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Capital Assets Project Recommendations & Financial Status Review Sept. 2014

Roundtable summary of 10-year history of property repair & replacement, asset condition assessments, financial projections, and road resurfacing project status. Gate fees policy, bylaws revisions, director positions, and upcoming annual meeting. North Charleston Police Department patrols update. Proposed revisions for bylaws with detailed changes.

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Capital Assets Project Recommendations & Financial Status Review Sept. 2014

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  1. AGENDA • CAPITAL ASSETS PROJECT REVIEW • FINANCIAL STATUS REVIEW • NCPD PATROLS • STATUS OF ROAD RESURFACING PROJECT • GATE FEES • PROPSED REVISION TO BYLAWS • OPEN DIRECTOR POSITIONS IN 2015 • ANNUAL MEETING • QUESTIONS & ANSWERS

  2. Capital Assets Project Summary& Recommendations September 2014 Roundtable

  3. Summary Gathered 10-yr history of common property repair/replacement Reviewed asset condition assessments with internal subject matter experts to identify near term needs. Obtained best-practices information from Community Associate Institute, bid packages, etc. Prepared 16-yr expense projection using current unit cost and inflation projections (cycle repeats thereafter) Reviewed results with CCOA Auditor to confirm adequacy of standards applied to study

  4. Component Considerations ROADS Generally meeting life cycle expectations (15-20yr cycle for repaving). Scope consists of ~8.7 miles of roadway, 129,000 sq. yds. Study used current costs of $14/sq. yd. used based on actual contract bids. While initial engineering studies used age as determinate, experience suggests current condition assessment is better indicator of need. For study purposes, assumed average contract of 16,000 sq. yds. every other year. Actual future contracts will be let based on ongoing condition assessments.

  5. Component Considerations (cont.) • Fences • Have ~3400 ft. wood fencing with 15 yr. life, cost $24/ft. • Have ~6800 ft. of chain link with 25 yr. life, cost $18/ft. • Have ~1450 ft. cow fence with 25 yr. life, cost $7.50.ft. • Study used avg. life expectancy to repair/replace: $21,000 on two yr. cycle Storm water Systems Have quantity takeoff, but no reliable way to project future needs. Study used 5-year avg. expense of $30,000/yr. for reserve funding needs.

  6. Component Considerations (cont.) • GATEHOUSE AND INSTALLED SECURITY SYSTEMS • Current condition assessment revealed code and safety related issues. Engineering study being completed for renovation. Study assumed $80K in 2015, followed by expected system replacement projects in subsequent years MAILBOXES History and references suggest 20 yr. life Study assumed average replacement of 30/yr @ $200 • OTHER ASSET CONSIDERATIONS • Misc. items average $25K/yr. • Entrance monument replacements ~20 yr

  7. Final Reserve Fund Forecast • $225,000/yr. Reserve Fund Expense will meet foreseeable needs • Minimum forecast fund balance will maintain desired threshold of $250,000 (inflation adjusted) for an Emergency Fund over the 16 yr. cycle

  8. September 2014 Roundtable Financial update

  9. Snapshot

  10. Jan. balance includes approx. $285,000 of 2014 dues paid prior to Jan. 1

  11. North Charleston Police Department Patrols Date Started July 16, 2014 Number of hours worked: 84 Disregarding Stop Signs: 21 Total Number of Speeding: 69 Total Number of Citations: 92 Number of Warnings:31 Number of Other:12

  12. STATUS OF ROAD REPAVING • CONTRACT AWARDED TO TRULUCK CONSTRUCTION • RECENT RAINS HAVE POSPONED START UP TO WEEK OF SEPTEMBER 22 • AREAS TO BE ADDRESSED: WIDENING ENTRACE ROAD TO BOAT YARD RESURFACE PERSIMMON WOODS FROM MEADOWBROOK TO SAWGRASS

  13. STATUS OF ROAD RESURFACING, CONT. • RESURFACE ALL OF SAWGRASS • RESURFACE SWEET GUM FROM PERSIMMON TO UPPER CLUB COURSE • REPAIR CENTER OF CUL-DE-SAC ON FOXHOLLOW

  14. GATE PASS FEES Contractors and service companies doing business in Coosaw Creek Country Club are required to buy a “gate pass”. The cost of this is not intended to be passed along to individual homeowners. Coosaw Creek is a private community and its road, security officers, gate and surveillance systems are all maintained at the expense of the property owners. As in many other private gated communities, the fees apply to companies and individuals doing business in the private community and are to be borne by those entities. Through annual assessments, community residents already support the lion’s share of the cost for road maintenance and security systems. It is not now, nor has it ever been the intent of the gate feepolicy to be subsidized by Coosaw residents.

  15. PROPOSED REVISIONS TO BY-LAWS • DELETED ALL REFERECES TO GREENWOOD • PROXIES & CUMULATIVE VOTING ELIMINATED • QUORUM REDUCED FROM 30% TO 25% • DATE OF ANNUAL MEETING MOVED FROM DECEMBER TO MARCH • TERM LIMITS ON DIRECTORS SET TO 2 CONSECUTIVE TERMS • TEMPORARY FILLING OF VACANT DIRECTOR POSITIONS CLARIFIED

  16. PROPOSED REVISIONS, CONT. • METHOD FOR MAKING DIRECTOR NOMINATIONS CLARIFIED • A COMPREHENSIVE PROCEDURE FOR DISPUTE RESOLUTION REQUIRING BINDING ARBITRATION ESTABLISHED • BOARD STANDING COMMITTEES SET FORTH & CLARIFIED • INSPECTION OF CCOA BOOKS & RECORDS MANDATED & CONFIDENTIALTY DELINEATED

  17. PROPOSED REVISIONS, CONT. • PROCEDURES UNDER WHICH DIRECTORS & OFFICERS CAN BE REMOVED CLARIFIED • POSITION OF ASSISTANT TREASURER ESTABLISHED • A CAPITAL EXPENDITURE LIMIT PROVISION IS SET FORTH IN THE BY-LAWS • TO BE VOTED ON FOR APPROVAL AT THE DECEMBER ANNUAL MEETING

  18. OPEN DIRECTOR POSITIONS • 2 DIRECTOR POSITIONS OPEN IN 2015 • NOMINATIONS CLOSE OCTOBER 10

  19. ANNUAL MEETING • TUESDAY, DECEMBER 9th AT 7:00 pm IN THE CLUBHOUSE

  20. QUESTIONS & ANSWERS

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