Silver King HOA - All Seasons Resort Lodging€¦ · reserve projects can be completed on time. When projects are completed on time, deferred maintenance and the lower property values

Silver King HOA

Level 2 Reserve Study

Report Period – 01/01/2019 – 12/31/2019

Report prepared on – Tuesday, October 09, 2018

TEL: (888) 356-3783 | Fax: (866) 279-9662 WWW.COMPLEXSOLUTIONSLTD.COM

Client Reference Number 14044 Property Type Condo-Hotel Number of Units 66 Fiscal Year End 12/31

Type of Study Update w/Site Visit Date of Property Inspection 7/26/2018 Prepared By Dale Gifford Analysis Method Cash Flow Funding Goal Full Funding

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Table of Contents

Introduction

Executive Summary page 1

Introduction page 2

General Information and Frequently Asked Questions page 3 - 4

Reserve Analysis

Funding Summary page 5

Percent Funded – Graph page 6

Component Inventory page 7 - 8

Significant Components page 9 - 10

Significant Components – Graph page 11

Yearly Summary page 12

Yearly Reserve Contributions – Graph page 13

Component Funding Information page 14 - 15

Yearly Cash Flow page 16

Yearly Reserve Expenditures – Graph page 17

Projected Reserve Expenditures by Year page 18 - 23

Component Evaluation

Component Evaluation page 1 - 68

Glossary of Commonly used Words and Phrases

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1

Executive Summary – Silver King HOA - ID # 14044 Information to complete this Reserve Study was gathered by performing an on-site inspection of the common area elements. In addition, we also obtained information by contacting any vendors and/or contractors that have worked on the property recently, as well as communicating with the property representative (BOD Member and/or Community Manager). To the best of our knowledge, the conclusions and recommendations of this report are considered reliable and accurate insofar as the information obtained from these sources. Projected Starting Balance as of 01/01/2019 $324,040 Ideal Reserve Balance as of 01/01/2019 $866,211

Percent Funded as of 01/01/2019 37% Recommended Reserve Contribution (months 1 – 48 / 49 – 360) $12,000 / $10,300 Recommended Special Assessment $0

Silver King HOA is a 66-unit Condominium Hotel community. The community offers arcade room, fitness room, sauna, spa, swimming pool, underground parking garage and landscaped areas as amenities. Construction on the community was completed in 1982.

Currently Programmed Projects There are multiple projects programmed to occur this fiscal year (FY2019). We have programmed an estimated $235,100 in reserve expenditures toward the completion of these projects. (See page 18)

Significant Reserve Projects The association’s significant reserve projects are carpeting hallways floors 3, 4 & 5 replace (Comp# 1501), heat trace repair/replace (Comp# 121), elevator modernize (Comp# 707), and sky lights and windows repair/replace (Comp# 2301). The fiscal significance of these components is approximately 9%, 6%, 6%, and 6% respectively (see page 11). A component’s significance is calculated by dividing its replacement cost by its useful life. In this way, not only is a component’s replacement cost considered but also the frequency of occurrence. These components most significantly contribute to the total monthly reserve contribution. As these components have a high level of fiscal significance the association should properly maintain them to ensure they reach their full useful lives. Reserve Funding In comparing the projected starting reserve balance of $324,040 versus the ideal reserve balance of $866,211 we find the association’s reserve fund to be approximately 37% funded. This indicates a fair reserve fund position. In order to continue to strengthen the account fund, we suggest adopting a monthly reserve contribution of $12,000 ($181.82/unit) per month for three years and then $10,300 ($156.06/unit) per month for twenty-seven years. If the contribution falls below this rate, then the reserve fund may fall into a situation where special assessments, deferred maintenance, and lower property values are likely at some point in the future.

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Introduction Reserve Study Purpose The purpose of this Reserve Study is to provide the Association with a budgeting tool to help ensure that there are adequate reserve funds available to perform future reserve projects. The detailed schedules will serve as an advance warning that major projects will need to be addressed in the future. This will allow the Association to have ample time to obtain competitive bids for each project. It will also help to ensure the physical well-being of the property and ultimately enhance each owner’s investment, while limiting the possibility of unexpected major projects that may lead to special assessments. Preparer’s Credentials Mr. Gifford has been working in the community association industry for the last 16 years. Prior to taking a position, as the Regional Project Manager covering the Utah region, at Complex Solutions, he worked in community association management in Utah. While in community association management his positions included, Maintenance Supervisor, Senior Portfolio Manager and Vice President of Community Management. His work in community association management gave him extensive experience with; budget creation, reserves and reserve budgeting, community inspections and analyzing common area components.

Professional Reserve Analyst (PRA) designation from Association of Professional Reserve Analysts (APRA), PRA

#2320

Reserve Specialist (RS) designation from Community Associations Institute (CAI), RS# 231

Personally has prepared over 1,400 reserve studies in Salt Lake City Utah and surrounding areas

Bachelor of Science in Chemistry from Emporia State University

Certified Manager of Community Associations® (CMCA®) designation from the National Board of Certification for Community Association Managers (NBC-CAM)

Association Management Specialist® (AMS®) designation from Community Associations Institute (CAI)

Professional Community Association Manager® (PCAM®) designation from Community Associations Institute (CAI), PCAM# 1740,

Active member and former Board member and chapter President of the Utah Chapter of Community Associations

Institute (UCCAI)

Recipient of Community Associations Institute’s (CAI) annual award of Excellence in Chapter Leadership for service an achievement in 2010

Budget Breakdown Every association conducts their business within a budget. There are typically two main parts to this budget, the Operating budget and the Reserve budget. The operating budget includes all expenses that occur on an annual basis as well as general maintenance and repairs. Typical operating budget line items include management fees, maintenance expenses, utilities, etc. The reserve budget is primarily made up of replacement items such as roofing, fencing, mechanical equipment, etc., that do not normally occur on an annual basis.

Report Sections Reserve Analysis: this section contains the evaluation of the association’s reserve balance, income, and expenses. It includes a finding of the client’s current reserve fund status (measured as percent funded) and a recommendation for an appropriate reserve allocation rate (also known as the funding plan). Component Evaluation: this section contains information regarding the physical status and replacement cost of reserve components the association is responsible to maintain. It is important to understand that while the component inventory will remain relatively “stable” from year to year, the condition assessment and life estimates will most likely vary from year to year.

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General Information and Frequently Asked Questions Is it the law to have a Reserve Study conducted? The Government requires a reserve study in approximately 20 states. Also, the Association’s governing documents may require a reserve fund be established. This does not mean a Reserve Study is required, but how are you going to know if you have enough money in the reserve fund if you do not have the proper information? Why is it important to perform a Reserve Study? This report provides the essential information that is needed to guide the Association in establishing the reserve portion of the total monthly assessment. The reserve fund is critical to the future of the association because it helps ensure that reserve projects can be completed on time. When projects are completed on time, deferred maintenance and the lower property values that typically accompany it can be avoided. It is suggested that a third party professionally prepare the Reserve Analysis Study since there is no vested interest in the property. After we have a Reserve Study, what do we do with it? Please take the time to review the report carefully and make sure the component information is complete and accurate. If there are any inaccuracies, or changes such as a component that the association feels should be added, removed, or altered, please inform us immediately so we may revise the report. Use the report to help establish your budget for the upcoming fiscal year. How often do we review and update our Reserve Study? There is a misconception that a Reserve Study is good for an extended period of time since the report has projections for a thirty year period. The assumptions, interest rates, inflation rates and other information used to create this report change each year. Scheduled events may not happen, unpredictable circumstances could occur, deterioration rates can be unpredictable and repair/replacement costs will vary from causes that are unforeseen. These variations alter the results of the Reserve Study. The Reserve Study should be professionally reviewed each year by having a Level III “no site visit” update reserve study performed. The Reserve Study should be professionally updated every three years by having a Level II “site visit” update reserve study performed. What is a “Reserve Component” versus an “Operating Component”? A “Reserve” component is an item that is the responsibility of the association to maintain, has a limited useful life, predictable remaining useful life, typically occurs on a cyclical basis that exceeds one year, and costs above a minimum threshold amount. An “Operating” component is typically a fixed expense that occurs on an annual basis. What are the GREY areas of “maintenance” items that are often seen in a Reserve Study? One of the most popular questions revolves around major “maintenance” items, such as painting the buildings or seal coating the asphalt. You may hear from your accountant that since painting or seal coating is not replacing a “capital” item, it cannot be considered a reserve component. However, it is the opinion of several major Reserve Study providers, including Complex Solutions, that these components meet the criteria of a reserve component. Information and Data Gathered: The information contained in this report is based on estimates and assumptions gathered from various sources. Estimated life expectancies are based upon conditions that were readily visible and accessible at the time of the site visit. While every effort has been made to ensure accurate results, this report reflects the judgment of Complex Solutions, Ltd. and should not be construed as a guarantee or assurance of predicting future events. What happens during the Site Visit? During the site visit we identify the common area components that we have determined require reserve funding. These components are quantified and a physical condition is observed. The site visit is conducted on the common areas as reported by client. What is the Financial Analysis? We project the starting balance by taking the most recent reserve fund balance as stated by the client and add expected reserve contributions to the end of the fiscal year. We then subtract the expenses of any pending projects. We compare this number to the Fully Funded Balance and arrive at the Percent Funded level. Based on that level of funding we then recommend a Funding Plan to help ensure the adequacy of funding in the future.

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Measures of reserve fund financial strength are as follows: 0% - 30% Funded is considered a “weak” financial position. Associations that fall into this category are more likely to have

special assessments and deferred maintenance. Action should be taken to improve the financial strength of the reserve fund.

31% - 69% Funded is considered a “fair” financial position. Associations that fall into this category are less likely to experience special assessments and deferred maintenance than being in a weak financial position. Action should be taken to improve the financial strength of the reserve fund.

70% - 99% Funded is considered a “strong” financial position. Associations that fall into this category are less likely to experience special assessments and deferred maintenance than being in a fair financial position. Action should be taken to improve the financial strength of the reserve fund.

100% Funded is considered an “ideal” financial position. Action should be taken to maintain the financial strength of the reserve fund.

