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Residential Community Owners Association, Inc.

Residential Community Owners Association, Inc. Town Hall Presentation Jan 9, 2015 Proposed Onsite Office/Meeting Building Susan Parish, President Ronnie Miranda, Vice President Jerry Ballard, Treasurer Gigi Myung, Secretary Les Van Dyke, Director. Town Hall Presentation Jan 9, 2015

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Residential Community Owners Association, Inc.

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  1. Residential Community Owners Association, Inc.

  2. Town Hall Presentation • Jan 9, 2015 • Proposed Onsite Office/Meeting Building • Susan Parish, President • Ronnie Miranda, Vice President • Jerry Ballard, Treasurer • Gigi Myung, Secretary • Les Van Dyke, Director

  3. Town Hall Presentation • Jan 9, 2015 • Special Guests • Chris Barnhart, PE: Barnhart Constructors • Mike Carter, Designer: Westin Homes • Jonathan Clark, Esq : Hoover Slovacek LLC • Dennis Hamann: Hamann Insurance Group • Jonathan Morin: JP Morin • Capt. Dante Scott: US Security • David Orr: Principal Management Group

  4. Proposed On Site Office/Meeting Building • Purpose of this meeting is to give you a broad overview of our thinking regarding the proposed new office and meeting building • Extensive due diligence was performed, including lease/purchase analysis involving approximately 30 available rental options. • Detailed numbers are available on the website.

  5. Why Build an On Site Royal Oaks Office/Meeting Building? • Significant dollar savings—immediate and long term. • Office lease expires in June. Rent increasing significantly. • Reduces market risk. Not at landlord’s mercy. • HOA land is available in the community. • Bonus: Greater convenience for the residents • Convenient location: center of community

  6. Other Motivators • Current space insufficient. More office and meeting space needed • No room for residents/guests in current meeting rooms • Renting other meeting space is costly • Eliminate costly off-site storage ($530/mo) • New construction loan estimated at $290,000 • Broad survey of rental space in area found new construction would save an estimated minimum of $173,000 over first 15 years and another potential $1.3 million over the second 15 years.

  7. Note: phones, internet, copy machine & appliances are needed at all locations and are excluded from cost comparisons.

  8. Bottom Line Lease vs Ownership First 15 Years Build Out Costs

  9. Ownership Estimates • 2,424 sq ft (356 sq ft storage included) • Construction costs approx $120/sq ft • 15 yr fixed cost mortgage estimated @ 4.75-5.25% • Mortgage and operational costs $3,294/mo • Beginning year 16, the mortgage payment drops off reducing the monthly cost to $1,251 (including inflation).

  10. Ownership Estimates, Cont’d • Estimated operational costs of the owned building. • Taxes: $706 • Insurance: $50 • Water: $50 • HVAC Maint.: $30 • Maintenance: 150 Total: $986 (2015) • Electrical, janitorial & gasutilities are required for both the Westchase rental and the owned locations

  11. Proposed Building

  12. Proposed Location

  13. Street ViewBonnebridge and Gallant Ridge

  14. Preliminary Site Plan

  15. Preliminary Floor Plan

  16. Thank You

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