Wednesday, July 03, 2019 Reserve Study Proposal for Level 1 ......Reserve Study Proposal for Fairway Estates Property Owners Association Wednesday, July 03, 2019 Level 1, Premium Reserve

Reserve Study Proposal for Fairway Estates Property Owners

Association

Wednesday, July 03, 2019 Level 1, Premium Reserve Analysis

Final Version

Report Period – 01/01/20 – 12/31/20

Client Reference Number – 10063-19

Property Type – Patio Homes & Townhomes

Fiscal Year End – December 31st

Number of Units – 130

Date of Property Observation – April 18th, 2019

Property Observation Conducted by- Justin Huggins

Project Manager – Justin Huggins

Main Contact Person – Don Morgan, Community Manager

Brennan Lifestyle Community AssociationN. 119th St. & Austin Ave.

Erie, CO. 80516

Table of Contents SECTION 1:

Introduction to Reserve Analysis ............................................................ page 1

General Information and Answers to FAQ’s ........................................... page 2-3

Summary of Reserve Analysis ................................................................. page 4

SECTION 2:

Physical Analysis (Photographic) ........................................................... page 1-47 SECTION 3:

Financial Analysis a) Funding Summary ....................................................................................... page 1 b) Percent Funded – Graph ............................................................................. page 2 c) Asset Inventory List ..................................................................................... page 3 d) Significant Components Table..................................................................... page 4 e) Significant Components – Graph ................................................................ page 5 f) Yearly Summary Table ................................................................................ page 6 g) Yearly Contributions – Graph ...................................................................... page 7 h) Component Funding Information ................................................................. page 8 i) Yearly Cash Flow Table .............................................................................. page 9 j) Projected Expenditures Year by Year – Graph ........................................... page 10 k) Projected Expenditures Year by Year ......................................................... page 11-13

SECTION 4: Glossary of Terms and Definitions .......................................................... page 1-2

1

Introduction to the Reserve Analysis – The elected officials of this association made a wise decision to invest in a Reserve Analysis to get a better understanding of the status of the Reserve funds. This Analysis will be a valuable tool to assist the Board of Directors in making the decision to which the dues are derived. Typically, the Reserve contribution makes up 15% - 40% of the association’s total budget. Therefore, Reserves is considered to be a significant part of the overall monthly association payment. Every association conducts its business within a budget. There are typically two main parts to this budget, Operating and Reserves. The Operating budget includes all expenses that are fixed on an annual basis. These would include management fees, maintenance fees, utilities, etc. The Reserves is primarily made up of Capital Replacement items such as asphalt, landscaping, concrete work, irrigation, etc., that do not normally occur on an annual basis. The Reserve Analysis is also broken down into two different parts, the Physical Analysis and the Financial Analysis. The Physical Analysis is information regarding the physical status and replacement cost of major common area components that the association is responsible to maintain. It is important to understand that while the Component Inventory will remain relatively “stable” from year to year, the Condition Assessment and Life/Valuation Estimates will most likely vary from year to year. You can find this information in the Asset Inventory Section (Section 2) of this Reserve Analysis. The Financial Analysis Section is the evaluation of the association’s Reserve balance, income, and expenses. This is made up of finding the clients current Reserve Fund Status (measured as Percent Funded) and a recommendation for an appropriate Reserve Allocation rate (also known as the Funding Plan). You can find this information in Section 3 of this Reserve Analysis. The purpose of this Reserve Analysis is to provide an educated estimate as to what the Reserve Allocation needs to be. The detailed schedules will serve as an advanced warning that major projects will need to be addressed in the future. This will allow the Board of Directors to have ample timing to obtain competitive estimates and bids that will result in cost savings to the individual homeowners. This will also ensure the physical well being of the property and ultimately enhance each owner’s investment, while limiting the possibility of unexpected major projects that may lead to Special Assessments. It is important for the client, owners, and potential future owners to understand that the information contained in this analysis is based on estimates and assumptions gathered from various sources. Estimated life expectancies and cycles are based upon conditions that were readily visible and accessible at time of the inspection. No destructive or intrusive methods (such as entering the walls to inspect the condition of electrical wiring, plumbing lines, and telephone wires) were performed. In addition, environmental hazards (such as lead paint, asbestos, radon, etc.), construction defects, and acts of nature have also been excluded from this report. If problem areas were revealed, a reasonable effort has been made to include these items within the report. While every effort has been made to ensure accurate results, this report reflects the judgement of Aspen Reserve Specialties and should not be construed as a guarantee or assurance of predicting future events.

2

General Information and Answers to Frequently Asked Questions – Why is it important to perform a Reserve Study? As previously mentioned, the Reserve allocation makes up a significant portion of the total monthly dues. This report provides the essential information that is needed to guide the Board of Directors in establishing the budget in order to run the daily operations of your association. It is suggested that a third party professionally prepare a Reserve Study since there is no vested interest in the property. Also, a professional knows what to look for and how to properly develop an accurate and reliable component list. Now that we have “it”, what do we do with “it”? Hopefully, you will not look at this report and think it is too cumbersome to understand. Our intention is to make this Reserve Analysis very easy to read and understand. Please take the time to review it carefully and make sure the “main ingredients” (asset information) are complete and accurate. If there are any inaccuracies, please inform us immediately so we may revise the report. Once you feel the report is an accurate tool to work from, use it to help establish your budget for the upcoming fiscal year. The Reserve allocation makes up a significant portion of the total monthly dues and this report should help you determine the correct amount of money to go into the Reserve fund. Additionally, the Reserve Study should act as a guide to obtain proposals in advance of pending projects. This will give you an opportunity to shop around for the best price available. How often do we update or review “it”? Unfortunately, there is a misconception that these reports are good for an extended period of time since the report has projections for the next 30 years. Just like any major line item in the budget, the Reserve Analysis should be reviewed each year before the budget is established. Invariably, some assumptions have to be made during the compilation of this analysis. Anticipated events may not materialize and unpredictable circumstances could occur. Deterioration rates and repair/replacement costs will vary from causes that are unforeseen. Earned interest rates may vary from year to year. These variations could alter the content of the Reserve Analysis. Therefore, this analysis should be reviewed annually, and a property inspection should be conducted at least once every three years. Is it the law to have a Reserve Study conducted? The Government requires reserve analyses in approximately 20 states for homeowners associations. Even if it is not currently governed by your state, the chances are very good that the documents of the association require the association to have a Reserve fund established. This doesn’t mean a Reserve Analysis is required, but how are you going to know you have enough funds in the account if you don’t have the proper information? Hypothetically, some associations look at the Reserve fund and think that $50,000 is a lot of money and they are in good shape. What they don’t know is a major expense is going to occur within 5 years, and the cost of the project is going to exceed $75,000. So while $50,000 sounds like a lot of money, in reality it won’t even cover the expense, let alone all the other amenities the association is responsible to maintain.

3

What makes an asset a “Reserve” item versus an “Operating” item? A “Reserve” asset is an item that is the responsibility of the association to maintain, has a limited Useful Life, predictable Remaining Useful Life expectancies, typically occurs on a cyclical basis that exceeds 1 year, and costs above a minimum threshold cost. An “operating” expense is typically a fixed expense that occurs on an annual basis. For instance, minor repairs to a roof for damage caused by high winds or other weather elements would be considered an “operating” expense. However, if the entire roof needs to be replaced because it has reached the end of its life expectancy, then the replacement would be considered a Reserve expense. The GREY area of “maintenance” items that are often seen in a Reserve Study – One of the most popular questions revolves around major “maintenance” items, such as painting the buildings or seal coating the asphalt. You may hear from your accountant that since painting or seal coating is not replacing a “capital” item, then it cannot be considered a Reserve issue. However, it is the opinion of several major Reserve Study providers that these items are considered to be major expenses that occur on a cyclical basis. Therefore, it makes it very difficult to ignore a major expense that meets the criteria to be considered a Reserve component. Once explained in this context, many accountants tend to agree and will include any expenses, such as these examples, as a Reserve component. The Property Inspection – The Property Inspection was conducted following a review of the documents that were established by the developer identifying all common area assets. In some cases, the Board of Directors at some point may have revised the documents. In either case, the most current set of documents was reviewed prior to inspecting the property. In addition, common area assets may have been reported to Aspen Reserve Specialties by the client, or by other parties. Estimated life expectancies and life cycles are based upon conditions that were readily accessible and visible at the time of the inspection. We did not destroy any landscape work, building walls, or perform any methods of intrusive investigation during the inspection. In these cases, information may have been obtained by contacting the contractor or vendor that has worked on the property. The Reserve Fund Analysis – We projected the starting balance from taking the most recent balance statement, adding expected Reserve contributions for the rest of the year, and subtracting any pending projects for the rest of the year. We compared this number to the ideal Reserve Balance and arrived at the Percent funded level. Measures of strength are as follows: 0% - 30% Funded – Is considered to be a “weak” financial position. Associations that fall into this category are subject to Special Assessments and deferred maintenance, which could lead to lower property values. If the association is in this position, actions should be taken to improve the financial strength of the Reserve Fund. 31% - 69% Funded – The majority of associations are considered to be in this “fair” financial position. While this doesn’t represent financial strength and stability, the likelihood of Special Assessments and deferred maintenance is diminished. Effort should be taken to continue strengthening the financial position of the Reserve fund. 70% - 99% Funded – This indicates financial strength of a Reserve fund and every attempt to maintain this level should be a goal of the association. 100% Funded – This is the ideal amount of Reserve funding. This means that the association has the exact amount of funds in the Reserve account that should be at any given time.

