Tonight, the Board voted by unanimous consent to approve a proposal by Midway Sealcoating & Striping to remove and replace a total of 1,250 square feet of street that runs along both sides of the median at the entrance of our development. The repairs will be made in two phases, to keep open one lane for ingress & egress.
The dates of construction will likely be late August or early September, but that information will be posted on this website once we are provided notice.
The cost for these repairs is $15,000, where a little over $11,000 of our $22,000 capital reserves will be used in addition to $4,000 that was budgeted this year for street repairs.
It should be noted that these repairs are not patches, but entire sections. Two of the patches that were installed two years ago and are now beginning to falter, will be removed as part of this repair.
Not included in this repair is the third large-patched section that runs farthest away from the entrance, which is estimated to cost another $6 to 8 thousand. The Board opted against including this section at this time because to do so would deplete our capital reserves to a dangerous level, should a costly emergency occur.
Once this, the most immediate concern, which impacts all homeowners, is addressed, the issue of preventative measures (primarily filling in cracks along most all of the streets) will be tackled.
The total cost for the proposed preventative repairs is $25, 442.40, plus another $6 to $8 thousand to finish the front entrance repair.
It is likely that either a special assessment of between $350 to $500 or a $100 increase to the annual assessment will be proposed during the October 6 Annual Membership Meeting, to meet these needs. This gives homeowners the right to consider and propose options and possible decide how we move forward.