BLUE TARPS – UPDATE
Fellow unit owners,
A note on the blue tarps…we have a couple of things going on.
1st, the roofs on bldg’s 2, 3, & 4 were starting to have repairs needed due to early failure of the nails, as they weren’t stainless steel. These were scheduled to be replaced in 2027. At the rate of the costs to repair each leak as they keep coming in, it makes more sense to replace them soonest. The tarps are in place to address current leaks/repair needs pending claim outcome.
2nd, we have filed a claim with our insurance company due to evidence of hail damage to the shingles. They have 90 days to process the claim & we are about half way through that period.
If the outcome is in our favor, any monies received will be applied to the roof shingle reserves and reduce the need to increase the budgetary assessment to pull in these 3 roof replacements from 2027. By deferring numerous repair costs using the tarps, that money is saved as well.
Thanks, Tony King, VP