Upload
truongthuy
View
213
Download
0
Embed Size (px)
Citation preview
© 2016,Onsite Engineering, An MJS Consultants, LLC Company
RESERVE STUDY
WILLOW SPRINGS MASTER HOA, 645 SPRINGLAKE DRIVE, FRANKLIN, TN 37064
Site-Visit Survey performed
November 2, 2015
FINAL - submitted
January 22, 2016
Prepared For:
C/O Larry Reynolds
WILLOW SPRINGS MASTER HOA
Prepared By:
Onsite Engineering170-D EAST MAIN ST., STE 129
HENDERSONVILLE, TN 37075
615-264-0505
Project Number:
12332
Reserve Specialist:
Andrew D Hart, RS
© 2016,Onsite Engineering, An MJS Consultants, LLC Company
TABLE OF CONTENTS
INTRODUCTION 3
EXECUTIVE SUMMARY 3
PURPOSE & SCOPE 4
REFERENCES 6
PROPERTY DESCRIPTION 7
OBSERVATIONS AND COMMENTS SUMMARY 25
RESERVE FUND ANALYSIS 27
LIMITATIONS 31
CONCLUSION 33
APPENDIX
RESERVE FUND PROJECTIONS 34
PROJECT PHOTOGRAPHS 36
PROFESSIONAL QUALIFICATIONS 49
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 3
INTRODUCTION
Willow Springs Master HOA, through Willow Springs Master HOA, authorized Onsite Engineering to
conduct a Building Evaluation and Reserve Fund Study for Willow Springs Master HOA, located at 645
Springlake Drive, Franklin, TN 37064).
Studies of this nature are important to ensure that a community has sufficient funds for long-term,
periodic capital expenditure requirements. Anticipating large expenditures over an extended period of
time through a structured analysis and scheduling process assists the Association in meeting financial
requirements without:
increasing the service fees above permitted maximums,
borrowing the funds,
or levying special financial assessments to the owners.
Typically, a community association has two broad cash requirements: the general operating requirements
and the capital replacement reserves. In this report, we will focus on those items falling under the capital
replacement reserve criteria. We have projected a capital repair and replacement reserve for thirty (30)
years. The first ten years are the most reliable.
This report is structured to analyze components of the community for which the Association is responsible
and to assess a useful expected life and useful remaining life of those components. The anticipated
scheduled repair or replacement of the component and the anticipated expense for the activity are then
analyzed in conjunction with the current capital reserves funding program for the community. Funding
program recommendations are made with the objective of limiting substantial cash excesses while
minimizing financial burdens that can result from significant cash inadequacies.
This report is intended to be used as a tool to determine reserve fund allocation requirements for the
community, to manage future Association obligations, and to inform the community of future financial
needs in general. The report that follows has been prepared from the perspective of what an owner of
this property would benefit from knowing. Some items, beyond those of immediate concern, may be
discussed. Therefore, the report should be read in its entirety in order to fully understand all of the
information that has been obtained.
EXECUTIVE SUMMARY
The following is a summary of the issues discussed in this Reserve Study. A detailed discussion of each
topic is provided in each of the noted sections of the report.
In summary, we consider this property to be in good condition when compared to others of similar age
and construction type.
Based upon the information provided to us, and our own estimates of costs and useful lives of capital
assets, the existing Reserve Funds with the current annual contribution rate is projected to be insufficient
to fund the reasonably expected capital expenditures over the 30-year life of this study. In addition, there
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 4
are significant expenditures projected to occur after the end of the 30-year study period. Therefore,
because these are not covered under the current reserve fund projections, updates to the reserve study
will be required so that reserves can be accrued for future capital expenditures.
Therefore, a study such as this should be updated from time to time, usually on a three to five-year cycle,
in order to reflect the most accurate needs and obligations of the community.
This report has been prepared in strict confidence with you as our client. No reproduction or re-use will
be undertaken with any third party other than your management company Willow Springs Master HOA
without your express written consent or oral consent.
We have included three alternatives to your current funding program and recommend that the board
adopt an alternative that best reflects the objectives of the community. They are outlined in narrative
form in the RESERVE FUND ANALYSIS Section and on Page 1 of the RESERVE FUND PROJECTIONS (Financial
Projections) in the Appendices.
PURPOSE & SCOPE
PURPOSE
The purpose of this study is to perform a reserve fund analysis and to determine a capital needs
projection. It is intended to be used as a tool for to determine the allocation requirements for the reserve
fund to meet future anticipated capital expenditures for the community.
This report forecasts obligations for the community thirty years into the future. It should be noted that
events might occur that could have an effect on the underlying component or system useful life
assumptions used in this study. Likewise, inevitable market fluctuations can have an impact on component
or system replacement and repair costs.
We recommend that this report be reviewed and updated periodically. The property conditions should
also be evaluated periodically as part of that review. Also, additional concerns which may have developed
during this time period can be identified and, if planned for early enough, may be coordinated into
current funding budgets with the least impact on the individual homeowners. The National professional
association for CPAs (AICPA) recommends that this type of study be updated every three to five years.
SCOPE
This study has been performed according to the scope as generally defined by Willow Springs Master
HOA, Onsite Engineering, and the standards of the Community Associations Institute. The findings and
recommendations are based on interviews with the community's management personnel, a review of
available documents, and an investigation of the buildings and site.
The guidelines used to determine which physical components within the community are to be included in
the component inventory are based on the following general criteria:
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 5
The component must be a common element, or otherwise noted to be the responsibility of the
Association to replace.
The component has an established estimated useful life (EUL). Organizations such as RSMeans, Fannie
Mae, National Association of Home Builders (NAHB) and Whitestone have established EULs for various
building and property components.
The component is visible such that a remaining useful life (RUL) can be projected. The component
must have an estimated remaining useful life of thirty years or less. As the site ages, additional
components may need to be added.
The cost of replacement should be high enough to make it financially unsound to fund it from the
operating budget or is funded through a maintenance contract. Based on a discussion with the HOA
Board Treasurer, we have established a minimum reserve component cost of $1,000 for this study.
Components, such as painting, which are considered deferred maintenance, are most appropriately
funded from the Operating Budget instead of Reserves. We have done so unless the painting cost is a
significant portion of the budget or we were requested to do so.
This study estimates the funding levels required for maintaining the long-term viability of the property.
Our approach involves:
1. Examining association-managed equipment, buildings and site facilities.
2. Predicting their remaining service life (RUL) and approximating how frequently they will require repair
or replacement (EUL).
3. Estimating current repair or replacement costs for each capital item.
4. Using data developed in Steps 1, 2 and 3 to project Capital Reserve balances for Years 1 through 30.
The statements in this report are opinions about the present condition of the subject community. They
are based on visual evidence available during a diligent investigation of all reasonably accessible areas
falling under the responsibility of the Association. We did not remove any surface materials, perform any
destructive testing, or move any furnishings. This study is not an exhaustive technical evaluation. Such an
evaluation would entail a significantly larger scope than this effort. For additional limitations, see the
LIMITATIONS SECTION.
As the preparer of this reserve study, Onsite Engineering certifies that we do not have any vested
interests, financial interests, or other interests that would cause a conflict of interest in the preparation of
this study.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 6
REFERENCES
SOURCES OF INFORMATION
The following people were interviewed during our study:
Larry Reynolds - Willow Springs HOA Board, Treasurer
Deborah Wallace, CMCA, AMS - Ghertner & Company, Property Manager 615-377-0340
The following documents were made available to us and reviewed:
Description Source
Association Covenants Property Manager
Willow Springs HOA 10-Year Capital Spending
Budget
HOA Board Treasurer
Willow Springs HOA 2016 Budget HOA Board Treasurer
Past & Future Project Invoices/Proposals HOA Board Treasurer
STANDARDS OF REFERENCE
For your reference, the following definitions may be helpful:
Excellent: Component or system is in "as new" condition, requiring no rehabilitation and should perform
in accordance with expected performance.
Good: Component or system is sound and performing its function, although it may show signs of normal
wear and tear. Some minor rehabilitation work may be required.
Fair: Component or system falls into one or more of the following categories: a) Evidence of previous
repairs not in compliance with commonly accepted practice, b) Workmanship not in compliance with
commonly accepted standards, c) Component or system is obsolete, d) Component or system
approaching end of expected performance. Repair or replacement is required to prevent further
deterioration or to prolong expected life.
Poor: Component or system has either failed or cannot be relied upon to continue performing its original
function as a result of having exceeded its expected performance, excessive deferred maintenance, or
state of disrepair. Present condition could contribute to or cause the deterioration of other adjoining
elements or systems. Repair or replacement is required.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 7
Adequate: A component or system is of a capacity that is defined as enough for what is required,
sufficient, suitable, and/or conforms to standard construction practices.
All ratings are determined by comparison to other buildings of similar age and construction type.
All directions (left, right, rear, etc.), when used, are taken from the viewpoint of an observer standing in
front of a building(s) and facing it.
Repair/Replacement Reserves - Non-annual maintenance items that will require significant expenditure
over the life of the buildings. Included are items that will reach the end of their estimated useful life
during the course of this forecast, or, in the opinion of the investigator, will require attention during that
time.
PROPERTY DESCRIPTION
GENERAL
Property Description: The subject property is a residential subdivision with a combination of single-family
homes, Neo-Traditional homes, and townhomes. As we understand it, the Master HOA is responsible for
maintaining a swimming pool, Pool House, playground, two parks, a walking path, four retention ponds,
irrigation systems, and multiple entrance monuments.
