According to a recent flyer, buildings 6, 7, 8, 10, 11, 15, 16, 17, 19, 28, 29, and 42 will be receiving a Special Assessment on Wednesday, October 8th at 7:30pm. Those buildings have been selected for the next phase of refurbishments, and so it is likely (but unconfirmed) that the Special Assessment is for that purpose. I have no information about the amount of the Special Assessments currently under consideration.
I served for two years on the BOD directors, during which time there were several building refurbishment projects. Also, as a unit owner I faced my own Special Assessment for the refurbishment of my building. From those experiences I know that the cost of some past building refurbishment projects has totaled as high as approximately $35,000.00 per unit (some more, some less).
There was a time when we had a relationship with Floridian Community Bank that allowed us to offer payment terms through a construction loan. The details of providing that service makes the accounting hugely complicated (and apparently beyond the scope of our previous accounting firm's abilities). It is not known if that situation still exists, or what the terms of the Special Assessment are going to be.
