As explained in their introductory letter the Board and Association recognized the need for proper and professional reserve planning, and particularly so in this time of economic turmoil. The inflation rate alone in the past 6 months, has made the 2020 Reserve Study completely obsolete. Therefore they directed Reserve Advisors to conduct a Reserve Study of Park Tower. The effective date of this study is the date of our visual, noninvasive inspection, May 11, 2022. Though they were asked to make one edit, and it was revised to correct the date of the main roof replacement, which was 2017.
As they explain, the Reserve Study exceeds the Association of Professional Reserve Analysts (APRA)
standards, and fulfills the requirements of a “Level II Reserve Study Update.” It is with the help of such studies over the years, that the Association has avoided the need for Special Assessments. And in the past 15 years the reserve balance has grown from hovering around $1 Million, to where it stands now at just over $3.5 Million. However nice that sounds, inflation has made that figure obsolete. So, this new Reserve Study is urgently important for proper budgeting going forward, if we are to continue proper maintenance and care of Park Tower.
As we gear up to put together the budget for the next fiscal year, this will be heavily relied upon to guide efforts at solid planning.
Owners are welcome to request a copy of the Reserve Study. Hard copies are free for the first 5 pages, and $1 per page after that – it is 124 pages long…so of course we encourage e-copies. Just e-mail me your request at firstname.lastname@example.org.