HOW MUCH IS THIS RENOVATION PROJECT GOING TO COST?

A ROM (Rough Order of Magnitude) budget was developed by AMICON Management LLC to determine the projected total of all the costs associated with this project including both hard construction costs and soft costs such as permitting, architectural fees, project management, etc.  A contingency factor of 10% was also applied to prepare for any unforeseen expenses that may arise during the construction phase.  The estimated cost for this project is $1,475,000. 

 

HOW IS THE ASSOCATION FUNDING THIS RENOVATION PROJECT?

The Association will be funding this project by using both existing Operating and Reserve Funds that have been set aside for this renovation project.  Reserve funds in the amount of $500,000 are available for renovations of the lobby, mailroom and hallway areas and excess Operating Funds in the amount of $975,000 are also available. 

 

WILL THERE BE A SPECIAL ASSESSMENT FOR THIS PROJECT?

No, the association has funds set aside in the Reserve Funding accounts, as well as, in Operating funds for these renovation projects that have been funded over time to ensure that there are funds available to realize these needed updates to the existing interiors.