Coronado Cays HOA - Announcements - Mardi Gras SPRING Newsletter

Mardi Gras SPRING Newsletter

5/30/2019

Good morning Mardi Gras Homeowner’s and Residents. Enclosed is an update on current happenings in Mardi Gras and the CCHOA.

GENERAL MANAGER

As mentioned in the last newsletter, the CCHOA Board was doing a search for a new general manager for the CCHOA. Henry Angelino has recently been hired. He has a mechanical engineering degree as well as a masters in business administration. He retired from the navy as a Captain. He had numerous assignments, including command of the amphibious warship, USD Germantown(LSD-42) and reactor officer of the USS Ronald Reagan. Following retirement he became the executive director of a large full service law firm. He left the law firm in 2017 and started his own consulting firm. As a CCHOA Board member I am totally pleased with the hiring of our new general manager.

GROUNDS

Recently, the CCHOA Code Enforcement officer, Chuck Henning, has also assumed the duties of coordinator between Park West and the CCHOA. The CCHOA has a contract with Park West to maintain the grounds. At times, Mardi Gras residents have expressed various concerns regarding watering, weeds and the general grounds appearance. We do have a performance contract, and Park West has brought additional personnel in to work on the grounds. The grounds coordinator will monitor the continued scheduling and improvements.

SEAWALL

Harbour Contructors has completed the stabilization on the south end of the seawall in Mardi Gras. All of the final permits and “sign-offs” have been completed. The goal was to stabilize the seawall and prevent the continued movement of the seawall out and to stabilize the very south end where the slab had a significant split and was moving out and sideways. An earlier estimate on construction of a new seawall was $6,000 a linear foot. The helical tiebacks were the desired choice as no back yards were disrupted and the cost was considerably less than a new seawall. The delay in the construction was due to the engineers changing the dimensions of the tieback anchors and adding more. The final anchors were 24 feet long, not 21. The shaft went from 1 1/2 inches to 2 1/2 inches and the helix( the round portion attached to the shaft) went from 6 inches to 8 inches. This was necessitated by the fact that we are in a seismic zone and the movement during an earthquake might harm the original anchors. A total of 87 anchors were installed.

PAINTING, ROOFS, IVY

Homes along the east side of Tunapuna are scheduled to be painted beginning sometime after July 1, 2019. Touch up work on a few garage doors will also occur along Delaport simultaneously.

Homeowners that have ivy type plants growing on the outside walls of will need to have the ivy removed prior to painting.

Mardi Gras is also scheduled to have original unmodified balconies resurfaced as well as additional roof resurfacing.

ANNUAL DUES

Mardi Gras will have an increase in the dues beginning July 1, 2019, following no increase last July 1 , 2018. Mardi Gras Reserves are scheduled to total $1,484,613 on July 1, 2019. All CCHOA villages must have 50% funding in their Reserves by 2023/24. Mardi Gras is scheduled to be at 68% on July 1, 2019 and 73% by 2023/24. Funding for the seawall did NOT require a special assessment as Mardi Gras has been anticipating this expense and budgeted for the stabilization. Mardi Gras is scheduled to expend $610,222 from Reserves to fund necessary capital expenses beginning July 1, 2019. We continue to built our Reserves to budget for an asphalt overlay on the private roads in 2021/22 and the big expense of tile/roof replacement in 2025/26 for a projected expense of $824,510.

TERMITES

We continue to budget for termites in Mardi Gras. As previously mentioned, if you notice any openings that have rusted out allowing termites access into your home, please let the CCHOA office know.

PALM TREES

The skinning of the palm trees will resume after July 1, 2019. Mardi Gras has budgeted enough funds to skin 20 trees for the next several years. Mardi Gras has well over 300 palm trees and it costs $345 per tree to skin. The palms in Mardi Gras have never been skinned even though they can cause extensive damage and clean up when the remnants fall during high wind storms. They are not skinned all at once so that the dues increase is kept at a minimum.

INVESTMENTS

The CCHOA currently has Reserves totaling $7,525,228 for all 10 villages and the common area. This account will drop over the next year as two more villages have anticipated special assessments and their individual Reserve accounts will first be used then special assessment funds will be used should the individual villages vote for the assessment. If the special assessment is not approved by the individual villages where the maintenance is occurring, the annual dues in those villages will increase 20% each year until the maintenance expenses are paid and the Reserves are restored to the 50% level. All of the villages' Reserve funds are invested in CDs, T-Bills, and in one case a Fidelity Money Market account which has 99.5% of its funds in government type securities. The CCHOA Board recently recommended that the maturation date for some investments be moved out to 3 years as the FOMC (Federal Open Market Committee), the body that sets interest rates, has moved to cease rate increases for the time being. Consequently the need to keep investments short in duration to maximize returns during rate increases is not as necessary. If you wish to read a more detailed financial report, each month, visit the CCHOA website for additional details.

ANNUAL HOMEOWNER’S MEETING

The annual homeowner’s meeting will be held at Loew’s Resort on August 23, 2019 beginning at 4:00 pm for registration. This is always a fun event with great food provided.

CONCLUSION

If your neighbors did not receive this update and wish to receive future updates please have them contact the CCHOA office and ask to be added to the Mardi Gras email list or contact me.

I have submitted my name to run, one more time, as your Mardi Gras Director. I welcome the opportunity to continue to improve our homes and the surrounding grounds. If at any time you have ideas, concerns, advice or questions please let me know.

Bob Rood, Mardi Gras Director, dirmardigras@cchoa.org