Home2010 Repair Replacement Reserve Table
Reserve Study Comments
See below for Jan 06 Replacement Survey Study
July 12, 2005
ETC
9151 Rumsey Road, Suite160
Columbia, Maryland 21045
Attn: Mr. Patrick Grey
RE: Report of Replacement Reserve Study
Tara Woods Property Owners Association
Bumpass, Virginia
ETC Project: M5-938
Dear Pat,
Thank you for the opportunity to comment on the draft reserve study report. Overall, we think you did a great job for us and the study establishes a solid, independent baseline for the Association to manage its funds and maintain the property.
Below, I have summarized the comments I have received from board members and association members.
Tara Woods has about $25,000 in reserves (capital fund) and about $6,000 in operating funds in excess of our current budget. If these funds were applied to each of the categories it would lower the required annual contribution. We would like you to acknowledge these existing reserves and provide an example of how they can reduce the annual contribution.
Concerning the paved area at our pavilion (page 3, 4, and C-2), if we began an aggressive maintenance program where cracks are sealed (which we have already done) and we sealed the entire surface area every other fall, could that extend the useful service life of the pavement beyond the 4 years indicated in the study?
We have also started work on correcting the drainage problems (page 3, 4, and B2) by adding several tons of 3 inch stone at a cost of $350. Our contractor estimates that it will cost about $1,000 to complete this work. We will still need to dig out a high spot that impedes the flow of water. We hope that we can correct the drainage problem significantly below the $15,000 estimate.
On our pier you concluded (page 3, first paragraph, last sentence), that the “planking could require replacement within the next few years.” This would be a significant expense, but we did not see an estimate for this. Moreover, if we re-decked the pier and added some pilings to help brace the structure, could be treat the pier as “new” and start the 40 year life cycle again? If we were to seal the pier, would that extend the useful life of the pier or be a better tradeoff than periodically replacing decking?
Last, we have an extensive split rail fence along the roadways which is not part of the study. I believe it was not included because the fence is not on association common property. Since the fence represents a large cost to maintain, we would appreciate a short statement explaining why it is not part of the study.
Thanks again and we look forward to seeing you in the future. If you need more information or have any questions, please call me at 540-894-0295.
Sincerely,
Jack Perrigo
TWPOA, Secretary
Tara Woods Property Owners Association (TWPOA) Reserve Study 2005
The Property Owners Association Act requires that the TWPOA conduct, at least once every five years, a study to determine the necessity and amount of reserves required to repair, replace and restore the capital components (55-514.1). The board of directors decided to hire a qualified engineering contractor to conduct the reserve study in order to establish a baseline. The Treasurer contacted several contractors and hired ETC (Engineering and Technical Consultants). ETC has provided us with a draft reserve study. The board of directors will comment on the draft and ETC will then prepare a final document. You are invited to review the draft study and if you have comments, please send them to the Secretary. The Secretary plans to send our comments to ETC in about 2 weeks.
Please note that the reserve study does not include the fence around Tara Woods. The contractor told us that the study only concerns the facilities on Tara Woods common property.
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Click on TWPOA Reserve Study 2005 to view the study
Click on Replacement Survey Study to view the latest update (Jan 06)
Click on Jack Perrigo, TWPOA Secretary to email your comments to the Secretary