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Key Events Over The Years

This page still draft  - Homer is getting to it - what you see is a work in progress until he verifies all data with references

	Scroll down to the desired area or click on the desired link:     Monthly Assessments Special Assessments Roofing Painting Fire and CO2 Alarms Chimneys/Fireplaces

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Monthly Assessments

Assessments are collected for managing the common expenses of the Association (ref Condo docs, Article II, para 2.1, Unit Owners Association; Article III, para 3.1b, Board of Directors)

Notes:

1.  As shown in the linked information, the initial monthly maintenance fee was based on a best case scenario with no funds set aside allocated to reserves to pay for routine maintenance (e.g., Any cost overruns, painting, repairs etc)

2.   Amount includes cost of loan to address structural issues until lawsuit with the developer is settled

3.  Monthly fee lowered to $135 (as lawsuit settled and no longer a loan to cover cost of needed improvements)

4.   In Nov 2003, an increase of $20/month was proposed (From $155 to $175) to maintain Northface operations.  At the 2003 annual meeting, owners voted for a $240 special assessment per unit rather than increase the monthly maintenance fee from $155/Unit

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Special Assessments

Special assessments are to used when there are insufficient funds in the reserve account for the maintenance/replacement of common area items.  Northface has been fairly successful over its history in limiting the need for special assessments by maintaining adequate reserves through a realistic monthly assessment.  The table below lists the special assessments.  A couple of points to remember in Northface history;

• The first sizeable special assessment came in the 2005-2007 timeframe with a three year capital improvement plan.  For those who might have not been owners during this timeframe, it is important to realize that the Association was not caught off guard in lack of preparation, but more accurately there were a number of unexpected capital expenditures.  For example, the installation of sewers in Conway and the mandated action for Northface to connect to the sewers in 2004 at a cost of [$80,000].  Owners are encouraged to read the correspondence during this timeframe for additional background information.

• The second sizeable special assessment came in 2016 primarily with the need to replace all decks in the four complex buildings....mandated upgrade to fire alarm system... .reserves in place to defer most - of $280K total, $110K from the special assessment and $170K from reserves

Additional information on Special Assessments (if desired)

• While at Northface the term special assessment has always been used, the defined term in the condo docs is "further" or "additional assessment".  These assessments are governed under Article IV, Operation of the Property, para 5.1d.  Specifically;

"Reserves. The Board of Directors may build up and maintain an adequate operating reserve and reserve for replacement of the Common Area, which may be funded by regular monthly payments, as provided for in subsection (c). At the end of each fiscal year, all funds accumulated during such year for reserves for replacement of the Common Area shall be placed in a separate bank account, segregated from the general operating funds, and used only for such purposes. If for any reason, including nonpayment of any Owner's assessment, the reserves are inadequate, the Board of Directors may at any time levy a further assessment, which shall be assessed against the Owners according to their respective votes in the Unit Owners Association, and which may be payable in a lump sum or in installments as the Board of Directors may determine. The Board of Directors shall serve notice of any such further assessment on all Owners by a statement in writing giving the amount and reasons therefor, and such further assessment shall, unless otherwise specified in the notice, become effective with the next monthly payment which is due more than ten (10) days after the delivery or mailing of such notice of further assessment. All Owners shall be obligated to pay the adjusted monthly amount or, if the additional assessment is not payable in installments, the amount of such assessments."

• The term Special Assessment is also used, once,  (ref para 12.2, Lien for Assessments) and refers back to para 5.1.d - thus the term Special Assessment has been used to define any assessment other than the monthly assessment described above.

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Roofing

2nd replacement:  Additional information;

1.  Cost was $117,004 for four roofs or $29,250 per roof 

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Painting (Buildings 1 -4)

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Fire and CO2 Alarms

Fire alarms are checked annually

CO2 alarms were replaced at five year intervals.  With newer technology, this changed to a ten year cycle starting in the Summer of 2022

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