. BRADLEY PROPERTY CONSULTANTS

Transcription

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CONSULTANTS
Reserve Analysis • Property Inspection· Construction Consultants
April 18, 2012
Plum Creek North Master Homeowners Association, Inc.
c/o Premier Property Management
P.O. Box 632018
Highlands Ranch, CO 80163-2018
Attention: Kim McGuire
Re:
Reserve Analysis, 2012 VERSION
Dear Ms. McGuire and Board of Directors:
As requested, Bradley Property Consultants, Inc. revised and updated the reserve analysis for the
Plum Creek North Master Homeowners Association, Inc., located in Castle Rock, Colorado.
This updated 2012 version of the reserve analysis was performed in April 20 12. The reserve analysis
was reviewed and the property was inspected to verify the conditions on the property. The entire
inventory list of the reserve analysis was reviewed as part of the updating process and current
information was provided by the management company. The update reflects the expected position
of the Association in 2012. The revision and updating has brought the reserve analysis up to date
with current replacement costs for the project components. The proposed maintenance and replacement expectations of the Association are very valuable in revising this document. The Association
may wish to consider adding or deleting some categories and possibly phasing more of the categories
to spread the financial responsibilities over a number of years. The phasing and future comments
can be added as a revision to this document.
The reserve analysis is in two parts. The first section is an explanation of terms and a description
of the methods involved in arriving at the data for the project. The second section starts with the
reserve analysis table showing project categories and overall suggested reserve deposits. This table
should be reviewed carefully and revised as necessary. The rest of the second section includes tables
of reserve balances for the next 40 years, a section of graphs depicting capital expenses and reserve
balances over the same 40 year period, and a table of projected capital expenses.
CHANGES AND COMMENTS FOR THE 2012 UPDATE AND REVISION:
Unit abbreviations used the Reserve Analysis table: SF= square feet, LF= lineal feet,
SY= square yard, LS= lump sum, EA= each, REPL. = replacement, ECON. = economic
1588 South Clarkson Street· Denver, CO 80210· Phone 303-232-0252 • Fax 303-232-3243
April 18, 2012
Page 2
1.
The categories were examined and aged to coordinate with their condition. Some categories
were given an extended life if they had not deteriorated significantly or if they had been
replaced. Major repairs or replacements were also considered for each category.
2.
The Association has completed some renovation projects over the past few years. The benefit
of these projects was included in the reserve analysis update.
a.
The Landscaping Refurbish category was increased slightly due to the maturing of
the large trees and plants at the entry monument.
b.
A new category was added for the upgraded irrigation clock that was installed a couple
of years ago
c.
The category for street signs was removed from the reserve analysis. In the original
reserve analysis this category was for several custom wooden street signs and directional signs that were installed when the community was developed. Those signs have
been replaced with standard metal post street signs. The Association did not replace
those signs and it appears the signs were replaced by the Town of Castle Rock.
d.
The stone wall and sign category was increased due to the aging of the sign and wall
and the increased cost of replacing the sign and wall.
e.
A new category for the lighting at the entry monument was added to the reserve
analysis.
3.
Each category was revised to reflect current replacement costs. Some category costs have
not increased significantly in replacement cost values while others have increased dramatically.
The community appears to be aging as expected and the reserve analysis reflects the general
condition of the capital assets.
4.
The reserves available for this update were $40,000.00.
The work performed consisted of a review of the previous reserve study, site inspections, an interview
with the property manager, and some field measurements to determine the condition and value of
items for which the Association is responsible for repair and replacement. This information was used
to compile and revise the reserve analysis inventory list. The reserve analysis estimates remaining
economic life of the items in the inventory list, replacement costs, and prorates existing reserves to
these items. The analysis then estimates future contributions to project reserves so adequate funds
will be available for future repairs and replacements.
April 18, 2012
Page 3
Reserve Analysis Summary and Explanation of Terms
The analysis covers the common areas and items the Association is responsible for repairing and
replacing. The Association has determined these items, or inventory list, by interpretation of the
Declarations and Covenants for the Association and the historical maintenance schedule on the project.
The inventory list should be reviewed and modified according to the actual needs of the Association.
