At 1:00 this afternoon, Tom Meriwether and the Regency Cove Board of Directors met with the residents for the first time to discuss terms of financing the new seawall repair/replacement. Four financing options were presented, one as a special assessment, and the other three as a second mortgage. (Read the entire presentation on the seawall blog)
The recurring theme throughout the presentation was the unpredictable interest resets scheduled into each of the finance options. It is impossible to predict what each of the options will eventaully cost each resident, because we just don't know what the reset interest rate will be in 5 years, and again 5 years after that. Those are the options that Tom said we would like to avoid. 
In the opinion of Tom Meriwether, we are currently at the best time for financing and contracting bids for seawall work. In months to come, the numbers may change and companies will not only charge more for contracts, but banks may charge a significantly higher interest than we could get right now. He predicted as high as 11% in the future.
No one has a crystal ball.
One resident spoke about the seawall not needing any repairs at all. Others addressed the need to "pay off the mortgage first". Many residents are now accepting the idea that the seawall is in need of serious attention, and we better give it that attention.
The meeting served its purpose. Information was given, and we all had the opportunity to express our opinions.
The second part of the meeting addressed the need for a formal Reserve Study here in Regency Cove. Our auditor's documents refer to a 1994 inspection, not mentioning the words "reserve study". Those are the numbers upon which the life expectancy of several of our common elements are based. Many people today question the validity of those 1994 expectations, i.e. 50 years on the seawall.
From the information Judy Webb and I gathered while writing the History Book, the seawall along Canal and Blvd 15 went in around 1965, based on a newspaper item referred to on page 16 in Regency Cove: The First Fifty Years. These walls are currently 43 years old.
There are no documents we can find today that verify the expected life of the seawall as reported in our own 1994 documents. Our reserves, however, continue to currently list the life expectancy at 32 years, when in actuality, it may be only 3, or 5 or 7. Or None. How long do we continue this charade? Go to the Seawall blog and look at the pictures. Many repairs are needed. The whole wall does not have to be replaced. Heck yes, it would look FANTASTIC if we had an entire new seawall.
The Reserve Study, when it is finished, should dictate the priority of our repairs. Let's hope it passes the Board soon.
It is past time for an official reserve study in Regency Cove, to inspect and estimate replacement of all of our infrastructure.
No one has a crystal ball.
One resident spoke about the seawall not needing any repairs at all. Others addressed the need to "pay off the mortgage first". Many residents are now accepting the idea that the seawall is in need of serious attention, and we better give it that attention.
The meeting served its purpose. Information was given, and we all had the opportunity to express our opinions.
The second part of the meeting addressed the need for a formal Reserve Study here in Regency Cove. Our auditor's documents refer to a 1994 inspection, not mentioning the words "reserve study". Those are the numbers upon which the life expectancy of several of our common elements are based. Many people today question the validity of those 1994 expectations, i.e. 50 years on the seawall.
From the information Judy Webb and I gathered while writing the History Book, the seawall along Canal and Blvd 15 went in around 1965, based on a newspaper item referred to on page 16 in Regency Cove: The First Fifty Years. These walls are currently 43 years old.
There are no documents we can find today that verify the expected life of the seawall as reported in our own 1994 documents. Our reserves, however, continue to currently list the life expectancy at 32 years, when in actuality, it may be only 3, or 5 or 7. Or None. How long do we continue this charade? Go to the Seawall blog and look at the pictures. Many repairs are needed. The whole wall does not have to be replaced. Heck yes, it would look FANTASTIC if we had an entire new seawall.
The Reserve Study, when it is finished, should dictate the priority of our repairs. Let's hope it passes the Board soon.
It is past time for an official reserve study in Regency Cove, to inspect and estimate replacement of all of our infrastructure.
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