Harbor Landing Board of Trustee’s decision on repairing / rebuilding of Harbor Landing.
Over the past 6 months the Board of Trustees have been weighing out the decision to either tearing down and rebuild Harbor Landing or renovating Harbor Landing.
The board hired Continental Building Consultants a structural engineering firm to assess and report on the structural integrity of the building along with the any problems that will need repaired or replaced and recommendations.
Continental Building Consultants came down and did an analysis and reported on the structural integrity of the building and said that Harbor Landing was in good condition. He also said what area of the building needed to have repairs soon.
The following link will bring you to the report we received. You will be able to read Continental Building and Consultants report and recommendations.
Board member James Plasteras spoke with Harbor Landing lawyer Ellen Shapiro asking advice about renovating or rebuilding.
Ellen Shapiro feels that reconstructing the building would be a monumental task, at the least, (in her words), and highly improbable.
There would need to be a 100% approval to rebuild before any construction could begin.
The lawyer stated that even if there was a 100% vote to rebuild, the cost of the demolition and reconstruction of Harbor Landing would far exceed $2 million as suggested.
Ellen Shapiro’s recommendations was to build and grow the Capital Reserve Budget and set aside for projects relating to improvements. The lawyer also recommended that Capital Reserve Analysis is necessary and a plan for its implementation in the near future.
Next, the board member Susan Faticanti had a telephone conversation with Harbor Landing’s accountant Tim Harrison for his insight on affordability of a rebuild versus a renovation.
First he said we would have to put out to bid to 3 architectural firms for plans and design of a new Harbor Landing. This would probably cost at least $6000.
We also mentioned to Tim that Harbor Landing has been in the red for 3 years and have a hard time having unit owners pay their yearly maintenance fees. It was also mentioned that HL’s unit owners are an older generation. His input was if the place was rebuilt we could get more income for renting the rooms and if we did put a store front business there that maybe they could purchase the space. He also stated that maybe we could attract younger families into purchasing the property. I said this is a big risk and what are our assurances that we could afford this? He did say it was a big risk. Not only would there be a cost for the new place but also legal fees, etc. Here is a breakdown at just a guesstimate of the costs. Tim also said the unit owners would be assessed for 20 years!!!!
$3,000,000 / 1021 (units) = $2,398 per owner for a 20 year loan would be $150 per year plus the maintenance fees. This is not including interest so it would probably be $160 per unit owner per week. It could be more than $3M.
The board looked at all avenues and feel that at this time Harbor Landing doesn’t have the financial budget to rebuild and take on the costs for rebuilding.
The board has decided that repairing/renovating Harbor Landing would be in the best interest of all unit owners.
We are currently in the process of have the Capital Reserve Analysist done.
We are also getting prices to do the needed repairs. Once we have that information we will be letting all owners know what course of action we will be taking and the costs involved in doing the repairs.
We all would love to see a brand new Harbor Landing, it was not an easy decision for the board to make, but felt that by not rebuilding would be in the best interest of all unit owners.
2017 Maintenance Fee Increase
The Board has voted on a ten percent (10%) increase across the board to keep up with the cost of running Harbor Landing.
The results from the 2016 Trustee Election
Susan Faticanti 26.8789 %
Margarete Arndt 18.6647 %
Dennis Nee 16.3750 %
Frank Carey 12.3102 %
Joseph Geraci 7.7766 %
Quorum Only 0.1405 %
The Board would like to congratulate Margarete on winning a seat on the board, we would like to thank Dennis Nee for serving on the board.
Thank you to those that ran but did not make it this time around.
2017 Vote to keep Harbor Landing a Timeshare
It is time for the 10 year vote to decide if the owners want to keep Harbor Landing a timeshare.
We are in the process of getting ready for this year’s 10 year vote. As soon as the details are finalized we will let you know.