Work will start on March 5; it will involve serious reduction in parking spaces.
Each owner will be notified by the contractor and by Summit Management.
Friday, February 24, 2012
Thursday, February 2, 2012
If you have any issues that you wish to bring to the attention of the Board...
If you have any issues that you wish to bring to the attention of the Board, please send by mail to:
Cloverleaf Center Condominium
PO Box 2346
Germantown, MD 20875-2346
We can then address these issues in a legal manner.
Wednesday, February 1, 2012
Text of December 12, 2011 Communique
Cloverleaf Center Condominium
P.O. Box 2346
Germantown, MD 20875-2346
Communiqué
Date: December 12, 2011
From:
President, Board of Directors
To:
All Plex Unit Owners
Re: Renovation Project Update
Dear
Plex Unit Owners:
After
much time and effort, the Board is delighted to announce that it has identified
a reputable financial institution that is willing to provide our community with
a commercial loan at a reasonable interest rate, closing cost, and method of
repayment.
As
we have stated repeatedly, the Board has had difficulty in securing a loan,
because of the high rate of assessment delinquencies in our community,
and had previously received notices of rejection from eight banks. The present opportunity may be our best
chance to finally move the project forward.
A
Brief Recap: The Board contracted
Structural Rehabilitation Group, LLC (Structura) for a comprehensive
engineering study. The study revealed
that renovations will involve structural framing repairs/replacement, selective
sheathing replacement, installation of weather-resistive barrier, new wall
flashings, and flashings at improperly-lapped sheathing joints, removal and
reinstallation of roof-to-wall flashing and ice/water shields, removal and
replacement of wood trim with synthetic (PVC) trim, new roofs, and various deck
repairs to make them fully compliant with County Code.
This
project is thus large in scale and will take approximately 48 to 52 weeks to
complete. At the end, our community will
have solid, code-compliant buildings without the water-leak problems that many
Plex Unit owners have experienced. It is
expected that these renovations may increase the property value of the
buildings as much as 18%.
After
gathering all the necessary facts and extensively analyzing them from multiple
angles, the Board, unfortunately, arrived at the conclusion that the prior
Board’s estimate of $14,100 per unit is obsolete and will not be sufficient to
cover the entire cost of the project, mainly due to the increased scope of work
(including the roofing).
To
commence this project, the Board will amend Resolution 2010-1 of March 17, 2010
to reflect the following changes:
- The total amount of the loan will be $1.7 million to cover all aspects of the renovation.
- The monthly Special Assessment will remain at $235.
- The loan repayment term will be extended from 60 months to 108 months.
- The Special Assessment will cover the costs of the engineering study, the loan, loan interest and cost, unforeseen conditions, and the costs for renovation of Building 1, which is already completed except for the roof.
- Owners who purchased a Plex Unit through a regular home sale or a foreclosure, after the $14,100 collections originally began in October 2008, will also be responsible for their portion of the increased cost of the project. Owners who are in this situation will be notified separately by our Property Management Company about how much the additional payment will be and when their monthly payments will begin.
Please
note that the 98 Plex Unit owners will have thirty (30) calendar days from the
date of this Communiqué to file a petition with the Board to call for a Special
Meeting, in accordance with Article II, Section 6(b) of our Bylaws, to make a
decision on the proposed amendment to the March 2010 Resolution. Article II, Section 6(b) requires signatures
from not less than fifty percent (50%) of the affected class of home owners
(e.g., 49 Plex Unit owners) for the petition to be presented to the Board.
Otherwise, the Board’s final vote on this amendment will be controlling.
Although
no one can predict the future, the Board's position is that if our community
does not move forward with the renovation project and seize this opportunity to
secure the necessary loan now, its chance of obtaining another, reasonable one
will diminish considerably (and the overall cost of the project will most
likely be higher) in the future. The
Board asks that all Plex Unit owners give serious thought to this very
important matter and come to a wise, well-informed decision that will provide
the community with long-term benefits for everyone.
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