On behalf of the Terrace HOA Board of Directors and our Property Manager, Eric Fordyce, thanks to all Terrace Community Members who attended and contributed to our Open Forum Meeting, held on Saturday, August 3rd.   There were approximately 40 attendees.  We were pleased to facilitate this discussion and provide detailed information regarding several community improvement projects we have identified and prioritized as requiring attention over the next 24 months. 

 

This meeting was the first of two or three open forum discussions to address the need for community improvement projects that cannot be funded within our HOA’s annual operating budget or reserve account.  Sometime before the end of the year, we will ask homeowners to vote on whether or not to approve a special bank loan/line of credit that will be necessary to fund any or all of the projects. 

 

Our goals are to:

 

• Avoid ongoing higher costs of temporary repairs as they arise - slab and pipe leaks, pavement slurry seal and patching, etc.

• Preserve and increase the resale value of all Terrace homes

• Minimize increases in our monthly HOA dues

 

The HOA Board of Directors and Property Manager have identified and prioritized the following five projects.  These projects cannot be funded within our annual operating budget or reserve account, which means homeowners will pay for any or all of these projects through a special assessment.   These projects would be completed in 2020 and 2021.

 

Priority 1:  Re-pipe every condo
Priority 2:  Asphalt/Concrete replacement & repair (all Terrace driving and parking areas)
Priority 3:  Siding, trim, fascia and beam replacements
Priority 4:  Concrete pool deck replacement
Priority 5:  Wrought iron fence replacement

 

In order to keep all homeowners informed and to prepare you for the next meeting, please refer to the following information, included within:

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• Agenda for August 3rd Homeowner Open Forum - (1) Lists and prioritizes the five projects, (2) provides the costs to complete each project based on contractor estimates we have solicited, and (3) provides information on the special assessment to homeowners that would be required based on the amount of money we would need to borrow for any or all of these projects.  (Download Agenda)

• Q&A from the first Town Hall Meeting - the answers to questions posed during the meeting (see below)

 

Please review this information and do not hesitate to send us any questions or concerns you may have so that we can address them during our next open forum homeowners meeting (Contact Eric Fordyce at 949-330-6350 or by email to efordyce@pmg-oc.com).  We want to ensure that every homeowner is fully informed and that we have a productive second Town Hall Meeting (to be scheduled). 

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Thank you for your attention to these important matters in our community.