The analysis also uses the relationship of cost replacement and remaining life to determine future
reserve needs. An explanation of the terms and column headings as used within the reserve analysis
follows:
COMMON AREA
The common area covers the Association's elements termed as capital reserve items. It includes the
landscaping, sign, stone wall, irrigation, and lighting at the entry monument located at Emerald Drive
and Plum Creek Boulevard. The capital reserves inventory list for the Association is listed in
the reserve analysis tables. Please refer to the inventory list and the other sections of the report
for specific comments on individual reserve analysis items.
Some long-lasting items were not included in the analysis since they should survive the assumed
economic life of the project. This analysis uses a 50-year useful economic life as a basis for replacement items. Most items considered to have an expected life of 50 years or longer were not included
in the replacement schedule. These items include building foundations and internal structural
components. Please see any special notes within the analysis that pertain to items that will last 50
years or more. Small or low cost items under $2,500.00 were not included since these repairs and
replacements tend to be funded through the annual operating budget rather than from capital reserves.
DEFINITION OF TERMS USED IN THE RESERVE ANALYSIS TABLE
Estimated Salvaee Value
"Estimated Salvage Value" specifically relates to items which, by their nature, will not need total
replacement at the end of their assumed economic life. The considerations affecting salvage value
are its long-lasting components or parts, maintenance schedule, recent repairs or replacements, and
importance to the appearance of the project. Items that directly affect the appearance and function
of the project tend to be maintained more completely and more often. Hard scape items such as
asphalt and concrete tend to be repaired as necessary rather than all at once. Some portions will last
as long as the economic life of the project while other parts will need repairs, but not full replacement.
The "Estimated Salvage Value" identifies those items that will not need total replacement upon
reaching their assumed economic life. The percentages noted on the schedule are based on our
April 18, 2012
Page 4
experience. They can be modified after discussions with the Board of Directors regarding areas and
percentages best fitting with the overall maintenance philosophy of the project. Some items have
had recent major repairs or replacements.
Replacement Costs
Replacement costs were arrived at using estimating procedures and our experience with bidding
current market prices. The amounts are in current dollars and are estimates. They assume major
repairs or replacements will be done all at the same time.
The actual costs for replacements may vary considerably depending on economic conditions, contract
specifications, technological advances, regulatory changes, and maintenance schedules. No adjustments for inflation were made for replacement costs. Inflation values fluctuate and are not reliably
defmed. Over a long period of time, inflation is often offset by investment credits or interest earned.
The varying rates and changes to the project can be reflected by annual updates to the reserve analysis.
We recommend annual updates to the reserve analysis to account for any substantial chanees
directly affectine the cost of replacements. Such chanees would include insurance settlements,
natural disasters, or unknown conditions requirine sienificant expenditures.
Estimated Economic Life
The estimated economic life and life left are our estimates obtained from published manuals, accepted
industry standards, and our experience with similar projects. The estimated life remaining for the
reserve items was determined after our visual inspections and discussions with the management
company and contractors familiar with the community. The project began construction in 1999.
The average age of the components had to be interpreted for each inventory item since some items
will age faster than others. Some items have been repaired and replaced. The major replacements
and repairs are reflected in the "Remaining Economic Life" and "Estimated Salvage Value" columns.
The "Desired Reserve Budget," "Reserves Available," and" Annual Deposit" are arrived at after
determining the estimated replacement costs and economic life span of the reserve items.
Desired Reserve Budeet
The "Desired Reserve Budget" is the estimated amount that would have been deposited by now if
the inventory items had been included in a reserve deposit schedule from the beginning of the project.
Each item's estimated replacement cost is divided by its proposed economic life and then mUltiplied
by its age to arrive at the desired reserve budget. This is a "best case" scenario to show what would
have been reserved to date for each item. These figures are used to develop a percentage or proportional relationship for each item as it relates to the total "Desired Reserve Budget." The item
percentage is used to distribute the present reserves and analyze future needs.
April 18, 2012
PageS
Reserves Available
The actual reserves available are distributed to each inventory item in proportion to the "Desired
Reserve Budget" figures. The proportion or percentage for each item as determined by the "Desired
Reserve Budget" is multiplied by the actual reserves on hand to arrive at the reserve value for each
item. The reserves available for the reserve analysis update were $40,000.00.
Annual Deposits
The actual reserves available are distributed to each inventory item in proportion to the "Desired
Reserve Budget" figures. The proportion or percentage for each item as determined by the "Desired
Reserve Budget" is multiplied by the actual reserves on hand to arrive at the reserve value for each
item.
