Presentation on theme: "Pat Matheny President Stonewood POA. Discussion and member vote for replacing the damaged brick wall north of Greystone. Presentation of the financial."— Presentation transcript:
Discussion and member vote for replacing the damaged brick wall north of Greystone. Presentation of the financial report. Discussion of the landscaping contract. Decide on the maintenance fees for the period October 1, 2009 to September 30, 2010. Open the floor to questions and comments. Election of officers and board members.
Current Situation In November of 2008 the masonry wall north of Greystone Drive was starting to lean significantly The Board realized that something had to be done to stabilize the wall The Board met and agreed upon having Milestone Construction attempt to straighten the wall where it is leaning and install metal bracing rods for stability Before this happened the wall completely collapsed – April 2009
Replacement Issues Liability Aesthetics of subdivision Future Brick Wall Replacement Setting precedent for future needs Replacement Options Brick Replacement/Combination Significant Cost No availability of original brick used Financial Impact on POA funds Potential assessment of all POA members
Replacement Options – continued Combination of Brick Pillars and Wood Fence Reduced cost Future Aesthetics Consideration R-0 lots between Crossover and Subdivision In the future there will be construction Will the fence be seen from 265?
Option 1 – Brick Masonry Wall Replacement POA Board received 3 Quotes Replace 420 linear feet of fence Removal of old wall – additional $1,500 New footings, new columns new brick columns and walls Quotes Greg Brewer Masonry - $48,085 McBride Masonry - $58,000 Tracy Davis Masonry - $49,938
Option 2 – Wood Fence Replacement with Masonry Columns New 3x3x3 concrete footings 7 foot columns with block and brick 6 foot fencing Removal of current fencing material Option -2 Columns every 12 feet –(Match existing schema) Footings - Milestone Construction – $9,093 Columns - Tracy Davis - $15,200 Fence – Carnahan White - $5,670 Wall Removal/General Contractor – approx.$4,500 Total - $34,463
Option 2 – Wood Fence Replacement with Masonry Columns New 3x3x2 concrete footings 7 foot columns with block and brick 6 foot fencing Removal of current fencing material Option -3 – PICK-IT Construction - Fayetteville Single Vendor Solution Includes General Contractor pricing Materials and Labor - $29,299.19 Optional – Captains Rail - $1,900.00 Total - $29,299.19/$31,199.19
Option 2 – Wood Fence Replacement with Masonry Columns New 3x3x3 concrete footings 7 foot columns with block and brick 6 foot fencing removal of current fencing material Option -4 Columns every 24 feet Footings - Milestone Construction – $5,420 Columns - Tracy Davis - $7,600 Fence – Carnahan White - $5,670 Wall Removal/General Contractor - approx.$4,500 Total - $23,190
WoodcliffPinehill Copperwood fence by OZARK Timber has 25 year limited warranty
Stonewood P.O.A. Anticipated Expenses & Reserves June 1, 2009 to September 30, 2010 June 1 -Oct 1, 2009 DescriptionSep 30, 2009Sep 30, 2010Totals Landscaping (1)$2,720.00$8,450.00$11,170.00 Water (2)1,500.00 3,000.00 Irrigation system repairs (3)300.000.00300.00 Brick wall stabilization400.000.00400.00 Liability insurance premium0.00364.00 Mail services and sign preparation60.00150.00210.00 Tax return preparation0.00110.00 Federal income tax0.00100.00 Petty cash0.00100.00 Total Expenses$4,980.00$10,774.00$15,754.00 Expense Per Lot$42.93$92.88$135.81 EstimatedAdditional Needed (4) Brick wall replacement:CostAmountPer Lot Masonry - Option 1$55,000$25,000$210.08 Wood with masonry columns every 12' - Option 2$34,463$4,463$37.50 Single Vendor Solution columns every 12" - Option 3$31,199$1,199$10.08 Wood with masonry columns every 24' - Option 4$23,190$0$0.00 Footnotes: (1)Assumes a renewal of this year's contract ($8,200) plus expenses for items not covered by the contract (plant replacement and storm damage cleanup, for example). (2)Estimated expense based on water bills provided by Mark Foster for part of 2006. (3)Before the system can be used, repairs are needed to correct a problem with one of the stations that comes on when several other stations are running. (4)Assumes that we have $30,000 available to spend.
We need to have a vote on your preference Option 1 Complete Masonry replacement Option 2 – Multiple Vendor Solution Combination Wood Fence and Masonry Columns Columns every 12 feet Option 3 – Single Vendor Solution Combination Wood Fence and Masonry Columns Columns every 12 feet Option 4 – Multiple Vendor Solution Combination Wood Fence and Masonry Columns Columns every 24 feet
Bob Anderson Secretary -Treasurer Stonewood POA
Stonewood P.O.A. Financial Statement DescriptionAmounts Balance as of August 31, 2008 $11,566.68 Income: 117 lots @ $150 per lot$17,550.00 (1) 1 lot @ $150 per lot (previous year's fee)$150.00 Late fees75.00 $17,775.00 Expenses: Landscaping (2)$7,440.00 (2) Liability insurance premium364.00 Water bills - City of Fayetteville114.65 Federal income tax172.50 Tax return preparation - Frost, PLLC101.25 Annual meeting and Halloween signs81.94 Maintenance fee invoice mailings61.19 Snacks for annual meeting51.30 Treasurer's petty cash fund50.00 Deposit slip order9.10 ($8,445.93) Bank Balance @ June 30, 2009 $20,895.75 Certificates of Deposit (3) Initial investment - August 25, 2007 $12,500.00 Interest earned $755.65 Balance at June 30, 2009 $13,255.65 Total Assets @ June 30, 2009 $34,151.40 Footnotes: (1) Maintenance fees are owed on 119 lots. Two lot owners have not paid their current dues, so we have collected on 117 of 119 lots (98.3%). We may be able to collect on one of the unpaid lots when the foreclosure process is complete and the bank puts the house up for sale. (2) This amount consists of 8 payments of $680 under the previous contract, 1 payment of $720 and 1 payment of $680 under the existing contract, which runs from April 1, 2009 to March 31, 2010. The contract was renewed at the same price as the previous contract, which is $8,200 for the contract year. An additional payment of $600 was made for cleaning up damage from the ice storm. (3) The CD's were automatically renewed on August 25, 2008 with a new expiration date of September 25, 2009. The interest rate is 2.72%.