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December 12, 1994
Dear Fellow Owner:
Enclosed with your envelopes and payment coupons is a copy of the 1995 annual budget for The Lauren, A Condominium.
As you can see we have adopted a 4.96% increase in condominium fees for the upcoming year.
We are happy to report that we have generally been able to adhere to operating Costs projected in the 1994 budget. A few line items have been increased to reflect specific concerns. A good example is electricity where we are at the mercy of Mother Nature during the expensive summer cooling months.
We note that facade repairs are ongoing and have still been found to be exclusively of the recaulking and repointing variety. Consulting engineers have found no significant structural problems caused by water leaking into the garage, though they note the issue should be addressed in the near future.
Priority continues to be given to increasing our reserve and capital expenditure allocation. Contributions of the last two years have enabled us to reach a somewhat more comfortable level of reserves. This glad realization should be tempered with the knowledge that as the building ages our reserve analysis indicates more and more major systems will have to be replaced.
We are embarking on necessary or desirable projects that will require significant monetary expenditure. These include: 1) continuation of repairs to the brick facade, 2) replacement of the leaking hot water holding tank that provides all domestic hot water, 3) a complete renovation of the hallways including wallcovering, paint and carpet, 4) additional security cameras which unfortunately are reflective of concerns about urban areas in general, 5) parking lot repaving which together with replacement of the attached failed membrane should stop water leaking into the garage and potential damage to the building structure itself, 6) the addition of door closers on each unit's entrance door as per current fire code and our insurance carrier's recommendation.
With best Holiday wishes to you and yours.
Sincerely,
Elizabeth VanderPutten, President
The Board of Directors
The Lauren. A Condominium
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