Averaee Annual Contribution
The annual deposits required over the life of the project will fluctuate as reserves are saved and spent
in anticipated cycles. We have attempted to account for these cycles by calculating the average annual
deposits necessary for a 40 year period. In calculating your requirements, the initial deposit brings
your reserve balance closer to what it should be now and the average deposit lets the association gauge
what level savings to achieve in the future. You must consider that these amounts are determined
as the best possible condition and to achieve the best reserve balance requires some long term
planning. In most cases this amount is hard to achieve, especially if the reserves have not been
analyzed for a long period of time. Most communities are doing very well if they can achieve
70-80% of the proposed annual contributions. A part of the planning process may be to establish
a reasonable goal and attempt to reach the best result possible without extravagant demands
on the homeowners. The Association appears to have an adequate reserve balance at the present
time and the Association should continue to make their scheduled reserve deposits so adequate
funds are available for future capital asset replacements
As stated previously, we recommend annual updates to the reserve analysis to account for replacements, changes in replacement costs, and changing interest rates. Interest earned will tend to offset
inflation. Attempting to forecast into the future is tenuous at best. We believe it is preferable to make
simple annual changes to the analysis and make decisions based on the most recent information
available. The reserve analysis is a working document and should be adjusted as necessary to
meet the needs and desires of the Association and reflect changing conditions.
We performed this analysis at the request of the Board of Directors of Plum Creek North Master
Homeowners Association, Inc. The report is intended for the Association's exclusive use and should
not be used for contracting work or relied upon by any other party. The analysis reflects conditions
April 18, 2012
Page 6
within the property that could be examined visually and is limited to the extent of the report. The
analysis is also based upon representations made by Plum Creek North Master Homeowners Association, Inc. in regard to existing reserve fund balances, recent replacements or repairs, and interpretation
of the Declarations and Covenants for the project. While reasonable effort was made to ascertain
the condition of the property and/or equipment within, it is not to be construed as a guarantee or
warranty of the property or equipment therein, nor does it imply that all components will function
properly on or after the date of this report. Acceptance of this report by the Association constitutes
the agreement of the Association that the liability of Bradley Property Consultants, Inc. for any errors
or omissions on negligent misrepresentations herein is limited to the fee paid for this report and that
there shall be no liability whatsoever for incidental or consequential damages. Unless otherwise noted
in the report, no sampling, testing, or dismantling of any equipment, systems or structural components
of the property, other than the visual inspection, was performed. Further, no inspections or tests
for soil quality or stability, asbestos, PCBs, or any other hazardous materials were undertaken nor
was the quality or adequacy of the water and sewer service to the property analyzed. The inspections
addressed herein were not undertaken to address any specific use or purpose contemplated by the
Association other than what was stated in the report. This report does not in any way address the
property's compliance with any federal, state, or local laws, rules, regulations, or ordinances.
We believe the analysis will provide a useful planning guide. Actual experience in replacing items
may differ significantly from the estimates given. Again, we recommend annual updates to the
analysis to reflect changes to current conditions.
If you have any questions or require further information, please contact our office at any time.
Very truly yours,
BRADLEY PROPERTY CONSULTANTS, INC.
