Village Palos Verdes
Homeowners Association
June 17, 2008
Dear VPV Homeowner:
June Board Meeting Cancelled: The VPV Board of Directors apologizes for the late notice of the cancellation of the regular monthly Board Meeting on June 12. We were notified that same day that the church would not be available to us, due to a special commencement ceremony. Your understanding is appreciated. Thanks to both Joanne Pena and Phil Greer for their quick action to help to get notifications made.
EXTERIOR RENOVATION UPDATE
Significant progress has been made on the Exterior Renovation Project. The enclosed documents provide notification for tentatively scheduled important meeting dates for the project (Scope of Work Calendar, Job Process Flowchart for the Exterior Renovation Project, and the monthly project update letter issued from Design Build Associates-DBA, our Construction Consultants). Please make note of these dates which require your involvement.
Understanding the Need to Renovate: We have scheduled another opportunity for Homeowners to view photos of the problems lying beneath our exterior siding and to walk the property to see the deficient areas and waterproofing issues which require us to repair and replace the full exterior envelope. This opportunity is intended to help those of you who have not read, or do not understand the problems identified in the very detailed VPV Construction Deficiency Report, before our next general meeting where the planned renovation design will be presented. Our Construction Managers, DBA, and the VPV Maintenance Manager, Phil Greer, will personally guide you through the property and explain the problems which require us to perform reconstruction and replacement of the exterior materials.
The guided walk-through is scheduled for Saturday, June 28th, from 10 a.m. to 11-11:30 a.m., beginning at the North Pool. If you still have questions about why we need to renovate, this is your chance to see the trouble areas for yourself and ask specific questions in an informal setting. We encourage you to attend this informative session.
Please contact Joanne Pena at Horizon Management to let us know if you plan to attend this special meeting so we can better plan for how many Homeowners to expect. We also ask that if you currently have any specific questions about the construction deficiencies or water intrusion problems to please submit them in writing in advance to Joanne so that we can make the best use of our time that morning by preparing as many responses in advance, allowing more time for questions as they occur during the walk-through. Your assistance in this regard is appreciated. Joanne can be reached by e-mail at HYPERLINK "mailto:joanne@horizonmgmt.com" joanne@horizonmgmt.com, or by phone at 310-543-1995.
Special Assessment Financing - Exterior Renovation Project
The next major step in this pre-construction phase of the project is the preparation of the construction budget. We are working with our General Contractor, Professional Services, to identify efficiencies within the re-construction efforts of the project and we are striving to maintain the original estimated target amount of $75,000 per unit. The budget will continue to be refined until ready for presentation to and approval by the Homeowners, tentatively scheduled for mid-August.
It is important that we each begin to plan for the special assessment. The Board appreciates that individual financing for this assessment is a personal decision for each and every one of us, but nonetheless, it is a critical aspect of the project and one that must be dealt with in a timely manner. The Homeowner of record at the point in time when the assessment is approved is accountable for the full value of the individual assessment. While this is a significant investment in our homes, it is a necessity and fortunately it will also improve our quality of life and add significant resale value to our homes.
The Board recognizes that some Homeowners have been proactive, taking advantage of the current timing for low-interest rates, already arranging financing in preparation for the assessment. For those of us who have not yet prearranged financing, now is the time. The current schedule calls for the assessment to be due by November 1, allowing four months to get funding prepared.
Potential options for financing the assessment include:
A cash payment in full
A refinance mortgage with cash out (individually sought out by each homeowner)
A reverse mortgage (individually sought out by each qualified homeowner)
A personal loan (individually sought out by each homeowner)
The Board will continue to research and evaluate financing options for the exterior renovation. The Renovation Finance Committee has researched and contacted lenders who can help educate Homeowners on the various aspects of financing options. These lenders are not sponsored by the HOA or the Board of Directors in any way and are offering their services to VPV Homeowners on an individual basis. You may receive promotional material or an offer to attend a special meeting on the subject but every Homeowner is responsible for their own financial situation and all are encouraged to seek whatever specific individual financial advice necessary in preparation for this assessment.
For those of us over the age of 62, the AARP offers good general information on the basics of Reverse Mortgages at: HYPERLINK "http://www.aarp.org/revmort" www.aarp.org/revmort
Financing this project is vital to correcting original construction deficiencies and the resulting water intrusion issues, protecting the value of our homes. In September 2007, a special meeting was held announcing the target figure for the project, accompanied by a target timeline. As indicated then, these were only targets and are still yet to be confirmed. We are on schedule and continue to work in the best interest of the entire community. The Board and the ERC continue to work diligently, in conjunction with our Construction Consultants, Architect and General Contractor, to develop the most cost-effective and responsible plan for the renovation. Please participate in the upcoming meetings where the design, project plan, schedule and budget will be presented for your approval. Please also review your personal financing options to prepare for this important assessment.
Sincerely,
VPV Board of Directors