This Reserve Study also includes a separate evaluation and financial projections for the Neo-Traditional
Owners Association which is a sub-association of the Master Association. This sub-association is
responsible for maintaining individual irrigation systems located at each of the 142 Neo-Traditional units.
Year Built: Construction on this property began in 2002 and was completed in 2012.
SITE
UTILITIES
Description: This property is served by the municipal water and sewer system. The utilities for each home
on this property are individually metered.
Observations and Comments: No significant problems were observed.
STORM DRAINAGE
Description: Surface drainage in the roadways and common areas of this property is directed toward
grated drains which direct the drainage toward an underground storm water system. The underground
storm water system ultimately discharges the surface drainage into rip-rap drainage swales which direct
the drainage toward one of four retention ponds located on this property.
Observations and Comments: No significant problems were observed.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 8
In the financials for this Reserve Study, we have included an allowance toward the repair/replacement of
the rip-rap drainage swales on a 5-year cycle beginning in 2019.
PONDS
Description: There are four retention ponds located on this property. Retention Pond 1 is located
southwest of the Pool House, Retention Pond 2 is located west of the Pool House, Retention Pond 3 is
located north of the Pool House, and Retention Pond 4 is located northwest of the Pool House. Retention
Ponds 1, 3 and 4 are provided with a single aerator and Retention Pond 2 is provided with two aerators.
There are also two wells located at Pond 3 and one well located at Pond 1 which pump water into the
lakes when the water levels are low. The pumps for these systems are located underground and rated at 1
1/2 HP. We understand that one of these pumps was recently replaced around 2013. Retention Pond 2 is
also provided with a painted wood dock which can be accessed from the nearby walking path.
Observations and Comments: No significant problems were observed.
In the financial projections for this study, we have included an allowance toward the repair/replacement
of the pond aerators on a 5-year cycle beginning in 2017 with the replacement of two of the well pumps
anticipated in 2018 and the third well pump anticipated to be replaced in 2024. We have also included a
line item for the replacement of the pond dock anticipated in 2025.
Based on a conversation with the HOA Board Treasurer, we understand that the ponds will need to be
dredged in the future. However, we understand the pond dredging project falls outside of the 30-year
projections for this study. Therefore, we have included a line item for a pond dredging project as a means
to identify future projections which are past the 30-year term of this study.
EARTHWORK/GRADING/EROSION CONTROL
Description: The ground of the common areas is generally covered with grass or mulch.
Observations and Comments: No significant problems were observed. Grading throughout the common
areas appears adequate to direct water to the drainage swales and retention ponds.
PROPERTY ACCESS
Description: There are two main entrances to this property which are both located off of Horton Lane.
The north entrance is located on Willowsprings Boulevard and the south entrance is located on
Fountainwood Boulevard. There is a third entrance to the property located on Tristan Drive which is
accessed through a neighboring property.
Observations and Comments: No significant problems were observed.
WALKING PATH
Description: There is an asphalt-paved walking path located along the north side of Retention Pond 2
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 9
which extends approximately 1,840 linear feet.
Observations and Comments: The walking path shows typical signs of cracking and deterioration. Refer to
the following photos taken approximately 615-feet and 925-feet into the walkway from the Pool House.
Nearby tree roots appear to be causing damage to some sections of the walking path. Refer to the
following photos taken approximately 1,200-feet into the walking path from the Pool House.
We have included a line item toward patching and crack repair of the asphalt-paved walking path on a 5-
year cycle beginning in 2018 with a 1.5" walking path overlay projection anticipated in 2028.
PARKS
Description: There are two park-type areas located on this property. Verandah Park is located near the
intersection of Verandah Lane and Sundance Lane, and Zinnia Park is located near the intersection of
Zinnia Lane and Rosebud Creek. Each park is provided with landscaping, irrigation, landscape lighting, and
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 10
benches. Verandah Park is also provided with a fountain.
Observations and Comments: No significant problems were observed.
ENTRANCE MONUMENTS
Description: The property is identified by stone veneer entrance monuments located at the two main
entrances to the property. There are two large entrance monuments at the north entrance to the
property at Willowsprings Boulevard and two smaller entrance monuments which were recently
constructed at the south entrance to the property at Fountainwood Boulevard.
There are smaller stone veneer entrance monuments which identify the sub-sections of the property
which include Shannon Place, The Village, and Waterford Park. Additionally, there is a small bridge over
two large drainage culverts that is provided with decorative stone veneer railings which is located near
the south end of Retention Pond 1.
Observations and Comments: We observed vertical cracks behind two sections of the south entrance
monument at the Willowsprings Boulevard entrance. The width of the cracks measured approximately
1/8-inch near the base of the monument and widened to a measurement of approximately 1/4-inch near
the top of the monument. This could indicate differential settlement of the entrance monument. We
recommend that a structural evaluation be conducted to examine the cracking to determine if a repair
plan is needed. Refer to the following photos.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 11
We observed a vertical crack behind one section of the north entrance monument at the Willowsprings
Boulevard entrance. The width of the crack appears uniform throughout the height of the monument. We
recommend that this crack be sealed to prevent further damage from freeze/thaw cycles and that this
crack be monitored for future movement. Refer to the following photo.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 12
We observed evidence of deterioration of the parge-coating behind one section of the north entrance
monument at the Willowsprings Boulevard entrance. Refer to the following photo.
We observed a vertical crack behind the Shannon Place entrance monument. The width of the crack
appears uniform throughout the height of the monument. We recommend that this crack be sealed to
prevent further damage from freeze/thaw cycles and that this crack be monitored for future movement.
Refer to the following photo.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 13
We observed evidence of deterioration of the parge-coating behind the Waterford Park entrance
monument. Refer to the following photo.
We have included an allowance toward the repair of the entrance monuments on a 5-year cycle beginning
in 2016.
LANDSCAPE LIGHTING
Description: Landscape lighting is installed at the entrance monuments, at both parks, and along each side
of Willowsprings Boulevard between the main entrance to the property and the first turnabout.
Observations and Comments: Some of the landscape lighting at the entrance monuments at
Willowsprings Boulevard were knocked over and possibly damaged. Refer to the following photos.
We have included a line item for the upgrading of the landscape lighting anticipated in 2024.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 14
LANDSCAPING
Description: Landscaping around this property consists of flowers, bushes and trees planted around the
entrance monuments, around the Pool House, around the parks, and along the roadways throughout the
property.
Observations and Comments: No significant problems or deterioration which would indicate other
problems were observed.
Maintenance of the landscaping is considered an operations and maintenance budget item. However,
based on a conversation with the HOA Board Treasurer, we understand that there have been ongoing
maintenance costs associated with tree pest control and tree removal. Therefore, we have included an
annual allowance toward tree trimming, removal and pest control. We have included two additional
allowances in years 2016 and 2017 for additional tree pest control projects.
WILLOW SPRINGS MASTER ASSOCIATION IRRIGATION
Description: There is an extensive lawn irrigation system which serves the landscaped areas around the
entrance monuments, Pool House, and both parks. There are five irrigation controllers located behind two
of the entrance monuments, at the Pool House, at Zinnia Park and near the back of the subdivision..
Water is pumped from the ponds to serve the irrigation system. There are irrigation pump systems
located at Ponds 1, 2 and 3.
The irrigation pump system at Pond 3 is rated 10-HP and is provided with a filter system and a pressure
tank. We understand that the existing centrifugal pump suction line in Pond 3 will likely be replaced by a
triplex discharge line strainer assembly with a self-cleaning strainer in the future.
The irrigation pump system at Pond 1 is installed underground and could not be accessed during the time
of the site visit. We assume that the Pond 1 pump system is similar to the pump system at Pond 3.
The Pond 2 pump system consists of a pump and controllers which are located in the pool building storage
room. The pump for this system was recently replaced and is approximately two years old.
Observations and Comments: No significant problems were observed.
We have included the following projections in the financials for this study:
Master Irrigation Component Year
Irrigation System - Allowance 2020 (5-year cycle)
Irrigation System Controllers - Replace 2017 (10-year cycle)
Pond 1 Irrigation Pump System - Replace 2017 (10-year cycle)
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 15
Master Irrigation Component Year
Pond 2 Irrigation Pump System - Replace 2018 (10-year cycle)
Pond 3 Irrigation Pump System - Replace 2024 (10-year cycle)
NEO-TRADITIONAL OWNERS ASSOCIATION IRRIGATION
Description: Based on a conversation with the HOA Board Treasurer, we understand that all 142 of the
Neo-Traditional homes on this property are provided with an individual irrigation system. We did not have
access to one of these systems during the site visit, but we understand that there is an irrigation controller
and backflow preventer located in the garage of each home.
Observations and Comments: No significant problems were observed. We have included a separate set of
financials for the irrigation system components of the Neo-Traditional Owners Association.
We have included the following projections in the financials for the Neo-Traditional Owners Association:
Neo-Traditional Irrigation Component Year
Irrigation System - Allowance 2019 (5-year cycle)
Irrigation Controllers - Allowance 2016 (1-year cycle)
Irrigation Backflow Preventers - Allowance 2016 (1-year cycle)
MECHANICAL
ELECTRICAL
Description: Electrical service to the Pool House, landscape lighting, irrigation controllers, and pond
aerators consists of three-wire, 120/240 volt systems. The main electrical service cable comes to these
areas underground. No excavation on or near the property should be done unless the electric utility has
been consulted.
Our investigation of the electrical system is limited to the visible components in the common areas of the
buildings, the entrance cable, meter box, service panels, common area outlets and switches, and the
visible portions of the wiring. The covers of the service panels were not removed to investigate the
conditions in them.
