A couple of more buildings and (hopefully) no more bad weather and we’re done! I’m sure all of you will be glad to bid a fond farewell to all those workers, ladders, saws, dumpsters, boxes, hammers and nails! But wasn’t it worth it?! We’ve gone from “Needing a Fix in 2006” to “Looking Fine in 2009”!
With an original estimate for an 18 to 24 month construction period, we will be finishing in about 22 months. While our final costs will not be known for a few weeks, we still believe, at this time, that we will come in under the original estimate of $1,500,000.
Here is our expected timetable:
- Late January – The Board and APM will determine the final cost for the project
- First half of February – You will notified by letter of the final project cost, your final cost, your payment options, your payment dates, and your refund, if applicable. If you have not yet paid for your siding in full, you will be asked to let us know if you intend to pay for it in cash or if you will be selecting the ten year loan option
- March 1 – This will be the Payment Due Date – the date that all siding payments are due. It will also be the date for your first loan payment, if you are selecting that option.
- First half of March – Refund checks (applicable only if the project cost is less than $1,500,000) will be mailed to all owners who have already paid in full.
Important – Please note that if you are currently making the monthly special assessment payments (aka “the interest payments”) you must make the February payment (unless you pay for your siding in full during January)
As a reminder, for those considering the ten year loan option, the interest rate is 7.35% with your first payment due March 1st. All owners are encouraged to seek out other financing options that may prove more attractive. The monthly loan payment will be due the 1st of each month for 10 years, together with your regular monthly common fee payment. Both fees will need to be paid in full each month. The loan may be paid off early at no penalty.
If you have any questions, please call me or email me (LINCMAY@COX.NET).
Lincoln May