4

Summary of Brennan Lifestyle Community Association - Association ID # - 10063-19 Projected Starting Balance as of January 1, 2020 - $207,490 Ideal Reserve Balance as of January 1, 2020 - $281,596 Percent Funded as of January 1, 2020 - 74% Recommended Reserve Allocation (per month) - $14,300 Minimum Reserve Allocation (per month) - $12,900 Recommended Special Assessment - $0 Information to complete this Reserve Analysis was gathered during a property evaluation of the common area elements on April 18th, 2019. In addition, we obtained information by contacting local vendors and contractors, as well as communicating with the property representative (Community Manager). To the best of our knowledge, the conclusions and suggestions of this report are considered reliable and accurate insofar as the information obtained from these sources. This property contains 130 units (patio homes and townhomes) as part of a community that was constructed between 2016 and 2019. Common area components the association is responsible to maintain include roofs and gutters on the townhomes, exterior painting of townhomes and patio homes, private alleys for townhomes, common sidewalks, mailboxes, landscaped areas, and an irrigation system. Please refer to the Projected Reserve Expenditure table in the Financial Analysis section for a list of when components are scheduled to be addressed. In comparing the projected balance of $207,490 versus the ideal Reserve Balance of $281,596 we find the association Reserve fund to be in an above average financial position at this point in time (approximately 74% funded of ideal). Despite this position, based on the information contained in this report, we find the current budgeted Reserve allocation ($10,493.50 per month) to be less than adequate in maintaining the strength of the Reserve fund to prepare for future projects. Therefore, we are recommending an increase of the Reserve contribution to $14,300 per month starting in 2020, followed by nominal annual increases of 4.00% thereafter to help offset the effects of inflation. By following the recommendation, the plan will maintain the Reserve account in a positive manner, while gradually increasing to a fully funded position within the thirty-year period. In the percent Funded graph, you will see we have also provided a “minimum Reserve contribution” of $12,900 per month. If the Reserve contribution falls below this rate, then the Reserve fund will fall into a situation where Special Assessments, deferred maintenance, and lower property values are likely at some point in the near future. The minimum Reserve allocation follows the “threshold” theory of Reserve funding where the ”percent funded” status is not allowed to dip below 30% funded at any point during the thirty-year period. This was provided for one purpose only, to show the association how small the difference is between the two scenarios and how it would not make financial sense to contribute less money (approximately $10.77 per unit per month in this case) to the Reserve fund to only stay above a certain threshold. As you can see, the difference between the two scenarios is considered to be minimal, and based on the risk, we strongly suggest the recommended Reserve Allocation is followed.

Client Reference #Client Reference #Client Reference #Client Reference # 10063100631006310063Component Inventory for Brennan Lifestyle Community Assoc.Component Inventory for Brennan Lifestyle Community Assoc.Component Inventory for Brennan Lifestyle Community Assoc.Component Inventory for Brennan Lifestyle Community Assoc.

Comp #: 105

Source of Information: Cost Database

Best Cost: $176,400$176,400$176,400$176,400

Worst Cost: $205,800$205,800$205,800$205,800

Location: Unit Building RoofsUnit Building RoofsUnit Building RoofsUnit Building Roofs

Quantity: Approx. 392 SquaresApprox. 392 SquaresApprox. 392 SquaresApprox. 392 Squares

Observations:

- It appears this roof material is rated as a 40 - 50 year product. Despite this rating, a life expectancy of 18 - 22 years is expected in this environment. - Due to the potentially harsh winters, extensive freeze/thaw cycle, and likelihood of hail events over the useful life of the roof, we typically see associations replacing roofs sooner than the manufacturer's suggested useful life. - Remaining life is based on age of roof and observed conditions.

Life Expectancy: 22222222 Remaining Life: 19191919

$450/square; Estimate to remove and replace

$525/square; Higher estimate for better quality

Comp Shingle Roof - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 98 Sqs x 4 = Approx. 392 Squares - Approx. 98 Sqs x 4 = Approx. 392 Squares - Approx. 98 Sqs x 4 = Approx. 392 Squares - Approx. 98 Sqs x 4 = Approx. 392 Squares

Wednesday, July 03, 2019Page 1 of 47


Comp #: 106


Best Cost: $169,650$169,650$169,650$169,650

Worst Cost: $197,925$197,925$197,925$197,925



Observations:






General Notes:

541/547: Approx. 83 Squares541/547: Approx. 83 Squares541/547: Approx. 83 Squares541/547: Approx. 83 Squares

549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares



Comp #: 107


Best Cost: $219,150$219,150$219,150$219,150

Worst Cost: $255,675$255,675$255,675$255,675



Observations:






General Notes:


579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621: - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares - Approx. 98 Sqs x 3 = Approx. 294 Squares




Comp #: 120


Best Cost: $24,500$24,500$24,500$24,500

Worst Cost: $28,000$28,000$28,000$28,000


Quantity: Approx. 3,500 LFApprox. 3,500 LFApprox. 3,500 LFApprox. 3,500 LF

Observations:

- It is typical to replace gutters and downspouts at the same time as roofing materials. - Therefore, the remaining life reflects the remaining life of the roof as well. - We recommend cleaning debris out of lines at least once a year to prevent clogging and moisture retention that can lead to advanced deterioration.


$7.00/LF; Estimate to replace

$8.00/LF: Higher estimate for larger lines

Gutters/Downspouts - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 875 LF x 4 = Approx. 3,500 LF - Approx. 875 LF x 4 = Approx. 3,500 LF - Approx. 875 LF x 4 = Approx. 3,500 LF - Approx. 875 LF x 4 = Approx. 3,500 LF



Comp #: 121


Best Cost: $23,275$23,275$23,275$23,275

Worst Cost: $26,600$26,600$26,600$26,600



Observations:






General Notes:

541/547: Approx. 700 LF541/547: Approx. 700 LF541/547: Approx. 700 LF541/547: Approx. 700 LF

549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. 875 x 3 = Approx. 2,625 LF - Approx. 875 x 3 = Approx. 2,625 LF - Approx. 875 x 3 = Approx. 2,625 LF - Approx. 875 x 3 = Approx. 2,625 LF



Comp #: 122


Best Cost: $30,350$30,350$30,350$30,350

Worst Cost: $34,700$34,700$34,700$34,700



Observations:






General Notes:


579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621: - Approx. 875 x 3 = Approx. 2,625 - Approx. 875 x 3 = Approx. 2,625 - Approx. 875 x 3 = Approx. 2,625 - Approx. 875 x 3 = Approx. 2,625

601/611: Approx. 1,010 LF601/611: Approx. 1,010 LF601/611: Approx. 1,010 LF601/611: Approx. 1,010 LF



Comp #: 204


Best Cost: $35,000$35,000$35,000$35,000

Worst Cost: $40,000$40,000$40,000$40,000

Location: Unit Building ExteriorsUnit Building ExteriorsUnit Building ExteriorsUnit Building Exteriors

Quantity: (20) Units(20) Units(20) Units(20) Units

Observations:

- In this climate, it is recommended that exterior surfaces are painted every 5 - 7 years. - The exact timeframe depends on the color chosen and the level of exposure to elements, as well as the quality of past paint jobs. - The remaining life is based on the observed conditions.


$1,750/unit; Estimate to repaint buildings

$2,000/unit; Higher estimate for more prep work

Bldg Ext Surfaces - Repaint (TH PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF



Comp #: 205


Best Cost: $33,250$33,250$33,250$33,250

Worst Cost: $38,000$38,000$38,000$38,000



Observations:






General Notes:

541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF



Comp #: 206


Best Cost: $43,750$43,750$43,750$43,750

Worst Cost: $50,000$50,000$50,000$50,000



Observations:






General Notes:

623/629: Approx. 8,045 GSF623/629: Approx. 8,045 GSF623/629: Approx. 8,045 GSF623/629: Approx. 8,045 GSF

579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621: - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF




Comp #: 207

Source of Information: Client provided cost information

Best Cost: $88,000$88,000$88,000$88,000

Worst Cost: $110,000$110,000$110,000$110,000



Observations:





Bldg Ext Surfaces - Repaint (Patio PH1)

General Notes:



Comp #: 208


Best Cost: $88,000$88,000$88,000$88,000

Worst Cost: $110,000$110,000$110,000$110,000



Observations:






General Notes:



Comp #: 209


Best Cost: $88,000$88,000$88,000$88,000

Worst Cost: $110,000$110,000$110,000$110,000



Observations:






General Notes:



Comp #: 212

Source of Information:

Best Cost: $0$0$0$0

Worst Cost: $0$0$0$0

Location: Townhome ExteriorsTownhome ExteriorsTownhome ExteriorsTownhome Exteriors

Quantity: See General NotesSee General NotesSee General NotesSee General Notes

Observations:

- Funding for this line item has been included with Building Exterior Surfaces line items. - Separate Reserve Funding is not necessary for this component.

Life Expectancy: N/AN/AN/AN/A Remaining Life:

Fencing and Deck/Stair Railing - Repaint

General Notes:

Aluminum Fencing:Aluminum Fencing:Aluminum Fencing:Aluminum Fencing:501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621: - Approx. 90 LF x 10 = Approx. 900 LF - Approx. 90 LF x 10 = Approx. 900 LF - Approx. 90 LF x 10 = Approx. 900 LF - Approx. 90 LF x 10 = Approx. 900 LF

541/547, 623/629: 541/547, 623/629: 541/547, 623/629: 541/547, 623/629: - Approx. 60 LF x 2 = Approx. 120 LF - Approx. 60 LF x 2 = Approx. 120 LF - Approx. 60 LF x 2 = Approx. 120 LF - Approx. 60 LF x 2 = Approx. 120 LF


Wood Railing: Wood Railing: Wood Railing: Wood Railing: 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621: - Approx. 80 LF x 10 = Approx. 800 LF - Approx. 80 LF x 10 = Approx. 800 LF - Approx. 80 LF x 10 = Approx. 800 LF - Approx. 80 LF x 10 = Approx. 800 LF

541/547, 623/629: 541/547, 623/629: 541/547, 623/629: 541/547, 623/629: - Approx. 55 LF x 2 = Approx. 110 LF - Approx. 55 LF x 2 = Approx. 110 LF - Approx. 55 LF x 2 = Approx. 110 LF - Approx. 55 LF x 2 = Approx. 110 LF




Comp #: 304


Best Cost: $8,500$8,500$8,500$8,500

Worst Cost: $11,000$11,000$11,000$11,000



Observations:

- As the property ages, this type of material has been known to start delaminating if not painted and caulked on a proper cycle. - We suggest establishing Reserve funds for major repairs every other painting cycle. - The remaining life is based on the observed conditions at the time of our site evaluation and the timing of the next paint job.