A large portion of the electrical system is hidden behind walls and ceilings, and, obviously, all the
conditions relating to these unseen areas cannot be known. While some components of the system are
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 16
readily discernible, not all conditions that can lead to the interruption of electrical service, or that are
hazardous can be identified.
Observations and Comments: No significant problems were observed.
We have included an allowance toward general electrical repairs throughout the common areas of the
property on a 5-year cycle beginning in 2019.
Pool House
PAVING
Description: The Pool House parking area consists of approximately 925 square yards of asphalt
pavement.
Observations and Comments: The pavement was last sealed in 2010 and shows typical signs of
deterioration and cracking. Refer to the following photos.
We recommend crack repair, patching, and sealing of the asphalt pavement every three-to-five years. This
extends the life of the pavement and benefits the homeowners by maintaining the aesthetic appearance
of the grounds and perceived value of the property. A seal coat is increasingly helpful where parked cars
leak damaging fluids on the pavement.
We have included projections for the patching, crack repair, and sealing of the pavement on a 5-year cycle
beginning in 2016. We have also included a 1.5" overlay projection anticipated in 2026.
STRUCTURE
Description: The basic construction of the Pool House consists of wood-framed walls, ceilings and roof
built on a concrete slab-on-grade. No drawings were reviewed and our understanding is based upon visual
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 17
evaluation only.
Observations and Comments: No significant problems were observed.
ROOFING
Description: The roof covering on this building consists of architectural-grade asphalt shingles that,
according to the HOA Board Treasurer, were replaced in 2015. The roof is sloped and provided with
aluminum gutters and downspouts for drainage. This type of roof covering generally has an anticipated
useful life of 20-25 years. Maintenance and repair must be performed within the guidelines of the
warranty.
Observations and Comments: No significant problems were observed.
We have included projections for the replacement of the roof covering in 2037, and the gutters and
downspouts in 2034.
EXTERIOR
Description: The exterior of the building primarily consists of painted cement fiberboard siding with a
section of brick veneer along the base of the building. The exterior ceiling of the Pool House consists of a
vinyl ceiling panel system. Fiberglass exterior doors provide access to the Pool House bathrooms, storage
room, and the swimming pool mechanical equipment room. The Pool House is also provided with two
drinking fountains.
Observations and Comments: Based on a conversation with the HOA Board Treasurer, we understand
that the vinyl ceiling panels show signs of damage apparently caused by pressure washing the ceiling. We
understand that the HOA Board plans on replacing the vinyl ceiling panels with painted wood, beadboard-
type panels. Refer to the following photos.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 18
We observed some separation between the crosshead and the exterior wall above the entrance to the
men's bathroom and closet. Refer to the following photo.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 19
The exterior of the Pool House showed typical signs of deteriorated paint primarily along the trim. Refer
to the following photos.
We observed evidence of water collecting near the brick veneer along the front of the building just right
of the entrance to the swimming pool area. Refer to the following photo.
Brick veneer, when installed properly, has a long, relatively low maintenance life. Cement fiberboard
siding, when installed properly and regularly re-finished, has a relatively long estimated useful life.
We have included the following projections in the financials for this study:
Pool House Exterior Component Year
Pool House Exterior - Paint 2018
Pool House Cement Fiberboard Siding - Replace This line item has been included as a
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 20
Pool House Exterior Component Year
means to identify future projections which
are past the 30-year term of this study.
Pool House Vinyl Ceiling - Replace With Wood 2017
Pool House Ceiling - Paint 2032
Pool House Exterior Doors - Replace 2034
Pool House Drinking Fountains - Replace 2020
INTERIOR
Description: The Pool House is provided with both a men's and a women's bathroom. The bathrooms are
provided with painted gypsum wallboard ceilings and walls with tile flooring. Each bathroom is provided
with 10 individual lockers for resident use. There is a 1.25-inch backflow preventer located in the storage
room on the south side of the building.
Observations and Comments: We observed evidence of rust along the base of some of the lockers in the
men's bathroom. Refer to the following photo.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 21
We observed some missing tile along the base of the wall in the women's bathroom. Refer to the
following photo.
We have included a line item toward bathroom repairs on a 5-year cycle beginning in 2016, with the
replacement of the lockers anticipated in 2034. We have also included a line item for the replacement of
the Pool House backflow preventer anticipated in 2020.
SECURITY
Description: Access to the swimming pool area is guarded by two gates with a keypad access control
system.
Observations and Comments: No significant problems were observed. Based on a conversation with the
HOA Board Treasurer, we understand that the HOA Board is interested in installing a security camera
system at the Pool House in the future.
We have included projections for the replacement of the security-controlled access system in 2019 with
the replacement of the gates anticipated in 2029. We have included an additional line item for the
installation of a security camera system at the Pool House anticipated in 2017.
SWIMMING POOL
Description: There is a built-in swimming pool with an approximate capacity of 75,000 gallons. The
swimming pool has a plaster surface and is provided with waterline tile and pre-cast concrete coping
around the perimeter. The swimming pool deck is concrete and the perimeter of the swimming pool area
is provided with an aluminum fence. The swimming pool furniture consists of chaise lounges, dining tables
and chairs, smaller end tables, and umbrellas.
The swimming pool mechanical equipment is located in a room on the north side of the Pool House. The
mechanical equipment consists of a pump, three filters and a salt system with three salt cells.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 22
Observations and Comments: We observed deteriorated caulking around the pre-cast concrete coping at
the perimeter of the swimming pool. Refer to the following photos.
We observed a damaged chaise lounge in the entrance breeze way of the Pool House. Refer to the
following photo.
We have included the following projections in the financials for this study:
Swimming Pool Component Year
Swimming Pool Deck - Repair Allowance 2019 (5-year cycle)
Swimming Pool Perimeter Fence - Replace This line item has been included as a
means to identify future projections which
are past the 30-year term of this study.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 23
Swimming Pool Component Year
Swimming Pool - Replaster 2025
Swimming Pool Tile Border - Replace 2025
Swimming Pool Coping - Replace 2025
Swimming Pool Pump - Replace 2016
Swimming Pool Salt Cells - Replace 2017 (3-year cycle)
Swimming Pool Filters - Replace 2037
Swimming Pool Filters Sand Media - Replace 2017 (5-year cycle)
Swimming Pool Chairs, Chaise Lounges & Umbrellas -
Replace
2016
Swimming Pool Picnic & End Tables - Replace 2026
PLAYGROUND
Description: There is a playground with a play set and swing set located across the street from the Pool
House. The playground is provided with rubber mulch surrounded by a plastic border.
Observations and Comments: No significant problems were observed.
We have included the following projections in the financials for this study:
Playground Component Year
Playground Play Set - Replace 2029
Playground Swing Set - Replace 2029
Playground Plastic Border - Replace 2029
Playground Rubber Mulch - Replace 2019
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 24
OTHER
UPDATES
Description: An estimate for the update of the Reserve Study has been included in the financial
projections.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 25
OBSERVATIONS AND COMMENTS SUMMARY
Following is a summary of the Observation and Comments grouped according to their report Section(s):
The walking path shows typical signs of cracking and deterioration.
Nearby tree roots appear to be causing damage to some sections of the walking path.
We observed vertical cracks behind two sections of the south entrance monument at the Willowsprings
Boulevard entrance. The width of the cracks measured approximately 1/8-inch near the base of the
monument and widened to a measurement of approximately 1/4-inch near the top of the monument.
This could indicate differential settlement of the entrance monument. We recommend that a structural
evaluation be conducted to examine the cracking to determine if a repair plan is needed.
We observed a vertical crack behind one section of the north entrance monument at the Willowsprings
Boulevard entrance. The width of the crack appears uniform throughout the height of the monument. We
recommend that this crack be sealed to prevent further damage from freeze/thaw cycles and that this
crack be monitored for future movement.
We observed evidence of deterioration of the parge-coating behind one section of the north entrance
monument at the Willowsprings Boulevard entrance.
We observed a vertical crack behind the Shannon Place entrance monument. The width of the crack
appears uniform throughout the height of the monument. We recommend that this crack be sealed to
prevent further damage from freeze/thaw cycles and that this crack be monitored for future movement.
We observed evidence of deterioration of the parge-coating behind the Waterford Park entrance
monument.
Some of the landscape lighting at the entrance monuments at Willowsprings Boulevard were knocked
over and possibly damaged.
The pavement was last sealed in 2010 and shows typical signs of deterioration and cracking.
Based on a conversation with the HOA Board Treasurer, we understand that the vinyl ceiling panels show
signs of damage apparently caused by pressure washing the ceiling. We understand that the HOA Board
plans on replacing the vinyl ceiling panels with painted wood, beadboard-type panels.
We observed some separation between the crosshead and the exterior wall above the entrance to the
men's bathroom and closet.
The exterior of the Pool House showed typical signs of deteriorated paint primarily along the trim.
We observed evidence of water collecting near the brick veneer along the front of the building just right
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 26
of the entrance to the swimming pool area.
We observed evidence of rust along the base of some of the lockers in the men's bathroom.
We observed some missing tile along the base of the wall in the women's bathroom.
We observed deteriorated caulking around the pre-cast concrete coping at the perimeter of the
swimming pool.
We observed a damaged chaise lounge in the entrance breeze way of the Pool House.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 27
RESERVE FUND ANALYSIS
We have analyzed the projected capital expenditures and calculated a reserve cash flow need. The
following is a reserve fund financial analysis for non-annual items as discussed in the report. These
financial worksheets take into consideration a reasonable return on invested moneys and inflation.