Stephen M. Bradley, President
Enclosures and Attachments: 2012 Update and Revision
- Replacement and Reserve Analysis Table
- Tables and Graphs of Reserve Balances Over Remaining Life of Components
- Table of Projected Capital Expenses By Year
-===- BRADLEY
t =laC; PROPERTY
PLUM CREEK NORTH MASTER ASSOCIATION
CONSULTANTS
RESERVE ANALYSIS
2012 VERSION: 4-18-12
Property Inspection • Construction Consultants
Project date: 1999
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Landscape refurbish & tree replace
Upgraded irrigaion clock
Sign lighting
Stone wall/project sign
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9,000
2,000
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22,042 1
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BRADLEY
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RESERVE ANALYSIS- Reserve Balances Over Remaining Life of Components
Property Inspection· Construction Consultants
2012 VERSION: 4-18-12
1588 S. Clarkson St, Denver, CO 80210
Phone: 303-232-0252 Fax: 303-232-3243
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8,333
1,543
5,990
14,225
10,341
8,500
1,635
5,991
14,296
10,391
8,666
1,726
5,992
14,366
10,442
8,833
1,817
5,994
14,437
10,493
9,000
1,909
5,995
14,507
10,544
900
2,000
5,996
14,577
10,595
1,800
200
5,997
14,648
10,646
2,700
400
5,999
14,718
10,697
3,600
600
6,000
14,789
10,748
4,500
800
300
14,859
10,799
5,400
1,000
600
14,930
40,381
40,762
41,142
41,523
41,904
34,018
33,241
34,463
35,686
31,207
32,729
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0
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0
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381
381
381
381
381
1,114
1,223
1,223
1,223
1,521
1,521
TOTAL RESERVES
40,381
40,762
41,142
41,523
32,904
32,018
33,241
34,463
29,686
31,207
32,729 1
Sprinkler system
Sign lighting
BASE RESERVES
CONTINGENCY
CAPITAL EXPENSES
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Sign lighting
10,850
6,300
1,200
900
15,000
434
7,200
1,400
1,200
600
868
8, 100
1,600
1,500
1,200
1,302
9,000
1,800
1,800
1,800
1,736
900
2,000
2,100
2,400
2, 170
1,800
200
2,400
3,000
2,604
2,700
400
2,700
3,600
3,038
3,600
600
3,000
4,200
3,472
4,500
800
3,300
4,800
3,906
5,400
1,000
3,600
5,400
BASE RESERVES
CONTINGENCY
CAPITAL EXPENSES
34,250
10,834
13,268
15,702
9,136
9,570
12,004
14,438
16,872
19,306
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(25,850)
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0
0
0
0
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0
0
0
0
0
0
0
0
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ANNUAL DEPOSIT
1,521
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434 1
TOTAL RESERVES
8,400
10,834
13,268
6,702
7,136
9,570
12,004
14,438
16,872
19,306
21,740 1
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6,300
1,200
3,900
6,000
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Sign lighting
4,774
7,200
1,400
4,200
6,600
5,208
8, 100
1,600
4,500
7,200
5,642
9,000
1,800
4,800
7,800
6,076
900
2,000
5, 100
8,400
6,510
1,800
200
5,400
9,000
6,944
2,700
400
5,700
9,600
7,378
3,600
600
6,000
10,200
7,812
4,500
800
300
10,800
8,246
5,400
1,000
600
11 ,400
8,680
6,300
1,200
900
12,000
9, 114
7,200
1,400
1,200
12,600
BASE RESERVES
CONTINGENCY
CAPITAL EXPENSES
24,174
26,608
29,042
22,476
22,910
25,344
27,778
24,212
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31,514
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29,080
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(2,000)
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26,646
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ANNUAL DEPOSIT
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434
2,434 1
TOTAL RESERVES
24,174
26,608
20,042
20,476
22,910
25,344
21,778
24,212
26,646
29,080
31,514 1
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BRADLEY
PROPERTY
CONSULTANTS
RESERVE ANAL YSIS- Reserve Balances Over Remaining Life of Components
2012 VERSION: 4-18-12
Phone. 303-232-0252 Fax: 303-232-3243
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Sign lighting
BASE RESERVES
CONTINGENCY
CAPITAL EXPENSES
9,548
8,100
1,600
1,500
13,200
9,982
9,000
1,800
1,800
13,800
10,416
900
2,000
2, 100
14,400
10,850
1,800
200
2,400
15,000
434
2,700
400
2,700
600
868
3,600
600
3,000
1,200
1,302
4,500
800
3,300
1,800
33,948
36,382
29,816
30,250
6,834
9,268
11,702
0
(9,000)
0
(2,000)
0
(25,850)
0
0
0
0
0
0
0
0
ANNUAL DEPOSIT
2,434
2,434
2,434
2,434
2,434
2,434
2,434 1
TOTAL RESERVES
33,948
27,382
27,816
4,400
6,834
9,268
11,702 1
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PROPERTY
CONSUL TANTS
RESERVE ANAL YSIS- Reserve Balances Over Remaining Life of Components
1588 S. Clarkson St , Denver, CO 80210
Phone: 303-232-0252 Fax: 303-232-3243
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2022
YEAR
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CAPITAL EXPENSES .
ANNUAL DEPOSITS .