Disclosures: Information provided to the preparer of a reserve study by an official representative of the association regarding financial, historical, physical, quantitative or reserve project issues will be deemed reliable by the preparer. A reserve study will be a reflection of information provided to the preparer of the reserve study. The total of actual or projected reserves required as presented in the reserve study is based upon information provided that was not audited. A reserve study is not intended to be used to perform an audit, an analysis of quality, a forensic study or a background check of historical records. An on-site inspection conducted in conjunction with a reserve study should not be deemed to be a project audit or quality inspection. The results of this study are based on the independent opinion of the preparer and his experience and research during the course of his career in preparing Reserve Studies. In addition the opinions of experts on certain components have been gathered through research within their industry and with client’s actual vendors. There is no implied warrantee or guarantee regarding our life and cost estimates/predictions. There is no implied warrantee or guarantee in any of our work product. Our results and findings will vary from another preparer’s results and findings. A Reserve Study is necessarily a work in progress and subsequent Reserve Studies will vary from prior studies. The projected life expectancy of the reserve components and the funding needs of the reserves of the association are based upon the association performing appropriate routine and preventative maintenance for each component. Failure to perform such maintenance can negatively impact the remaining useful life of the component and dramatically increase the funding needs of the reserves of the association. This Reserve Study assumes that all construction assemblies and components identified herein are built properly and are free from defects in materials and/or workmanship. Defects can lead to reduced useful life and premature failure. It was not the intent of this Reserve Study to inspect for or to identify defects. If defects exist, repairs should be made so that the construction components and assemblies at the community reach the full and expected useful lives. Site Visits: Should a site visit have been performed during the preparation of this reserve study no invasive testing was performed. The physical analysis performed during the site visit was not intended to be exhaustive in nature and may have included representative sampling. Estimated life expectancies and life cycles are based upon conditions that were readily accessible and visible at the time of the site visit. We have assumed any and all components have been properly built and will reach normal, typical life expectancies. A reserve study is not intended to identify or fund for construction defects. We did not and will not look for or identify construction defects during our site visit. In addition, environmental hazards (such as lead paint, asbestos, radon, etc.), have been excluded from this report. Update Reserve Studies: Level II Studies: Quantities of major components as reported in previous reserve studies are deemed to be accurate and reliable. The reserve study relies upon the validity of previous reserve studies. Level III Studies: In addition to the above we have not visited the property when completing a Level III “No Site Visit” study. Therefore we have not verified the current condition of the components. Insurance: We carry general and professional liability insurance as well as workers’ compensation insurance. Actual or Perceived Conflicts of Interest: There are no potential actual or perceived conflicts of interest that we are aware of. Inflation and Interest Rates: The after tax interest rate used in the financial analysis may or may not be based on the clients reported after tax interest rate. If it is, we have not verified or audited the reported rate. The inflation rate may also be based on an amount we believe appropriate given the 30-year horizon of this study and may or may not reflect current or historical inflation rates.

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Beginning Assumptions

# of units 66Fiscal Year End 31-DecBudgeted Monthly Reserve Allocation $8,009Projected Starting Reserve Balance $324,040Ideal Starting Reserve Balance $866,211

Economic Assumptions

Projected Inflation Rate 3.00%Reported After-Tax Interest Rate 0.10%

Current Reserve Status

Current Balance as a % of Ideal Balance 37%

Recommendations (FY 2019-2021)

Recommended Monthly Reserve Allocation $12,000Per Unit $181.82

Future Annual Increases 3.00%For number of years: 3

Recommendations (FY 2021-2048)

Recommended Monthly Reserve Allocation $10,300Per Unit $156.06


70% Funded Monthly Reserve Allocation Reference $9,275Per Unit $140.53


Funding Summary

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Percent Funded - Graph

0%

20%

40%

60%

80%

100%

120%

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

% L

evel

of

Fu

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ing

Recommended Current Minimum

6DRAFT

Component Inventory

Category ID # Component NameUseful

Life (yrs.)

RemainingUseful Life

(yrs.)

Best Cost

Worst Cost

Roofing 108 Metal Roof - Replace N/A $0 $0120 Rain Gutters/Downspouts - Repair 2 0 $1,900 $2,100121 Heat Trace - Repair/Replace 2 0 $10,000 $12,000190 Calrods - Replace 10 3 $2,000 $3,000

Painted Surfaces 207 Metal Fencing & Railing - Repaint 6 0 $5,100 $5,300215 Siding - Repair/Repaint 8 0 $18,000 $20,000216 Interior Surfaces - Hallways - Repaint 10 7 $15,000 $17,000216 Interior Surfaces - Meeting Rooms - Rep 10 5 $5,000 $7,000290 Metal Roof - Repaint 10 3 $2,500 $3,500

Drive Materials 401 Asphalt - Major Rehab 25 3 $23,800 $35,700402 Asphalt - Seal Coat 3 2 $4,500 $5,500403 Asphalt - Crack Fill 1 0 $3,500 $4,000404 Concrete Pavers - Repair/Replace 10 3 $2,500 $3,500

Property Access 502 Garage Door - Replace 20 19 $2,300 $2,500508 Access Control System - Renovate/Repla 10 9 $25,000 $27,000590 Lobby Entrance Doors - Replace 20 18 $17,000 $19,000

Mechanical Equip. 702 Boiler - Replace 25 4 $40,000 $45,000703 Commercial Water Heaters - Replace 15 0 $15,000 $17,000704 Hot Water Storage Tank - Large - Inspec 1 0 $1,900 $2,100704 Hot Water Storage Tank - Large - Reline 20 1 $10,000 $12,000705 Ductless HVAC System - Replace 20 1 $4,000 $6,000706 Radiant Heater - Replace N/A $0 $0707 Elevator - Modernize 30 1 $140,000 $180,000709 Elevator Cab - Remodel 15 12 $29,000 $31,000710 Emergency Generator - Replace 25 1 $15,000 $20,000711 Chiller - Rebuild 30 18 $27,000 $29,000711 Chiller - Replace 30 3 $80,000 $100,000712 Cooling Tower - Rebuild 30 19 $25,000 $27,000712 Cooling Tower - Replace 30 4 $50,000 $70,000713 Pool Door Winch - Repair/Replace 20 0 $1,900 $2,100714 Exhaust Fans - Replace N/A $0 $0715 Pumps - Rebuild/Replace N/A $0 $0716 Variable Frequency Drive - Replace 15 3 $2,500 $3,500790 Generator Control Switch - Replace 25 13 $2,000 $3,000

Prop. Identification 801 Community Signs - Replace N/A $0 $0805 Common Area Signs - Replace 10 1 $1,900 $2,100

Life / Safety 901 Fire Protection System - Renovate 20 0 $74,000 $76,000903 Security Camera System - Replace 12 1 $5,000 $7,000

Pool / Spa 1101 Pool & Spa - Resurface 12 11 $16,000 $18,0001104 Pool Heater - 2003 - Replace 12 0 $5,000 $6,000

7DRAFT

Category ID # Component NameUseful

Life (yrs.)

RemainingUseful Life

(yrs.)

Best Cost

Worst Cost

Pool / Spa 1104 Pool Heater - 2009 - Replace 12 2 $5,000 $6,0001105 Spa Heater - Replace 12 10 $4,000 $5,0001107 Pool Filter - Replace 15 8 $1,700 $2,1001108 Spa Filter - Replace 15 11 $1,700 $2,1001111 Pool & Spa Chemical Automation System 12 1 $7,000 $9,0001121 Pool Furniture - Replace 10 8 $5,000 $6,000

Interiors 1401 Commercial Dryer - Replace 20 4 $4,000 $5,0001401 Commercial Dryer - Replace 20 9 $4,000 $5,0001401 Commercial Washers - Replace 10 1 $12,000 $14,0001402 Water Softener System - Laundry 2006 - 15 2 $3,000 $3,2001402 Water Softener System - Laundry 2020 - 15 1 $3,000 $3,2001405 Furniture - Replace 10 0 $5,000 $6,0001407 Cardio Equipment - 2009 - Replace 10 0 $7,000 $9,0001409 Sauna Room - Remodel 20 0 $9,000 $11,0001413 Restrooms - Meeting Area - Remodel 20 12 $18,000 $20,0001413 Restrooms - Pool Area - Remodel 20 0 $24,000 $26,0001420 Lobby Fireplace - Replace 12 4 $5,000 $6,0001421 Telephone Switch - Replace 20 1 $49,000 $51,0001490 Ice Machine - Replace 12 10 $3,700 $3,900

Flooring 1501 Carpeting - Floors 1 & 2 - Replace 8 0 $34,000 $36,0001501 Carpeting - Floors 3, 4 & 5 - Replace 8 1 $60,000 $62,0001501 Carpeting - Meeting Rooms - Replace 10 3 $30,000 $30,0001503 Tile Flooring - 2011-12 - Replace 30 23 $70,000 $80,000

Vehicles / Equipm 1903 Riding Mower - Replace 10 8 $2,900 $3,1001904 Snow Plow - Replace 10 0 $3,000 $4,0001905 Snow Blower - 2017 - Replace 8 6 $700 $8001905 Snow Blowers - 2019 - Replace 8 0 $1,600 $1,700

Buildings / Structu 2301 Sky Lights & Windows - Repair/Replace 1 0 $4,000 $6,000

8DRAFT

As $ As %

120 Rain Gutters/Downspouts - Repair 2 0 $2,000 $1,000 1.1712%121 Heat Trace - Repair/Replace 2 0 $11,000 $5,500 6.4414%190 Calrods - Replace 10 3 $2,500 $250 0.2928%207 Metal Fencing & Railing - Repaint 6 0 $5,200 $867 1.0150%215 Siding - Repair/Repaint 8 0 $19,000 $2,375 2.7815%216 Interior Surfaces - Hallways - Repaint 10 7 $16,000 $1,600 1.8739%216 Interior Surfaces - Meeting Rooms - Re 10 5 $6,000 $600 0.7027%290 Metal Roof - Repaint 10 3 $3,000 $300 0.3513%401 Asphalt - Major Rehab 25 3 $29,750 $1,190 1.3937%402 Asphalt - Seal Coat 3 2 $5,000 $1,667 1.9519%403 Asphalt - Crack Fill 1 0 $3,750 $3,750 4.3919%404 Concrete Pavers - Repair/Replace 10 3 $3,000 $300 0.3513%502 Garage Door - Replace 20 19 $2,400 $120 0.1405%508 Access Control System - Renovate/Rep 10 9 $26,000 $2,600 3.0450%590 Lobby Entrance Doors - Replace 20 18 $18,000 $900 1.0540%702 Boiler - Replace 25 4 $42,500 $1,700 1.9910%703 Commercial Water Heaters - Replace 15 0 $16,000 $1,067 1.2492%704 Hot Water Storage Tank - Large - Inspe 1 0 $2,000 $2,000 2.3423%704 Hot Water Storage Tank - Large - Reline 20 1 $11,000 $550 0.6441%705 Ductless HVAC System - Replace 20 1 $5,000 $250 0.2928%707 Elevator - Modernize 30 1 $160,000 $5,333 6.2462%709 Elevator Cab - Remodel 15 12 $30,000 $2,000 2.3423%710 Emergency Generator - Replace 25 1 $17,500 $700 0.8198%711 Chiller - Rebuild 30 18 $28,000 $933 1.0931%711 Chiller - Replace 30 3 $90,000 $3,000 3.5135%712 Cooling Tower - Rebuild 30 19 $26,000 $867 1.0150%712 Cooling Tower - Replace 30 4 $60,000 $2,000 2.3423%713 Pool Door Winch - Repair/Replace 20 0 $2,000 $100 0.1171%716 Variable Frequency Drive - Replace 15 3 $3,000 $200 0.2342%790 Generator Control Switch - Replace 25 13 $2,500 $100 0.1171%805 Common Area Signs - Replace 10 1 $2,000 $200 0.2342%901 Fire Protection System - Renovate 20 0 $75,000 $3,750 4.3919%903 Security Camera System - Replace 12 1 $6,000 $500 0.5856%

1101 Pool & Spa - Resurface 12 11 $17,000 $1,417 1.6592%1104 Pool Heater - 2003 - Replace 12 0 $5,500 $458 0.5368%1104 Pool Heater - 2009 - Replace 12 2 $5,500 $458 0.5368%1105 Spa Heater - Replace 12 10 $4,500 $375 0.4392%1107 Pool Filter - Replace 15 8 $1,900 $127 0.1483%1108 Spa Filter - Replace 15 11 $1,900 $127 0.1483%

Significant Components

Significance: (Curr Cost/UL)

Average Current

Cost

Remaining Useful Life

(yrs.)