Please review this thoroughly and let us know of any changes that may be desired. The intent of this
reserve fund financials is to help the Association develop a reserve fund to provide for anticipated repair
or replacements of various system components throughout the term of the study. Many different
variables, such as season, locale, and inflation, affect the final cost of any project. Consultation with a
competent contractor capable of performing this work will provide you with an actual estimate.
Lacking actual estimates from contractors bidding on the work, costs are developed through our own
experience and from published cost indexes such as Means Construction Cost Data. Useful life information
is obtained from published information provided by the Federal National Mortgage Association (FNMA),
other authoritative sources and our own experience. This information lists national averages for
component useful lives.
The capital items listed are those that are typically the responsibility of the association and are derived
from a list provided by the property manager. However, association by-laws vary, and therefore, which
components are the responsibility of the owner and which are the responsibility of the Association can
vary. You should confirm that the items listed should be financed by the reserve fund.
The property manager provided the following information for the Willow Springs Master Association:
Reserve Fund Balance as of January 1, 2016 $18,090
Reserve Contributions to be collected until Study Effective Date $0
Less Projected Reserve Expenditures $0
Projected Year-End Reserve Balance before the Effective Date $18,090
The property manager provided the following information for the Neo-Traditional Owners Association:
Reserve Fund Balance as of January 1, 2016 $20,348
Reserve Contributions to be collected until Study Effective Date $0
Less Projected Reserve Expenditures $0
Projected Year-End Reserve Balance before the Effective Date $20,348
The Reserve Fund Projections (financials) in the Appendix provides the following:
An input sheet that defines all the criteria used for the financial alternatives, including the assumed
inflation rate and rate of return on deposited reserve funds.
A table that lists anticipated replacement and/or repair items complete with estimated remaining life
expectancies, projected costs of replacement and/or repair, a frequency in years of when these items
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 28
require replacement and/or repair, and a projection based on this frequency.
A table and graph that represent end-of-year balances versus capital expenditures based on your
current funding program and reserve balances, and alternatives to your current program. The
provided graphs illustrate what effects the funding methods will have over the presented life of the
study versus the anticipated capital expenditures. Care should be taken in analyzing the graphs due to
varying graphic scales that occur within each graph and between graphs.
This study is based upon a Cash Flow Method using a Threshold Funding goal. The Cash Flow Method
looks at reserve requirements each year and then calculates what the cash requirements will be each
year. Our funding goal is to maintain a positive balance in the reserve fund at or above the threshold
amount with an additional goal of achieving 60 percent funding throughout the study term.
We have defined the threshold or minimum allowed reserve balance as the average annual expenditure.
In addition, as an additional measure of Association reserve funding health, we have included information
about percent of Full Funding. The funding alternatives we have provided are based on maintaining a
minimum reserve balance above a threshold value using Cash Flow Method. They are also based on
keeping the percent funding as close to the goal as possible. By doing so, there is less of a possibility of a
special assessment.
To show these methods, we have included the percent funding values on the Alternative Funding Charts
as well as a target percent funding level line. This can be informative because there may be years when
even though the minimum cash flow requirements are met, future years would have a large projected
cash outlay, which would be shown by the percent funding measurement.
As a result, we do not expect or anticipate to rigidly meet a particular percent funding target. We do
expect and anticipate, however, to meet the Reserve threshold cash flow requirements throughout the
entire 30-year term of the study and to use the percent funding target as a reserve balance positioning
tool.
Note that based upon the information provided to us, and our own estimates of costs and useful lives
of capital assets, and taking inflation and return on investment into account, the current funding rates
will not be adequate to fund the reasonable, expected capital expenditures over the 30-year life of the
study.
The association should bear in mind that unanticipated expenditures can always arise and maintenance of
a significant reserve fund balance can be viewed as an important way to avoid special assessments.
We have included three alternatives to your current funding program and recommend that the board
adopt an alternative that best reflects the objectives of the community.
All funding alternatives are based on a revised funding amount beginning January 1, 2016. They are based
on the entire Association as a single unit.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 29
We have used an inflation rate of 2.8% based on CPI over the last 30 years, and a rate of return on
investment of 2.8% based on the understanding that the Association will be able to obtain returns in line
with inflation.
We have used the projected average annual expenditure rate of $55,495 as our threshold for the Willow
Springs Master Association reserve fund account balance.
We have used the projected average annual expenditure rate of $15,246 as our threshold for the Neo-
Traditional Owners Association reserve fund account balance.
In summary, the Willow Springs Master Association funding alternatives are as follows:
2016 Funding Rate: $56,780 per year
Alternative 1: Keep the current funding rate of $56,780 per year through 2016. Beginning January 1,
2017, set the annual contribution to the reserves at $50,000 per year. In the following 14 years, beginning
in 2018 through 2031, increase the annual contribution to the reserves by $750 per year. For the
remaining years of the study term, 2032 through 2045, the annual contribution rate remains constant at
$60,500 per year.
Alternative 2: Keep the current funding rate of $56,780 per year through 2016. Beginning January 1,
2017, set the annual contribution to the reserves at $50,000 per year. In the following 14 years, beginning
in 2018 through 2031, increase the annual contribution to the reserves by 1.5% per year. For the
remaining years of the study term, 2032 through 2045, the annual contribution rate remains constant at
$61,588 per year.
Alternative 3: Keep the current funding rate of $56,780 per year through 2016. Beginning January 1,
2017, set the annual contribution to the reserves at $50,000 per year. Every following year, 2018 through
2045, increase the annual contribution to the reserves by 1.0% per year.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 30
In summary, the Neo-Traditional Owners Association funding alternatives are as follows:
2016 Funding Rate: $0
Alternative 1: Keep the current funding rate of $0 per year through 2016. Beginning January 1, 2017, set
the contribution to the reserves at $11,250 per year. Every following year, beginning in 2018 through
2045, increase the annual contribution to the reserves by $275 per year.
Alternative 2: Keep the current funding rate of $0 per year through 2016. Beginning January 1, 2017, set
the contribution to the reserves at $11,250 per year. Every following year, beginning in 2018 through
2045, increase the annual contribution to the reserves by 2.0% per year.
Alternative 3: Keep the current funding rate of $0 per year through 2016. Beginning January 1, 2017, set
the contribution to the reserves at $10,250 per year. In the following 9 years, beginning in 2018 through
2026, increase the annual contribution to the reserves by 5.0% per year. For the remaining years of the
study term, 2027 through 2045, the annual contribution rate remains constant at $15,901 per year.
These funding alternatives are projected to maintain a positive balances at or near the threshold while
targeting a 60% funding goal.
The Reserve Fund Projections in the Appendix lists estimated capital reserves from 2016 through 2045.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 31
LIMITATIONS
The observations described in this study are valid on the date of the investigation and have been made
under the conditions noted in the report. We prepared this study for the exclusive use of . Onsite
Engineering does not intend any other individual or party to rely upon this study without our express
written consent. If another individual or party relies on this study, they shall indemnify and hold Onsite
Engineering harmless for any damages, losses, or expenses they may incur as a result of its use.
Information provided by the representatives of the association regarding financial, physical, quantity or
historical issues will be deemed reliable by Onsite Engineering. The reserve study will be a reflection of
the information provided to us and assembled for the association's use. An independent audit or
verification of the information provided to us is beyond the scope of this study. The purpose of this study
is not to perform an audit, quality/forensic analyses or to perform background checks of historical
records. This study relies on data provided to us by the client, the client’s representative, contractors
and/or management company. It also assumes that the property will be properly maintained in order to
obtain industry acceptable property component estimated useful lives.
All measurements or quantities are approximate. Any quantities are based upon field measurements
when plans of the buildings or site are not provided to us. Unless specifically described above, no
construction documents were reviewed, and no comments are made regarding conformance or non-
conformance to plans and specifications. No guarantee or warranty as to future life, performance, or
need for repair of any item inspected is intended or implied.
Please keep in mind that our review of this property focuses on the structural, mechanical and functional
conditions of the common areas. While some mention within this report may be made regarding life
safety issues, this report is not to be considered a life safety/code compliance review of this property.
Further, issues regarding handicap accessibility and other related issues adopted under the Americans
with Disabilities Act (ADA) or the Fair Housing Amendments Act are not included in this report, since this
was beyond the intended scope of services. Some comments about ADA or Fair Housing Act compliance
may be mentioned in the "General" section of this report.
This study is limited to the visual observations made during our inspection. We did not remove surface
materials, conduct any destructive or invasive testing, move furnishings or equipment, or undertake any
digging or excavation. Accordingly, we cannot comment on the condition of systems that we could not
see, such as buried structures and utilities, nor are we responsible for conditions that could not be seen or
were not within the scope of our services at the time of the investigation. We did not undertake to
completely assess the stability of the buildings or the underlying foundation soil since this effort would
require excavation and destructive testing. Likewise, this is not a seismic assessment.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 32
We did not investigate the following areas:
Buried utilities or infrastructure
Concealed structural members or systems
Attic areas
We do not render an opinion on uninvestigated portions of the community.
We did not perform any computations or other engineering analysis as part of this evaluation, nor did we
conduct a comprehensive code compliance investigation. This study is not to be considered a warranty of
condition, and no warranty is implied. The appendices are an integral part of this report and must be
included in any review.
In our Reserve Fund Analysis, we have provided estimated costs. These costs are based on our general
knowledge of building systems and the contracting and construction industry. When appropriate, we have
relied on standard sources, such as Means Building Construction Cost Data, Craftsman Construction Books
etc. to develop estimates. Any costs or other comments contained herein do not necessarily infer that
subcontracts, quotes or opinions of other professionals were solicited or obtained. However, for items
that we have developed costs (e.g.: structural repairs), no standard guide for developing such costs exists.
