TO: ALL SHAREHOLDERS RIVEREDGE OWNERS, INC.
FROM: BOARD OF DIRECTORS
DATE: MARCH 27, 2012
RE: BUILDING UPDATE
We had hoped to write to you sooner, but as with most of the construction projects, delays and changes are inevitable. One can see that we are near the completion of the renovation project. It is a vast improvement over the older decor. No, it is not prefect nor does it please everyone's taste, but there is no denying it is a substantial improvement. We are now at the "Punch List" stage were corrections, major and minor will be made.
The sink hole outside the Lobby entrance has been repaired and new paver stones have been ordered. They will be installed as soon as they arrive. The light stone lobby floor tiles will be replaced. The marble desk has been adjusted and polished, as have the lobby steps. The tip steps will be refitted. The temporary carpeting on the seventh floor will be replaced with permanent carpeting. Not that the balance of the wallpaper has arrived the remainder will be hung and the electricians will then complete what remains of the lighting to be done. Indirect lobby lighting, will be installed in the radiating ceiling spokes. The door chimes will be installed as soon as the special fabricated front and rear plates for the door arrive. Lastly, new lobby doors and trim will bee installed.
At this juncture, we want to reassure you that, as stated last year, we are not anticipating an increase in maintenance or assessment (barring a catastrophe). In addition to the renovation project, we will shortly be renovating the laundry room with new washers and dryers. The laundry room will have approximately 10 new washers, 12 dryers, new floor tile, paint, and sink with ceramic wall flash. This will require the laundry room to be closed for approximately ten business days while the work is being done. Two weeks notice will be given before the project begins. When the renovation project is completed the Storage Room will be converted to sealed storage units. We also plan to paint and tile the B-1 and B-2 hallways. Again, we budgeted for this work and no increase is anticipated. We are fortunate to live n a unique location that is able to offer high quality amenities at minimal or no additional cost to our community.
The Board's fiscal policy is predicated on the fiduciary responsibility of the Board to maintain the integrity of the Riveredge and to be fair to all residents, no matter how long they have resided here. This philosophy promotes a stable financial environment where residents do not have to worry if Riveredge is living hand to mouth, which could result in unexpected assessments.
Our mortgage comes due on January 1, 2013. The mortgage provides for a hefty prepayment penalty and if we had refinanced during this period of low inflation we would have incurred a prepayment penalty of $250,000. The prepayment penalty drops dramatically as of July 1st and we decided to watch interest rates and wait. To our advantage, rates have remained low. With this in mind, if you would like to join a Mortgage Refinance Project, please drop a note in the Board Room box on B-1, with your name, phone and apartment number. We appreciate the expertise of our knowledgeable residents.
Our future is bright and exciting. Stay healthy to enjoy it and be imaginative.
The Riveredge Board of Directors
Hallways before construction Hallways April 2012