Useful Life

(yrs.)Component NameID #

9DRAFT

As $ As %

1111 Pool & Spa Chemical Automation Syste 12 1 $8,000 $667 0.7808%1121 Pool Furniture - Replace 10 8 $5,500 $550 0.6441%1401 Commercial Dryer - Replace 20 4 $4,500 $225 0.2635%1401 Commercial Dryer - Replace 20 9 $4,500 $225 0.2635%1401 Commercial Washers - Replace 10 1 $13,000 $1,300 1.5225%1402 Water Softener System - Laundry 2006 15 2 $3,100 $207 0.2420%1402 Water Softener System - Laundry 2020 15 1 $3,100 $207 0.2420%1405 Furniture - Replace 10 0 $5,500 $550 0.6441%1407 Cardio Equipment - 2009 - Replace 10 0 $8,000 $800 0.9369%1409 Sauna Room - Remodel 20 0 $10,000 $500 0.5856%1413 Restrooms - Meeting Area - Remodel 20 12 $19,000 $950 1.1126%1413 Restrooms - Pool Area - Remodel 20 0 $25,000 $1,250 1.4640%1420 Lobby Fireplace - Replace 12 4 $5,500 $458 0.5368%1421 Telephone Switch - Replace 20 1 $50,000 $2,500 2.9279%1490 Ice Machine - Replace 12 10 $3,800 $317 0.3709%1501 Carpeting - Floors 1 & 2 - Replace 8 0 $35,000 $4,375 5.1239%1501 Carpeting - Floors 3, 4 & 5 - Replace 8 1 $61,000 $7,625 8.9301%1501 Carpeting - Meeting Rooms - Replace 10 3 $30,000 $3,000 3.5135%1503 Tile Flooring - 2011-12 - Replace 30 23 $75,000 $2,500 2.9279%1903 Riding Mower - Replace 10 8 $3,000 $300 0.3513%1904 Snow Plow - Replace 10 0 $3,500 $350 0.4099%1905 Snow Blower - 2017 - Replace 8 6 $750 $94 0.1098%1905 Snow Blowers - 2019 - Replace 8 0 $1,650 $206 0.2416%2301 Sky Lights & Windows - Repair/Replace 1 0 $5,000 $5,000 5.8558%

Significance: (Curr Cost/UL)ID # Component Name

Average Current

Cost


(yrs.)

Useful Life

(yrs.)

10DRAFT

As $ As %1501 Carpeting - Floors 3, 4 & 5 - Replace 8 1 $61,000 $7,625 9%121 Heat Trace - Repair/Replace 2 0 $11,000 $5,500 6%707 Elevator - Modernize 30 1 $160,000 $5,333 6%2301 Sky Lights & Windows - Repair/Replac 1 0 $5,000 $5,000 6%

All Other See Expanded Table For Breakdown $61,927 73%

ID #Significance:

(Curr Cost/UL)

Significant Components - Graph

Average Current

Cost


(yrs.)

Useful Life

(yrs.)Component Name

9%6%

6%

6%

73%

1501 Carpeting - Floors 3, 4 & 5 - Replace

121 Heat Trace - Repair/Replace

707 Elevator - Modernize

2301 Sky Lights & Windows - Repair/Replace

All Other

11DRAFT

YearFully

Funded Balance

Starting Reserve Balance

% Funded

Reserve Contributions

Interest Income

Reserve Expenses

Ending Reserve Balance

2019 $866,211 $324,040 37% $144,000 $279 $235,100 $233,2192020 $737,991 $233,219 32% $148,320 $129 $357,771 $23,8972021 $482,212 $23,897 5% $152,770 $81 $39,625 $137,1222022 $549,167 $137,122 25% $123,600 $105 $187,949 $72,8782023 $468,156 $72,878 16% $127,308 $60 $153,351 $46,8952024 $423,235 $46,895 11% $131,127 $100 $25,214 $152,9082025 $511,915 $152,908 30% $135,061 $203 $35,463 $252,7092026 $595,758 $252,709 42% $139,113 $306 $32,899 $359,2292027 $687,908 $359,229 52% $143,286 $371 $120,090 $382,7962028 $696,261 $382,796 55% $147,585 $390 $133,413 $397,3582029 $694,483 $397,358 57% $152,012 $441 $65,919 $483,8922030 $765,614 $483,892 63% $156,573 $528 $68,727 $572,2652031 $839,532 $572,265 68% $161,270 $594 $118,980 $615,1492032 $867,560 $615,149 71% $166,108 $650 $96,556 $685,3522033 $923,286 $685,352 74% $171,091 $745 $52,941 $804,2472034 $1,029,483 $804,247 78% $176,224 $867 $51,023 $930,3152035 $1,144,831 $930,315 81% $181,511 $951 $141,214 $971,5622036 $1,174,854 $971,562 83% $186,956 $986 $158,425 $1,001,0792037 $1,192,283 $1,001,079 84% $192,565 $1,024 $147,175 $1,047,4932038 $1,226,184 $1,047,493 85% $198,342 $1,090 $114,241 $1,132,6842039 $1,299,517 $1,132,684 87% $204,292 $1,093 $284,914 $1,053,1552040 $1,203,882 $1,053,155 87% $210,421 $1,074 $170,682 $1,093,9672041 $1,227,802 $1,093,967 89% $216,733 $1,171 $62,848 $1,249,0232042 $1,368,417 $1,249,023 91% $223,235 $1,215 $292,387 $1,181,0872043 $1,281,882 $1,181,087 92% $229,932 $1,200 $192,302 $1,219,9172044 $1,301,044 $1,219,917 94% $236,830 $1,243 $192,104 $1,265,8872045 $1,326,349 $1,265,887 95% $243,935 $1,331 $115,701 $1,395,4512046 $1,436,632 $1,395,451 97% $251,253 $1,459 $126,058 $1,522,1052047 $1,545,245 $1,522,105 99% $258,791 $1,575 $154,435 $1,628,0362048 $1,633,750 $1,628,036 100% $266,555 $1,658 $209,145 $1,687,103

Yearly Summary

12DRAFT

Reserve Contributions - Graph

$-

$5,000

$10,000

$15,000

$20,000

$25,000

2019

2021

2023

2025

2027

2029

2031

2033

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2039

2041

2043

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2049

Year

Monthly Reserve Contributions

Recommended Current Minimum

13DRAFT

ID Component Name UL

RU

L

QuantityAverage Current

Cost

Ideal Balance

Current Fund

BalanceMonthly

120 Rain Gutters/Downspouts - Repair 2 0 Approx 855 Linear ft. $2,000 $2,000 $2,000 $140.54121 Heat Trace - Repair/Replace 2 0 Extensive Linear ft. $11,000 $11,000 $11,000 $772.97190 Calrods - Replace 10 3 (1) System $2,500 $1,750 $0 $35.13207 Metal Fencing & Railing - Repaint 6 0 Approx 695 Linear ft. $5,200 $5,200 $5,200 $121.80215 Siding - Repair/Repaint 8 0 Approx 14,275 Sq.ft. $19,000 $19,000 $19,000 $333.78216 Interior Surfaces - Hallways - Repaint 10 7 Approx 41,405 Sq.ft. $16,000 $4,800 $0 $224.86216 Interior Surfaces - Meeting Rooms - Repaint 10 5 Approx 4,350 Sq.ft. $6,000 $3,000 $0 $84.32290 Metal Roof - Repaint 10 3 Approx 28,750 Sq.ft. $3,000 $2,100 $0 $42.16401 Asphalt - Major Rehab 25 3 Approx 11,900 Sq.ft. $29,750 $26,180 $0 $167.24402 Asphalt - Seal Coat 3 2 Approx 11,900 Sq.ft. $5,000 $1,667 $0 $234.23403 Asphalt - Crack Fill 1 0 Approx 11,900 Sq.ft. $3,750 $3,750 $3,750 $527.02404 Concrete Pavers - Repair/Replace 10 3 Moderate Sq.ft. $3,000 $2,100 $0 $42.16502 Garage Door - Replace 20 19 (1) Garage Door $2,400 $120 $0 $16.86508 Access Control System - Renovate/Replace 10 9 (1) System $26,000 $2,600 $0 $365.40590 Lobby Entrance Doors - Replace 20 18 (1) Entrance $18,000 $1,800 $0 $126.49702 Boiler - Replace 25 4 (1) Boiler $42,500 $35,700 $0 $238.92703 Commercial Water Heaters - Replace 15 0 (2) Water Heaters $16,000 $16,000 $16,000 $149.91704 Hot Water Storage Tank - Large - Inspect/Rep 1 0 (1) Tank $2,000 $2,000 $2,000 $281.08704 Hot Water Storage Tank - Large - Reline 20 1 (1) Tank $11,000 $10,450 $10,450 $77.30705 Ductless HVAC System - Replace 20 1 (1) System $5,000 $4,750 $4,750 $35.13707 Elevator - Modernize 30 1 (2) Elevators $160,000 $154,667 $73,740 $749.55709 Elevator Cab - Remodel 15 12 (2) Elevators $30,000 $6,000 $0 $281.08710 Emergency Generator - Replace 25 1 (1) Generator $17,500 $16,800 $0 $98.38711 Chiller - Rebuild 30 18 (1) Chiller $28,000 $11,200 $0 $131.17711 Chiller - Replace 30 3 (1) Chiller $90,000 $81,000 $0 $421.62712 Cooling Tower - Rebuild 30 19 (1) Cooling Tower $26,000 $9,533 $0 $121.80712 Cooling Tower - Replace 30 4 (1) Cooling Tower $60,000 $52,000 $0 $281.08713 Pool Door Winch - Repair/Replace 20 0 (1) Winch $2,000 $2,000 $2,000 $14.05716 Variable Frequency Drive - Replace 15 3 (1) Variable Frequency Drive $3,000 $2,400 $0 $28.11790 Generator Control Switch - Replace 25 13 (1) Switch $2,500 $1,200 $0 $14.05

