Dear Exchange Lofts Owners,
We hope that this email finds you well.
It is the HOA’s goal to properly maintain the building while maximizing the value of every dollar spent. As you may be aware, one elevator is currently non-operational, and the one operational elevator has been experiencing frequent age-related issues that are often difficult and very costly to repair. It is of the utmost importance to have the elevators modernized as soon as possible.
The HOA is currently in the process of obtaining a loan in order to modernize both elevators in 2022. Beginning March 1, 2022, a supplemental assessment will begin and continue throughout the term of the loan (7 years). The supplemental assessment funds will be used to cover the HOA’s loan payments. It is currently planned for the elevator modernization project to cost approximately $450,000. (NOTE: Owners are welcome to pay the entire supplemental assessment amount up front if preferred. This would allow for the HOA to borrow less money and in turn save money on interest. To calculate how much the total supplemental assessment is for your unit, the monthly supplemental assessment amount listed on the attached fee schedule can be multiplied by 84.)
Additionally, the monthly HOA fee will be increasing 10% effective 1/1/2022 in order to adequately fund the HOA’s operating expenses and to contribute 10% of total revenue to reserves in 2022.
The new monthly fee schedule and budget are attached to this email. Please carefully review the fee schedule to ensure that you pay the correct amounts going forward.
If you pay your HOA Fees via auto-draft through David Floyd & Associates, Inc., no action will be required on your part. Your HOA Fees will be adjusted automatically beginning in January, and the supplemental assessment payments will begin drafting automatically in March.
If you do NOT pay your HOA Fees via auto-draft through David Floyd & Associates, Inc., you will need to begin paying the new HOA Fee amount beginning in January and the supplemental assessment beginning in March. It is fine to pay both the monthly HOA Fee and the supplemental assessment as a single payment or as separate payments. (NOTE: If you happen to pay the previous HOA fee amount in January (or if you have already paid in advance), you may simply pay the difference between the previous amount and the new amount when you make your next payment.)
If you have any questions, please email us at ExchangeLoftsNashvile@gmail.com.
We hope you have a Merry Christmas and a Happy New Year!
Thank you.
Regards,
David Floyd & Associates, Inc.
Managing Agent for Exchange Lofts HOA