$425/Unit: Allowance for major repairs

$550/Unit/ Higher allowance for more repairs

Fiber Cement Siding - Major Repairs (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF - Approx. 9,115 GSF x 4 = Approx. 36,460 GSF



Comp #: 305


Best Cost: $8,075$8,075$8,075$8,075

Worst Cost: $10,450$10,450$10,450$10,450



Observations:






General Notes:

541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF541/547: Approx. 8,045 GSF549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF



Comp #: 306


Best Cost: $10,625$10,625$10,625$10,625

Worst Cost: $13,750$13,750$13,750$13,750



Observations:






General Notes:


579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621: - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF - Approx. 9,115 GSF x 3 = Approx. 27,345 GSF




Comp #: 309


Best Cost: $0$0$0$0



Quantity: Approx. 7,455 GSFApprox. 7,455 GSFApprox. 7,455 GSFApprox. 7,455 GSF

Observations:

- Typically, these stones have an extended life expectancy and complete replacement is unlikely. - There are times where some stones will loosen and fall off, but this is unpredictable when and how much would occur. - Repairs should be handled as a maintenance issue on an as needed basis. - If it later turns out that frequent repairs are necessary, then funding could be added in future Reserve Study updates.


Stone/Rock Siding - Major Repairs

General Notes:

501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 501/509, 511/519, 521/529, 531/539, 549/557, 559/567, 569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621:569/577, 579/587, 589/597, 613/621: - Approx. 575 GSF x 10 = Approx. 5,750 GSF - Approx. 575 GSF x 10 = Approx. 5,750 GSF - Approx. 575 GSF x 10 = Approx. 5,750 GSF - Approx. 575 GSF x 10 = Approx. 5,750 GSF

541/547, 623/629: 541/547, 623/629: 541/547, 623/629: 541/547, 623/629: - Approx. 430 GSF x 2 = Approx. 860 GSF - Approx. 430 GSF x 2 = Approx. 860 GSF - Approx. 430 GSF x 2 = Approx. 860 GSF - Approx. 430 GSF x 2 = Approx. 860 GSF

601/611: Approx. 845 GSF601/611: Approx. 845 GSF601/611: Approx. 845 GSF601/611: Approx. 845 GSF



Comp #: 403


Best Cost: $31,100$31,100$31,100$31,100

Worst Cost: $36,250$36,250$36,250$36,250

Location: Townhome Alleys and ParkingTownhome Alleys and ParkingTownhome Alleys and ParkingTownhome Alleys and Parking


Observations:

- Since it is unlikely that all concrete surfaces will fail at the same time, we suggest establishing a Reserve fund for periodic repairs and replacement to approximately 10% of the total area (2,590 GSF) every 4 years. - Repairs should be coordinated with other concrete surfaces and asphalt for best cost estimate since most asphalt companies can also perform concrete work.


Allowance to replace 10% of area every 4 yrs.

Higher allowance for more repairs

Concrete - Partial Replace

General Notes:

Alleys:Alleys:Alleys:Alleys:623/629: Approx. 2,920 GSF623/629: Approx. 2,920 GSF623/629: Approx. 2,920 GSF623/629: Approx. 2,920 GSF601/611 - 613/621: Approx. 5,890 GSF601/611 - 613/621: Approx. 5,890 GSF601/611 - 613/621: Approx. 5,890 GSF601/611 - 613/621: Approx. 5,890 GSF579/587 - 589/597: Approx. 3,040 GSF579/587 - 589/597: Approx. 3,040 GSF579/587 - 589/597: Approx. 3,040 GSF579/587 - 589/597: Approx. 3,040 GSF569/577 - 559/567: Approx. 3,000 GSF569/577 - 559/567: Approx. 3,000 GSF569/577 - 559/567: Approx. 3,000 GSF569/577 - 559/567: Approx. 3,000 GSF541/547 - 549/557: Approx. 3,185 GSF541/547 - 549/557: Approx. 3,185 GSF541/547 - 549/557: Approx. 3,185 GSF541/547 - 549/557: Approx. 3,185 GSF521/529 - 531/529: Approx. 3,000 GSF521/529 - 531/529: Approx. 3,000 GSF521/529 - 531/529: Approx. 3,000 GSF521/529 - 531/529: Approx. 3,000 GSF501/509 - 511/519: Approx. 3,000 GSF501/509 - 511/519: Approx. 3,000 GSF501/509 - 511/519: Approx. 3,000 GSF501/509 - 511/519: Approx. 3,000 GSF

Parking: Parking: Parking: Parking: 621: Approx. 1,515 GSF621: Approx. 1,515 GSF621: Approx. 1,515 GSF621: Approx. 1,515 GSF541: Approx. 360 GSF541: Approx. 360 GSF541: Approx. 360 GSF541: Approx. 360 GSF



Comp #: 502


Best Cost: $0$0$0$0


Location: Townhome BuildingsTownhome BuildingsTownhome BuildingsTownhome Buildings

Quantity: (64) 16x7 Doors(64) 16x7 Doors(64) 16x7 Doors(64) 16x7 Doors

Observations:

- According to the Maintenance Chart provided, the replacement of garage doors is the responsibility of the individual homeowner. - Unless otherwise noted, Reserve funding will not be included based on the rules stated in the declarations. - We suggest the association establish a design guideline so that when an owner goes to replace a door, it will match and be consistent with the others.


Garage Doors - Replace

General Notes:



Comp #: 601


Best Cost: $25,100$25,100$25,100$25,100

Worst Cost: $29,450$29,450$29,450$29,450

Location: See General NotesSee General NotesSee General NotesSee General Notes


Observations:

- Similar to other concrete surfaces, it is unlikely that all concrete surfaces will fail and need to be replaced at the same time. - Therefore, we suggest establishing a Reserve fund for frequent repairs and replacement to a percentage of the area (10% or 2,280 GSF) every 4 years. - Coordinate repairs with other concrete surfaces for best cost estimate.


Allowance to repair 10% of area every 4 years


Concrete Flatwork - Partial Replace (Common)

General Notes:

Common Area Sidewalks: Approx. 22,825 GSFCommon Area Sidewalks: Approx. 22,825 GSFCommon Area Sidewalks: Approx. 22,825 GSFCommon Area Sidewalks: Approx. 22,825 GSF



Comp #: 601


Best Cost: $27,400$27,400$27,400$27,400

Worst Cost: $32,375$32,375$32,375$32,375



Observations:

- Similar to other concrete surfaces, it is unlikely that all concrete surfaces will fail and need to be replaced at the same time. - Therefore, we suggest establishing a Reserve fund for frequent repairs and replacement to a percentage of the area (10% or 2,490 GSF) every 4 years. - Coordinate repairs with other concrete surfaces for best cost estimate.


Allowance to repair 10% of area every 4 years


Concrete Flatwork - Partial Replace (TH)

General Notes:

TH Porches: Approx. 7,995 GSFTH Porches: Approx. 7,995 GSFTH Porches: Approx. 7,995 GSFTH Porches: Approx. 7,995 GSF

TH Sidewalks: Approx. 16,915 GSFTH Sidewalks: Approx. 16,915 GSFTH Sidewalks: Approx. 16,915 GSFTH Sidewalks: Approx. 16,915 GSF



Comp #: 609


Best Cost: $76,800$76,800$76,800$76,800

Worst Cost: $86,400$86,400$86,400$86,400

Location: Unit Decks and StairsUnit Decks and StairsUnit Decks and StairsUnit Decks and Stairs


Observations:

- However, over a period of time, the material begins to fade and scratch and eventually will become aesthetically unpleasing. - Therefore, due to the level of use and exposure to the elements, we recommend establishing a replacement cycle of 20 - 25 years. - We recommend replacing the rail and decking at the same time.


Estimate to replace

Higher estimate for more labor

Composite Deck/Stairs - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:Stairs/Porch: Approx. 760 GSFStairs/Porch: Approx. 760 GSFStairs/Porch: Approx. 760 GSFStairs/Porch: Approx. 760 GSF - Rails: Approx. 180 LF - Rails: Approx. 180 LF - Rails: Approx. 180 LF - Rails: Approx. 180 LF - Stringer: Approx. 170 LF - Stringer: Approx. 170 LF - Stringer: Approx. 170 LF - Stringer: Approx. 170 LF

Decks: Approx. 1,160 GSFDecks: Approx. 1,160 GSFDecks: Approx. 1,160 GSFDecks: Approx. 1,160 GSF - Rail: Approx. 140 LF - Rail: Approx. 140 LF - Rail: Approx. 140 LF - Rail: Approx. 140 LF



Comp #: 610


Best Cost: $71,200$71,200$71,200$71,200

Worst Cost: $80,100$80,100$80,100$80,100



Observations:



Estimate to replace



General Notes:

541/547, 549/557, 559/567, 569/577:541/547, 549/557, 559/567, 569/577:541/547, 549/557, 559/567, 569/577:541/547, 549/557, 559/567, 569/577:Stairs/Porch: Approx. 720 GSFStairs/Porch: Approx. 720 GSFStairs/Porch: Approx. 720 GSFStairs/Porch: Approx. 720 GSF - Rails: Approx. 165 LF - Rails: Approx. 165 LF - Rails: Approx. 165 LF - Rails: Approx. 165 LF - Stringer: Approx. 155 LF - Stringer: Approx. 155 LF - Stringer: Approx. 155 LF - Stringer: Approx. 155 LF