Actual costs can vary significantly, based on the availability of qualified contractors to do the work, as well
as many other variables. We cannot be responsible for the specific cost estimates provided.
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 33
CONCLUSION
In summary, we consider this property to be in generally good condition when compared to others of
similar age and construction type. We recommend that this report be reviewed and updated periodically.
The property conditions should also be evaluated periodically as part of that review. This updating is to
identify additional concerns which may have developed and, if planned for early enough, may be
coordinated into current funding budgets with the least impact on the individual homeowners. An
estimate for the update of the Reserve Study has been included in the financial projections.
This report has been prepared in strict confidence with you as our client. No reproduction or reuse will be
undertaken with any third party without your express written or oral consent.
If you have any questions about this study or the reserve fund analysis, please feel free to contact us.
Thank-you for the opportunity to be of assistance to you.
Respectfully submitted,
Andrew Hart, EIT, RS
Engineering Technician
Reviewed By:
Mark J. Smith, P.E., RS
Certified Building Inspection Engineer
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 34
RESERVE FUND PROJECTIONS
MASTER ASSOCIATION RESERVES
FINANCIALS
Components List and CostsAge: 13 Partial Year Start: 1/1/2016
No. Homes: 344 Fiscal Year Start: 1/1/2016
Report Date: 1/22/2016
1 SITE
2 Detention Pond Swales & Riprap - Allowance 1 LS 2,500.00$ 2,500.00$ 5 3
3 Pond Aerators - Allowance 1 LS 12,500.00$ 12,500.00$ 5 2
4 Pond Wells (Phase 1) - Replace 1 EA 2,500.00$ 2,500.00$ 10 8
5 Pond Wells (Phase 2) - Replace 2 EA 2,500.00$ 5,000.00$ 10 2
5 Pond Dock - Replace 1 LS 5,400.00$ 5,400.00$ 20 9
6 Pond - Dredging Project 1 LS -$ 50 37
7 Asphalt Walking Path - Patch & Crack Seal 1 LS 3,000.00$ 3,000.00$ 5 2
8 Asphalt Walking Path - Overlay 1,738 SY 12.50$ 21,725.00$ 20 12
9 Entrance Monuments - Allowance 1 LS 13,650.00$ 13,650.00$ 5 0
10 Landscape Lighting - Upgrade 1 LS 10,000.00$ 10,000.00$ 20 8
11 Tree Pest Treatment (Phase 1) - Allowance 1 LS 10,000.00$ 10,000.00$ 1000000 0
12 Tree Pest Treatment (Phase 2) - Allowance 1 LS 10,000.00$ 10,000.00$ 1000000 1
13 Tree Trimming, Removal & Pest Treatment - Allowance 1 LS 10,000.00$ 10,000.00$ 1 0
14 Irrigation System - Allowance 1 LS 10,000.00$ 10,000.00$ 5 4
15 Irrigation System Controllers - Replace 5 EA 500.00$ 2,500.00$ 10 1
16 Pond 1 Irrigation Pump System - Replace 1 EA 14,000.00$ 14,000.00$ 10 1 Pump, Filter & Strainer
17 Pond 2 Irrigation Pump System - Replace 1 EA 10,000.00$ 10,000.00$ 10 2 Pump
18 Pond 3 Irrigation Pump System - Replace 1 EA 2,000.00$ 2,000.00$ 10 8 Pump
19 MECHANICAL
20 Electrical - Repair Allowance 1 LS 3,000.00$ 3,000.00$ 5 4
21 POOL HOUSE
22 Pool House Parking - Patch & Crack Repair 1 LS 1,110.00$ 1,110.00$ 5 0
23 Pool House Parking - Seal Coat 925 SY 1.25$ 1,156.25$ 5 0
24 Pool House Parking - Overlay 925 SY 12.50$ 11,562.50$ 20 10
25 Pool House Roof Covering - Replace 1 LS 16,760.00$ 16,760.00$ 22 21 HOA Board Treasurer
26 Pool House Gutters & Downspouts - Replace 1 LS 2,645.00$ 2,645.00$ 30 18
27 Pool House Exterior - Paint 1 LS 3,010.00$ 3,010.00$ 10 2
28 Pool House Cement Fiberboard Siding - Replace 1 LS -$ 60 48
29 Pool House Vinyl Ceiling - Replace With Wood 1 LS 12,000.00$ 12,000.00$ 30 1
30 Pool House Ceiling - Paint 1 LS 2,500.00$ 2,500.00$ 15 16
31 Pool House Exterior Doors - Replace 6 EA 600.00$ 3,600.00$ 30 18
32 Pool House Drinking Fountains - Replace 2 EA 750.00$ 1,500.00$ 15 4
33 Pool House Bathrooms - Repair 2 EA 1,290.00$ 2,580.00$ 5 0
34 Pool House Bathroom Lockers - Replace 20 EA 150.00$ 3,000.00$ 30 18
35 Pool House Backflow Preventer - Replace 1 EA 1,000.00$ 1,000.00$ 15 4 1.25"
36 Pool House Security Access Gates Controller - Replace 1 EA 2,500.00$ 2,500.00$ 15 3
37 Pool House Security Access Gates - Replace 2 EA 750.00$ 1,500.00$ 25 13
38 Pool House Security Cameras - Install/Replace 1 LS 5,000.00$ 5,000.00$ 10 1
39 SWIMMING POOL
Comment / ReferenceComponent Qty U/M Unit Cost Reserve
Requirement
Estimated
Useful Life
(EUL)
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
# Remaining
Useful Life
(RUL)
Components List and Costs Page 1 ©2014 Onsite Engineering
FINANCIALS
Components List and CostsComment / ReferenceComponent Qty U/M Unit Cost Reserve
Requirement
Estimated
Useful Life
(EUL)
# Remaining
Useful Life
(RUL)
40 Swimming Pool Deck - Repair Allowance 1 LS 1,515.00$ 1,515.00$ 5 3
41 Swimming Pool Perimeter Fence - Replace 275 LF -$ 50 38
42 Swimming Pool - Replaster 1 LS 22,090.00$ 22,090.00$ 10 9 HOA Board Treasurer
43 Swimming Pool Tile Border - Replace 1 LS 7,055.00$ 7,055.00$ 20 9
44 Swimming Pool Coping - Replace 1 LS 8,635.00$ 8,635.00$ 20 9
45 Swimming Pool Pump - Replace 1 EA 3,400.00$ 3,400.00$ 10 0 5-HP
46 Swimming Pool Salt Cells - Replace 3 EA 1,000.00$ 3,000.00$ 3 1
47 Swimming Pool Filters - Replace 3 EA 1,000.00$ 3,000.00$ 30 21
48 Swimming Pool Filters Sand Media - Replace 3 EA 900.00$ 2,700.00$ 5 1
49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace 1 LS 5,000.00$ 5,000.00$ 5 0 One-Third of the Furniture
50 Swimming Pool Picnic & End Tables - Replace 1 LS 5,000.00$ 5,000.00$ 20 10
51 PLAYGROUND
52 Playground Play Set - Replace 1 LS 5,000.00$ 5,000.00$ 25 13
53 Playground Swing Set - Replace 1 LS 1,500.00$ 1,500.00$ 25 13
54 Playground Plastic Border - Replace 1 LS 3,500.00$ 3,500.00$ 25 13
55 Playground Rubber Mulch - Replace 1 LS 5,000.00$ 5,000.00$ 15 3
56 OTHER
57 Reserve Study Update 1 EA 2,165.00$ 2,165.00$ 3 2
Abbreviations: EA - Each, LF- Linear Feet, LS - Lump Sum, SF - Square Feet, SQ - Square, SY - Square Yard, U/M - Unit of Measure
Components List and Costs Page 2 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component 1 2 3 4 5 6 7 8 9 10
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1 SITE
2 Detention Pond Swales & Riprap - Allowance 2,716$ 3,118$
3 Pond Aerators - Allowance 13,210$ 15,166$
4 Pond Wells (Phase 1) - Replace 3,118$
5 Pond Dock - Replace 6,924$
6 Pond - Dredging Project
7 Asphalt Walking Path - Patch & Crack Seal 3,170$ 3,640$
8 Asphalt Walking Path - Overlay
9 Entrance Monuments - Allowance 13,650$ 15,671$
10 Landscape Lighting - Upgrade 12,472$
11 Tree Pest Treatment (Phase 1) - Allowance 10,000$
12 Tree Pest Treatment (Phase 2) - Allowance 10,280$
13 Tree Trimming, Removal & Pest Treatment - Allowance 10,000$ 10,280$ 10,568$ 10,864$ 11,168$ 11,481$ 11,802$ 12,133$ 12,472$ 12,821$
14 Irrigation System - Allowance 11,168$ 12,821$
15 Irrigation System Controllers - Replace 2,570$
16 Pond 1 Irrigation Pump System - Replace 14,392$
17 Pond 2 Irrigation Pump System - Replace 10,568$
18 Pond 3 Irrigation Pump System - Replace 2,494$
19 MECHANICAL
20 Electrical - Repair Allowance 3,350$ 3,846$
21 POOL HOUSE
22 Pool House Parking - Patch & Crack Repair 1,110$ 1,274$
23 Pool House Parking - Seal Coat 1,156$ 1,327$
24 Pool House Parking - Overlay
25 Pool House Roof Covering - Replace
26 Pool House Gutters & Downspouts - Replace
27 Pool House Exterior - Paint 3,181$
28 Pool House Cement Fiberboard Siding - Replace
29 Pool House Vinyl Ceiling - Replace With Wood 12,336$
30 Pool House Ceiling - Paint
31 Pool House Exterior Doors - Replace
32 Pool House Drinking Fountains - Replace 1,675$
33 Pool House Bathrooms - Repair 2,580$ 2,962$
34 Pool House Bathroom Lockers - Replace
35 Pool House Backflow Preventer - Replace 1,117$
36 Pool House Security Access Gates Controller - Replace 2,716$
37 Pool House Security Access Gates - Replace
38 Pool House Security Cameras - Install/Replace 5,140$
39 SWIMMING POOL
40 Swimming Pool Deck - Repair Allowance 1,646$ 1,890$
41 Swimming Pool Perimeter Fence - Replace
42 Swimming Pool - Replaster 28,323$
43 Swimming Pool Tile Border - Replace 9,046$
44 Swimming Pool Coping - Replace 11,071$
45 Swimming Pool Pump - Replace 3,400$
46 Swimming Pool Salt Cells - Replace 3,084$ 3,350$ 3,640$
47 Swimming Pool Filters - Replace
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
