For the last few years, the Board has discussed making capital improvements. Generally, capital projects require meaningful financial investment and are beyond the scope of ongoing building maintenance, landscaping, and other reserve account items. Further, these items go beyond the annual operating budget because of their size and scale, and therefore require multi-year planning and financial commitment. While the Board has not made any decisions, there are several projects worthy of consideration that require significant saving. Thus, over the last two years, the Board has reserved $200 thousand for future capital projects; if no projects are agreed to, the money will be owners’ equity that potentially reduces the need to increase condo fees in the future. Either way owners will benefit.
The Board has considered concepts such as: upgrades and renovations to the party room; upgrades and renovations to the fitness room; expanding the pool house at the Martha Custis pool to add a modern party room, gym, and other spaces (see attached cost estimates); replacement of all laundry room windows; a property-wide lighting project; and/or making electric car charging stations available on the property. These are merely some ideas we investigated. While we regularly get suggestions from owners at our meetings or via email, for this larger endeavor we want to solicit community feedback at a town hall. At this town hall, the Board and management will share research and thinking on the aforementioned ideas and also seek input from owners on these and possibly other project ideas.
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