Cory Lakes CDD

Hi all!

During the last meeting I had brought up strategic planning for the community and during that time learned that CLI had previously completed a reserve study. I contacted the company that completed the study and learned that we had 2 completed so far- the last one in 2012. To update the reserve study, including the pool, would cost between $4,000 and $4,500.

During the last meeting we also discussed having estimates and/or inspections of the Beach Club roof as well as the guard houses. I spoke with John and he met with a few roofers and the information he was provided was all over the place and it seemed the next step would be to have an engineer come out and inspect each building at cost of approx. $3k

After reviewing the info that was sent over by Reserve Advisors it seems that their engineers would be going through the whole property-- inspecting all buildings (roof included). It seems that paying for the updated reserve study would not only help us plan for the future but would help us address the roof as well. I am pasting the email from Reserve Advisors as well as the attachments they sent me.

"Thank you for your call regarding an update for Cory Lakes CDD. Our 2012 Reserve Study included a fee to do an update with full site visit and condition assessment in 2014 for $3,500 but in consideration of the new pool and additional time that has passed, the fee for an update in 2018 would likely be about $4,000 to $4,500. Per your request, I've attached a little information about our firm. This is a good time to update your study as a lot has changed since 2012. Variables that can affect the Reserve Funding Plan include:
Deferred or accelerated capital projects based on Board discretion
Changes in the interest rates on reserve investments
Changes in the local construction inflation rate
Additions and deletions to the Reserve Component Inventory
The presence or absence of maintenance programs
Unusually mild or extreme weather conditions
Technological advancements
Periodic updates are necessary to incorporate these changes and fulfill the Board's fiduciary responsibility to budget adequate Reserves. On behalf of our team of engineers, we look forward to the opportunity to continue to work with you and would be happy to discuss the original study, 2012 update or answer any questions you or the Board may have at any time."

Hi,
Looking at the attachments Ms. Haque posted, I think an approach in this direction may make a lot of difference for the community, saving us time, effort, and money, and more importantly providing a confidence in the future of our neighborhood.

I, as a resident, fully support any initiative in this direction.

"Reason Number …
10) Fulfills the Board's fiduciary responsibility.
9) Provides a master plan for long term thinking and best management practices.
8) Eliminates potential homeowner claims of mismanagement.
7) Saves boards and committees countless hours and meetings each year.
6) Keeps the reserve funding goals on track and minimizes deferred maintenance.
5) Minimizes the fear of special assessments.
4) It’s equitable as current and future homeowners pay their fair share for future
replacements.
3) Preserves the market value of homeowners' investment with maximum curb appeal.
2) Makes personal planning easy for homeowners A Reserve Advisors reserve study
recommends reasonable yet sufficient funding on a consistent basis from year to year.
And the Number 1 reason to have a Reserve Study save more money than the reserve
study costs."

Thanks,

Levent Kara

This is just one of the 2 studies that were done in and for CLI. The other by WOOD MGT. (both available from John Hall) is a detailed growth plan for our CLI.
I suggest all Supervisors review both documents before our next CDD Board meeting. It is vital for our discussion on what to finance and what to follow up with. Unfortunately previous boards decided not to get the updates each year. However, there is great information in the two reports.
David