Component Funding Information

14

DRAFT


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Cost

Ideal Balance

Current Fund

BalanceMonthly

805 Common Area Signs - Replace 10 1 Multiple Signs $2,000 $1,800 $0 $28.11901 Fire Protection System - Renovate 20 0 (1) System $75,000 $75,000 $75,000 $527.02903 Security Camera System - Replace 12 1 (1) System $6,000 $5,500 $0 $70.27

1101 Pool & Spa - Resurface 12 11 (1) Pool $17,000 $1,417 $0 $199.101104 Pool Heater - 2003 - Replace 12 0 (1) Heater $5,500 $5,500 $5,500 $64.411104 Pool Heater - 2009 - Replace 12 2 (1) Heater $5,500 $4,583 $0 $64.411105 Spa Heater - Replace 12 10 (1) Heater $4,500 $750 $0 $52.701107 Pool Filter - Replace 15 8 (1) Filter $1,900 $887 $0 $17.801108 Spa Filter - Replace 15 11 (1) Filter $1,900 $507 $0 $17.801111 Pool & Spa Chemical Automation Systems - R 12 1 (2) Systems $8,000 $7,333 $0 $93.691121 Pool Furniture - Replace 10 8 Assorted Pieces $5,500 $1,100 $0 $77.301401 Commercial Dryer - Replace 20 4 (1) Dryer $4,500 $3,600 $0 $31.621401 Commercial Dryer - Replace 20 9 (1) Dryer $4,500 $2,475 $0 $31.621401 Commercial Washers - Replace 10 1 (2) Washers $13,000 $11,700 $0 $182.701402 Water Softener System - Laundry 2006 - Rep 15 2 (1) System $3,100 $2,687 $0 $29.041402 Water Softener System - Laundry 2020 - Rep 15 1 (1) System $3,100 $2,893 $0 $29.041405 Furniture - Replace 10 0 (36) Pieces $5,500 $5,500 $5,500 $77.301407 Cardio Equipment - 2009 - Replace 10 0 (3) Pieces $8,000 $8,000 $8,000 $112.431409 Sauna Room - Remodel 20 0 (1) Sauna $10,000 $10,000 $10,000 $70.271413 Restrooms - Meeting Area - Remodel 20 12 (2) Restrooms $19,000 $7,600 $0 $133.511413 Restrooms - Pool Area - Remodel 20 0 (2) Restrooms $25,000 $25,000 $25,000 $175.671420 Lobby Fireplace - Replace 12 4 (1) Fireplace $5,500 $3,667 $0 $64.411421 Telephone Switch - Replace 20 1 (1) System $50,000 $47,500 $0 $351.351490 Ice Machine - Replace 12 10 (1) Ice Machine $3,800 $633 $0 $44.501501 Carpeting - Floors 1 & 2 - Replace 8 0 Approx 4,225 Sq.ft. $35,000 $35,000 $35,000 $614.861501 Carpeting - Floors 3, 4 & 5 - Replace 8 1 Approx 7,600 Sq.ft. $61,000 $53,375 $0 $1,071.621501 Carpeting - Meeting Rooms - Replace 10 3 Approx 3,650 Sq.ft. $30,000 $21,000 $0 $421.621503 Tile Flooring - 2011-12 - Replace 30 23 Approx 4,150 Sq.ft. $75,000 $17,500 $0 $351.351903 Riding Mower - Replace 10 8 (1) Riding Mower $3,000 $600 $0 $42.161904 Snow Plow - Replace 10 0 (1) Snow Plow $3,500 $3,500 $3,500 $49.191905 Snow Blower - 2017 - Replace 8 6 (1) Snow Blower $750 $188 $0 $13.181905 Snow Blowers - 2019 - Replace 8 0 (1) Snow Blower $1,650 $1,650 $1,650 $28.99

15

DRAFT


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Cost

Ideal Balance

Current Fund

BalanceMonthly

2301 Sky Lights & Windows - Repair/Replace 1 0 Numerous Skylights $5,000 $5,000 $5,000 $702.70$1,150,800 $866,211 $324,040 $12,000

Current Fund Balance as a percentage of Ideal Balance: 37%

16

DRAFT

Year 2019 2020 2021 2022 2023Starting Balance $324,040 $233,219 $23,897 $137,122 $72,878 Reserve Income $144,000 $148,320 $152,770 $123,600 $127,308 Interest Earnings $279 $129 $81 $105 $60 Special Assessments $0 $0 $0 $0 $0Funds Available $468,319 $381,667 $176,747 $260,827 $200,246Reserve Expenditures $235,100 $357,771 $39,625 $187,949 $153,351Ending Balance $233,219 $23,897 $137,122 $72,878 $46,895



Year 2034 2035 2036 2037 2038Starting Balance $804,247 $930,315 $971,562 $1,001,079 $1,047,493 Reserve Income $176,224 $181,511 $186,956 $192,565 $198,342 Interest Earnings $867 $951 $986 $1,024 $1,090 Special Assessments $0 $0 $0 $0 $0Funds Available $981,338 $1,112,777 $1,159,505 $1,194,668 $1,246,925Reserve Expenditures $51,023 $141,214 $158,425 $147,175 $114,241Ending Balance $930,315 $971,562 $1,001,079 $1,047,493 $1,132,684

Year 2039 2040 2041 2042 2043Starting Balance $1,132,684 $1,053,155 $1,093,967 $1,249,023 $1,181,087 Reserve Income $204,292 $210,421 $216,733 $223,235 $229,932 Interest Earnings $1,093 $1,074 $1,171 $1,215 $1,200 Special Assessments $0 $0 $0 $0 $0Funds Available $1,338,069 $1,264,649 $1,311,872 $1,473,474 $1,412,220Reserve Expenditures $284,914 $170,682 $62,848 $292,387 $192,302Ending Balance $1,053,155 $1,093,967 $1,249,023 $1,181,087 $1,219,917

Year 2044 2045 2046 2047 2048Starting Balance $1,219,917 $1,265,887 $1,395,451 $1,522,105 $1,628,036 Reserve Income $236,830 $243,935 $251,253 $258,791 $266,555 Interest Earnings $1,243 $1,331 $1,459 $1,575 $1,658 Special Assessments $0 $0 $0 $0 $0Funds Available $1,457,991 $1,511,152 $1,648,163 $1,782,471 $1,896,248Reserve Expenditures $192,104 $115,701 $126,058 $154,435 $209,145Ending Balance $1,265,887 $1,395,451 $1,522,105 $1,628,036 $1,687,103

Yearly Cash Flow

16DRAFT

Yearly Reserve Expenditures - Graph

$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

2019

2021

2023

2025

2027

2029

2031

2033

2035

2037

2039

2041

2043

2045

2047

2049

An

nu

al T

ota

ls

Year

17DRAFT

Year ID # Component NameProjected

CostTotal Per Annum

2019 120 Rain Gutters/Downspouts - Repair $2,000121 Heat Trace - Repair/Replace $11,000207 Metal Fencing & Railing - Repaint $5,200215 Siding - Repair/Repaint $19,000403 Asphalt - Crack Fill $3,750703 Commercial Water Heaters - Replace $16,000704 Hot Water Storage Tank - Large - Inspect/Repair $2,000713 Pool Door Winch - Repair/Replace $2,000901 Fire Protection System - Renovate $75,0001104 Pool Heater - 2003 - Replace $5,5001405 Furniture - Replace $5,5001407 Cardio Equipment - 2009 - Replace $8,0001409 Sauna Room - Remodel $10,0001413 Restrooms - Pool Area - Remodel $25,0001501 Carpeting - Floors 1 & 2 - Replace $35,0001904 Snow Plow - Replace $3,5001905 Snow Blowers - 2019 - Replace $1,6502301 Sky Lights & Windows - Repair/Replace $5,000 $235,100

2020 403 Asphalt - Crack Fill $3,863704 Hot Water Storage Tank - Large - Inspect/Repair $2,060704 Hot Water Storage Tank - Large - Reline $11,330705 Ductless HVAC System - Replace $5,150707 Elevator - Modernize $164,800710 Emergency Generator - Replace $18,025805 Common Area Signs - Replace $2,060903 Security Camera System - Replace $6,1801111 Pool & Spa Chemical Automation Systems - Replace $8,2401401 Commercial Washers - Replace $13,3901402 Water Softener System - Laundry 2020 - Replace $3,1931421 Telephone Switch - Replace $51,5001501 Carpeting - Floors 3, 4 & 5 - Replace $62,8302301 Sky Lights & Windows - Repair/Replace $5,150 $357,771

2021 120 Rain Gutters/Downspouts - Repair $2,122121 Heat Trace - Repair/Replace $11,670402 Asphalt - Seal Coat $5,305403 Asphalt - Crack Fill $3,978704 Hot Water Storage Tank - Large - Inspect/Repair $2,1221104 Pool Heater - 2009 - Replace $5,8351402 Water Softener System - Laundry 2006 - Replace $3,2892301 Sky Lights & Windows - Repair/Replace $5,305 $39,625

2022 190 Calrods - Replace $2,732290 Metal Roof - Repaint $3,278401 Asphalt - Major Rehab $32,509403 Asphalt - Crack Fill $4,098

Projected Reserve Expenditures by Year

18DRAFT

404 Concrete Pavers - Repair/Replace $3,278704 Hot Water Storage Tank - Large - Inspect/Repair $2,185711 Chiller - Replace $98,345716 Variable Frequency Drive - Replace $3,2781501 Carpeting - Meeting Rooms - Replace $32,7822301 Sky Lights & Windows - Repair/Replace $5,464 $187,949

2023 120 Rain Gutters/Downspouts - Repair $2,251121 Heat Trace - Repair/Replace $12,381403 Asphalt - Crack Fill $4,221702 Boiler - Replace $47,834704 Hot Water Storage Tank - Large - Inspect/Repair $2,251712 Cooling Tower - Replace $67,5311401 Commercial Dryer - Replace $5,0651420 Lobby Fireplace - Replace $6,1902301 Sky Lights & Windows - Repair/Replace $5,628 $153,351

