Final repairs for the construction defect started October 24th. These repairs will last an estimated 8 months- an approximate schedule is included in the special assessment mailing sent out October 26th. Please contact The Management Trust if you have specific concerns about repairs.
The special assessment and the corresponding resolution were finalized on October 18th. Statements for individual units were mailed out on October 26th. This statement gives each owner two options for payment:
- Option One: Pay in full by December 31, 2016- this option allows the owner to avoid paying interest or fees that would be associated with ongoing payments to the loan.
- Option Two: Monthly payments- these payments would start on January 1, 2017. The amount on the statement would be the owner’s amount owed, per month, including interest and fees (above and beyond regular assessments.) This amount is based on a 20 year term loan. The loan amount has the ability to change on an annual basis as the loan gives the option to re-amortize each year, bringing down the overall interest the association owes on the loan.
Please note that if you would like to pay in full by December 31, 2016, you must notify The Management Trust by December 8, 2016. If The Management Trust is not notified, we will proceed with billing the monthly special assessment amount.