TOTAL RESERVES
2012 VERSION : 4-18-12
RESERVES ON HAND YEAR 1
ENDING BALANCE YEAR 11
AVERAGE BALANCE
YEAR
CAPITAL EXPENSES
ANNUAL DEPOSITS
TOTAL RESERVES
BPC, 11IC-, 0512011
2012
0
381
40.381
22013
0
381
40.762
3
201.
0
381
41142
4
5
$42,850
$1,545
$884
VALUE OF RESERVE ITEMS
AVERAGE CAPITAL EXPENSE
AVERAGE DEPOSIT
$40,000
$32,729
$35.460
-_.-
-_ ..
-_.-
8
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-_.-
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----
0
381
41.523
(9,000)
381
32904
(2,000)
1,114
32.018
0
1,223
33241
0
1,223
34.463
(6,000)
1,223
29.686
6
7
10
0
1,521
31207
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1,5211
32,7291
~BRADLEY
~PROPERTY
CONSULTANTS
Proptrty IrlSpKtion • Construction Consultants
1588 S. Clarkson St., Denver, CO 80210
Phone: 303-232-0252 Fax: 303-232-3243
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2032
2033
YEAR
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2012 VERSION :
CAPITAL EXPENSES .
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2023
(25,850)
1,521
8.400
TOTAL RESERVES
4~~
AVERAGE BALANCE
YEAR
CAPITAL EXPENSES
ANNUAL DEPOSITS
TOTAL RESERVES
ANNUAL DEPOSITS .
13
14
2024
0
2,434
10.834
2025
0
2,434
13.268
15
16
2026
(9,000)
2,434
6702
2027
(2,000)
2,434
7136
Inc., O~Ol1
2
$42,850
$3,350
2.351
AVERAGE DEPOSIT
$34,463
$21,740
12.752
17
18
19
20
21
2028
0
2,434
9570
2029
0
2,434
12.004
2030
0
2,434
14438
2031
0
2,434
16.872
2032
0
2,434
19.306
22
2033
01
2,4341
21.7401
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BRADLEY
PROPERTY
CONSULTANTS
Property Irnptction • Construction Consultants
1588 S. Clarkson St , Denver, CO 80210
Phone: 303-232-0252 Fax: 303-232-3243
35
30
25
VI
-g
20
«I
VI
:;,
~
~
15
10
5
o
2043
2044
YEAR
•
CAPITAL EXPENSES .
ANNUAL DEPOSITS .
TOTAL RESERVES
2012 VERSION: 4-1S- tz]
AVERAGE BALANCE
23
YEAR
CAPITAL EXPENSES
ANNUAL DEPOSITS
TOTAL RESERVES
2034
0
2,434
24,174
24
2035
0
2,434
26608
25
2036
(9,000)
2,434
20,042
26
27
2038
0
2,434
22,910
2037
(2,000)
2,434
20476
BPC,Inc..05I2012
3
$42,850
$1,545
$2.434
AVERAGE DEPOSIT
$14,438
$31,514
24.799
28
2039
0
2,434
25344
29
2040
(6,000)
2,434
21,778
30
31
32
2041
0
2,434
24,212
2042
0
2,434
26646
2043
0
2,434
29,080
33
2044
01
2,434J
3h514J
~.
BRADLEY
~PROPERTY
CONSUL TANTS
Property InspKtion • Construction Consultants
1588 S. Clarkson 51., Denver, CO 80210
Phone: 303-232-0252 Fax: 303-232-3243
40
30
IJl
'C
C
III:J
20
o
.c
I-
10
o
2051
YEAR
•
2012 VERSION :
34
2045
0
2,434
33.948
ANNUAL DEPOSITS .
TOTAL RESERVES
4~~
AVERAGE BALANCE
YEAR
CAPITAL EXPENSES
ANNUAL DEPOSITS
TOTAL RESERVES
CAPITAL EXPENSES .
35
2046
(9,000)
2,434
27.382
36
2047
(2,000)
2,434
27816
AVERAGE DEPOSIT
$24,212
$11,702
$17.336
37
2048
(25,850)
2,434
4.400
39
2050
0
2,434
9268
38
2049
0
2,434
6834
BPC. lnc:., 05I2012
4
40
2051
01
2,4341
11,7021
$42,850
$4,942
$2.434
-la, BRADLEY
PROPERTY
,: ~
CONSULTANTS
RESERVE ANALYSIS- Projected Capital Expenses By Year
Property I~tion· Construction Consultants
2012 VERSION: 4-18-12
Phone: 303-232-0252 FalC: 303-232-3243
i~~~~~~~~
•.•.