2024 216 Interior Surfaces - Meeting Rooms - Repaint $6,956402 Asphalt - Seal Coat $5,796403 Asphalt - Crack Fill $4,347704 Hot Water Storage Tank - Large - Inspect/Repair $2,3192301 Sky Lights & Windows - Repair/Replace $5,796 $25,214

2025 120 Rain Gutters/Downspouts - Repair $2,388121 Heat Trace - Repair/Replace $13,135207 Metal Fencing & Railing - Repaint $6,209403 Asphalt - Crack Fill $4,478704 Hot Water Storage Tank - Large - Inspect/Repair $2,3881905 Snow Blower - 2017 - Replace $8962301 Sky Lights & Windows - Repair/Replace $5,970 $35,463

2026 216 Interior Surfaces - Hallways - Repaint $19,678403 Asphalt - Crack Fill $4,612704 Hot Water Storage Tank - Large - Inspect/Repair $2,4602301 Sky Lights & Windows - Repair/Replace $6,149 $32,899

2027 120 Rain Gutters/Downspouts - Repair $2,534121 Heat Trace - Repair/Replace $13,934215 Siding - Repair/Repaint $24,069402 Asphalt - Seal Coat $6,334403 Asphalt - Crack Fill $4,750704 Hot Water Storage Tank - Large - Inspect/Repair $2,5341107 Pool Filter - Replace $2,4071121 Pool Furniture - Replace $6,9671501 Carpeting - Floors 1 & 2 - Replace $44,3371903 Riding Mower - Replace $3,8001905 Snow Blowers - 2019 - Replace $2,0902301 Sky Lights & Windows - Repair/Replace $6,334 $120,090

2028 403 Asphalt - Crack Fill $4,893508 Access Control System - Renovate/Replace $33,924704 Hot Water Storage Tank - Large - Inspect/Repair $2,610

1401 Commercial Dryer - Replace $5,871

Total Per Annum

Year Comp ID Component NameProjected

Cost

19DRAFT

1501 Carpeting - Floors 3, 4 & 5 - Replace $79,5912301 Sky Lights & Windows - Repair/Replace $6,524 $133,413

2029 120 Rain Gutters/Downspouts - Repair $2,688121 Heat Trace - Repair/Replace $14,783403 Asphalt - Crack Fill $5,040704 Hot Water Storage Tank - Large - Inspect/Repair $2,6881105 Spa Heater - Replace $6,0481405 Furniture - Replace $7,3921407 Cardio Equipment - 2009 - Replace $10,7511490 Ice Machine - Replace $5,1071904 Snow Plow - Replace $4,7042301 Sky Lights & Windows - Repair/Replace $6,720 $65,919

2030 402 Asphalt - Seal Coat $6,921403 Asphalt - Crack Fill $5,191704 Hot Water Storage Tank - Large - Inspect/Repair $2,768805 Common Area Signs - Replace $2,7681101 Pool & Spa - Resurface $23,5321108 Spa Filter - Replace $2,6301401 Commercial Washers - Replace $17,9952301 Sky Lights & Windows - Repair/Replace $6,921 $68,727

2031 120 Rain Gutters/Downspouts - Repair $2,852121 Heat Trace - Repair/Replace $15,683207 Metal Fencing & Railing - Repaint $7,414403 Asphalt - Crack Fill $5,347704 Hot Water Storage Tank - Large - Inspect/Repair $2,852709 Elevator Cab - Remodel $42,7731104 Pool Heater - 2003 - Replace $7,8421413 Restrooms - Meeting Area - Remodel $27,0892301 Sky Lights & Windows - Repair/Replace $7,129 $118,980

2032 190 Calrods - Replace $3,671290 Metal Roof - Repaint $4,406403 Asphalt - Crack Fill $5,507404 Concrete Pavers - Repair/Replace $4,406704 Hot Water Storage Tank - Large - Inspect/Repair $2,937790 Generator Control Switch - Replace $3,671903 Security Camera System - Replace $8,8111111 Pool & Spa Chemical Automation Systems - Replace $11,7481501 Carpeting - Meeting Rooms - Replace $44,0562301 Sky Lights & Windows - Repair/Replace $7,343 $96,556

2033 120 Rain Gutters/Downspouts - Repair $3,025121 Heat Trace - Repair/Replace $16,638402 Asphalt - Seal Coat $7,563403 Asphalt - Crack Fill $5,672704 Hot Water Storage Tank - Large - Inspect/Repair $3,025

1104 Pool Heater - 2009 - Replace $8,3191905 Snow Blower - 2017 - Replace $1,1342301 Sky Lights & Windows - Repair/Replace $7,563 $52,941


CostTotal Per Annum

20DRAFT

2034 216 Interior Surfaces - Meeting Rooms - Repaint $9,348403 Asphalt - Crack Fill $5,842703 Commercial Water Heaters - Replace $24,927704 Hot Water Storage Tank - Large - Inspect/Repair $3,1162301 Sky Lights & Windows - Repair/Replace $7,790 $51,023

2035 120 Rain Gutters/Downspouts - Repair $3,209121 Heat Trace - Repair/Replace $17,652215 Siding - Repair/Repaint $30,489403 Asphalt - Crack Fill $6,018704 Hot Water Storage Tank - Large - Inspect/Repair $3,2091402 Water Softener System - Laundry 2020 - Replace $4,9751420 Lobby Fireplace - Replace $8,8261501 Carpeting - Floors 1 & 2 - Replace $56,1651905 Snow Blowers - 2019 - Replace $2,6482301 Sky Lights & Windows - Repair/Replace $8,024 $141,214

2036 216 Interior Surfaces - Hallways - Repaint $26,446402 Asphalt - Seal Coat $8,264403 Asphalt - Crack Fill $6,198704 Hot Water Storage Tank - Large - Inspect/Repair $3,3061402 Water Softener System - Laundry 2006 - Replace $5,1241501 Carpeting - Floors 3, 4 & 5 - Replace $100,8242301 Sky Lights & Windows - Repair/Replace $8,264 $158,425

2037 120 Rain Gutters/Downspouts - Repair $3,405121 Heat Trace - Repair/Replace $18,727207 Metal Fencing & Railing - Repaint $8,853403 Asphalt - Crack Fill $6,384590 Lobby Entrance Doors - Replace $30,644704 Hot Water Storage Tank - Large - Inspect/Repair $3,405711 Chiller - Rebuild $47,668716 Variable Frequency Drive - Replace $5,1071121 Pool Furniture - Replace $9,3631903 Riding Mower - Replace $5,1072301 Sky Lights & Windows - Repair/Replace $8,512 $147,175

2038 403 Asphalt - Crack Fill $6,576502 Garage Door - Replace $4,208508 Access Control System - Renovate/Replace $45,591704 Hot Water Storage Tank - Large - Inspect/Repair $3,507712 Cooling Tower - Rebuild $45,5912301 Sky Lights & Windows - Repair/Replace $8,768 $114,241

2039 120 Rain Gutters/Downspouts - Repair $3,612121 Heat Trace - Repair/Replace $19,867402 Asphalt - Seal Coat $9,031403 Asphalt - Crack Fill $6,773704 Hot Water Storage Tank - Large - Inspect/Repair $3,612713 Pool Door Winch - Repair/Replace $3,612901 Fire Protection System - Renovate $135,4581405 Furniture - Replace $9,934

Total Per Annum

Projected Cost

Component NameComp IDYear

21DRAFT

1407 Cardio Equipment - 2009 - Replace $14,4491409 Sauna Room - Remodel $18,0611413 Restrooms - Pool Area - Remodel $45,1531904 Snow Plow - Replace $6,3212301 Sky Lights & Windows - Repair/Replace $9,031 $284,914

2040 403 Asphalt - Crack Fill $6,976704 Hot Water Storage Tank - Large - Inspect/Repair $3,721704 Hot Water Storage Tank - Large - Reline $20,463705 Ductless HVAC System - Replace $9,301805 Common Area Signs - Replace $3,7211401 Commercial Washers - Replace $24,1841421 Telephone Switch - Replace $93,0152301 Sky Lights & Windows - Repair/Replace $9,301 $170,682

2041 120 Rain Gutters/Downspouts - Repair $3,832121 Heat Trace - Repair/Replace $21,077403 Asphalt - Crack Fill $7,185704 Hot Water Storage Tank - Large - Inspect/Repair $3,8321105 Spa Heater - Replace $8,6221490 Ice Machine - Replace $7,2811905 Snow Blower - 2017 - Replace $1,4372301 Sky Lights & Windows - Repair/Replace $9,581 $62,848

2042 190 Calrods - Replace $4,934290 Metal Roof - Repaint $5,921402 Asphalt - Seal Coat $9,868403 Asphalt - Crack Fill $7,401404 Concrete Pavers - Repair/Replace $5,921704 Hot Water Storage Tank - Large - Inspect/Repair $3,9471101 Pool & Spa - Resurface $33,5511107 Pool Filter - Replace $3,7501501 Carpeting - Meeting Rooms - Replace $59,2081503 Tile Flooring - 2011-12 - Replace $148,0192301 Sky Lights & Windows - Repair/Replace $9,868 $292,387

2043 120 Rain Gutters/Downspouts - Repair $4,066121 Heat Trace - Repair/Replace $22,361207 Metal Fencing & Railing - Repaint $10,571215 Siding - Repair/Repaint $38,623403 Asphalt - Crack Fill $7,623704 Hot Water Storage Tank - Large - Inspect/Repair $4,066

1104 Pool Heater - 2003 - Replace $11,1801401 Commercial Dryer - Replace $9,1481501 Carpeting - Floors 1 & 2 - Replace $71,1481905 Snow Blowers - 2019 - Replace $3,3542301 Sky Lights & Windows - Repair/Replace $10,164 $192,302

2044 216 Interior Surfaces - Meeting Rooms - Repaint $12,563403 Asphalt - Crack Fill $7,852704 Hot Water Storage Tank - Large - Inspect/Repair $4,188903 Security Camera System - Replace $12,563

YearTotal Per Annum

Projected Cost

Component NameComp ID

22DRAFT

1111 Pool & Spa Chemical Automation Systems - Replace $16,7501501 Carpeting - Floors 3, 4 & 5 - Replace $127,7202301 Sky Lights & Windows - Repair/Replace $10,469 $192,104

2045 120 Rain Gutters/Downspouts - Repair $4,313121 Heat Trace - Repair/Replace $23,723402 Asphalt - Seal Coat $10,783403 Asphalt - Crack Fill $8,087704 Hot Water Storage Tank - Large - Inspect/Repair $4,313710 Emergency Generator - Replace $37,740

1104 Pool Heater - 2009 - Replace $11,8611108 Spa Filter - Replace $4,0982301 Sky Lights & Windows - Repair/Replace $10,783 $115,701

2046 216 Interior Surfaces - Hallways - Repaint $35,541403 Asphalt - Crack Fill $8,330704 Hot Water Storage Tank - Large - Inspect/Repair $4,443709 Elevator Cab - Remodel $66,639

2301 Sky Lights & Windows - Repair/Replace $11,106 $126,0582047 120 Rain Gutters/Downspouts - Repair $4,576

121 Heat Trace - Repair/Replace $25,167401 Asphalt - Major Rehab $68,066403 Asphalt - Crack Fill $8,580704 Hot Water Storage Tank - Large - Inspect/Repair $4,576

1121 Pool Furniture - Replace $12,5841420 Lobby Fireplace - Replace $12,5841903 Riding Mower - Replace $6,8642301 Sky Lights & Windows - Repair/Replace $11,440 $154,435

2048 402 Asphalt - Seal Coat $11,783403 Asphalt - Crack Fill $8,837508 Access Control System - Renovate/Replace $61,271702 Boiler - Replace $100,154704 Hot Water Storage Tank - Large - Inspect/Repair $4,713

1401 Commercial Dryer - Replace $10,6052301 Sky Lights & Windows - Repair/Replace $11,783 $209,145


CostTotal Per Annum

23DRAFT

Component Evaluation

Comp #: 108

Source of Information:

Best Cost: $0

Worst Cost: $0

Location: Building Roof

Quantity: Approx 28,750 Sq.ft.