Projected Reserve Expenses by Year, Page 3 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component 1 2 3 4 5 6 7 8 9 10
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
48 Swimming Pool Filters Sand Media - Replace 2,776$ 3,187$
49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace 5,000$ 5,740$
50 Swimming Pool Picnic & End Tables - Replace
51 PLAYGROUND
52 Playground Play Set - Replace
53 Playground Swing Set - Replace
54 Playground Plastic Border - Replace
55 Playground Rubber Mulch - Replace 5,432$
56 OTHER
57 Reserve Study Update 2,288$ 2,486$ 2,700$
Inflated Total For Each Year 46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$
Projected Reserve Expenses by Year, Page 4 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 SITE
2 Detention Pond Swales & Riprap - Allowance
3 Pond Aerators - Allowance
4 Pond Wells (Phase 1) - Replace
5 Pond Dock - Replace
6 Pond - Dredging Project
7 Asphalt Walking Path - Patch & Crack Seal
8 Asphalt Walking Path - Overlay
9 Entrance Monuments - Allowance
10 Landscape Lighting - Upgrade
11 Tree Pest Treatment (Phase 1) - Allowance
12 Tree Pest Treatment (Phase 2) - Allowance
13 Tree Trimming, Removal & Pest Treatment - Allowance
14 Irrigation System - Allowance
15 Irrigation System Controllers - Replace
16 Pond 1 Irrigation Pump System - Replace
17 Pond 2 Irrigation Pump System - Replace
18 Pond 3 Irrigation Pump System - Replace
19 MECHANICAL
20 Electrical - Repair Allowance
21 POOL HOUSE
22 Pool House Parking - Patch & Crack Repair
23 Pool House Parking - Seal Coat
24 Pool House Parking - Overlay
25 Pool House Roof Covering - Replace
26 Pool House Gutters & Downspouts - Replace
27 Pool House Exterior - Paint
28 Pool House Cement Fiberboard Siding - Replace
29 Pool House Vinyl Ceiling - Replace With Wood
30 Pool House Ceiling - Paint
31 Pool House Exterior Doors - Replace
32 Pool House Drinking Fountains - Replace
33 Pool House Bathrooms - Repair
34 Pool House Bathroom Lockers - Replace
35 Pool House Backflow Preventer - Replace
36 Pool House Security Access Gates Controller - Replace
37 Pool House Security Access Gates - Replace
38 Pool House Security Cameras - Install/Replace
39 SWIMMING POOL
40 Swimming Pool Deck - Repair Allowance
41 Swimming Pool Perimeter Fence - Replace
42 Swimming Pool - Replaster
43 Swimming Pool Tile Border - Replace
44 Swimming Pool Coping - Replace
45 Swimming Pool Pump - Replace
46 Swimming Pool Salt Cells - Replace
47 Swimming Pool Filters - Replace
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
11 12 13 14 15 16 17 18 19 20
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
3,580$ 4,110$
17,411$ 19,989$
4,110$
4,179$ 4,797$
30,261$
17,991$ 20,655$
13,180$ 13,550$ 13,929$ 14,319$ 14,720$ 15,132$ 15,556$ 15,991$ 16,439$ 16,899$
14,720$ 16,899$
3,387$
18,969$
13,929$
3,288$
4,416$ 5,070$
1,463$ 1,680$
1,524$ 1,750$
15,240$
4,348$
4,193$
3,889$
5,918$
2,535$
3,401$ 3,904$
4,932$
1,690$
4,110$
2,148$
6,775$
2,169$ 2,491$
37,331$
4,481$
3,954$ 4,296$ 4,667$ 5,070$
Projected Reserve Expenses by Year, Page 5 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 SITE
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
48 Swimming Pool Filters Sand Media - Replace
49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace
50 Swimming Pool Picnic & End Tables - Replace
51 PLAYGROUND
52 Playground Play Set - Replace
53 Playground Swing Set - Replace
54 Playground Plastic Border - Replace
55 Playground Rubber Mulch - Replace
56 OTHER
57 Reserve Study Update
Inflated Total For Each Year
11 12 13 14 15 16 17 18 19 20
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
3,658$ 4,200$
6,590$ 7,566$
6,590$
7,159$
2,148$
5,012$
8,220$
2,933$ 3,187$ 3,462$
74,415$ 49,273$ 83,901$ 40,830$ 37,043$ 50,687$ 28,311$ 44,240$ 57,964$ 85,494$
Projected Reserve Expenses by Year, Page 6 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 SITE
2 Detention Pond Swales & Riprap - Allowance
3 Pond Aerators - Allowance
4 Pond Wells (Phase 1) - Replace
5 Pond Dock - Replace
6 Pond - Dredging Project
7 Asphalt Walking Path - Patch & Crack Seal
8 Asphalt Walking Path - Overlay
9 Entrance Monuments - Allowance
10 Landscape Lighting - Upgrade
11 Tree Pest Treatment (Phase 1) - Allowance
12 Tree Pest Treatment (Phase 2) - Allowance
13 Tree Trimming, Removal & Pest Treatment - Allowance
14 Irrigation System - Allowance
15 Irrigation System Controllers - Replace
16 Pond 1 Irrigation Pump System - Replace
17 Pond 2 Irrigation Pump System - Replace
18 Pond 3 Irrigation Pump System - Replace
19 MECHANICAL
20 Electrical - Repair Allowance
21 POOL HOUSE
22 Pool House Parking - Patch & Crack Repair
23 Pool House Parking - Seal Coat
24 Pool House Parking - Overlay
25 Pool House Roof Covering - Replace
26 Pool House Gutters & Downspouts - Replace
27 Pool House Exterior - Paint
28 Pool House Cement Fiberboard Siding - Replace
29 Pool House Vinyl Ceiling - Replace With Wood
30 Pool House Ceiling - Paint
31 Pool House Exterior Doors - Replace
32 Pool House Drinking Fountains - Replace
33 Pool House Bathrooms - Repair
34 Pool House Bathroom Lockers - Replace
35 Pool House Backflow Preventer - Replace
36 Pool House Security Access Gates Controller - Replace
37 Pool House Security Access Gates - Replace
38 Pool House Security Cameras - Install/Replace
39 SWIMMING POOL
40 Swimming Pool Deck - Repair Allowance
41 Swimming Pool Perimeter Fence - Replace
42 Swimming Pool - Replaster
43 Swimming Pool Tile Border - Replace
44 Swimming Pool Coping - Replace
45 Swimming Pool Pump - Replace
46 Swimming Pool Salt Cells - Replace
47 Swimming Pool Filters - Replace
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
21 22 23 24 25 26 27 28 29 30
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
4,718$ 5,417$
22,949$ 26,347$
5,417$
12,028$
5,508$ 6,323$
23,713$ 27,225$
21,667$
17,372$ 17,859$ 18,359$ 18,873$ 19,401$ 19,945$ 20,503$ 21,077$ 21,667$ 22,274$
19,401$ 22,274$
4,465$
25,003$
18,359$
4,333$
5,820$ 6,682$
1,928$ 2,214$
2,009$ 2,306$
29,932$
5,526$
4,482$ 5,146$
8,929$
2,859$ 3,283$
49,204$
15,714$
19,234$
5,907$
5,508$ 5,983$ 6,500$
5,358$
Projected Reserve Expenses by Year, Page 7 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 SITE
Willow Springs Master Association645 Springdale Drive
Franklin, TN 37064
48 Swimming Pool Filters Sand Media - Replace
49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace
50 Swimming Pool Picnic & End Tables - Replace
51 PLAYGROUND
52 Playground Play Set - Replace
53 Playground Swing Set - Replace
54 Playground Plastic Border - Replace
55 Playground Rubber Mulch - Replace
56 OTHER
57 Reserve Study Update
Inflated Total For Each Year
21 22 23 24 25 26 27 28 29 30
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
4,822$ 5,536$
8,686$ 9,972$
3,761$ 4,086$ 4,439$ 4,822$
67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$
Projected Reserve Expenses by Year, Page 8 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
(28,806)$ (89,664)$ (132,649)$ (156,022)$ (187,850)$ (228,792)$ (243,780)$ (278,358)$ (316,623)$ (401,476)$ (475,891)$ (525,164)$ (609,065)$ (649,895)$ (686,938)$
56,780$ Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies
46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$
-17% -60% -89% -92% -103% -121% -109% -116% -125% -180% -234% -251% -334% -326% -309%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
(737,624)$ (765,936)$ (810,175)$ (868,139)$ (953,633)$ (1,021,492)$ (1,117,859)$ (1,194,067)$ (1,224,604)$ (1,269,227)$ (1,342,018)$ (1,372,496)$ (1,426,243)$ (1,494,528)$ (1,646,760)$
Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies
50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$
-326% -309% -316% -285% -279% -288% -333% -352% -418% -448% -392% -365% -375% -332% -318%
Projected Beginning Reserve Fund Balance: 18,090$ Inflation: 2.80% Threshold: 55,495$
Present Total Annual Deposit to Reserves: Varies Return on Investment: 2.80% Funding Percent Target: 60%
RESERVE FUND ANALYSIS - EXISTING FUNDING RATE
Annual Deposits
Special Assessments
Actual Percent Funding
Ending Year Balance
Ending Year Balance
Special Assessments
Annual Deposits
Actual Percent Funding
Inflated Annual Expenditures
Inflated Annual Expenditures
$(2,000,000)
$(1,500,000)
$(1,000,000)
$(500,000)
$-
$500,000
