to submit a work order request.
As a reminder, per our rules and regulations, vehicles and motorcycles are not permitted to park unattended in fire zones at any time. All driveways, including areas adjacent to garage doors in all units are fire zones. Any paved area in Marina Bay that is not marked for parking is a fire zone.
Correspondence from our Board President:
On behalf of the Board of Trustees at Marina Bay, I would like to bring you all up to date concerning the necessity and progress of a substantial capital improvement project which will include new roofs, siding, leaders, gutters, lighting and railings.
As our maintenance costs continue to rise at an unprecedented rate, this project is becoming more and more a necessity. Actual maintenance through September was $149,715 and our annual maintenance budget is $94,250. We are facing a potential increase of almost 100% in maintenance. This increase would lead to maintenance being almost 40% of our annual budget. Historically, the annual budget has been on target with the projected number but this year there is an increase of repairs for water damage and leakage from roofing and siding failures that will likely only grow. This is the reason why we have decided to visit the possibilities of taking on this endeavor. Make no mistake, this is a huge project that will be accompanied by a large financial impact. As such, you can be certain that this cost that we will experience will have to be covered by a sizable assessment that we will all share.
Your elected Trustees have and will continue to explore all phases of this project to assure all of us that what we are doing will be in all of our best interest.
Although this will initially have a financial impact on us, we cannot lose sight of the fact that a project of this magnitude will increase the value and desirability of wanting to live in Marina Bay.
As of this point, we have retained the services of an Engineering firm, DW Smith, to oversee the project. Following already performed inspections, they are currently preparing specifications, conceptual drawings and bid requirements. When we have a better understanding as to what we are facing, we will convene our financial committee, chaired by Joel Terry, to explore our financial options.
We are having this information compiled and are preparing to hold an informational meeting for homeowners at Marina Bay, hopefully in January, 2017. Thank you all for your cooperation and patience during this busy time.
On behalf of the Board,