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Woodstream Falls Condominium Association
Revitalization Plan
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Click here to view the 2010 Capital projects list Woodstream Falls Home Owners Association 4 Year Revitalization Plan Background The new Woodstream Falls Board of Directors was installed in September 2006. Since that time, we have spent countless hours carefully reviewing the needs of the Woodstream Falls Community. We have also spent a considerable amount of time reviewing the contractual agreements, financial status, and capital improvement plans developed and given to us by the previous management company and Board of Directors. Based on that review, the following 4-year plan has been developed to revitalize Woodstream Falls. Goals of “The Plan” 1) To increase homeowner value 2) To reduce HOA fees within 4 years 3) To increase owner occupancy 4) To improve the overall appearance of the community 5) To improve the operational efficiency of the community 6) To begin work immediately on needed infrastructure improvements without a special assessment 7) To develop a sound financial plan for the future 8) To improve the energy efficiency of the community First Steps Our first action as your new board was to rescind the very large special assessment imposed by the previous Board of Directors and Management Company. While the board believes that the elimination of the “special assessment” was a great first step for our homeowners, we also understand that the infrastructure repairs it was supposed to pay for are still facing us. We understand those infrastructure repair needs to be as follows: 1) Roof replacement 2) Repair & replacement of 2nd floor entrance stairways 3) Heating and cooling system improvements to increase performance, reliability and efficiency 4) Repair & replacement of patio and balcony enclosures 5) Repair & replacement of walkways, steps, bridges and landscaping 6) General building maintenance and painting
Overview of “The Plan” To avoid creating a financial hardship for the association, and the need for immediate large homeowner special assessments, the Board of Directors believes it is best to address these issues over the next 4 years in stages with a “pay as you go” approach. While this approach will mean the some issues will not be addressed as quickly as we might like, it will allow us to prioritize those improvements that are most critical to the community and begin working on them this year. This “pay as you go” approach also means that our association fees will not be reduced anytime in the near future. As fellow homeowners, the board shares the community’s interest in lowering association fees; however, an immediate lowering of fees will not allow us to proceed with these improvements in a timely manner. In November, the board voted to keep homeowner association fees at current levels for 2007. Based on current infrastructure needs and occupancy projections, we do not anticipate any change for 2008. We will continue to make every attempt to improve operating efficiency so that more money can be devoted to completing the larger projects needed to keep our community moving forward. We will do this by continuing to evaluate all service contracts, reduce cost, and eliminate waste without compromising service to the community wherever possible. Our ability as a community to implement this plan is based on certain specific assumptions and projections regarding occupancy, the collection of HOA fees, and our understanding of the community’s infrastructure needs as they exist today. Should these projections change, or unforeseen expenses arise, the board will revise this plan as needed to keep Woodstream Falls moving forward. This may include the need for extending the timeframe for completion of certain projects and or seeking other means of financing these improvements. In any case, the board will make every effort to achieve these goals without the need for large special assessments whenever possible. Assumptions of “The Plan” 1) We will increase active unit ownership to 90 % within the next 18 months. 2) We will make improvements to the current heating and cooling system that will reduce the utility and repair costs associated with it and prolong its useful life for at least for 4 years. 3) We will reduce overall community operation and maintenance costs by 5 % per year over the next 4 years to pay for repairs. 4) We will increase energy efficiency through community cooperation and education programs 5) We don’t experience any unusual costly community maintenance or operational expenses for the next 4 years The Plan Timeline Stage 1 - May 1, 2007 – April 30, 2008
Capital Improvement projects 1) Begin replacement of selectedl roofs & rooftop decks 2) Repair/replace patio and balcony enclosures 3) Upgrade the existing heating and cooling system to extend its life, and improve its reliability and performance. New Boilers Activated Fall 2007 4) Repair/replace/remove walkways and steps, & bridges in common areas 5) Repair/replace 2nd floor entrance stairways 6) Repair/resurface/remove selected structures with peeling paint and deteriorating wood construction (carports & overhead building connectors, & laundry rooms) 7) Obtain a new engineering analysis to determine the best long term heating, cooling, insulation, and electrical solution for the community from the University
Other Projects 1) Begin homeowner/tenant energy conservation and education program. 2) Address illegal/improper parking space usage. 3) Increase communication efforts with owners, real estate community, and other governmental agencies to improve the public perception of Woodstream Falls. 4) Reduce receivables The implementation of each of these initiatives will be prioritized based its impact on homeowner safety, community appearance, and its long-term impact on the community’s financial position. Stage 2 May 1, 2008 – April 30, 2009 Capital Improvement projects 1) Adopt a new heating/cooling/ insulation/ and electrical plan for the community 2) Begin the 1st phase of implementing the new heating/cooling/insulation and electrical plan. (Proof of Concept) 3) Repair/resurface exterior of clubhouse 4) Develop and obtain bids on new landscaping plan. Continue work on items 1-6 above started in stage 1 1) Replace selected roofs & roof top decks 2) Repair/replace patio and balcony enclosures 3) Upgrade the existing heating and cooling system to extend its life, and improve its reliability and performance. 4) Repair/replace walkways and steps in common areas
New stair Treads Started Fall 2008 5) Repair/replace 2nd floor entrance stairways 6) Repair/resurface selected structures with peeling paint Other Projects 1) Continue homeowner/tenant energy conservation and education program. 2) Step up communication efforts with owners, real estate community, and other governmental agencies to improve the public perception of Woodstream Falls. 3) Develop new policy for posting signs in community 4) Repair/ replace building designation letters Stage 3 May 1, 2009 – April 30, 2010 Capital Improvement Projects 1) Begin 2nd phase of community wide roll out of the new heating, cooling, insulation, and electrical improvements 2) Begin implementation of new landscaping plan. 3) Repair/replace 2nd and 3rd floor landings and stairways 4) Evaluate progress on initiatives and develop the next three-year plan.
Other Projects 1) Continue homeowner/tenant energy conservation and education program. 2) Step up communication efforts with owners, real estate community, and other governmental agencies to improve the public perception of Woodstream Falls. 3) Begin sign improvements Stage 4 May 1, 2010 – April 30, 2011 Capital Improvement Projects 1) Continue roll-out of community wide new heating, cooling, insulation and electrical improvements. 2) Adopt a new three-year plan. Stage 5 May 1, 2011 – September 30 2011
1) Complete roll-out of community wide new heating, cooling, insulation and electrical improvements. 2) Reduce HOA fees 3) Complete landscaping upgrades. |
New Roofs - Phase 1 - Completed July-2008