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
20
41
20
42
20
43
20
44
20
45
Do
lla
rs
Funding Years
RESERVE FUND ANALYSIS - EXISTING FUNDING RATE
Ending Year Balance $s at 60% Funding Target Threshold:
Financials Page 9 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
28,757$ 18,401$ 26,899$ 56,566$ 79,143$ 93,755$ 136,227$ 160,522$ 182,477$ 157,926$ 144,188$ 156,683$ 134,701$ 157,151$ 184,894$
56,780$ 50,000$ 50,750$ 51,500$ 52,250$ 53,000$ 53,750$ 54,500$ 55,250$ 56,000$ 56,750$ 57,500$ 58,250$ 59,000$ 59,750$
46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$
17% 12% 18% 33% 43% 50% 61% 67% 72% 71% 71% 75% 74% 79% 83%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
200,159$ 238,854$ 262,257$ 272,207$ 254,135$ 253,686$ 223,918$ 214,040$ 250,836$ 274,180$ 269,222$ 307,623$ 323,179$ 324,225$ 239,002$
60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$
50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$
86% 89% 90% 90% 89% 87% 84% 80% 80% 79% 75% 74% 72% 69% 58%
Increase Period (Years) : 1
Projected Beginning Reserve Fund Balance: 18,090$ Number of Increases : 15 Threshold: 55,495$
First Year Contribution : 56,780$ Return on Investment: 2.80% Periodic Increase : $750 Funding Percent Target: 60%
Actual Percent Funding
Annual Deposits
Special Assessments
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $750 Every Year Through 2031
Ending Year Balance
Actual Percent Funding
Ending Year Balance
Inflated Annual Expenditures
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $750 Every Year Through 2031 Ending Year Balance $s at 60% Funding Target Threshold
Financials Page 10 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
28,757$ 18,401$ 26,899$ 56,577$ 79,190$ 93,873$ 136,466$ 160,944$ 183,160$ 158,962$ 145,684$ 158,763$ 137,505$ 160,836$ 189,636$
56,780$ 50,000$ 50,750$ 51,511$ 52,284$ 53,068$ 53,864$ 54,672$ 55,492$ 56,325$ 57,169$ 58,027$ 58,897$ 59,781$ 60,678$
46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$
17% 12% 18% 33% 43% 50% 61% 67% 72% 71% 72% 76% 75% 81% 85%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
206,152$ 246,133$ 270,858$ 282,167$ 265,493$ 266,480$ 238,188$ 229,828$ 268,184$ 293,132$ 289,823$ 329,919$ 347,217$ 350,055$ 266,674$
61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$
50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$
88% 92% 93% 94% 93% 92% 89% 86% 86% 84% 81% 80% 77% 74% 64%
Increase Period (Years) : 1
Projected Beginning Reserve Fund Balance: 18,090$ Number of Increases : 15 Threshold: 55,495$
First Year Contribution : 56,780$ Return on Investment: 2.80% Periodic Increase : 1.5% Funding Percent Target: 60%
Percent Funding
Percent Funding
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 1.5% Every Year Through 2031
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 1.5% Every Year Through 2031
Ending Year Balance $s at 60% Funding Target Threshold
Financials Page 11 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
28,757$ 18,401$ 26,642$ 55,793$ 77,593$ 91,165$ 132,331$ 155,052$ 175,165$ 148,500$ 132,375$ 142,206$ 117,283$ 136,513$ 160,753$
56,780$ 50,000$ 50,500$ 51,005$ 51,515$ 52,030$ 52,551$ 53,076$ 53,607$ 54,143$ 54,684$ 55,231$ 55,783$ 56,341$ 56,905$
46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$
17% 12% 18% 33% 42% 48% 59% 65% 69% 67% 65% 68% 64% 68% 72%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
172,231$ 207,624$ 228,229$ 235,906$ 216,106$ 214,494$ 184,153$ 174,312$ 211,780$ 236,455$ 233,511$ 274,635$ 293,649$ 298,916$ 218,705$
57,474$ 58,048$ 58,629$ 59,215$ 59,807$ 60,405$ 61,010$ 61,620$ 62,236$ 62,858$ 63,487$ 64,122$ 64,763$ 65,410$ 66,065$
50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$
74% 77% 79% 78% 76% 74% 69% 65% 68% 68% 65% 66% 65% 63% 53%
Increase Period (Years) : 1
Projected Effective Date Reserve Fund Balance 18,090$ Number of Increases : 29 Threshold 55,495$
First Year Contribution : 56,780$ Return on Investment 2.80% Periodic Increase : 1.0% Funding Percent Target 60%
Actual Percent Funding
Actual Percent Funding
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 1% Every Year Through 2045
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 1% Every Year Through 2045Year End Balance $s at 60% Funding Target Threshold
Financials Page 12 ©2014 Onsite Engineering
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 35
NEO-TRADITIONAL OWNERS ASSOCIATION RESERVES
FINANCIALS
Components List and CostsAge: 13 Partial Year Start: 1/1/2016
No. Homes: 142 Fiscal Year Start: 1/1/2016
Report Date: 1/22/2016
1 IRRIGATION
2 Irrigation System - Allowance 1 LS 10,000.00$ 10,000.00$ 5 3
3 Irrigation Controllers - Allowance 1 LS 2,275.00$ 2,275.00$ 1 0 Replace 7 per year (5%)
4 Irrigation Backflow Preventers - Allowance 1 LS 5,600.00$ 5,600.00$ 1 0 Replace 14 per year (10%)
Abbreviations: EA - Each, LF- Linear Feet, LS - Lump Sum, SF - Square Feet, SQ - Square, SY - Square Yard, U/M - Unit of Measure
Comment / ReferenceComponent Qty U/M Unit Cost Reserve
Requirement
Estimated
Useful Life
(EUL)
Neo-Traditional Owners AssociationWillow Springs Boulevard
Franklin, TN 37064
# Remaining
Useful Life
(RUL)
Components List and Costs Page 1 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component 1 2 3 4 5 6 7 8 9 10
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
1 IRRIGATION
2 Irrigation System - Allowance 10,864$ 12,472$
3 Irrigation Controllers - Allowance 2,275$ 2,339$ 2,404$ 2,472$ 2,541$ 2,612$ 2,685$ 2,760$ 2,837$ 2,917$
4 Irrigation Backflow Preventers - Allowance 5,600$ 5,757$ 5,918$ 6,084$ 6,254$ 6,429$ 6,609$ 6,794$ 6,984$ 7,180$
Inflated Total For Each Year 7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$
Neo-Traditional Owners AssociationWillow Springs Boulevard
Franklin, TN 37064
Projected Reserve Expenses by Year, Page 2 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 IRRIGATION
2 Irrigation System - Allowance
3 Irrigation Controllers - Allowance
4 Irrigation Backflow Preventers - Allowance
Inflated Total For Each Year
Neo-Traditional Owners AssociationWillow Springs Boulevard
Franklin, TN 37064
11 12 13 14 15 16 17 18 19 20
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
14,319$ 16,439$
2,999$ 3,083$ 3,169$ 3,258$ 3,349$ 3,443$ 3,539$ 3,638$ 3,740$ 3,845$
7,381$ 7,588$ 7,800$ 8,019$ 8,243$ 8,474$ 8,711$ 8,955$ 9,206$ 9,464$
10,380$ 10,670$ 10,969$ 25,595$ 11,592$ 11,916$ 12,250$ 12,593$ 29,385$ 13,308$
Projected Reserve Expenses by Year, Page 3 ©2014 Onsite Engineering
Projected Reserve Expenses by Year
# Reserve Component
1 IRRIGATION
2 Irrigation System - Allowance
3 Irrigation Controllers - Allowance
4 Irrigation Backflow Preventers - Allowance
Inflated Total For Each Year
Neo-Traditional Owners AssociationWillow Springs Boulevard
Franklin, TN 37064
21 22 23 24 25 26 27 28 29 30
2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
18,873$ 21,667$
3,952$ 4,063$ 4,177$ 4,294$ 4,414$ 4,537$ 4,664$ 4,795$ 4,929$ 5,067$
9,729$ 10,001$ 10,281$ 10,569$ 10,865$ 11,169$ 11,482$ 11,803$ 12,134$ 12,474$
13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$
Projected Reserve Expenses by Year, Page 4 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
12,822$ 4,859$ (3,463)$ (22,882)$ (31,677)$ (40,718)$ (50,012)$ (59,566)$ (81,860)$ (91,957)$ (102,337)$ (113,007)$ (123,976)$ (149,571)$ (161,163)$
Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies
7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$
92% 30% -18% -213% -239% -256% -267% -275% -665% -604% -560% -525% -498% -1058% -922%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
(173,080)$ (185,330)$ (197,923)$ (227,308)$ (240,616)$ (254,297)$ (268,361)$ (282,818)$ (316,554)$ (331,833)$ (347,539)$ (363,685)$ (380,284)$ (419,014)$ (436,555)$
Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies
11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$
-1058% -922% -824% -750% -692% -1400% -1199% -1055% -947% -862% -1699% -1440% -1256% -1117% -1009%
Projected Beginning Reserve Fund Balance: 20,348$ Inflation: 2.80% Threshold: 15,246$
Present Total Annual Deposit to Reserves: Varies Return on Investment: 2.80% Funding Percent Target: 60%
RESERVE FUND ANALYSIS - EXISTING FUNDING RATE
Annual Deposits
Special Assessments
Actual Percent Funding