Comp #: 611


Best Cost: $104,600$104,600$104,600$104,600

Worst Cost: $117,675$117,675$117,675$117,675



Observations:



Estimate to replace



General Notes:

579/587, 589/597, 601/611, 613/621, 623/629:579/587, 589/597, 601/611, 613/621, 623/629:579/587, 589/597, 601/611, 613/621, 623/629:579/587, 589/597, 601/611, 613/621, 623/629:Stairs/Porch: Approx. 1,170 GSFStairs/Porch: Approx. 1,170 GSFStairs/Porch: Approx. 1,170 GSFStairs/Porch: Approx. 1,170 GSF - Rails: Approx. 260 LF - Rails: Approx. 260 LF - Rails: Approx. 260 LF - Rails: Approx. 260 LF - Stringer: Approx. 220 LF - Stringer: Approx. 220 LF - Stringer: Approx. 220 LF - Stringer: Approx. 220 LF




Comp #: 803


Best Cost: $19,000$19,000$19,000$19,000

Worst Cost: $23,000$23,000$23,000$23,000


Quantity: (10) Assorted CBUs(10) Assorted CBUs(10) Assorted CBUs(10) Assorted CBUs

Observations:

- According to several manufacturers, the typical life expectancy for this type of mailbox is 15 - 20 years in this environment. - Remaining life is based on average age of all units. - Per new Postal regulations effective 2012, "all customers are responsible for repairs and replacement of keys, locks, or the boxes/cluster units themselves".


$1900/CBU; Estimate to replace

$2300/CBU; Higher estimate for better quality

Mailboxes - Replace

General Notes:

By 670 Brennan Place:By 670 Brennan Place:By 670 Brennan Place:By 670 Brennan Place: - (4) 16-Box w/outgoing, 2 parcels - 2016 - (4) 16-Box w/outgoing, 2 parcels - 2016 - (4) 16-Box w/outgoing, 2 parcels - 2016 - (4) 16-Box w/outgoing, 2 parcels - 2016 - (1) 8-Box w/outgoing, 2 parcels - 2016 - (1) 8-Box w/outgoing, 2 parcels - 2016 - (1) 8-Box w/outgoing, 2 parcels - 2016 - (1) 8-Box w/outgoing, 2 parcels - 2016

By 601/611:By 601/611:By 601/611:By 601/611: - (3) 16-Box w/outgoing, 2 parcels - 2016 - (3) 16-Box w/outgoing, 2 parcels - 2016 - (3) 16-Box w/outgoing, 2 parcels - 2016 - (3) 16-Box w/outgoing, 2 parcels - 2016

521/519:521/519:521/519:521/519: - (1) 12-Box w/outgoing, 1 parcel - 2016 - (1) 12-Box w/outgoing, 1 parcel - 2016 - (1) 12-Box w/outgoing, 1 parcel - 2016 - (1) 12-Box w/outgoing, 1 parcel - 2016 - (1) 8-Box w/outgoing, 2 parcel - 2016 - (1) 8-Box w/outgoing, 2 parcel - 2016 - (1) 8-Box w/outgoing, 2 parcel - 2016 - (1) 8-Box w/outgoing, 2 parcel - 2016



Comp #: 1002


Best Cost: $16,200$16,200$16,200$16,200

Worst Cost: $18,000$18,000$18,000$18,000

Location: Unit BuildingsUnit BuildingsUnit BuildingsUnit Buildings

Quantity: Approx. 360 GSFApprox. 360 GSFApprox. 360 GSFApprox. 360 GSF

Observations:

- The average life expectancy for metal fences ranges between 25 - 30 years, depending on maintenance schedules and exposure to elements. - The remaining life is based on age of fence and observed conditions.


$45/LF; Estimate to replace

$50/LF: Higher estimate

Aluminum Fencing - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 90 LF x 4 = Approx. 360 GSF - Approx. 90 LF x 4 = Approx. 360 GSF - Approx. 90 LF x 4 = Approx. 360 GSF - Approx. 90 LF x 4 = Approx. 360 GSF



Comp #: 1003


Best Cost: $14,850$14,850$14,850$14,850

Worst Cost: $16,500$16,500$16,500$16,500


Quantity: Approx. 330 LFApprox. 330 LFApprox. 330 LFApprox. 330 LF

Observations:






General Notes:

549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. 90 LF x 3 = Approx. 270 LF - Approx. 90 LF x 3 = Approx. 270 LF - Approx. 90 LF x 3 = Approx. 270 LF - Approx. 90 LF x 3 = Approx. 270 LF




Comp #: 1004


Best Cost: $21,825$21,825$21,825$21,825

Worst Cost: $24,250$24,250$24,250$24,250



Observations:






General Notes:




Common Area: Approx. 30 LFCommon Area: Approx. 30 LFCommon Area: Approx. 30 LFCommon Area: Approx. 30 LF



Comp #: 1008


Best Cost: $8,800$8,800$8,800$8,800

Worst Cost: $9,900$9,900$9,900$9,900

Location: Townhome Air ConditioningTownhome Air ConditioningTownhome Air ConditioningTownhome Air Conditioning


Observations:

- Similar to other vinyl fences, these are subject to damage during winter months from becoming frozen and brittle, and during summer from landscaping equipment. - This type of fence has a realistic life expectancy of 20 - 25 years in this environment according to several local companies.


$40/LF: Estimate to replace

$45/LF: Higher estimate for more labor

Vinyl Fencing - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. 55 LF x 4 = Approx. 220 LF - Approx. 55 LF x 4 = Approx. 220 LF - Approx. 55 LF x 4 = Approx. 220 LF - Approx. 55 LF x 4 = Approx. 220 LF



Comp #: 1009


Best Cost: $8,400$8,400$8,400$8,400

Worst Cost: $9,450$9,450$9,450$9,450



Observations:






General Notes:





Comp #: 1010


Best Cost: $11,000$11,000$11,000$11,000

Worst Cost: $12,375$12,375$12,375$12,375



Observations:






General Notes:






Comp #: 1306


Best Cost: $3,200$3,200$3,200$3,200

Worst Cost: $4,000$4,000$4,000$4,000

Location: Park AreaPark AreaPark AreaPark Area

Quantity: (2) Picnic Tables(2) Picnic Tables(2) Picnic Tables(2) Picnic Tables

Observations:

- Depending on the level of use, expect to replace equipment every 10 - 16 years. - Factors that contribute to a shorter replacement cycle include abuse, vandalism, and effects from weather. - While pieces can be replaced on an as needed basis, we suggest replacing all at the same time to get the best replacement cost possible and to ensure types of equipment matches in design.


Estimate to replace

Higher estimate for upgraded materials

Picnic Tables - Replace

General Notes:



Comp #: 1307


Best Cost: $5,000$5,000$5,000$5,000

Worst Cost: $7,500$7,500$7,500$7,500


Quantity: (5) Benches(5) Benches(5) Benches(5) Benches

Observations:



Estimate to replace


Benches - Replace

General Notes:

Park Area: (4) Park Area: (4) Park Area: (4) Park Area: (4)

By 577/569: (1)By 577/569: (1)By 577/569: (1)By 577/569: (1)



Comp #: 1308


Best Cost: $1,600$1,600$1,600$1,600

Worst Cost: $2,200$2,200$2,200$2,200


Quantity: (2) Trash Cans(2) Trash Cans(2) Trash Cans(2) Trash Cans

Observations:



Estimate to replace


Trash Receptacles - Replace

General Notes:



Comp #: 1318


Best Cost: $7,200$7,200$7,200$7,200

Worst Cost: $8,800$8,800$8,800$8,800


Quantity: (8) Bike Racks(8) Bike Racks(8) Bike Racks(8) Bike Racks

Observations:



Estimate to replace


Bike Racks - Replace

General Notes:

Open Space North of Brennan Place: (1) Open Space North of Brennan Place: (1) Open Space North of Brennan Place: (1) Open Space North of Brennan Place: (1) Park Area: (2) Park Area: (2) Park Area: (2) Park Area: (2) Between 623/629: (1)Between 623/629: (1)Between 623/629: (1)Between 623/629: (1)Between 601/621: (1)Between 601/621: (1)Between 601/621: (1)Between 601/621: (1)Between 597/579: (1)Between 597/579: (1)Between 597/579: (1)Between 597/579: (1)Between 557/559: (1)Between 557/559: (1)Between 557/559: (1)Between 557/559: (1)Between 519/521: (1)Between 519/521: (1)Between 519/521: (1)Between 519/521: (1)



Comp #: 1320


Best Cost: $0$0$0$0




Observations:

- Due to the unpredictable life of these components, and the relatively low individual cost, we do not recommend reserving for this line item. - These games should be maintained on an as needed basis.


Outdoor Games - Replenish

General Notes:

(1) Horseshoe Pit(1) Horseshoe Pit(1) Horseshoe Pit(1) Horseshoe Pit(1) Bocce Ball Court(1) Bocce Ball Court(1) Bocce Ball Court(1) Bocce Ball Court(1) Shuffleboard Court(1) Shuffleboard Court(1) Shuffleboard Court(1) Shuffleboard Court



Comp #: 1321


Best Cost: $2,000$2,000$2,000$2,000

Worst Cost: $3,000$3,000$3,000$3,000



Observations:

- This line item is for major maintenance (including repairs and staining) every 6 years. - Remaining life is based on the observed conditions of the structure.


Allowance for majore maintenance

Higher allowance for more labor

Wood Pergola - Major Maintenance

General Notes:



Comp #: 1322


Best Cost: $4,500$4,500$4,500$4,500

Worst Cost: $5,500$5,500$5,500$5,500

Location: ParkParkParkPark


Observations:

- This line item is for major maintenance for the metal gazebo in the park. - Remaining life is based on the observed conditions.


