heritage lakes subdivision

Transcription

UPDATED
CAPITAL RESERVE ANALYSIS
FOR
HERITAGE LAKES SUBDIVISION
MABLETON, GEORGIA
PREPARED FOR:
HERITAGE LAKES HOMEOWNERS ASSOCIATION
C/O MR. GARY WESTMORELAND
1212 HERITAGE LAKES DRIVE
MABLETON, GEORGIA 30126
PREPARED BY: KELVIN D. GARMON, R.S.
3985 STEVE REYNOLDS BLVD.
BUILDING A
NORCROSS, GEORGIA 30093
(770) 923-1122 • (770) 923-0099 FAX
OCTOBER 2013
TABLE OF CONTENTS
I.
CAPITAL RESERVE DETERMINATION ................................................................................................................... 1
A. Methodology and Assumptions ................................................................................................................ 1
B. Summary of Replacement Reserve Needs ............................................................................................... 3
1. Technical Definitions ........................................................................................................................... 3
C. Executive Summary ................................................................................................................................. 5
D. Replacement Reserve Requirements ....................................................................................................... 6
E. Notes ........................................................................................................................................................ 7
II. RESERVE CASH FLOW ANALYSIS ........................................................................................................................ 11
A. Introduction ............................................................................................................................................ 11
1. Formulas............................................................................................................................................ 12
2. Definitions ......................................................................................................................................... 12
B. Cash Flow Chart and Graph ................................................................................................................... 12
C. Recommendations and Conclusions ....................................................................................................... 13
III. RECOMMENDED MAINTENANCE SCHEDULE ..................................................................................................... 16
A. Asphalt Pavement................................................................................................................................... 16
B. Concrete Curbing ................................................................................................................................... 17
C. Sidewalks ............................................................................................................................................... 17
D. Storm Drainage Systems ....................................................................................................................... .17
1. Catch Basins ...................................................................................................................................... 17
2. Drainage Swales ............................................................................................................................... 18
E. Landscaping ........................................................................................................................................... 18
F. Concrete Retaining Walls....................................................................................................................... 18
G. Lawn Sprinkler System .......................................................................................................................... 19
H. Wooden Fences and Other Wooden Site Furnishings ............................................................................ 19
I. Roofs • Pitched ....................................................................................................................................... 20
J. Gutters and Downspouts ........................................................................................................................ 21
K. Siding .................................................................................................................................................... 21
DISCLOSURES .............................................................................................................................................................. 22
LIMITATION OF RESPONSIBILITY ............................................................................................................................... 24
GLOSSARY OF TERMS ................................................................................................................................................. 26
BIBLIOGRAPHY ........................................................................................................................................................... 27
PHOTOGRAPHS ............................................................................................................................................................ 28
I.
CAPITAL RESERVE DETERMINATION
A.
METHODOLOGY AND ASSUMPTIONS
A Capital Reserve Analysis is a report giving an estimate of the amount of money which
must be put aside to replace or restore the common elements and building components
that will require replacement before the community’s use expires. Typically, the items
included are limited to those with a useful life of 30 years or less.
The commonly accepted guidelines as established by governing statutes, the Community
Associations Institute, and our engineering judgment and experience have been used as a
basis for the reserve schedule in this report.
The schedule, when implemented in
conjunction with a well-planned preventive maintenance program, will provide adequate
funds for the replacement of the community’s common elements as they reach the end of
their useful lives. In order to assure that this schedule remains current, a reassessment of
the existing condition and replacement costs for each item is necessary at a regular
interval as recommended within the report. Updating of the schedule, reduction of the
useful lives, and inflation of the replacement costs may be executed with the benefit of
re-inspection. The schedule must also be adjusted as common elements are added or
modified.
It is important to note that a reserve item is a common element component which will
require replacement on a recurring basis using a similar cost item. If an upgrade is
necessitated due to a cost change or other extraordinary reason, the cost over and above
the replacement cost is considered to be a capital improvement rather than a capital
replacement. Capital improvements should not be funded from the reserves. After it has
been upgraded, the item will then become part of the reserve schedule.
Method of Accounting
The Method used in the Capital Reserve Analysis is the “Cash Flow” Method and the
funding plan utilized is the Baseline Funding. The goal of this funding method is to keep
the reserve cash balance above zero. This means that while each individual component
may not be fully funded, the reserve balance does not drop below zero during the
projected period.
HERITAGE LAKES SUBDIVISION • UPDATED CAPITAL RESERVE ANALYSIS
PAGE 1
Level of Service
This reserve analysis was completed utilizing a Level II, Full Service Study as defined
under the National Reserve Standards that have been adopted by the Community
Association Institute.
The common component inventory was established based on
information provided by the association’s representative, field measurements and/or
drawing take-offs. The Full Service Study includes a review of the common property
components and preparation of this report.
PAGE 2
B.
SUMMARY OF REPLACEMENT RESERVE NEEDS
1.
TECHNICAL DEFINITIONS
This page is a summary of each of the different categories within the detailed schedule.
It shows the total dollar amounts for each category and is based on the full funding of
each item.
Following are descriptions of the different variables, which are shown on the reserve
schedule in the order in which they appear.
Description
This column on the schedule lists all of the components for which we recommend that
reserves be accumulated. The basis for the selection of these items includes:

Review of the governing documents regarding the common and limited common
elements.

