meeting. You will also receive a proxy form to authorize approval of the loan, so taht you can vote without actually attending the meeting.

The Board of Directors is always available to answer your questions. Please come to the informational gathering on Tuesday, January 22 at 7PM in the club house, or you can contact the management office at 860-635-0188 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. .

 

Oxford Park Board of Directors

Jim Pzynski, Meadow Management, property manager