Ending Year Balance
Ending Year Balance
Special Assessments
Annual Deposits
Actual Percent Funding
Inflated Annual Expenditures
Inflated Annual Expenditures
$(500,000)
$(400,000)
$(300,000)
$(200,000)
$(100,000)
$-
$100,000
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
20
41
20
42
20
43
20
44
20
45
Do
lla
rs
Funding Years
RESERVE FUND ANALYSIS - EXISTING FUNDING RATE
Ending Year Balance $s at 60% Funding Target Threshold:
Financials Page 5 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
12,822$ 16,424$ 20,176$ 12,909$ 16,643$ 20,510$ 24,509$ 28,634$ 20,062$ 24,070$ 28,183$ 32,395$ 36,701$ 26,374$ 30,436$
-$ 11,250$ 11,525$ 11,800$ 12,075$ 12,350$ 12,625$ 12,900$ 13,175$ 13,450$ 13,725$ 14,000$ 14,275$ 14,550$ 14,825$
7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$
92% 101% 107% 120% 125% 129% 131% 132% 163% 158% 154% 151% 147% 187% 174%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
34,561$ 38,741$ 42,969$ 30,335$ 34,157$ 37,986$ 41,811$ 45,621$ 30,003$ 33,203$ 36,337$ 39,388$ 42,343$ 22,912$ 25,002$
15,100$ 15,375$ 15,650$ 15,925$ 16,200$ 16,475$ 16,750$ 17,025$ 17,300$ 17,575$ 17,850$ 18,125$ 18,400$ 18,675$ 18,950$
11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$
165% 157% 150% 187% 170% 158% 147% 139% 161% 144% 131% 121% 112% 107% 95%
Increase Period (Years) : 1
Projected Beginning Reserve Fund Balance: 20,348$ Number of Increases : 29 Threshold: 15,246$
First Year Contribution : -$ Return on Investment: 2.80% Periodic Increase : $275 Funding Percent Target: 60%
Actual Percent Funding
Annual Deposits
Special Assessments
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $275 Every Year Through 2045
Ending Year Balance
Actual Percent Funding
Ending Year Balance
Inflated Annual Expenditures
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $275 Every Year Through 2045 Ending Year Balance $s at 60% Funding Target Threshold
Financials Page 6 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
12,822$ 16,424$ 20,125$ 12,758$ 16,347$ 20,029$ 23,804$ 27,673$ 18,814$ 22,511$ 26,293$ 30,158$ 34,105$ 23,416$ 27,116$
-$ 11,250$ 11,475$ 11,705$ 11,939$ 12,177$ 12,421$ 12,669$ 12,923$ 13,181$ 13,445$ 13,714$ 13,988$ 14,268$ 14,553$
7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$
92% 101% 107% 119% 123% 126% 127% 128% 153% 148% 144% 140% 137% 166% 155%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
30,884$ 34,721$ 38,624$ 25,692$ 29,248$ 32,851$ 36,498$ 40,186$ 24,510$ 27,727$ 30,959$ 34,201$ 37,448$ 18,422$ 21,041$
14,844$ 15,141$ 15,444$ 15,753$ 16,068$ 16,389$ 16,717$ 17,051$ 17,392$ 17,740$ 18,095$ 18,457$ 18,826$ 19,202$ 19,587$
11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$
147% 141% 135% 158% 146% 136% 129% 122% 132% 120% 112% 105% 99% 86% 80%
Increase Period (Years) : 1
Projected Beginning Reserve Fund Balance: 20,348$ Number of Increases : 29 Threshold: 15,246$
First Year Contribution : -$ Return on Investment: 2.80% Periodic Increase : 2.0% Funding Percent Target: 60%
Percent Funding
Percent Funding
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 2% Every Year Through 2045
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 2% Every Year Through 2045
Ending Year Balance $s at 60% Funding Target Threshold
Financials Page 7 ©2014 Onsite Engineering
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
12,822$ 15,396$ 18,336$ 10,504$ 13,955$ 17,859$ 22,253$ 27,175$ 19,844$ 25,588$ 31,980$ 38,253$ 44,394$ 35,672$ 41,101$
-$ 10,250$ 10,763$ 11,301$ 11,866$ 12,459$ 13,082$ 13,736$ 14,423$ 15,144$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$
7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$
92% 94% 97% 98% 105% 112% 119% 125% 161% 168% 175% 178% 178% 252% 235%
16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045
46,348$ 51,399$ 56,238$ 43,952$ 47,848$ 51,470$ 54,800$ 57,818$ 41,103$ 42,894$ 44,295$ 45,284$ 45,835$ 23,650$ 22,626$
15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$
11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$
221% 208% 197% 271% 238% 214% 193% 176% 221% 186% 160% 139% 122% 111% 86%
Increase Period (Years) : 1
Projected Effective Date Reserve Fund Balance 20,348$ Number of Increases : 10 Threshold 15,246$
First Year Contribution : -$ Return on Investment 2.80% Periodic Increase : 5.0% Funding Percent Target 60%
Actual Percent Funding
Actual Percent Funding
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 5% Every Year Through 2026
Ending Year Balance
Annual Deposits
Special Assessments
Inflated Annual Expenditures
$-
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
201
6
201
7
201
8
201
9
202
0
202
1
202
2
202
3
202
4
202
5
202
6
202
7
202
8
202
9
203
0
203
1
203
2
203
3
203
4
203
5
203
6
203
7
203
8
203
9
204
0
204
1
204
2
204
3
204
4
204
5
Do
llars
Funding Years
RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 5% Every Year Through 2026Year End Balance $s at 60% Funding Target Threshold
Financials Page 8 ©2014 Onsite Engineering
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 36
PROJECT PHOTOGRAPHS
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 37
No. Image
1
Typical main entrance
monument
2
Typical sub-association
entrance monument
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 38
3
Stone veneer railing
over culvert bridge
4
Typical landscape lighting
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 39
5
Typical electric meter
panel and irrigation
controller
6
Aerator controller and
irrigation pump near
Retention Pond 3
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 40
7
Typical rip-rap-lined
drainage swale
8
Typical retention pond
and aerator
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 41
9
Retention Pond 2 dock
10
Asphalt-paved walking
path
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 42
11
Zinnia Park
12
Verandah Park
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 43
13
Playground
14
Pool House parking area
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 44
15
Front view of Pool House
16
Rear view of Pool House
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 45
17
Pool House security
gates
18
Typical Pool House
bathroom
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 46
19
Typical Pool House
lockers
20
Swimming pool
mechanical equipment
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 47
21
Typical drinking fountain
22
Swimming pool
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 48
23
Typical swimming pool
furniture
24
Typical swimming pool
furniture
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 49
PROFESSIONAL QUALIFICATIONS
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 50
ANDREW HART, EIT
ONSITE ENGINEERING
PROFESSIONAL ENGINEER REGISTRATIONS:
EIT Tennessee
EXPERIENCE
Engineering Technician, Onsite Engineering
Engineering Technician, Criterium-Smith Engineers
Construction Materials Technician, S&ME
Professional Intern, CEMEX
PROFESSIONAL:
ACI Concrete Field Testing Technician - Grade 1
EDUCATION:
Middle Tennessee State University
BS Concrete Industry Management
Tennessee State University
BS Civil Engineering
Willow Springs Master HOA
645 Springlake Drive, Franklin, TN
Page 51
MARK J. SMITH, P.E.
ONSITE ENGINEERING
PROFESSIONAL ENGINEER REGISTRATIONS:
Tennessee - No. 107733
Illinois - No. 62-043214
Kentucky No. 27136
EXPERIENCE
Owner, Onsite Engineering
Owner, Criterium-Smith Engineers
Director of Engineering, American Permanent Ware Company
Director of Engineering, Southbend A Middleby Company
Project Engineer, Anetsberger Brothers
Project Engineer, Underwriters Laboratories
PROFESSIONAL:
Board Certified Building Inspection Engineer (BCBIE), By the Building Inspection Engineers
Certification Institute.
Member, National Society of Professional Engineers (NSPE)
Professional Member, National Academy of Building Inspection Engineers (NABIE)
Board Member, National Academy of Building Inspection Engineers (NABIE)
Member of Community Associations Institute (CAI)
Reserve Specialist (RS) Designation, By Community Associations Institute (CAI)
LEED Accredited Professional
Passed National Home Inspection Exam (NHIE)
EDUCATION:
University of Illinois, Champaign-Urbana, Illinois
BS Mechanical Engineering
Wheaton College, Wheaton, Illinois
BA Liberal Arts Engineering