Review of all available maintenance contracts.

The type of component and its anticipated full useful life and condition.

A review of applicable statutes dealing with reserve requirements.
Quantity
The quantities which are used as a basis for this report are calculated from field
measurements and drawings which have been supplied to Ray Engineering, Inc. Ray
Engineering, Inc. has not made extensive as-built measurements, and the quantities used
are based primarily on the reference materials provided.
Unit Cost
The construction and replacement costs used in this report are based primarily on the
various publications written by the R.S. Means Company and construction related
experience of Ray Engineering. The publications are listed in the Bibliography.
PAGE 3
Reserve Requirements Present Dollars
This is calculated by multiplying the “quantity” by the “unit costs.”
Existing Reserve Fund
This is an allocation of the total existing reserve funds to the individual line items using a
weighing factor which is based on the total “reserve requirement present dollars,” the
“estimated remaining life,” and other factors. An existing balance was submitted to Ray
Engineering, Inc. This balance was used in developing our Reserve Analysis.
Estimated Useful Life
The useful life values that are part of this report come from a variety of sources, some of
which are listed in the Bibliography.
In order to ensure that all items attain their
anticipated useful lives, it is imperative that a well-planned maintenance schedule be
adhered to. If an existing item is replaced with an upgraded product, the estimated
remaining life has been listed for the new product.
Estimated Remaining Life
The estimated remaining life is based on both the age of the component and the results of
the field inspections conducted in September 2013.
Annual Reserve Funding
The reserve requirement present value was converted to the future value for the time in
which each replacement will occur. A 3% compounded inflation rate has been assumed.
The future value was then converted to an annual reserve fund value. The arithmetic
calculations and formulas are indicated later in this report.
PAGE 4
C.
EXECUTIVE SUMMARY
Heritage Lakes Subdivision consists of 86 homes and amenity areas.
It is our
understanding the subdivision was built approximately 15 years ago and routine
maintenance and management of the property has been occurring since construction.
The property is located off Brookwood Drive in Mableton, Georgia. The amenity areas
contain the parking lot, landscaped common areas, two lakes, tennis courts, swimming
pool, wooden gazebo and pool house.
The pool house consists of a one-story, wood-framed structure. The foundation consists
of perimeter concrete footings with a concrete slab-on-grade. Exterior finishes consist of
fiber cement siding and wood trim.
The roof consists of a steep-sloped roof with
architectural shingles. The roof covers the restrooms, pump room and concrete patio.
The roof of the pool house was replaced in 2010, tennis courts resurfaced, street signs
replaced, fencing repaired and staining completed, a video monitoring system was
installed at the amenity area and the pool furniture was replaced. Other miscellaneous
repairs were also performed. The overall condition of the amenity area was observed to
be good.
This reserve analysis is prepared for the fiscal year 2014. We were provided a starting
reserve cash balance of $80,495.00.
The current funding for the reserves seems to be inadequate for the age and condition of
the property. Therefore, we recommend a reserve contribution of $27,000 for 2014 fiscal
year, which is equivalent to an average contribution of $26.65 per home, per month, for
reserves. This amount does not include the operating budget. For future fiscal year
reserve contribution recommendations, please refer to the “Cost and Funding Recap”
included as part of this analysis.
PAGE 5
D.
REPLACEMENT RESERVE REQUIREMENTS
SCHEDULE I
Sitework
SCHEDULE II
Exterior/Interior Building Maintenance
SCHEDULE III
Electrical/Mechanical/Plumbing Maintenance
YEAR BY YEAR FUNDING RECAP - ALL ITEMS
COST AND FUNDING RECAP
ITEMIZED PROJECT COSTS BY YEAR
PAGE 6
PROJECT NAME
INFLATION RATE
3.00%
YIELD ON RESERVE FUNDS
0.10%
2014
BEGINNING YEAR OF FUNDING
20
PLANNING HORIZON
Page 6a
yrs
SCHEDULE Ia
SITEWORK ITEMS - PRELIMINARY DATA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Sitework
Item
Description
Asphalt Pavement - Repair/Sealcoat
Asphalt Pavement - 1 1/2" Overlay
Concrete Curbs and Sidewalks - Repair/Replace
Monument Sign - Repair/Paint
Wood Fences (all) - Repair/Paint
Pool Plaster & