FOREST RIDGE CONDOMINIUM ASSOCIATION

PRESIDENT’S REPORT

It has certainly been a challenging Fiscal Year! First and foremost, I hope you all
are staying safe and following the Governor’s executive orders. If you feel sick,
please stay home. Hopefully none of you are sick.

While the Board wishes we could have our Annual Meeting of Unit Owners in
person, that would be against the Governor’s orders. And while we considered
holding a virtual meeting, we felt that it was too unwieldy. The condominium
documents provide for a vote on the budget by paper ballot and so we felt it was
the most efficient means of addressing the business of the Association under these
exigent circumstances. However, we have modified the procedure to allow for
questions from the community and will endeavor to provide answers to those
questions before you submit your ballot.

Those of you who have attended the Annual Meeting in the past few years know
that I have always given a report to the attendees. My report consists of the year in
review and an explanation of the proposed budget for the next fiscal year that the
Board recommends.

At the previous Annual Meeting held in April, 2019, the unit owners approved a
special assessment of $125,000 in order to allow the Board to continue its long-
term capital plan to address the infrastructure of the community. With these funds,
the Board had planned to replace the roof on building 19, install new siding on
building 70 and replace some front decks. In the course of replacing the roof, a
large sinkhole developed at the Lydall St. entrance. After consultation with
Manchester authorities we were compelled to shut down the entrance.

The Board spent countless hours acquiring the necessary information and
interviewing various professionals in order to formulate a plan to fix this
substantial problem. We communicated with the community as information
developed on this project. Recently the Board hired GZA to be our engineering
firm and they will provide necessary design services. Several permits from
federal, state and maybe even local governmental authorities will be required, and
they will provide us with those services as well. The plan includes re-lining the
pipe. It is the most cost efficient and viable means of addressing the failure of the
culverts that had been installed by our developer when the condominium was first
built in 1977. GZA’s design services will provide the scope of work which will be
used to go out to bid for the construction component of the project. We expect to
get at least 3 bids on this, the most expensive part of the project. The pandemic
presents significant challenges and will undoubtedly affect the timing of obtaining
the permits. And so, we cannot predict with certainty when the project will be
completed, and the entrance reopened. However, rest assured we will endeavor to
expedite its completion as best we can.

There is good news in this picture. When the sinkhole was discovered, the Board
suspended all other capital projects it had planned for the FY, except the roof on
building 19 which was already underway. Our reserve account now holds
$169,000. The total cost of the Lydall St project is expected to be $250,000-
$275,000. Accordingly, the Board believes that we can pay the entire cost by
imposing a special assessment instead of securing a bank loan. The special
assessment has been made part of our budget recommendation to the unit owners.

In addition to replacing the roof on building 19, expenditures for tree trimming and
mulching were also made. Of course, all required maintenance was completed as
needed.

RECOMMENDED BUDGET FOR FY 2020-2021

Due to the impact of the pandemic on people’s lives, and the necessity of financing
the costly repair to our bottom entrance, the Board has decided not to raise the
monthly common fees for the upcoming fiscal year. We will live within our means.

That is not to say that certain costs are increasing. Our water and sewer usage is on
the rise, and we caution unit owners to be mindful and please conserve water. Our
trash removal costs are also increasing. However, these and other increases will be
offset by a decrease in expenditures for the pool. At this writing, we do not know if
and when the pool will open. We are planning for it to open although it will not be
on Memorial Day weekend as was the case in the past. We will keep you informed
of these developments. As in the past, Savol will prepare the pool for opening.
Our property manager strongly recommended that we have this done to prevent
algae and other problems from developing in the pool. Tom Hynes has decided not
to operate the pool this year, and we thank him for his dedicated service. The
Board has hired a new pool operator with lots of experience.

With the adoption of this budget, the Board will be able to meet its obligations for
maintaining the community and doing some more tree trimming and mulching.
As previously mentioned, there is a special assessment included in the budget. It is
the same amount as last year--$125,000. The Board feels this amount will be
sufficient along with reserves to cover the cost of the Lydall St entrance project.
Unit owners will have the option of making 5 equal installments in June, Sept.,
November, February and April, or 4 equal installments. Upon adoption of the
budget, you will receive a notice of the applicable fees and
assessments for your unit and the due dates of the assessments.

In conclusion, the Board recommends adoption of the budget for FY 2020-2021.

If you have any questions, please submit them within the time provided to Chris
Kohnle at chris@epmllc.com.

Jeff Garfield
President Forest Ridge Condominium Association