Statement from Phil Truran (Association President)
In response to the Newsletter sent out last week. There needs to be some clarification on the renovations and the cost. First I need to first apologize for not reviewing the content of the Newsletter before it was released.
Let me start by saying we all want to see the material condition of FBC improve. The calculation on the cost at $175,000.00 is not a number the board has discussed. We had discussed $105,000.00 to renovate A10, never $175,000.00. The Treasurer added several other aspects to the project, like painting the exterior, new windows and doors, fixing the dock, calculations on bad debt associated with owners that will default on the fees, a 3% price inflator compounded annually for a multiple year project, new bedroom furniture….. the list goes on.
I am not sure why these dollar figures were presented to you without the board discussing them. Just last week I was discussing with the Treasurer and other Board members (in individual conversations) about ramping back and going in stages on the project over a longer period of time. Please understand that we are still in the process of determining the scope of the renovation project and timeline to accomplish it. I promise when we get to the time to ask for money, you the Owners WILL be involved in the decision.
Again sorry for any confusion.