Allowance for major maintenance

Higher allowance for more labor

Metal Gazebo - Major Maintenance

General Notes:



Comp #: 1602


Best Cost: $5,600$5,600$5,600$5,600

Worst Cost: $6,600$6,600$6,600$6,600


Quantity: (40) Lights(40) Lights(40) Lights(40) Lights

Observations:

- While replacement can occur on an as needed basis, it is our opinion and recommendation to replace all lights at the same time every 15 - 20 years to maintain a consistent appearance throughout the property. - In addition, by replacing multiple fixtures, the association will be able to obtain a quantity discount for the fixtures.


$140/light; Estimate to replace

$165/light; Higher estimate for better quality

Exterior Wall Mount - Replace (PH1)

General Notes:

501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539:501/509, 511/519, 521/529, 531/539: - Approx. (10) Lights x 4 = (40) Lights - Approx. (10) Lights x 4 = (40) Lights - Approx. (10) Lights x 4 = (40) Lights - Approx. (10) Lights x 4 = (40) Lights



Comp #: 1603


Best Cost: $5,475$5,475$5,475$5,475

Worst Cost: $6,450$6,450$6,450$6,450



Observations:






General Notes:

541/547: (9) Lights541/547: (9) Lights541/547: (9) Lights541/547: (9) Lights

549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577:549/557, 559/567, 569/577: - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights



Comp #: 1604


Best Cost: $7,150$7,150$7,150$7,150

Worst Cost: $8,425$8,425$8,425$8,425



Observations:






General Notes:


579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621:579/587, 589/597, 613/621: - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights - Approx. (10) Lights x 3 = (30) Lights




Comp #: 1608


Best Cost: $0$0$0$0


Location: Townhome Unit BuildingsTownhome Unit BuildingsTownhome Unit BuildingsTownhome Unit Buildings

Quantity: Approx. (38) Can LightsApprox. (38) Can LightsApprox. (38) Can LightsApprox. (38) Can Lights

Observations:

- No expectation to replace all lights at one time. - Replace individual lights as necessary as an operating expense. - No reserve funding necessary.


Can Lights - Replace

General Notes:



Comp #: 1701


Best Cost: $15,000$15,000$15,000$15,000

Worst Cost: $22,500$22,500$22,500$22,500

Location: Throughout PropertyThroughout PropertyThroughout PropertyThroughout Property

Quantity: ModerateModerateModerateModerate

Observations:

- This line item is for repairs and replacement that lies outside the scope of routine maintenance: bulk sprinkler head replacement, bulk valve replacement, rerouting lateral lines, rewiring, etc. - In order to ensure the funds are available for major repairs, we recommend reserving funds for these projects every 5 - 10 years. - The funding on this line item is for major repairs and is not to be interpreted as complete irrigation system replacement.


Allowance for major repairs


Irrigation System - Major Repairs

General Notes:



Comp #: 1703


Best Cost: $5,000$5,000$5,000$5,000

Worst Cost: $6,500$6,500$6,500$6,500

Location: North Entrance of PropertyNorth Entrance of PropertyNorth Entrance of PropertyNorth Entrance of Property

Quantity: (2) RainBird Controllers(2) RainBird Controllers(2) RainBird Controllers(2) RainBird Controllers

Observations:

- The overall life expectancy of irrigation controllers typically ranges between 10 - 12 years if properly maintained and under normal conditions. - Remaining life is based on the age of the controllers


Estimate to replace with a similar controller

Higher estimate for upgraded controller

Irrigation Controllers - Replace

General Notes:

(2) RainBird ESP-LXD(2) RainBird ESP-LXD(2) RainBird ESP-LXD(2) RainBird ESP-LXD - S/N: 0442282, 10MY16, 6 zones - S/N: 0442282, 10MY16, 6 zones - S/N: 0442282, 10MY16, 6 zones - S/N: 0442282, 10MY16, 6 zones - S/N: 0442283, 10MY16, 2 zones - S/N: 0442283, 10MY16, 2 zones - S/N: 0442283, 10MY16, 2 zones - S/N: 0442283, 10MY16, 2 zones



Comp #: 1706


Best Cost: $0$0$0$0


Location: North Entrance of PropertyNorth Entrance of PropertyNorth Entrance of PropertyNorth Entrance of Property

Quantity: (2) Devices(2) Devices(2) Devices(2) Devices

Observations:

- Devices can be rebuilt and repaired when needed as a maintenance issue. - It is very seldom that a complete system would need to be replaced due to normal wear and tear. - Replacement would be as a result of freezing conditions if system is not winterized properly or in a timely manner. - No Reserve funding is required due to difficulty of predicting a life expectancy and the fact that systems can be rebuilt an a minimal cost, as opposed to being replaced.


Backflow Devices - Replace

General Notes:



Comp #: 1801


Best Cost: $16,200$16,200$16,200$16,200

Worst Cost: $19,800$19,800$19,800$19,800


Quantity: ExtensiveExtensiveExtensiveExtensive

Observations:

- This line item, similar to irrigation repairs, is for projects that lie outside the scope of routine maintenance. - In order to preserve an attractive curb appeal and to maintain the health of the plants and shrubs, we recommend reserving for refurbishment projects every 2 - 3 years. - This line item is for cyclical refurbishment and should not be considered as complete landscaping replacement.


Allowance for major replenishment

Higher allowance for more material

Groundcover - Replenish

General Notes:



Comp #: 1804


Best Cost: $0$0$0$0



Quantity: Numerous Types and SizesNumerous Types and SizesNumerous Types and SizesNumerous Types and Sizes

Observations:

- It is very difficult to predict a replacement cycle for trees as there are several factors such as disease, infestation of insects, heavy snow storms, etc. can all attribute to eventual tree replacement. - Since it is difficult to predict when the replacement will be necessary, Reserve funding is typically not a factor. - Therefore, unless requested by the association, Reserve funding will not be included as part of the study for this component.


Tree - Replacement/Major Maintenance

General Notes:


Funding Summary For Brennan Lifestyle Community Assoc.

Beginning AssumptionsFinancial Information Source Research With Client# of units 130Fiscal Year End December 31, 2020Monthly Dues from 2019 budget $27,189.83Monthly Reserve Allocation from 2019 Budget $10,493.50Projected Starting Reserve Balance (as of 1/1/2020) $207,490

Reserve Balance: Average Per Unit $1,596Ideal Starting Reserve Balance (as of 1/1/2020) $281,596

Ideal Reserve Balance: Average Per Unit $2,166

Economic FactorsPast 20 year Average Inflation Rate (Based on CCI) 3.75%Current Average Interest Rate 1.00%

Current Reserve StatusCurrent Balance as a % of Ideal Balance 74%

Recommendations for 2020 Fiscal YearMonthly Reserve Allocation $14,300

Per Unit $110.00Minimum Monthly Reserve Allocation $12,900

Per Unit $99.23Primary Annual Increases 4.00%

# of Years 30Special Assessment $0

Per Unit $0

Changes From Prior Year (2019 to 2020)Increase/Decrease to Reserve Allocation $3,807

as Percentage 36%Average Per Unit $29.28

1

Percent Funded Graph For Brennan Lifestyle Community Assoc.

0%

20%

40%

60%

80%

100%

120%

2020

2022

2024

2026

2028

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2032

2034

2036

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2040

2042

2044

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2050

% L

evel

of

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nd

ing

Year

Percent FundedRecommended

Monthly Reserve Allocation from 2019Budget

Minimum

2

Component Inventory for Brennan Lifestyle Community Assoc.

Category Asset # Asset Name UL RUL Best Cost Worst Cost

Roofing 105 Comp Shingle Roof - Replace (PH1) 22 19 $176,400 $205,800

106 Comp Shingle Roof - Replace (PH2) 22 20 $169,650 $197,925

107 Comp Shingle Roof - Replace (PH3) 22 21 $219,150 $255,675

120 Gutters/Downspouts - Replace (PH1) 22 19 $24,500 $28,000



Painted Surfaces 204 Bldg Ext Surfaces - Repaint (TH PH1) 6 3 $35,000 $40,000

205 Bldg Ext Surfaces - Repaint (TH PH2) 6 4 $33,250 $38,000

206 Bldg Ext Surfaces - Repaint (TH PH3) 6 5 $43,750 $50,000

207 Bldg Ext Surfaces - Repaint (Patio PH1) 6 3 $88,000 $110,000



212 Fencing and Deck/Stair Railing - Repaint N/A $0 $0

Siding Materials 304 Fiber Cement Siding - Major Repairs (P 12 9 $8,500 $11,000

305 Fiber Cement Siding - Major Repairs (P 12 10 $8,075 $10,450

306 Fiber Cement Siding - Major Repairs (P 12 11 $10,625 $13,750

309 Stone/Rock Siding - Major Repairs N/A $0 $0

Drive Materials 403 Concrete - Partial Replace 4 3 $31,100 $36,250

Property Access 502 Garage Doors - Replace N/A $0 $0

Walking Surfaces 601 Concrete Flatwork - Partial Replace (Co 4 3 $25,100 $29,450

601 Concrete Flatwork - Partial Replace (TH) 4 3 $27,400 $32,375

609 Composite Deck/Stairs - Replace (PH1) 25 22 $76,800 $86,400



Prop. Identification 803 Mailboxes - Replace 20 16 $19,000 $23,000

Fencing/Walls 1002 Aluminum Fencing - Replace (PH1) 30 27 $16,200 $18,000

1003 Aluminum Fencing - Replace (PH2) 30 28 $14,850 $16,500

1004 Aluminum Fencing - Replace (PH3) 30 29 $21,825 $24,250

1008 Vinyl Fencing - Replace (PH1) 25 22 $8,800 $9,900



Recreation Equip. 1306 Picnic Tables - Replace 16 14 $3,200 $4,000

1307 Benches - Replace 16 14 $5,000 $7,500

1308 Trash Receptacles - Replace 16 14 $1,600 $2,200

1318 Bike Racks - Replace 16 14 $7,200 $8,800

1320 Outdoor Games - Replenish N/A $0 $0

1321 Wood Pergola - Major Maintenance 6 5 $2,000 $3,000

1322 Metal Gazebo - Major Maintenance 7 6 $4,500 $5,500

Light Fixtures 1602 Exterior Wall Mount - Replace (PH1) 18 15 $5,600 $6,600

1603 Exterior Wall Mount - Replace (PH2) 18 16 $5,475 $6,450

1604 Exterior Wall Mount - Replace (PH3) 18 17 $7,150 $8,425

1608 Can Lights - Replace N/A $0 $0

Irrig. System 1701 Irrigation System - Major Repairs 10 7 $15,000 $22,500

1703 Irrigation Controllers - Replace 12 8 $5,000 $6,500

1706 Backflow Devices - Replace N/A $0 $0

Landscaping 1801 Groundcover - Replenish 3 1 $16,200 $19,800

1804 Tree - Replacement/Major Maintenance N/A $0 $0

3

Significant Components For Brennan Lifestyle Community Assoc.

