Dear Montego Village Homeowners and Residents:
It has been an interesting last month after learning that Janice was resigning. I was asked to step in as interim director and the Board appointed me on May 2nd. I am coming up to speed on the many responsibilities of being a director and am committed to the task ahead.
The Montego Village Reserve Study includes $1,340,000 for the rebuilding of a solar-ready, covered central parking structure with individual storage. An estimated cost of $1,200,000 in addition funds from owners is required which can be in the form of an increase in dues or a special assessment which includes a maintenance requirement. The owner assessment is approximately $16,667 per unit. An additional $280,000 is included in the Reserve Study for an electrical upgrade for all parking structures that is split into two phases over the next two years. The collection of additional bids and pricing negotiations may affect the final total. Contractor selection will be voted on by the Board of Directors before a ballot is presented to the owners to determine the funding mechanism, a one-time special assessment or an increase in dues.
The price increase from previous estimates was due to requirements imposed during the permit review process. Interior walls were deemed to be sufficiently exposed as to require external-type coverings. This resulted in an estimated $200,000 increase in materials/labor. We have asked the pre-construction contractor to look at alternate materials for the internal wall coverings to reduce this expense without sacrificing quality.
On the positive side, HOA Staff, working with the architects and pre-construction contractor were able to convince City officials that the project did not meet the state requirements for stormwater runoff treatment. If required, a portable or in-ground system would have been required. Eliminating this requirement resulted in significant savings and the elimination of a potentially costly maintenance burden.
The project package was resubmitted to the third-party reviewers on May 3rd and we are waiting on their determination to obtain a permit. Based on the timing of the permit, finalizing the bids/contractor selection, and resolving the funding mechanism, I am recommending that we start the project after Labor Day. This will give us time to complete roofing renovations to existing garages, and also limit the number of residents present in the Village and make parking outside the Village easier to find than over the summer.
On a final note, I think it’s important that we acknowledge all the hard work and dedication that Janice put into the Director position. I am happy that she has agreed to continue overseeing the Village landscaping which she has demonstrated much talent