With just a handful of buildings and garages remaining to be sided, we are almost done!\u00a0 Exteriors Unlimited plans to be completed by year end and all garage doors will also be finished at that time.<\/p>\n
If this schedule holds-up, the Association will perform a “true-up” in January, compiling all the costs and will calculate a final cost for the project and the final price for each home-owner.\u00a0 At this time, we still believe the project will come in under the projected cost of $1,500,000 and right on schedule.\u00a0<\/p>\n
As a reminder, if the final cost of the project were to exceed $1,500,000 then all owners who have fully paid for their siding will be assessed an additional charge, unless that additional charge is deemed insignificant, in which case it will be funded from reserves.\u00a0 If, as expected, the final cost of the project is less than $1,500,000, then the Association will refund all owners the amount by which they have overpaid.\u00a0 Owners who have not paid for their siding will pay their cost as determined by the true-up process.<\/p>\n
At this time, all owners who have not paid for their siding should expect to pay for it in full by February 1st, or perhaps March 1st<\/sup>, at the latest.\u00a0 The board will finalize this timeline during the next month and will provide you ample notice about the exact due date for payment.<\/p>\n For those of you who are considering taking the 10 year loan option, you should be prepared to make your first payment in February, if February 1st<\/sup> is the Payment Due Date.\u00a0 The interest rate on the loan will be 7.35%. \u00a0While that was an attractive rate when we did the deal with New Alliance, it may not be an attractive rate today.\u00a0 Other means of borrowing (e.g. home equity loans) may offer a better option.\u00a0 We recommend all owners explore all options available to them before making their final decision.\u00a0 Residents selecting the 10 year loan with New Alliance will have their monthly loan payment added to the monthly common fee. Both fees will need to be paid in full each month.\u00a0 The loan may be paid off early at no penalty.<\/p>\n As we discussed two years ago, it’s to the benefit of the Association if all residents were to pay “cash” for their siding, i.e. no residents select this 10 year loan option.\u00a0 This keeps the debt off of our Balance Sheet and, frankly, keeps Meadow Hill out of the loan business.\u00a0 However the option is available to you.<\/p>\n More information will be forthcoming and we will review this in more detail at our meeting in December.\u00a0<\/p>\n