(Curr Cost/UL)ID Asset Name UL RUL As $ As %

105 Comp Shingle Roof - Replace (PH1) 22 19 $191,100 $8,686 5.6732%106 Comp Shingle Roof - Replace (PH2) 22 20 $183,788 $8,354 5.4561%107 Comp Shingle Roof - Replace (PH3) 22 21 $237,413 $10,791 7.0480%120 Gutters/Downspouts - Replace (PH1) 22 19 $26,250 $1,193 0.7793%121 Gutters/Downspouts - Replace (PH2) 22 20 $24,938 $1,134 0.7403%122 Gutters/Downspouts - Replace (PH3) 22 21 $32,525 $1,478 0.9656%204 Bldg Ext Surfaces - Repaint (TH PH1) 6 3 $37,500 $6,250 4.0820%205 Bldg Ext Surfaces - Repaint (TH PH2) 6 4 $35,625 $5,938 3.8779%206 Bldg Ext Surfaces - Repaint (TH PH3) 6 5 $46,875 $7,813 5.1024%207 Bldg Ext Surfaces - Repaint (Patio PH1) 6 3 $99,000 $16,500 10.7764%208 Bldg Ext Surfaces - Repaint (Patio PH2) 6 4 $99,000 $16,500 10.7764%209 Bldg Ext Surfaces - Repaint (Patio PH3) 6 5 $99,000 $16,500 10.7764%304 Fiber Cement Siding - Major Repairs (PH1) 12 9 $9,750 $813 0.5307%305 Fiber Cement Siding - Major Repairs (PH2) 12 10 $9,263 $772 0.5041%306 Fiber Cement Siding - Major Repairs (PH3) 12 11 $12,188 $1,016 0.6633%403 Concrete - Partial Replace 4 3 $33,675 $8,419 5.4984%601 Concrete Flatwork - Partial Replace (Comm 4 3 $27,275 $6,819 4.4534%601 Concrete Flatwork - Partial Replace (TH) 4 3 $29,888 $7,472 4.8800%609 Composite Deck/Stairs - Replace (PH1) 25 22 $81,600 $3,264 2.1318%610 Composite Deck/Stairs - Replace (PH2) 25 23 $75,650 $3,026 1.9763%611 Composite Deck/Stairs - Replace (PH3) 25 24 $111,138 $4,446 2.9034%803 Mailboxes - Replace 20 16 $21,000 $1,050 0.6858%

1002 Aluminum Fencing - Replace (PH1) 30 27 $17,100 $570 0.3723%1003 Aluminum Fencing - Replace (PH2) 30 28 $15,675 $523 0.3413%1004 Aluminum Fencing - Replace (PH3) 30 29 $23,038 $768 0.5015%1008 Vinyl Fencing - Replace (PH1) 25 22 $9,350 $374 0.2443%1009 Vinyl Fencing - Replace (PH2) 25 23 $8,925 $357 0.2332%1010 Vinyl Fencing - Replace (PH3) 25 24 $11,688 $468 0.3053%1306 Picnic Tables - Replace 16 14 $3,600 $225 0.1470%1307 Benches - Replace 16 14 $6,250 $391 0.2551%1308 Trash Receptacles - Replace 16 14 $1,900 $119 0.0776%1318 Bike Racks - Replace 16 14 $8,000 $500 0.3266%1321 Wood Pergola - Major Maintenance 6 5 $2,500 $417 0.2721%1322 Metal Gazebo - Major Maintenance 7 6 $5,000 $714 0.4665%1602 Exterior Wall Mount - Replace (PH1) 18 15 $6,100 $339 0.2213%1603 Exterior Wall Mount - Replace (PH2) 18 16 $5,963 $331 0.2163%1604 Exterior Wall Mount - Replace (PH3) 18 17 $7,788 $433 0.2826%1701 Irrigation System - Major Repairs 10 7 $18,750 $1,875 1.2246%1703 Irrigation Controllers - Replace 12 8 $5,750 $479 0.3129%1801 Groundcover - Replenish 3 1 $18,000 $6,000 3.9187%

Significance:Ave Curr

Cost

4

(Curr Cost/UL)

Asset ID Asset Name UL RUL As $As %

207 Bldg Ext Surfaces - Repaint (Patio PH1 6 3 $99,000 $16,500 11%207 Bldg Ext Surfaces - Repaint (Patio PH1 6 3 $99,000 $16,500 11%207 Bldg Ext Surfaces - Repaint (Patio PH1 6 3 $99,000 $16,500 11%107 Comp Shingle Roof - Replace (PH3) 22 21 $237,413 $10,791 7%

All Other See Expanded Table on Page 4 For Additional Breakdown $92,822 61%

Significant Components Graph For Brennan Lifestyle Community Assoc.

Average Curr. Cost

Significance:

11% 11%

11%

7%60%

207 Bldg Ext Surfaces - Repaint (Patio PH1)



107 Comp Shingle Roof - Replace (PH3)

All Other

5

Yearly Summary For Brennan Lifestyle Community Assoc.

2020 $281,596 $207,490 74% $171,600 $0 $2,946 $02021 $451,011 $382,037 85% $178,464 $0 $4,641 $18,6752022 $613,360 $546,466 89% $185,603 $0 $6,422 $02023 $807,354 $738,491 91% $193,027 $0 $7,113 $253,8842024 $751,629 $684,746 91% $200,748 $0 $6,999 $176,8392025 $780,402 $715,654 92% $208,778 $0 $7,342 $178,3622026 $815,576 $753,412 92% $217,129 $0 $8,628 $6,2362027 $1,037,811 $972,933 94% $225,814 $0 $10,079 $165,0922028 $1,110,996 $1,043,735 94% $234,846 $0 $11,626 $7,7192029 $1,357,907 $1,282,488 94% $244,240 $0 $13,087 $203,6992030 $1,418,746 $1,336,117 94% $254,010 $0 $13,523 $233,9352031 $1,458,794 $1,369,716 94% $264,170 $0 $13,194 $376,9072032 $1,360,618 $1,270,173 93% $274,737 $0 $14,140 $02033 $1,658,732 $1,559,050 94% $285,727 $0 $16,911 $37,1172034 $1,938,783 $1,824,571 94% $297,156 $0 $19,656 $33,0672035 $2,243,151 $2,108,315 94% $309,042 $0 $20,696 $405,5012036 $2,182,506 $2,032,551 93% $321,404 $0 $20,408 $323,6582037 $2,214,847 $2,050,705 93% $334,260 $0 $20,637 $327,0532038 $2,255,615 $2,078,548 92% $347,630 $0 $22,627 $02039 $2,648,367 $2,448,806 92% $361,535 $0 $23,119 $656,5102040 $2,386,275 $2,176,950 91% $375,997 $0 $21,456 $458,2972041 $2,331,990 $2,116,106 91% $391,037 $0 $18,694 $901,6532042 $1,828,127 $1,624,183 89% $406,678 $0 $15,505 $568,3032043 $1,664,125 $1,478,063 89% $422,945 $0 $13,038 $783,4902044 $1,284,107 $1,130,556 88% $439,863 $0 $12,074 $297,1672045 $1,408,288 $1,285,326 91% $457,458 $0 $14,983 $45,1832046 $1,812,974 $1,712,583 94% $475,756 $0 $19,594 $02047 $2,294,665 $2,207,934 96% $494,786 $0 $21,026 $724,6322048 $2,058,129 $1,999,114 97% $514,577 $0 $20,298 $471,7932049 $2,091,139 $2,062,197 99% $535,161 $0 $20,901 $498,537

Percent Funded

Annual Reserve Contribs

Interest Income

Reserve Expenses

Rec. Special Ass'mnt

Fiscal Year Start

Fully Funded Balance

Starting Reserve Balance

6

Reserve Contributions For Brennan Lifestyle Community Assoc.

