The Cedars at Basking Ridge Condominium Assoc., Inc. Board of Trustees is currently updating the Reserve Study. A Reserve Study determines the remaining useful life of capital items (such as roofs, roads, curbs, lighting, walkways, decks, etc.) and the anticipated cost for replacement at the end of their anticipated remaining useful life.
It is a common and prudent practice to hire an engineer to update the Reserve Study every 4-6 years. The Cedars last Reserve Study, which further determines the annual contribution the Association needs to make to Reserves, was last updated in 1998.
Last year the Board went out to bid for proposals and approved a new engineering firm to perform this work. The Board has met with Steven Lane of Construction Design technologies, Inc., the chosen contractor, to discuss his draft Reserve Study Update. After his presentation, many questions and some agreed changes, the draft is now ready to be presented to the community for discussion and ultimately approved by the Board of Trustees.
The Board would like to afford every owner an opportunity to ask questions and receive a copy of the report upon request. Any owner through the Association Manager, Gerard Mazzara by contacting him at 908-580-0509 or by stopping by the on-site office to pick up a copy and ask questions, may obtain a copy.
The draft will also be discussed at the next two monthly Association meetings (February 18th and March 17th) held at the on-site clubhouse beginning at 7:30 PM. Please feel free to come and hear the Board’s discussion and ask questions. Upon proper presentation and discussion, the Board plans to adopt this most recent draft at the March monthly meeting.
The proposed study holds the annual contribution at the current level of $203,148 until the start of the fiscal year that begins on October 1, 2005. At that time, the study calls for the Association’s annual contribution to be increased to $240,929. This amount is then planned to be held for three years according to the proposed update. The study then calls for an increase of the annual contribution to $264,092, at which time a new update to the Reserve Study is likely to be ordered.
Please consider learning more about this process and the proposed Reserve Study Update by obtaining a copy and attending our next two meetings.
Owners' questions and input are always welcome.
