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Association of Apartment Owners of

Crescent Park

Dear Crescent Park Homeowners,

We are pleased to inform you that your Board of Directors have completed the review of the 2025 annual budget. After careful consideration, the Board recommends the decision to (A) increase maintenance fees, (B) implement special assessments, and (C) vote on a loan, as further detailed below. The major contributions to the increase in fees includes higher insurance premiums and several costly but essential building upgrades. We want to update you on important projects and changes affecting our building. We know costs are a big concern for everyone, so we want to be clear about what’s happening and why.

Recent Achievements:

1. We installed the new fire alarm system required by City Ordinance 22-2 and
2. We hired a consultant to advise on the elevator modernization

Current Challenges:

1. INCREASE IN MAINTENANCE FEES. Our building is 55 years old (built in 1969) and needs several major updates. The increase in maintenance fee will enable us to complete the following projects slated for 2025-2026 and/or cover the following rising costs:
   • Increased insurance premiums – annual premium increased $107,000 or ?% from 2024, however, many buildings saw over 400% As a result of the high risk component inspections and our plans to re-pipe we were able to retain Dongbu as our agent.
   • Safety upgrades to common area aluminum railing
   • Building Signs upgrades
   • Deck 2 and 3 Resurfacing – last completed in 2000
2. SPECIAL ASSESSMENTS
   • 2023: $150/month for Fire Alarm System
   • 2024: $150/month for Fire Alarm System + $200/month for elevator planning
   • 2025: $300/month to finish paying for the Fire Alarm System (total cost: $455,000)
3. VOTE FOR LOAN OR SPECIAL ASSESSMENT FOR MAJOR Upcoming major projects for 2025 to 2026:

(Please note that 2 are not currently funded and once we have firm prices, we’ll let you choose between a loan and special assessment.

• Elevator Modernization – Estimated cost: $760,000 – $850,000
• Electrical System Upgrade (not currently funded) – Estimated Cost: $300,000 – $700,000
• Building wide plumbing/repiping (not currently funded) – Estimated Cost: around $1,650,000.

What’s Next?

1. These major updates will help secure our building’s future
2. We need your involvement and feedback
3. Please join our monthly board meetings and annual ownership We will have our consultants present to answer questions.

Questions? Please plan to attend all board meetings. Your input matters to us. Sincerely,

The Board of Directors

AOAO Crescent Park

crescentparkowners@gmail.com

AOAO Crescent Park Page 2 of 2

[Note: §514B-105 Association; limitations on powers.

(e) Subject to any approval requirements and spending limits contained in the declaration or bylaws, the association may authorize the board to borrow money for the repair, replacement, maintenance, operation, or administration of the common elements and personal property of the project, or the making of any additions, alterations, and improvements thereto; provided that written notice of the purpose and use of the funds is first sent to all unit owners and owners representing fifty per cent of the common interest vote or give written consent to the borrowing. In connection with the borrowing, the board may grant to the lender the right to assess and collect monthly or special assessments from the unit owners and to enforce the payment of the assessments or other sums by statutory lien and foreclosure proceedings. The cost of the borrowing, including, without limitation, all principal, interest, commitment fees, and other expenses payable with respect to the borrowing or the enforcement of the obligations under the borrowing, shall be a common expense of the project. For purposes of this section, the financing of insurance premiums by the association within the policy period shall not be deemed a loan and no lease shall be deemed a loan if it provides that at the end of the lease the association may purchase the leased equipment for its fair market value. [L 2004, c 164, pt of §2; am L 2005, c 93, §7; am L 2006, c 273, §15; am L 2018, c 195, § §3, 6; am L 2019, c 192, §2; am L 2020, c 56, §2]]

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