The following is a reproduction of a letter sent on 17 December 2010 to all shareholders.
On Saturday, December 4, 2010, the Board met to review the operating budget for 2011. The corporation continues to be under cost pressure from a variety of sources, including real estate taxes, water/sewer rates, utility costs and building maintenance costs. Most of these are out of our collective control.
Changes for 2011
At the meeting, the Board voted to:
- Raise monthly maintenance charges $0.15 per share or 2.48% (there was no increase last year);
- Raise laundry charges $0.25 per load wash and dry;
- Upon sale, require a $250 utility deposit from the seller, the balance of which will be refunded to the seller after the unit’s utility charges have been fully posted to their account (usually after two months);
- Consistent with the last several years, the Board voted not to assess the co-op/condo and Star credits and abatements. Those of you who had previously signed up for these will continue to receive them January–June.
The Board and management are working with Rand Engineering to bid out needed and necessary roof replacement work (for the roofs of the residential buildings). We hope to begin in the first half of 2011. This is likely to be very comprehensive work with a twenty-year warranty and includes bringing several items up to code.
As a result of the engineering study done to prepare us for the roof repairs, it was discovered that the building roof s lack the necessary strength to support a “green roof” and lack the strength to support a continuous human presence (like a patio). However, the Board is reviewing other options to use the space to better the environment. A leading contender at the moment is a solar electric configuration.
—Your Board of Directors and Management