Regency Point Townhome Association
96 Beach Walk Blvd., Ste. 207
Conroe, TX 77304
936-703-5256 Office 936-703-5258 Fax
info@acmg.solutions
www.regencypt.com
Dear fellow Regency Point residents:
With the impending Annual Meeting set for March 26, 2022, it is a good time for our community to start discussing some major issues that will need to be addressed at that meeting. Please join us at our next monthly meeting March 21st at 5:30 p.m. in the clubhouse where we will preview the issues for the annual meeting.
As many of you know, with an aging complex that is positioned on a very weather-active lake, maintenance and upkeep can be expensive. The Boards of Directors over the past years have each tried to manage these issues within the confines of a very tight budget. Big issues such as bulkhead repairs, repainting the buildings and even re-roofing a building have been delayed and postponed year after year as we struggle with new or ever-increasing expenses. For instance, our insurance on the property went from $25,600 in 2018 to $79,000 in 2022 despite our attempts to shop it through other brokers. Of your total monthly HOA payment, 90.52% goes to fixed expenses for insurance, maintenance and general overhead. That does not leave much for repairs and other unwelcome events/surprises.
As such, the Board is proposing an assessment to cover some of these outstanding issues. Some of the items we would like to address and seek your vote in support some type of assessment include:
- Insurance Deductible escrowed money; as of now, the Association has approximately $7,500 in reserves in the event of a catastrophic event that would require us to pay our insurance deductible. At a minimum (for only part of the coverage to kick in) the deductible is $50,000. That number goes up depending on the type of damages and insurance we are attempting to access. As such, without a reserve, the Association would be forced to call for an immediate assessment should the need arise. Instead, we are proposing a set-aside of no less than $54,000 that will be placed in an interest-bearing savings account and will not be able to be accessed for any reason other than insurance deductible payment. We want everyone to rest assured that if a big storm hits, the Association has immediate funds to act if necessary. The only way this money could ever be used for anything other than an insurance deductible would be if a majority of the membership as a whole would vote to modify this stipulated use. If we do an assessment of $1,000 per unit, we will have our reserve fund at $54,000 in new assessment money, plus the $7,500 already set aside, for a total of $61,500. Residents could choose to pay a lump sum $1,000 or four (4) installments of $250.00.
- Bulkhead repairs/replacement: pre-pandemic the Board had begun much-needed bulkhead replacement and repairs, starting at the point and running to unit #2. As you can see, this area is now withstanding the tremendous forces of the lake’s waves much better and with virtually no wash out. Portions (if not all) of the remainder of our bulkhead is in desperate need of repairs/replacement. This is an extremely costly proposition, but it is absolutely necessary to keep our properties safe. There are several ways we could address these issues, which include doing another 100 feet of replacement or starting repairs in areas that have clearly begun to fail. The Board will be seeking $54,000 to do repairs via an assessment; or another proposal would be to spend up to $54,000 in new loan money to continue the replacement of the bulkhead and an approximate Special Assessment of $19 per month for 60 months or until such time as the loan is fully repaid. You will have the to approve either an assessment or joinder in a loan to address these issues.
- Other items of upcoming expense that need to be addressed and/or we would like to consider if funding was available:
- The three-story building roof needs to be repaired at a cost of $9,000.
- Structural repairs and replacement on decks $31,000.
- Relocate leaking AC platform at a cost of $12,000.
- Upgrade lighting at common areas $7,500.
- General landscape updates/new recreational area at a cost of $10,000.
Some of these items are clearly wish-list items, but areas that we believe would make our property more valuable and enjoyable.