Observations:

Research with the client reveals no plans to replace this component.

Life Expectancy: N/A Remaining Life:

Metal Roof - Replace

General Notes:

Page 1 of 68

DRAFT

Comp #: 120

Source of Information: Research with Client

Best Cost: $1,900

Worst Cost: $2,100


Quantity: Approx 855 Linear ft.

Observations:

The rain gutters and downspouts are in working condition. Research with the client reveals this component is maintained yearly and has major repairs performed every 2 years. Remaining life based on current age.

Life Expectancy: 2 Remaining Life: 0

Estimate to repair

Higher estimate

Rain Gutters/Downspouts - Repair

General Notes:

Page 2 of 68

DRAFT

Comp #: 121


Best Cost: $10,000

Worst Cost: $12,000

Location: Building Guttering & Roof

Quantity: Extensive Linear ft.

Observations:

The heat tape is in working condition. Research with the client reveals this component is inspected yearly and repaired or replaced as necessary.


Allowance to repair/replace

Higher allowance

Heat Trace - Repair/Replace

General Notes:

Page 3 of 68

DRAFT

Comp #: 190


Best Cost: $2,000

Worst Cost: $3,000

Location: Building Entrance

Quantity: (1) System

Observations:

The calrods are in working condition. We recommend funding to replace this component approximately every 10 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Calrods - Replace

General Notes:

Page 4 of 68

DRAFT

Comp #: 207


Best Cost: $5,100

Worst Cost: $5,300

Location: Common Area

Quantity: Approx 695 Linear ft.

Observations:

The painted metal surfaces are in fair to poor condition. We recommend funding to repaint this component approximately every 6 years. Remaining life based on current condition.


Estimate to repaint

Higher estimate

Metal Fencing & Railing - Repaint

General Notes:

Quantity description:

70 Linear ft. - Fencing625 Linear ft. - Railing

695 Linear ft. - Total

Page 5 of 68

DRAFT

Comp #: 215


Best Cost: $18,000

Worst Cost: $20,000

Location: Buildnig Exterior


Observations:

The siding painted surfaces are in fair condition. We recommend funding to repair/repaint this component approximately every 6 - 8 years. Remaining life is based on current age.


Estimate to repair/repaint

Higher estimate

Siding - Repair/Repaint

General Notes:

Page 6 of 68

DRAFT

Comp #: 216


Best Cost: $15,000

Worst Cost: $17,000

Location: Building Interior


Observations:

The interior painted surfaces are in good to fair condition. We recommend funding to repaint this component approximately every 10 years to maintain appearance. Remaining life based on current age.


Estimate to repaint

Higher estimate

Interior Surfaces - Hallways - Repaint

General Notes:


675 Sq.ft. - Arcade Room35,570 Sq.ft. - Hallways5,160 Sq.ft. - Pool Area

41,405 Sq.ft. - Total

Page 7 of 68

DRAFT

Comp #: 216


Best Cost: $5,000

Worst Cost: $7,000



Observations:

The interior painted surfaces are in fair condition. We recommend funding to repaint this component approximately every 10 years to maintain appearance. Remaining life based on current condition.


Estimate to repaint

Higher estimate

Interior Surfaces - Meeting Rooms - Repaint

General Notes:


830 Sq.ft. - Board Room980 Sq.ft. - Copper Room2,540 Sq.ft. - Silver Room


Page 8 of 68

DRAFT

Comp #: 290


Best Cost: $2,500

Worst Cost: $3,500



Observations:

Research with the client reveals this component will be repainted in 2021. We recommend funding to repaint this component approximately every 10 years. Remaining life based on current age.


Estimate to repaint

Higher estimate

Metal Roof - Repaint

General Notes:

Page 9 of 68

DRAFT

Comp #: 401

Source of Information: CSL Cost Database

Best Cost: $23,800

Worst Cost: $35,700

Location: Community Parking Area & Street


Observations:

The asphalt surfaces are in fair to poor condition. We recommend funding for a major rehab of this component approximately every 20 - 25 years. Remaining life based on current age.


$2.00/Sq.ft.; Estimate for major rehab

$3.00/Sq.ft.; Higher estimate

Asphalt - Major Rehab

General Notes:

Page 10 of 68

DRAFT

Comp #: 402


Best Cost: $4,500

Worst Cost: $5,500

Location: Community Parking & Street


Observations:

The asphalt seal coat is in poor condition. We recommend funding to seal this component approximately every 3 - 5 years. Remaining life based on current condition.


Estimate for seal coat

Higher estimate

Asphalt - Seal Coat

General Notes:

Page 11 of 68

DRAFT

Comp #: 403


Best Cost: $3,500

Worst Cost: $4,000

Location: Community Parking & Street


Observations:

Research with the client reveals a yearly crack fill is performed.


Estimate for crack fill

Higher estimate

Asphalt - Crack Fill

General Notes:

Page 12 of 68

DRAFT

Comp #: 404


Best Cost: $2,500

Worst Cost: $3,500

Location: Community Pool Deck & Sidewalks

Quantity: Moderate Sq.ft.

Observations:

The concrete is in generally good condition. This component has an extended useful life under normal conditions. We recommend funding to make repairs and partially replace this component approximately every 10 years. Remaining life based on current age.


Allowance to repair/replace

Higher allowance

Concrete Pavers - Repair/Replace

General Notes:

Page 13 of 68

DRAFT

Comp #: 502


Best Cost: $2,300

Worst Cost: $2,500

Location: Parking Garage Door

Quantity: (1) Garage Door

Observations:

The garage door is in working condition. We recommend funding to replace this component approximately every 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Garage Door - Replace

General Notes:

Page 14 of 68

DRAFT

Comp #: 508


Best Cost: $25,000

Worst Cost: $27,000

Location: Building Exterior & Inteior


Observations:

The access control system is in working condition. We recommend funding to replace this system approximately every 10 - 12 years. Remaining life based on current age.


Estimate to renovate/replace

Higher estimate

Access Control System - Renovate/Replace

General Notes:

Page 15 of 68

DRAFT

Comp #: 590


Best Cost: $17,000

Worst Cost: $19,000

Location: Lobby Entrance

Quantity: (1) Entrance

Observations:

The automatic doors are in working condition. We recommend funding to replace this component approximately every 15 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Lobby Entrance Doors - Replace

General Notes:

Page 16 of 68

DRAFT

Comp #: 702


Best Cost: $40,000

Worst Cost: $45,000

Location: Mechanical Room

Quantity: (1) Boiler

Observations:

The boiler system is in working condition. We recommend funding to replace this component approximately every 20 - 25 years. Remaining life based on current age and condition.


Estimate to replace

Higher estimate

Boiler - Replace

General Notes:

Page 17 of 68

DRAFT

Comp #: 703


Best Cost: $15,000

Worst Cost: $17,000


Quantity: (2) Water Heaters

Observations:

The commercial water heaters are in working condition. We recommend funding to replace this component approximately 12 - 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Commercial Water Heaters - Replace

General Notes:

Page 18 of 68

DRAFT

Comp #: 704


Best Cost: $1,900

Worst Cost: $2,100


Quantity: (1) Tank

Observations:

The hot water storage tank is in working condition. Research with the Client reveals this component is inspected and repaired yearly.


Estimate to renovate

Higher estimate

Hot Water Storage Tank - Large - Inspect/Repair

General Notes:

Page 19 of 68

DRAFT

Comp #: 704


Best Cost: $10,000

Worst Cost: $12,000


Quantity: (1) Tank

Observations:

The hot water storage tank is in working condition. Research with the Client reveals this component is relined approximately every 20 years. Remaining life based on current age.


Estimate to renovate

Higher estimate

Hot Water Storage Tank - Large - Reline

General Notes:

Page 20 of 68

DRAFT

Comp #: 705


Best Cost: $4,000

Worst Cost: $6,000



Observations:

The Ductless HVAC System is in working condition. We recommend replacing this component approximately every 20 years. Remaining life based on current condition.


Estimate to replace

Higher estimate

Ductless HVAC System - Replace

General Notes:

Page 21 of 68

DRAFT

Comp #: 706


Best Cost: $0

Worst Cost: $0

Location: Parking Garage

Quantity: (1) Heater

Observations:

Research with the client reveals this component is replaced as necessary as an operating expense.


Radiant Heater - Replace

General Notes:

Page 22 of 68

DRAFT

Comp #: 707


Best Cost: $140,000

Worst Cost: $180,000


Quantity: (2) Elevators

Observations:

The elevator is in working condition. We recommend funding to modernize this component approximately every 25 - 30 years. Modernization consists of controller replacement, door package upgrade, and control panel replacement. Remaining life based on current age.


$70,000/Elevator; Estimate to modernize

$90,000/Elevator; Higher estimate

Elevator - Modernize

General Notes:

Page 23 of 68

DRAFT

Comp #: 709


Best Cost: $29,000

Worst Cost: $31,000


Quantity: (2) Elevators

Observations:

The elevator cabs are in good condition. We recommend funding to remodel this component approximately every 15 years. Remaining life based on current age.


