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December 8, 1993
Dear Fellow Owner:
Enclosed with your envelopes and payment coupons is a copy of the 1994 annual budget for The Lauren, A Condominium.
As you can see we have adopted a 7.3% increase in condominium fees for the upcoming year.
We are happy to report that our 1993 Operating Budget has proven to be quite accurate and thus will remain almost identical in 1994.
We are also happy to report that, after extensive evaluation by several engineers and architects, there is no immediate need to undertake repairs/reconstruction to the facade of the entire building. Perceived problem areas have been found to be securely fastened and repairs undertaken have been of the repointing and recaulking variety. We will continue to monitor this area.
Priority has been given to increasing our-reserve and capital expenditure allocation. As the building ages it is vital that we have funds available for planned capital replacement. The facade for an example, could still cost $120,000 over several years. There are likewise several known major expenses upcoming within the next few years. Some of these are tied into Federal regulations. The $100,000 air conditioning chiller will be required to use a different type of refrigerant and it would be prohibitive and energy inefficient to retrofit our original equipment. The underground oil storage tank will have to be tested for its integrity and at the very least modified if not totally replaced. Others such as a $25,000 hot water reserve tank and a cracking outdoor parking lot that is causing leaks in the garage and damage to the building infrastructure are more a factor of age.
We also plan to continue the upgrading of our common areas. While the new lighting has drawn rave reviews it has also emphasized the necessity to replace the current wallpaper at a significant cost.
We continue to have one of the lowest average fees in the area at $298. Other nearby associations average as follows: Carriage
House - $301, Newport - $313, Imperial House - $328, Appoline -
$337.
Thank you for your understanding and support, and with best Holiday wishes to you and yours.
Sincerely,
The Board of Directors of The Lauren, A Condominium
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