4 C R Y D E R P O I N T JUNE Message from the Board President SAVE THE DATE: JUNE 26 – ELECTIONS Susan Saul IMPORTANT CONTACTS Special Shareholders Meeting, June 6: Financing & Terrace Update Recap Details of CPOC’s long-term financial plan and a terrace update were presented at the meeting and have been distributed to all shareholders under doors. Below is a recap of the meeting: Finance Summary: The Board undertook a thorough evaluation of our current financials and long-term needs. This included looking at current funds in reserve, current outstanding mortgage on the property, the amount of the balloon mortgage that will be due in 2021 and all of the planned capital improvement work that must be done over the next several years. We concluded that if we were to do nothing now, the total amount we would need to fulfill our financial obligations by 2021 could not be achieved. We considered options for how to meet these obligations: Secure additional funding, continue an assessment, or completely refinance immediately and take advantage of low interest rates. These options and the results of each are explained on the reverse, but the bottom line is that if we did not refinance now, an assessment of 2X the current amount would have to be in place for 8 years in order to reach our needed funds, and our reserve would be severely depleted. The Board’s decision, reached by unanimous vote, was to completely refinance our current mortgage. This is a 30-year fixed rate mortgage. The net proceeds, coupled with our current available funds, will provide us with close to our required goal, and funds will be set aside as part of the budget to contribute to the reserve. The bad news is that maintenance will need to be increased by 8.5%; the good news is that it is significantly less than the current assessment of 14.48%, or about 40% less. The assessment will be stopped immediately when the new financing is in place, which we anticipate will be in September. Terrace Summary: Xinos, our contractor, approached the Board with the suggestion to replace all terraces for an additional cost. However, we were able to negotiate with Xinos and the engineer full replacement of all terraces at no additional cost to CPOC. This was accomplished by saving funds allocated to repainting all fire escapes (Xinos will do this free of charge). Further, full replacement requires less time from the engineer, and we were able to renegotiate their fee down significantly. The net result is that CPOC will have all new terraces and save ~$12,000 from the original estimate. If you have any questions, please e-mail the Board at board@cryderpoint. com or leave a note with your concierge or in the Suggestion Box in your lobby. Thank you. Management Offi ce: 718-767-5003 Management Offi ce Fax: 718-767-1549 Lobby/Doorman: 718-767-5336 Board of Directors e-mail: [email protected] 4 CRYDER POINT COURIER | JUNE 2013 | WWW.QUEENSCOURIER.CO IN MEMORIAM SUSAN SAUL 1948-2013 Susan Saul was a very special person and it was marvelous to have known her. She was warm, witty and a good friend to many of us. She was exceptionally intelligent, compassionate and generously shared her remarkable wealth of knowledge and abilities. She always made herself available when asked for help, information or advice. She was a true Renaissance woman who loved all of the arts, especially opera, dance and the theater. She read extensively and belonged to a local book club. She also loved to cook and sang in the Queens College Choral Society where she took an active part in many activities. Her bravery and determination were evidenced in her long and valiant fight against her illness. Amazingly, she never complained. Susan loved life, laughter, her family and her many friends. She also dearly loved her furry companion, Midnight. Susan’s passing on April 28, 2013 left a void that cannot be filled. To paraphrase Shakespeare, “her like will not soon be seen again.” Our Annual S h a r e h o l d e r s Meeting will be held on Wednesday, June 26 at 7pm at the Bay Terrace Jewish Center. I urge all shareholders to attend this important meeting for the election of the Board of Directors. In addition to what has become our traditional Q&A with candidates for the Board, we also have a special Q&A with continuing members this year. All of these members were new to the Board as of last year and bring their own insightful perspectives to their experience. By now you’ve learned that the Board called a special shareholders’ meeting on June 6 to address financing and provide a terrace update, and we were very pleased with the strong turnout. For those who did not attend and may have missed the summary that was distributed to shareholders, please read the recap printed on this page. Regarding the Terrace update, in light of the change in plans to all new terrace construction, the timeline for the plan needs to be reevaluated. Members of the Board will be meeting with our contractor, Xinos, to discuss the project moving forward. We do not anticipate any significant modifications in the timing of the plan, but residents will of course be notified if there are any major changes that develop as we proceed. As always, please contact the Board if you have any questions. In the meantime, I hope everyone is enjoying a great kickoff to the summer and is looking forward to sunny days ahead. That about wraps it up for now. Jill Davis Jill Davis
CP062013
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