Estimate to remodel

Higher estimate

Elevator Cab - Remodel

General Notes:

Page 24 of 68

DRAFT

Comp #: 710


Best Cost: $15,000

Worst Cost: $20,000

Location: Adjacent to Building

Quantity: (1) Generator

Observations:

According to the client the emergency generator is in working condition. Due to minimal use this component has a relatively long life. However we recommend funding to replace this generator approximately every 25 years to ensure the availability of parts and to keep up with modern technology and emission requirements. Perform twice yearly maintenance and weekly exercise program to ensure full life from this component. Remaining life based on current age


Estimate to replace

Higher estimate

Emergency Generator - Replace

General Notes:

Page 25 of 68

DRAFT

Comp #: 711


Best Cost: $27,000

Worst Cost: $29,000


Quantity: (1) Chiller

Observations:

The chiller system is in working condition. We recommend funding to rebuild this component approximately every 25 - 30 years. Remaining life based on current age.


Estimate to rebuild

Higher estimate

Chiller - Rebuild

General Notes:

Page 26 of 68

DRAFT

Comp #: 711


Best Cost: $80,000

Worst Cost: $100,000


Quantity: (1) Chiller

Observations:

The chiller system is in working condition. We recommend funding to replace this component approximately every 25 - 30 years. Remaining life based on current age and condition.


Estimate to rebuild

Higher estimate

Chiller - Replace

General Notes:

Page 27 of 68

DRAFT

Comp #: 712


Best Cost: $25,000

Worst Cost: $27,000


Quantity: (1) Cooling Tower

Observations:

The cooling tower is in working condition. We recommend funding to rebuild this component approximately 25 - 30 years. Remaining life based on current age and condition.


Estimate to rebuild

Higher estimate

Cooling Tower - Rebuild

General Notes:

Page 28 of 68

DRAFT

Comp #: 712


Best Cost: $50,000

Worst Cost: $70,000


Quantity: (1) Cooling Tower

Observations:

The cooling tower is in working condition. We recommend funding to replace this component approximately 25 - 30 years. Remaining life based on current age and condition.


Estimate to rebuild

Higher estimate

Cooling Tower - Replace

General Notes:

Page 29 of 68

DRAFT

Comp #: 713


Best Cost: $1,900

Worst Cost: $2,100


Quantity: (1) Winch

Observations:

The pool door winch is in working condition. We recommend funding to repair/replace this component approximately every 20 - 25 years. Remaining life based on current age.


Estimate to repair/replace

Higher estimate

Pool Door Winch - Repair/Replace

General Notes:

Page 30 of 68

DRAFT

Comp #: 714


Best Cost: $0

Worst Cost: $0

Location: Building Parking Garage

Quantity: (2) Fans

Observations:

Research with the client reveals this component is maintained as necessary as an operating expense.


Exhaust Fans - Replace

General Notes:

Page 31 of 68

DRAFT

Comp #: 715


Best Cost: $0

Worst Cost: $0


Quantity: Multiple Pumps

Observations:

Research with the client reveals the pumps are rebuilt and replaced as necessary as an operating expense.


Pumps - Rebuild/Replace

General Notes:

Page 32 of 68

DRAFT

Comp #: 716


Best Cost: $2,500

Worst Cost: $3,500


Quantity: (1) Variable Frequency Drive

Observations:

The variable frequency drive is in working condition. We recommend funding to replace this component approximately every 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Variable Frequency Drive - Replace

General Notes:

Page 33 of 68

DRAFT

Comp #: 790


Best Cost: $2,000

Worst Cost: $3,000


Quantity: (1) Switch

Observations:

The generator control switch is in working condition. We recommend funding to replace this component approximately every 25 - 30 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Generator Control Switch - Replace

General Notes:

Page 34 of 68

DRAFT

Comp #: 801


Best Cost: $0

Worst Cost: $0

Location: Building Exterior & Common Area

Quantity: (4) Signs

Observations:

Research with the client reveals this component is replaced as necessary as an operating expense.


Community Signs - Replace

General Notes:

Page 35 of 68

DRAFT

Comp #: 805


Best Cost: $1,900

Worst Cost: $2,100


Quantity: Multiple Signs

Observations:

Research with the client reveals this component will be replaced in 2020. We recommend funding to replace this component approximately every 10 years. Remaining life based on current age.


Estimate to replace

Higher estimte

Common Area Signs - Replace

General Notes:

Page 36 of 68

DRAFT

Comp #: 901


Best Cost: $74,000

Worst Cost: $76,000



Observations:

Although the fire protection system is designed to last the life of the community we recommend funding for an allowance to renovate this component approximately every 20 years to ensure proper function and to keep up with current technology and code requirements. Perform regular, professional inspections and repairs as an operating expense. Remaining life based on current age.


Allowance to renovate

Higher allowance

Fire Protection System - Renovate

General Notes:

Page 37 of 68

DRAFT

Comp #: 903


Best Cost: $5,000

Worst Cost: $7,000



Observations:

The security camera system is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Estimate to replace

Security Camera System - Replace

General Notes:

Page 38 of 68

DRAFT

Comp #: 1101


Best Cost: $16,000

Worst Cost: $18,000

Location: Pool Area

Quantity: (1) Pool

Observations:

The pool and spa surfaces are in good condition. We recommend funding to resurface this component every 10 - 12 years. Remaining life based on current age.


Estimate to resurface

Higher estimate

Pool & Spa - Resurface

General Notes:

Page 39 of 68

DRAFT

Comp #: 1104


Best Cost: $5,000

Worst Cost: $6,000



Observations:

The pool heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Heater - 2003 - Replace

General Notes:

Page 40 of 68

DRAFT

Comp #: 1104


Best Cost: $5,000

Worst Cost: $6,000



Observations:

The pool heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Heater - 2009 - Replace

General Notes:

Page 41 of 68

DRAFT

Comp #: 1105


Best Cost: $4,000

Worst Cost: $5,000



Observations:

The spa heater is in working condition. We recommend funding to replace this component approximately every 12 years. Remaining life is based on current age.


Estimate to replace

Higher estimate

Spa Heater - Replace

General Notes:

Page 42 of 68

DRAFT

Comp #: 1107


Best Cost: $1,700

Worst Cost: $2,100


Quantity: (1) Filter

Observations:

The pool filter is in working condition. We recommend funding to replace this component approximately every 12 - 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Pool Filter - Replace

General Notes:

Page 43 of 68

DRAFT

Comp #: 1108


Best Cost: $1,700

Worst Cost: $2,100


Quantity: (1) Filter

Observations:

The spa filter is in working condition. We recommend funding to replace this component approximately every 12 - 15 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Spa Filter - Replace

General Notes:

Page 44 of 68

DRAFT

Comp #: 1111


Best Cost: $7,000

Worst Cost: $9,000


Quantity: (2) Systems

Observations:

The chemical controller systems are in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


$3,500/System; Estimate to replace

$4,500/System; Higher estimate

Pool & Spa Chemical Automation Systems - Replace

General Notes:

Page 45 of 68

DRAFT

Comp #: 1121


Best Cost: $5,000

Worst Cost: $6,000

Location: Pool Area

Quantity: Assorted Pieces

Observations:

The pool furniture is in good to fair condition. We recommend funding an allowance to make replacements to this component approximately every 10 years. Remaining life based on current age.


Allowance to make replacements

Higher allowance

Pool Furniture - Replace

General Notes:

Page 46 of 68

DRAFT

Comp #: 1401


Best Cost: $4,000

Worst Cost: $5,000

Location: Laundry Room

Quantity: (1) Dryer

Observations:

The commercial laundry equipment is in working condition. We recommend replacing this component approximately every 15 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Commercial Dryer - Replace

General Notes:

Page 47 of 68

DRAFT

Comp #: 1401


Best Cost: $4,000

Worst Cost: $5,000


Quantity: (1) Dryer

Observations:



Estimate to replace

Higher estimate

Commercial Dryer - Replace

General Notes:

Page 48 of 68

DRAFT

Comp #: 1401


Best Cost: $12,000

Worst Cost: $14,000


Quantity: (2) Washers

Observations:



Estimate to replace

Higher estimate

Commercial Washers - Replace

General Notes:

Page 49 of 68

DRAFT

Comp #: 1402


Best Cost: $3,000

Worst Cost: $3,200



Observations:

The water softener system is in working condition. We recommend funding to replace this component approximately every 15 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Water Softener System - Laundry 2006 - Replace

General Notes:

Page 50 of 68

DRAFT

Comp #: 1402


Best Cost: $3,000

Worst Cost: $3,200



Observations:

The water softener system is in working condition. We recommend funding to replace this component approximately every 15 - 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Water Softener System - Laundry 2020 - Replace

General Notes:

Page 51 of 68

DRAFT

Comp #: 1405


Best Cost: $5,000

Worst Cost: $6,000


Quantity: (36) Pieces

Observations:

The furniture is in fair condition. We recommend funding an allowance to make replacements approximately every 10 years. Remaining life based on current age.


Allowance to make replacements

Higher allowance

Furniture - Replace

General Notes:


6 Lf. - Cabinet, Base / 6 Lf. - Cabinet, Wall6 Lf. Countertop / (2) - Chair / (4) - Chair, Leather(4) - Chair, Padded / (4) - Chair, Tall(1) - Desk, Front / 90 Sq.ft. - Mirror Wall(1) - Sink / (2) - Sofa(1) - Sofa, Leather / (1) - Table, Coffee(1) - Table, End / (2) - Table, Side(1) - Table, Tall / (1) - Table w/ 4 Chairs(1) - Television, Flat Screen / (1) - Television, Old(1) - Wardrobe(36) - Total

Page 52 of 68

DRAFT

Comp #: 1407


Best Cost: $7,000

Worst Cost: $9,000

Location: Fitness Room

Quantity: (3) Pieces

Observations:

The cardio fitness equipment is in working condition. We recommend funding to replace this component approximately every 8 - 10 years. Remaining life based on current age and condition.


Estimate to replace

Higher estimate

Cardio Equipment - 2009 - Replace

General Notes:


(1) - Precor Elliptical(1) - Precor Recumbent Bike(1) - Precor Treadmill

Page 53 of 68

DRAFT

Comp #: 1409


Best Cost: $9,000

Worst Cost: $11,000

Location: Adjacent to Pool Area

Quantity: (1) Sauna

Observations:

The sauna interior is in fair condition. We recommend refurbishing this component approximately every 15 - 20 years tomaintain appearance. Remaining useful life based on current age.


Estimate to remodel

Higher estimate

Sauna Room - Remodel

General Notes:

Page 54 of 68

DRAFT

Comp #: 1413


Best Cost: $18,000

Worst Cost: $20,000

Location: Adjacent to Meeting Area

Quantity: (2) Restrooms

Observations:

The restrooms are in good condition. We recommend funding to remodel this component approximately every 20 years. Remaining life based on current age.


