September 21, 2018 at 9:23 am #6811
Having talked to many of you in person and via email and here’s where I am going to consolidate the list of questions and answers for everyone to see.
1. Question: Do you work for BRIGGS PAVING?
Answer: No, I do not work for BRIGGS PAVING. I’m one of your neighbors.
2. Question: How do I contact BRIGGS PAVING?
Answer: Click here for their contact information
3. Question: How many bids did we obtain for this work?
Answer: We had three bids from reputable and referred companies who can handle this job. Those companies were Consorti Brothers, Briggs Paving, and Clove Excavators.
4. Question: How are we paying for this?
Answer: It’s a combination of using some of our reserve funds combined with some partially cash-secured commercial financing through HVFCU. The approximate cost for this project will be $680,907.
5. Question: What are the terms of the financing?
Answer: It will be 10-YR term loan at approximately 6.0% interest. Dues are not going up because repayment will be incorporated into the annual operating plan.
6. Question: If dues are not going up, how much is the special assessment going to be?
Answer: There will be no dues increase and no special assessments for this project.
7. Question: Why didn’t you do another shorter/longer financing option at a lower/higher interest rate?
Answer: This type of project had two practical options for financing – a mortgage or a term loan. A mortgage would have given us a longer repayment term, but the total interest paid would have been much higher, we would have had to deal with significant closing costs, and it would have been a much longer process. We also did not want to explore financing options where the repayment terms were longer than the expected life of the roads and then be underwater on it. These pitfalls of the mortgage option made a term loan the obvious choice.
8. Question: Is the association going to have my driveway repaved as part of this process?
Answer: No, your own personal driveway is only going to be redone if you call BRIGGS yourself and schedule to have it done at your own expense.
9. Question: Is there an option to have my driveway redone while the roads are being done?
Answer: Yes, we have negotiated two rates of $2.75/sqft for resurfacing and $5.25/sqft for complete replacement.
10. Question: Can someone from the Board come out to my house and give me an estimate for my driveway?
Answer: No, the Board only negotiated the discounted rates with BRIGGS for homeowners to take advantage of, but you have to call BRIGGS directly yourself and coordinate the details.
11. Question: How long do we have to wait until we can drive on the new roads?
Answer: The roads and parking lots will need 24 hours max to cool and cure.
12. Question: Will residents be stuck from getting into and out of their homes?
Answer: You will always be available to get to and from your home, but you will probably be temporarily inconvenienced at times. We’re working to minimize the impact on residents, but there’s going to be some impact on everyone.
13. Question: What do I do if I have mobility issues and I am not physically able to walk to my house from a parking lot far away?
Answer: PLEASE REACH OUT AND EMAIL US! We have contingencies in place to provide accommodations, but if you don’t ask us for help, we won’t know that you need it.
14. Question: Will it be loud and smelly?
Answer: I would assume that this project will occasionally be loud and temporarily smell of new asphalt.
15. Question: If our project goes after November 1st, how will we be affected by the Town of Fishkill parking restrictions that begin November 1st for Ridge/Valley Road?
Answer: For as many vehicles that park on Ridge and Valley roads, we should have enough parking lot space to accommodate this overflow. It may be temporarily convenient (i.e. farther away than you might like), but there should be no issues with this project and the Town of Fishkill winter parking restrictions. However this is something that we will monitor and plan accordingly should it become necessary.
16. Question: I called BRIGGS and I am scheduled to have work done on my driveway. Do I need to submit an B&G Application?
Answer: If you have scheduled BRIGGS to work on your driveway and that includes changing the dimensions of your existing driveway, then you MUST submit a B&G application for approval subject to a $1,000 penalty. If you taking advantage of the special rates provided by BRIGGS and are not changing the dimensions of your driveway, then you do NOT need to submit an B&G application. After November 1st, any work performed on your driveway requires a B&G application, no exceptions.
17. Question: I have an opinion and I think you should have done something else. Why didn’t you do it?
Answer: Maintaining the common areas is one of the many Board responsibilities and I encourage anyone who wants to be a part of that process to run for election to the Board.
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