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The documents related to the proposal for emergency power at the Newbury Village Coach Homes can be found here.
Click on the links to view and download:
Generator Proposal Packet – February 2021
Generator Project Summary with Q&A Jan 2021
Clarifying Q&A – View/Download PDF
Generator Bid Detail Package
Generator Ballot Coach Homes
Out of 45 unit owners, the January 15 vote was 24 Yes, 17 No, 4 did not vote.
With 53% opting to move forward with the project the NV Board is moving to proceed.
The next step is to conduct the special assessment vote.
Questions about Funding:
1. If each Coach Home owner is responsible for the cost through a $2,400 assessment, why is there a need to borrow from the reserve fund? To mitigate the financial burden on owners, the payment plan can be stretched out over 12 payments of $200 each. But the project has to be paid for within about 4 months. So borrowing is needed to meet cash flow requirements.
2. How much will be coming out of the reserve fund and what is the timeframe to replace the funds? The NV Board has authorized funds from the reserve to meet cash flow requirements. The generators have to be paid for up front. The amount is about $70,000. The funds will be fully returned by April 2022. There are no other large cash needs anticipated from the Reserve fund before that time. The primary Reserve Fund balance is about $450,000 as of February 28, 2021.
Examination of the placement of the generators was undertaken by the Buildings and Grounds leaders with the preferred electrical contractors. See the pictures below for the final placement recommendation.
February 12, 2021