$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

2020

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

Mo

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trib

uti

on

Year

Reserve Contributions

Recommended Current Minimum

7

ID Component Name Monthly105 Comp Shingle Roof - Replace (PH1) $191,100 $26,059 $12,893 $811.26106 Comp Shingle Roof - Replace (PH2) $183,788 $16,708 $0 $780.22107 Comp Shingle Roof - Replace (PH3) $237,413 $10,791 $0 $1,007.87120 Gutters/Downspouts - Replace (PH1) $26,250 $3,580 $0 $111.44121 Gutters/Downspouts - Replace (PH2) $24,938 $2,267 $0 $105.87122 Gutters/Downspouts - Replace (PH3) $32,525 $1,478 $0 $138.08204 Bldg Ext Surfaces - Repaint (TH PH1) $37,500 $18,750 $18,750 $583.72205 Bldg Ext Surfaces - Repaint (TH PH2) $35,625 $11,875 $11,875 $554.53206 Bldg Ext Surfaces - Repaint (TH PH3) $46,875 $7,813 $7,813 $729.65207 Bldg Ext Surfaces - Repaint (Patio PH1) $99,000 $49,500 $49,500 $1,541.02208 Bldg Ext Surfaces - Repaint (Patio PH2) $99,000 $33,000 $33,000 $1,541.02209 Bldg Ext Surfaces - Repaint (Patio PH3) $99,000 $16,500 $16,500 $1,541.02304 Fiber Cement Siding - Major Repairs (PH1) $9,750 $2,438 $2,438 $75.88305 Fiber Cement Siding - Major Repairs (PH2) $9,263 $1,544 $1,544 $72.09306 Fiber Cement Siding - Major Repairs (PH3) $12,188 $1,016 $1,016 $94.85403 Concrete - Partial Replace $33,675 $8,419 $8,419 $786.27601 Concrete Flatwork - Partial Replace (Common) $27,275 $6,819 $6,819 $636.84601 Concrete Flatwork - Partial Replace (TH) $29,888 $7,472 $7,472 $697.84609 Composite Deck/Stairs - Replace (PH1) $81,600 $9,792 $0 $304.84610 Composite Deck/Stairs - Replace (PH2) $75,650 $6,052 $0 $282.61611 Composite Deck/Stairs - Replace (PH3) $111,138 $4,446 $0 $415.19803 Mailboxes - Replace $21,000 $4,200 $4,200 $98.061002 Aluminum Fencing - Replace (PH1) $17,100 $1,710 $0 $53.241003 Aluminum Fencing - Replace (PH2) $15,675 $1,045 $0 $48.801004 Aluminum Fencing - Replace (PH3) $23,038 $768 $0 $71.721008 Vinyl Fencing - Replace (PH1) $9,350 $1,122 $0 $34.931009 Vinyl Fencing - Replace (PH2) $8,925 $714 $0 $33.341010 Vinyl Fencing - Replace (PH3) $11,688 $468 $0 $43.661306 Picnic Tables - Replace $3,600 $450 $450 $21.011307 Benches - Replace $6,250 $781 $781 $36.481308 Trash Receptacles - Replace $1,900 $238 $238 $11.091318 Bike Racks - Replace $8,000 $1,000 $1,000 $46.701321 Wood Pergola - Major Maintenance $2,500 $417 $417 $38.911322 Metal Gazebo - Major Maintenance $5,000 $714 $714 $66.711602 Exterior Wall Mount - Replace (PH1) $6,100 $1,017 $1,017 $31.651603 Exterior Wall Mount - Replace (PH2) $5,963 $663 $663 $30.941604 Exterior Wall Mount - Replace (PH3) $7,788 $433 $433 $40.411701 Irrigation System - Major Repairs $18,750 $5,625 $5,625 $175.121703 Irrigation Controllers - Replace $5,750 $1,917 $1,917 $44.751801 Groundcover - Replenish $18,000 $12,000 $12,000 $560.37

Component Funding Information For Brennan Lifestyle Community Assoc.Current Fund Balance

Ideal Balance

Ave Current Cost

8

Year 2020 2021 2022 2023 2024Starting Balance $207,490 $382,037 $546,466 $738,491 $684,746 Reserve Income $171,600 $178,464 $185,603 $193,027 $200,748 Interest Earnings $2,946 $4,641 $6,422 $7,113 $6,999 Special Assessments $0 $0 $0 $0 $0Funds Available $382,037 $565,141 $738,491 $938,631 $892,493Reserve Expenditures $0 $18,675 $0 $253,884 $176,839Ending Balance $382,037 $546,466 $738,491 $684,746 $715,654

Year 2025 2026 2027 2028 2029Starting Balance $715,654 $753,412 $972,933 $1,043,735 $1,282,488 Reserve Income $208,778 $217,129 $225,814 $234,846 $244,240 Interest Earnings $7,342 $8,628 $10,079 $11,626 $13,087 Special Assessments $0 $0 $0 $0 $0Funds Available $931,774 $979,169 $1,208,826 $1,290,207 $1,539,816Reserve Expenditures $178,362 $6,236 $165,092 $7,719 $203,699Ending Balance $753,412 $972,933 $1,043,735 $1,282,488 $1,336,117

Year 2030 2031 2032 2033 2034Starting Balance $1,336,117 $1,369,716 $1,270,173 $1,559,050 $1,824,571 Reserve Income $254,010 $264,170 $274,737 $285,727 $297,156 Interest Earnings $13,523 $13,194 $14,140 $16,911 $19,656 Special Assessments $0 $0 $0 $0 $0Funds Available $1,603,650 $1,647,080 $1,559,050 $1,861,688 $2,141,382Reserve Expenditures $233,935 $376,907 $0 $37,117 $33,067Ending Balance $1,369,716 $1,270,173 $1,559,050 $1,824,571 $2,108,315

Year 2035 2036 2037 2038 2039Starting Balance $2,108,315 $2,032,551 $2,050,705 $2,078,548 $2,448,806 Reserve Income $309,042 $321,404 $334,260 $347,630 $361,535 Interest Earnings $20,696 $20,408 $20,637 $22,627 $23,119 Special Assessments $0 $0 $0 $0 $0Funds Available $2,438,052 $2,374,362 $2,405,602 $2,448,806 $2,833,460Reserve Expenditures $405,501 $323,658 $327,053 $0 $656,510Ending Balance $2,032,551 $2,050,705 $2,078,548 $2,448,806 $2,176,950

Year 2040 2041 2042 2043 2044Starting Balance $2,176,950 $2,116,106 $1,624,183 $1,478,063 $1,130,556 Reserve Income $375,997 $391,037 $406,678 $422,945 $439,863 Interest Earnings $21,456 $18,694 $15,505 $13,038 $12,074 Special Assessments $0 $0 $0 $0 $0Funds Available $2,574,403 $2,525,836 $2,046,366 $1,914,046 $1,582,493Reserve Expenditures $458,297 $901,653 $568,303 $783,490 $297,167Ending Balance $2,116,106 $1,624,183 $1,478,063 $1,130,556 $1,285,326

Year 2045 2046 2047 2048 2049Starting Balance $1,285,326 $1,712,583 $2,207,934 $1,999,114 $2,062,197 Reserve Income $457,458 $475,756 $494,786 $514,577 $535,161 Interest Earnings $14,983 $19,594 $21,026 $20,298 $20,901 Special Assessments $0 $0 $0 $0 $0Funds Available $1,757,766 $2,207,934 $2,723,746 $2,533,990 $2,618,258Reserve Expenditures $45,183 $0 $724,632 $471,793 $498,537Ending Balance $1,712,583 $2,207,934 $1,999,114 $2,062,197 $2,119,721

Yearly Cash Flow For Brennan Lifestyle Community Assoc.

9

Yearly Expenditures Graph For Brennan Lifestyle Community Assoc.

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,00020

20

2022

2024

2026

2028

2030

2032

2034

2036

2038

2040

2042

2044

2046

2048

2050

An

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ota

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Year

Reserve Expenditures

10

Year Asset ID Asset Name Projected Cost2020 No Expenditures Projected $02021 1801 Groundcover - Replenish $18,675 $18,6752022 No Expenditures Projected $02023 204 Bldg Ext Surfaces - Repaint (TH PH1) $41,879

207 Bldg Ext Surfaces - Repaint (Patio PH1) $110,560403 Concrete - Partial Replace $37,607601 Concrete Flatwork - Partial Replace (Common)$30,460601 Concrete Flatwork - Partial Replace (TH) $33,378 $253,884

2024 205 Bldg Ext Surfaces - Repaint (TH PH2) $41,277208 Bldg Ext Surfaces - Repaint (Patio PH2) $114,7061801 Groundcover - Replenish $20,856 $176,839

2025 206 Bldg Ext Surfaces - Repaint (TH PH3) $56,348209 Bldg Ext Surfaces - Repaint (Patio PH3) $119,0081321 Wood Pergola - Major Maintenance $3,005 $178,362

2026 1322 Metal Gazebo - Major Maintenance $6,236 $6,2362027 403 Concrete - Partial Replace $43,574

601 Concrete Flatwork - Partial Replace (Common)$35,292601 Concrete Flatwork - Partial Replace (TH) $38,6731701 Irrigation System - Major Repairs $24,2621801 Groundcover - Replenish $23,291 $165,092

2028 1703 Irrigation Controllers - Replace $7,719 $7,7192029 204 Bldg Ext Surfaces - Repaint (TH PH1) $52,231

207 Bldg Ext Surfaces - Repaint (Patio PH1) $137,889304 Fiber Cement Siding - Major Repairs (PH1) $13,580 $203,699

2030 205 Bldg Ext Surfaces - Repaint (TH PH2) $51,480208 Bldg Ext Surfaces - Repaint (Patio PH2) $143,059305 Fiber Cement Siding - Major Repairs (PH2) $13,3851801 Groundcover - Replenish $26,011 $233,935

2031 206 Bldg Ext Surfaces - Repaint (TH PH3) $70,277209 Bldg Ext Surfaces - Repaint (Patio PH3) $148,424306 Fiber Cement Siding - Major Repairs (PH3) $18,272403 Concrete - Partial Replace $50,487601 Concrete Flatwork - Partial Replace (Common)$40,892601 Concrete Flatwork - Partial Replace (TH) $44,8081321 Wood Pergola - Major Maintenance $3,748 $376,907

2032 No Expenditures Projected $02033 1322 Metal Gazebo - Major Maintenance $8,069

1801 Groundcover - Replenish $29,048 $37,1172034 1306 Picnic Tables - Replace $6,027

1307 Benches - Replace $10,4641308 Trash Receptacles - Replace $3,1811318 Bike Racks - Replace $13,394 $33,067

2035 204 Bldg Ext Surfaces - Repaint (TH PH1) $65,141207 Bldg Ext Surfaces - Repaint (Patio PH1) $171,972403 Concrete - Partial Replace $58,496601 Concrete Flatwork - Partial Replace (Common)$47,379601 Concrete Flatwork - Partial Replace (TH) $51,9171602 Exterior Wall Mount - Replace (PH1) $10,596 $405,501

2036 205 Bldg Ext Surfaces - Repaint (TH PH2) $64,204208 Bldg Ext Surfaces - Repaint (Patio PH2) $178,421803 Mailboxes - Replace $37,8471603 Exterior Wall Mount - Replace (PH2) $10,7461801 Groundcover - Replenish $32,440 $323,658

Total Per Annum

Projected Reserve Expenditures For Brennan Lifestyle Community Assoc.