~Al(
YEAR:
YEAR
~ ~oli ~
~~': f ~
:\f \
t
:YEAR
: ~2(WL
~/f /
:¥EAif
: ~D~mll!:,:,:
~ ~iQ~$~:~
W
VEAR:
: 1~1¥ ~:
\ ~ ::::::
~~~~
:2iiiH
/ ~H \
YEAR'
:YEAR
:Ug :\~
HUr t
jOl(H
: 1~19:::
):~M~
Jo,~~:::
VEAR
:loli: ~
:::jjU:
lO:
co.MMQ~fAREAi ~/ : ~:~: ~:~: ~ :~: ~:~: ~ : ~: ~:~:::::
Sprinkler system
Sign lighting
Capital Expense
BPe, I .... , 0512012
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,000
0
0
0
9,000
0
0
2,000
0
0
2,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,000
0
6,000
0
0
0
0
0
0
0
0
0
0
0
0
t:Ja-
BRADLEY
PROPERTY
CONSUL TANTS
Property lnsptction • Construction Consultants
2012 VERSION: 4-18-12
Phone: 303-232-0252 Fax: 303-232-3243
i~m~~~~~~
Co.MMQN),,~eA:I:
@.~~{
,:H
:1.13:::
?if/
)W1Mt.
YEAR
:[2024:::
iHiU
:)1¢#R
::l016:::
:jTI~;~ij:
:Hs):
:YEAif
li 1~;m:ij
V~AI(
YEAR:.:
:~~tij:))
:l028:::
:::1+:/
YEAR:
:VEAR:
:YEAR
:YEAR
: 203:(
?ii?
:i203L
?io?i
i l~3(k
>ii~ ?:
dOl!)
?l£?
,,;:::; :,:,,;,,: TF
Sprinkler system
Sign lighting
Capital Expense
10,850
0
0
0
15,000
0
0
0
0
0
0
0
0
0
0
0
9,000
0
0
0
0
0
2,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25,850
0
0
9,000
2,000
0
0
0
0
0
0
BPC, Inc., 0512012
2
-lA,
,:.
BRADLEY
PROPERTY
CONSUL TANTS
Property InspKtion • Construction Consultants
2012 VERSION: 4-18-12
Phone: 303-232-{)252 Fax: 303-232· 3243
.'.
YEAll'
~~~iill~J: ~~~~::
Co.MMON:AREAT> ",,:, :" ",,:.
'YEAR:
YEAR
: l~lf :
i F:~~lli
>ii/
::i036~::
\ 25:::::
'VEAa
: i037: :
/ i6:::::
~~i
¥~~~:
:¥tMf
jQ~*- :::
' l~n ~~~
)1f)
::: ~ :::::
'df/
::~q4~:::
<a~/'
~ ~20iU~ ~~
/3.:: :
) j(jj (
y~~~:
~ YEAR
' rM~
j~i
'1044::::
:jj:
:::
::::::::
Sprinkler system
Sign lighting
Capital Expense
0
0
0
0
0
0
0
0
0
0
0
0
0
9,000
0
0
0
0
0
2,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
6,000
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
9,000
2,000
0
0
6,000
0
0
0
0
BPe. l ..... 0512012
3
• _ _ . BRADLEY
'lla!' PROPERTY
CONSULTANTS
2012 VERSION: 4-18-12
Phone: 303-232-0252 Fax: 303-232-32.3
!~~~b~Y~!~
:¢OM:Mott~ReA(~»:
:VEAR
:r~~
J046?
Ul5/:
n~Q~$~:~
/~f :::
~ VEAR ~
~ :204'}
Ya6Y::
Y~M;{
~~:
)~~*- :::
~:~ ~;f <
:y@~
Y.t:~~:
: ~QS( :
>40 ~<
~ l"S(F
::: ~~ :/
:~ )8 ?:
):( ::\\
Sprinkler system
Sign lighting
Capital Expense
0
0
0
0
0
0
0
9,000
0
0
0
9,000
0
0
2,000
0
0
2,000
BPe, Inc., 05/2012
4
10,850
0
0
0
15,000
25,850
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

. BRADLEY PROPERTY CONSULTANTS

Transcription

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