December 3, 2013

Dear Fellow Lauren Owners:

Enclosed is a copy of the 2014 budget. Enclosed is also a table that shows the 2014 fees for each apartment by tier and for each parking space, and compares the 2014 fees with the fees from the past three years. The condo fees will increase next year by 2.87%.

Your condo fees cover operating and capital expenses incurred throughout the year. The fees include essential utilities, such as electricity (air conditioning and electric), water/sewer, and gas (stoves and heating), and invaluable services, such as 24/7 front desk coverage, pest extermination, and trash and recycling removal. Additionally, the fees include routine maintenance to common areas, such as repainting, cleaning, and pool upkeep, and capital improvements to the property, such as façade repairs, landscape architecture, and elevator modernization.

Below is a list of the main reasons for the condo fee increase:

1) Utilities: While we are seeing a small decrease in electricity for 2014, there is a ~14% increase in water/sewer.
2) Personnel: The staff is receiving a 1% cost of living increase, and there is a ~10% increase is health care.
3) Reserves: Per the timetable agreed to by the board several years ago, there is a 4% increase in contributions to the restricted HVAC reserves.
4) Contract Maintenance Services: While we anticipate a substantial decrease in the cost of our elevator servicing contact, there is a 2.5%-4.0% increase in the cost of other maintenance contracts.

You will soon receive new payment coupons in the mail from Simmons Management Group. Fees may be paid as a direct debt from your checking account, by credit card (not including Visa), or by check. Fees are due the first of the month and must be credited by the tenth of the month to avoid a late fee.

On behalf of all the board members, Roger Hirschland, Elizabeth VanderPutten, Dwight Clark, John Filice, and me, we would like to thank you for the opportunity to serve in this capacity. We welcome your attendance at the monthly board meetings and your suggestions/comments for ways to make our home an even better place to live.

Sincerely,

Amy Bertha
President, Board of Directors