11

2037 206 Bldg Ext Surfaces - Repaint (TH PH3) $87,647209 Bldg Ext Surfaces - Repaint (Patio PH3) $185,1111321 Wood Pergola - Major Maintenance $4,6751604 Exterior Wall Mount - Replace (PH3) $14,5611701 Irrigation System - Major Repairs $35,059 $327,053

2038 No Expenditures Projected $02039 105 Comp Shingle Roof - Replace (PH1) $384,623

120 Gutters/Downspouts - Replace (PH1) $52,833403 Concrete - Partial Replace $67,777601 Concrete Flatwork - Partial Replace (Common)$54,896601 Concrete Flatwork - Partial Replace (TH) $60,1541801 Groundcover - Replenish $36,228 $656,510

2040 106 Comp Shingle Roof - Replace (PH2) $383,776121 Gutters/Downspouts - Replace (PH2) $52,0731322 Metal Gazebo - Major Maintenance $10,4411703 Irrigation Controllers - Replace $12,007 $458,297

2041 107 Comp Shingle Roof - Replace (PH3) $514,344122 Gutters/Downspouts - Replace (PH3) $70,464204 Bldg Ext Surfaces - Repaint (TH PH1) $81,242207 Bldg Ext Surfaces - Repaint (Patio PH1) $214,479304 Fiber Cement Siding - Major Repairs (PH1) $21,123 $901,653

2042 205 Bldg Ext Surfaces - Repaint (TH PH2) $80,074208 Bldg Ext Surfaces - Repaint (Patio PH2) $222,522305 Fiber Cement Siding - Major Repairs (PH2) $20,819609 Composite Deck/Stairs - Replace (PH1) $183,4121008 Vinyl Fencing - Replace (PH1) $21,0161801 Groundcover - Replenish $40,459 $568,303

2043 206 Bldg Ext Surfaces - Repaint (TH PH3) $109,312209 Bldg Ext Surfaces - Repaint (Patio PH3) $230,867306 Fiber Cement Siding - Major Repairs (PH3) $28,421403 Concrete - Partial Replace $78,530601 Concrete Flatwork - Partial Replace (Common)$63,605601 Concrete Flatwork - Partial Replace (TH) $69,697610 Composite Deck/Stairs - Replace (PH2) $176,4151009 Vinyl Fencing - Replace (PH2) $20,8131321 Wood Pergola - Major Maintenance $5,830 $783,490

2044 611 Composite Deck/Stairs - Replace (PH3) $268,8901010 Vinyl Fencing - Replace (PH3) $28,277 $297,167

2045 1801 Groundcover - Replenish $45,183 $45,1832046 No Expenditures Projected $02047 204 Bldg Ext Surfaces - Repaint (TH PH1) $101,323

207 Bldg Ext Surfaces - Repaint (Patio PH1) $267,494403 Concrete - Partial Replace $90,988601 Concrete Flatwork - Partial Replace (Common)$73,696601 Concrete Flatwork - Partial Replace (TH) $80,7551002 Aluminum Fencing - Replace (PH1) $46,2041322 Metal Gazebo - Major Maintenance $13,5101701 Irrigation System - Major Repairs $50,662 $724,632

2048 205 Bldg Ext Surfaces - Repaint (TH PH2) $99,867208 Bldg Ext Surfaces - Repaint (Patio PH2) $277,5251003 Aluminum Fencing - Replace (PH2) $43,9411801 Groundcover - Replenish $50,459 $471,793

2049 206 Bldg Ext Surfaces - Repaint (TH PH3) $136,332209 Bldg Ext Surfaces - Repaint (Patio PH3) $287,9321004 Aluminum Fencing - Replace (PH3) $67,002

Total Per AnnumAsset Name

Projected CostYear Asset ID

12

1321 Wood Pergola - Major Maintenance $7,271 $498,5372050 1306 Picnic Tables - Replace $10,863

1307 Benches - Replace $18,8591308 Trash Receptacles - Replace $5,7331318 Bike Racks - Replace $24,140 $59,595

Total Per AnnumAsset Name

Projected CostYear Asset ID

13

1

Glossary of Commonly used Words and Phrases (provided by the National Reserve Study Standards of the Community Associations Institute) Asset or Component – Individual line items in the Reserve Study, developed or updated in the Physical Analysis. These elements form the building blocks for the Reserve Study. Components typically are: 1) Association Responsibility, 2) with limited Useful Life expectancies, 3) have predictable Remaining Life expectancies, 4) above a minimum threshold cost, and 5) required by local codes. Cash Flow Method – A method of developing a Reserve Funding Plan where contributions to the Reserve fund are designed to offset the variable annual expenditures from the Reserve fund. Different Reserve Funding Plans are tested against the anticipated schedule of Reserve expenses until the desired Funding Goal is achieved. Component Inventory – The task of selecting and quantifying Reserve Components. This task can be accomplished through on-site visual observations, review of association design and organizational documents, a review of established association precedents, and discussion with appropriate association representatives. Deficit – An actual (or projected) Reserve Balance, which is less than the Fully Funded Balance. Effective Age – The difference between Useful Life and Remaining Useful Life. Not always equivalent to chronological age, since some components age irregularly. Used primarily in computations. Financial Analysis – The portion of the Reserve Study where current status of the Reserves (Measured as cash or Percent Funded) and a recommended Reserve contribution rate (Reserve Funding Plan) are derived, and the projected Reserve income and expense over time is presented. The Financial Analysis is one of the two parts of the Reserve Study. Component Full Funding – When the actual (or projected) cumulative Reserve balance for all components is equal to the Fully Funded Balance. Fully Fund Balance (aka – Ideal Balance) – An indicator against which Actual (or projected) Reserve Balance can be compared. The Reserve balance that is in direct proportion to the fraction of life “used up” of the current Repair or Replacement cost. This number is calculated for each component, and then summed together for an association total. FFB = Replacement Cost X Effective Age / Useful Life Fund Status – The status of the Reserve Fund as compared to an established benchmark, such as percent funding. Funding Goals – Independent of methodology utilized, the following represent the basic categories of Funding Plan Goals.

• Baseline Funding: Establishing a Reserve funding goal of keeping the Reserve Balance above zero.

• Component Full Funding: Setting a Reserve funding goal of attaining and maintaining cumulative Reserves at or near 100% funded.

• Threshold Funding: Establishing a Reserve funding goal of keeping the Reserve balance above a specified dollar or Percent Funded amount. Depending on the threshold, this may be more or less conservative than the “Component Fully Funding” method.

2

Funding Plan – An association's plan to provide income to a Reserve fund to offset anticipated expenditures from that fund. Funding Principles –

• Sufficient Funds When Required • Stable Contribution Rate over the Years • Evenly Distributed Contributions over the Years • Fiscally Responsible

Life and Valuation Estimates – The task of estimating Useful Life, Remaining Useful Life, and Repair or Replacement Costs for the Reserve components. Percent Funded – The ratio, at a particular point of time (typically the beginning of the Fiscal Year), of the actual (or projected) Reserve Balance to the accrued Fund Balance, expressed as a percentage. Physical Analysis – The portion of the Reserve Study where the Component Inventory, Condition Assessment, and Life and Valuation Estimate tasks are performed. This represents one of the two parts of the Reserve Study. Remaining Useful Life (RUL) – Also referred to as “Remaining Life” (RL). The estimated time, in years, that a reserve component can be expected to continue to serve its intended function. Projects anticipated to occur in the initial year have “0” Remaining Useful Life. Replacement Cost – The cost of replacing, repairing, or restoring a Reserve Component to its original functional condition. The Current Replacement Cost would be the cost to replace, repair, or restore the component during that particular year. Reserve Balance – Actual or projected funds as of a particular point in time (typically the beginning of the fiscal year) that the association has identified for use to defray the future repair or replacement of those major components in which the association is obligated to maintain. Also known as Reserves, Reserve Accounts, Cash Reserves. This is based upon information provided and is not audited. Reserve Provider – An individual that prepares Reserve Studies. Also known as Aspen Reserve Specialties. Reserve Study – A budget-planning tool that identifies the current status of the Reserve fund and a stable and equitable Funding Plan to offset the anticipated future major common area expenditures. The Reserve Study consists of two parts: The Physical Analysis and the Financial Analysis. Special Assessment – An assessment levied on the members of an association in addition to regular assessments. Special Assessments are often regulated by governing documents or local statutes. Surplus – An actual (or projected) Reserve Balance that is greater that the Fully Funded Balance. Useful Life (UL) – Also known as “Life Expectancy”, or “Depreciable Life”. The estimated time, in years, that a Reserve component can be expected to serve its intended function if properly constructed and maintained in its present application or installation.

Documents

Wednesday, July 03, 2019 Reserve Study Proposal for Level 1 ......Reserve Study Proposal for Fairway Estates Property Owners Association Wednesday, July 03, 2019 Level 1, Premium Reserve