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Q1: What is the interest rate of the loan?A1: 180-month fixed term loan. The rate for the first 10-year increment of the term loan will be fixed based on the 10-year US Treasury Constant Maturity in effect on the fifth business day prior to closing plus a spread of 1.85%. The rate for the remaining 5-year increment of the term loan will be fixed based on the 5-year US Treasury Constant Maturity plus the original spread. The rate will have a floor of 4.75% during the entire loan term. Loan proceeds to be fully advanced into a Bank controlled loan proceeds account at closing. Payments will be monthly principal and interest, fully amortized for the term of the loan.Q2: Has the Board of Directors received multiple bids?A2: Yes. At this time, there are two (2) contractors that are being considered for the project. Q3: What is the old pipping being replaced with and why is this type of pipping the chosen fix?A3: Waldman Engineering recommended PEX pipping. This type of pipe is being used on most new construction and has the best flexibility and cost savings over traditional copper pipe.Q4: What is the name of the company and persons you have chosen to take on this job and why did you choose them?A4: At this time, there are two (2) contractors and the Board of Directors have not made a final decision. Details are still being worked out with Waldman Engineering.Q5: What is the time line and schedule dates for the repairs to be done and completed?A5: After the permits are received, the overall project should be approximately 12 months to complete all buildings. Each building will be under re-pipping for 2-4 weeks each, from start to finish.Q6: Will we see monthly financial reports of how our money is being spent? A6: The Association nor management company will be issuing checks to the contractors directly. The process is that the engineering company will review all work and verify its completeness. Then they will begin the withdrawal request with the bank directly. The bank will issue payment to the contractors. ALL community documents are open for co-owners to review / inspect with a scheduled appointment.Q7: What is the role of RTI in this replacement with the plumbing?A7: Once construction commences, RTI’s role will be very limited, if at all. All Co-Owners will be instructed to work directly with the contractors. RTI will not be able to answer any questions related to the replumbing work. Q8: Why is the Association borrowing $1.5 million if the contract is less than that amount?A8: The Board of Directors is asking Co-Owners to agree to borrow up to $1.5 million. Funds will only be issued directly to the contractor after certification of the completion of work. The funds drawn will reflect any contingencies approved by Waldman Engineering and the Association. The funds drawn will likely be less than $1.5 million. Payments on the loan are on interest and principle only on the funds drawn from the bank.Q9: Why has the process taken so long?A9: The Board of Directors and RTI having been moving forward as expeditiously as possible. The process is subject to many outside vendors that need to be included in the process including engineer, contractors, bank ie… Much of the information and timeline is not controlled by RTI or the Board of Directors. We need to rely on the information gathered and prepared by third-party contractors and suppliers.Q10: What type of work will be done in our homes?A10: Most of the drywall that will be removed and replaced will be in the laundry room, to access the piping. Owner will be able to stay in the unit during construction. Water will be turned on nightly as usage for bathing and cooking. The engineers have the specs on the protocols to minimize the impact to the units. This information can be found on the Southridge website in the engineering documents.If we have missed your question, please contact the Board at ................
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