$9,000/Restroom; Estimate to remodel

$10,000/Restroom; Higher estimate

Restrooms - Meeting Area - Remodel

General Notes:

Quantity description:Each Restroom:4 Lf. - Countertop / (1) - Mirror480 Sq.ft. - Painted Surfaces / 12 Lf. - Partition(1) - Sink / 140 Sq.ft. - Tile, Floor110 Sq.ft. - Tile, Wall / (1) - Toilet

Men's: + (1) - Urinal

Women's: + 145 Sq.ft. - Painted Surfaces2 Lf. - Partition / (1) - Sink40 Sq.ft. - Tile, Floor / (1) - Toilet

Page 55 of 68

DRAFT

Comp #: 1413


Best Cost: $24,000

Worst Cost: $26,000

Location: Adjacent to Pool Area

Quantity: (2) Restrooms

Observations:

The restrooms are in fair condition. We recommend funding to remodel this component approximately every 20 years. Remaining life based on current age.


$12,000/Restroom; Estimate to remodel

$13,000/Restroom; Higher estimate

Restrooms - Pool Area - Remodel

General Notes:

Quantity description:Each Restroom:(1) - Mirror / 265 Sq.ft. - Painted Surfaces7 Lf. - Partition / (1) - Sink80 Sq.ft. - Tile, Floor / 75 Sq.ft. - Tile, Wall(1) - ToiletMen's: + (1) - UrinalWomen's: + 135 Sq.ft. - Painted Surfaces10 Lf. Partition / 125 Sq.ft. - Tile, Floor(1) - ToiletOther: (2) - Showers175 Sq.ft. - Pool Area, Floor175 Sq.ft. - Pool Area, Wall

Page 56 of 68

DRAFT

Comp #: 1420


Best Cost: $5,000

Worst Cost: $6,000

Location: Lobby

Quantity: (1) Fireplace

Observations:

The lobby fireplace is in good condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Lobby Fireplace - Replace

General Notes:

Page 57 of 68

DRAFT

Comp #: 1421


Best Cost: $49,000

Worst Cost: $51,000



Observations:

The telephone switch is in working condition. Research with the Client reveals this component should be replace approximately every 20 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Telephone Switch - Replace

General Notes:

Page 58 of 68

DRAFT

Comp #: 1490


Best Cost: $3,700

Worst Cost: $3,900


Quantity: (1) Ice Machine

Observations:

The ice machine is in working condition. We recommend funding to replace this component approximately every 10 - 12 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Ice Machine - Replace

General Notes:

Page 59 of 68

DRAFT

Comp #: 1501


Best Cost: $34,000

Worst Cost: $36,000



Observations:

The carpeting is in good to fair condition. We recommend funding to replace this component approximately every 8 - 10years assuming normal use and wear. Remaining life based on current age.


Estimate to replace

Higher estimate

Carpeting - Floors 1 & 2 - Replace

General Notes:


1,300 Sq.ft. - Hallway Floors 12,925 Sq.ft. - Hallway Floors 2


Page 60 of 68

DRAFT

Comp #: 1501


Best Cost: $60,000

Worst Cost: $62,000

Location: Building Interior, Floors 3, 4 & 5


Observations:

The carpeting is in good to fair condition. We recommend funding to replace this component approximately every 8 - 10years assuming normal use and wear. Remaining life based on current age.


Estimate to replace

Higher estimate

Carpeting - Floors 3, 4 & 5 - Replace

General Notes:


2,750 Sq.ft. - Hallway Floor 32,700 Sq.ft. - Hallway Floor 42,150 Sq.ft. - Hallway Floor 5


Page 61 of 68

DRAFT

Comp #: 1501


Best Cost: $30,000

Worst Cost: $30,000

Location: Meeting Room Interiors


Observations:

The carpeting is in fair condition. We recommend funding to replace this component approximately every 8 - 10 years assuming normal use and wear. Remaining life based on current condition.


Estimate to replace

Higher estimate

Carpeting - Meeting Rooms - Replace

General Notes:


475 Sq.ft. - Board Room1,100 Sq.ft. - Copper Room2,075 Sq.ft. - Silver Room


Page 62 of 68

DRAFT

Comp #: 1503


Best Cost: $70,000

Worst Cost: $80,000



Observations:

The tile flooring is in good condition. Although this component may reach an extended useful life we recommend funding to replace this component approximately every 30 years to ensure appearance and keep up with current decorative tastes. Remaining life based on current age.


Estimate to replace

Higher estimate

Tile Flooring - 2011-12 - Replace

General Notes:


355 Sq.ft. - Fitness Room2,285 Sq.ft. - Hallway Floors 1, 2 & 31,510 Sq.ft. - Hallway Floor 4


Page 63 of 68

DRAFT

Comp #: 1903


Best Cost: $2,900

Worst Cost: $3,100

Location: Garage Maintenance Room

Quantity: (1) Riding Mower

Observations:

The riding mower is in working condition. We recommend funding to replace this component approximately every 10 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Riding Mower - Replace

General Notes:

Page 64 of 68

DRAFT

Comp #: 1904


Best Cost: $3,000

Worst Cost: $4,000


Quantity: (1) Snow Plow

Observations:

The snow plow is in working condition. We recommend funding to replace this component approximately every 10 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Snow Plow - Replace

General Notes:

Page 65 of 68

DRAFT

Comp #: 1905


Best Cost: $700

Worst Cost: $800


Quantity: (1) Snow Blower

Observations:

The snow blower is in working condition. We recommend funding to replace this component approximately every 8 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Snow Blower - 2017 - Replace

General Notes:


(1) - Toro 824, 8HP, 24in(1) - Toro Power Clear 210R(1) - Toro Power Clear 721E

(3) - Total

Page 66 of 68

DRAFT

Comp #: 1905


Best Cost: $1,600

Worst Cost: $1,700


Quantity: (1) Snow Blower

Observations:

The snow blowers are in working condition. We recommend funding to replace this component approximately every 8 years. Remaining life based on current age.


Estimate to replace

Higher estimate

Snow Blowers - 2019 - Replace

General Notes:


(1) - Toro 824, 8HP, 24in(1) - Toro Power Clear 210R(1) - Toro Power Clear 721E

(3) - Total

Page 67 of 68

DRAFT

Comp #: 2301


Best Cost: $4,000

Worst Cost: $6,000


Quantity: Numerous Skylights

Observations:

The skylights and windows are in good to fair condition. Research with the Client reveals this component is funded on ayearly basis.


Estimate to replace

Higher estimate

Sky Lights & Windows - Repair/Replace

General Notes:

Page 68 of 68

DRAFT

Glossary of Commonly Used Words And Phrases (Provided by the National Reserve Study Standards of the Community Associations Institute) Cash Flow Method – A method of developing a reserve funding plan where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until the desired funding goal is achieved. Component – Also referred to as an “Asset.” Individual line items in the Reserve Study developed or updated in the physical analysis. These elements form the building blocks for the Reserve Study. Components typically are: 1) Association responsibility, 2) with limited useful life expectancies, 3) have predictable remaining life expectancies, 4) above a minimum threshold cost, and 5) required by local codes. Component Full Funding – When the actual (or projected) cumulative reserve balance for all components is equal to the fully funded balance. Component Inventory – The task of selecting and quantifying reserve components. This task can be accomplished through on-site visual observations, review of association design and organizational documents, a review of established association precedents, and discussion with appropriate association representatives. Deficit – An actual (or projected reserve balance), which is less than the fully funded balance. Effective Age – The difference between useful life and remaining useful life (UL - RUL). Financial Analysis – The portion of the Reserve Study where current status of the reserves (measured as cash or percent funded) and a recommended reserve contribution rate (reserve funding plan) are derived, and the projected reserve income and expenses over time is presented. The financial analysis is one of the two parts of the Reserve Study. Fully Funded Balance – An indicator against which the actual (or projected) reserve balance can be compared. The reserve balance that is in direct proportion to the fraction of life “used up” of the current repair or replacement cost of a reserve component. This number is calculated for each component, and then summed together for an association total. FFB = Current Cost * Effective Age / Useful Life Fund Status – The status of the reserve fund as compared to an established benchmark, such as percent funded. Funding Goals – Independent of calculation methodology utilized, the following represent the basic categories of funding plan goals:

• Baseline Funding: Establishing a reserve-funding goal of keeping the reserve balance above zero.

• Component Full Funding: Setting a reserve funding goal of attaining and maintaining cumulative reserves at or near 100% funded.

• Threshold Funding: Establishing a reserve funding goal of keeping the reserve balance above a specified dollar or percent funded amount.

Funding Plan – An association’s plan to provide income to a reserve fund to offset anticipated expenditures from that fund.

DRAFT

Funding Principles – • Sufficient funds when required • Stable contributions through the year • Evenly distributed contributions over the years • Fiscally responsible

GSF - Gross Square Feet Life and Valuation Estimates – The task of estimating useful life, remaining useful life, and repair or replacement costs for the reserve components. LF - Linear Feet Percent Funded – The ratio, at a particular point in time (typically the beginning of the fiscal year), of the actual (or projected) reserve balance to the ideal fund balance, expressed as a percentage. Physical Analysis – The portion of the Reserve Study where the component evaluation, condition assessment, and life and valuation estimate tasks are performed. This represents one of the two parts of the Reserve Study. Remaining Useful Life (RUL) – Also referred to as “remaining life” (RL). The estimated time, in years, that a reserve component can be expected to continue to serve its intended function. Projects anticipated to occur in the current fiscal year have a “0” remaining useful life. Replacement Cost – The cost of replacing, repairing, or restoring a reserve component to its original functional condition. The current replacement cost would be the cost to replace, repair, or restore the component during that particular year. Reserve Balance – Actual or projected funds as of a particular point in time (typically the beginning of the fiscal year) that the association has identified for use to defray the future repair or replacement of those major components that the association is obligated to maintain. Also known as “reserves,” “reserve accounts,” or “cash reserves.” In this report the reserve balance is based upon information provided and is not audited. Reserve Study – A budget-planning tool, which identifies the current status of the reserve fund and a stable and equitable funding plan to offset the anticipated future major common area expenditures. The Reserve Study consists of two parts: The Physical Analysis and the Financial Analysis. Special Assessment – An assessment levied on the members of an association in addition to regular assessments. Governing documents or local statutes often regulate special assessments. Surplus – An actual (or projected) reserve balance that is greater than the fully funded balance. Useful Life (UL) – Also known as “life expectancy.” The estimated time, in years, that a reserve component can be expected to serve its intended function if properly constructed and maintained in its present application of installation.

DRAFT

Documents

Silver King HOA - All Seasons Resort Lodging€¦ · reserve projects can be completed on time. When projects are completed on time, deferred maintenance and the lower property values