C R Y D E R P O I N T MARCH 6 CRYDER POINT TERRACES: Cryder Point Event: Estate Planning Presentation 6 cryder point courier | MARCH 2013 | WWW.QUEENSCOURIER.COM The Terrace Project will be the agenda item at our Shareholders’ Meeting on Thursday, March 21 at 7pm in the 01 Community Room. For those who will not be able to attend, following is an update: Testing: In October/November 2012, Merritt Engineering administered a sound test of all 144 interior terraces that will be undergoing renovation. Some terraces were also tested for cement strength and steel condition. The final analysis of the terrace testing revealed that none of our terraces are in a dangerous condition at the present time, although all terraces need to have the front fascia opened and new rails installed. The extent of repairs required for each terrace will be determined by the engineer and approved by the Board. Bidding Results: In December/ January, a total of five contractors were invited to bid on the project. Bids were submitted sealed and were opened by members of the Board, after which they were delivered to our engineer, Merritt, to be evaluated. The bids were highly detailed and required extensive review to ensure that the Board would be reviewing apples-toapples comparisons. After comparing costs and services, and in February the Board voted unanimously to award the project to Xinos Construction. Xinos provided the lowest bid and conducted very satisfactory work on the front terraces of the 41 building. In addition, Xinos can best provide sufficient manpower and equipment to handle a project of this size efficiently and cost-effectively. Phasing: Meetings were held in early March as to how to best plan the timing and order of the project. These discussions were extensive and included Merritt, Xinos and members of the Board. Issues that needed to be taken into consideration included timing of the work in order to minimally impact normal life at Cryder Point, provide access to the pool, minimizing damage to the courtyards, and allowing necessary entry on the west side of the 01 building for upcoming repair of the seawall. Phasing is as follows; please refer to the illustration for a visual reference: 2013: East and West sides of the 41 Building; East side of 21 2014: West side of 21; East side of 01 2015: West side of 01 This is an aggressive timeline, particularly for this year. Xinos will be providing the necessary number of workers and equipment to accomplish the project within these timelines (as always, weather permitting). This has already been a long process, and completing it as quickly as possible will enable us to move forward, have a unified look throughout the complex and return the grounds to their original beauty. Terrace Details: Two aspects of the new terraces will be different from the terraces on the fronts of the buildings. First, glass will not be used in the railings for the interior terraces; instead, posts will be used. This is for two reasons: First, the engineer advised that using glass could be dangerous for those terraces directly facing the water (judging by the severity of the hurricanes we have experienced in the last two years). Second, installing glass in all 144 terraces would cost an additional $80,000. The new railings will be black and will also have the same decorative circles between the top two linear rails, so the look of the interior will coordinate with the front. Second, the color of the terrace foundations will be changed somewhat, although no decision has been made as of yet. We will be receiving a limited number of sample colors (there is not a large choice) and will be asking residents, if they wish, to weigh in on the final selection. Front Terrace Repairs: As previously reported, cracks at the corners of terraces on the 01 and 21 buildings were identified. (Please note that no cracks have been found on the 41 front terraces.) Xinos will be conducting repairs when they are mobilized and set up to begin the project. We will be keeping you informed as we move forward. If you have any questions, please e-mail the Board at [email protected]. Nearly 40 residents attended a presentation on Estate Planning organized by the Quality of Life Committee on March 5th. The speaker, Deanna M. Eble, is an associate with the Law firm of Vincent J. Russo & Associates. Her areas of practice include Elder Law, Estate Planning, Medicaid and Real Estate. Below are highlights of her presentation: • Estate planning makes it possible for individuals to control how their assets are passed on to their loved ones without delay, exorbitant legal fees, and overall problems. • At times people make estate planning to make sure that they have enough assets to live on for the rest of their lives. Usually this kind of planning is done with the assistance of specialized law firms. • Basic estate planning includes: a will, a comprehensive durable power of attorney, a health care proxy and living will. These documents help avoid medical treatments that individuals don’t want to have, if they are unable to communicate their wishes • Two other tools of estate planning are irrevocable and revocable trusts. Trusts can be very useful in making arrangements for the distribution of your money and property to designated heirs. Work to Resume Mid-April
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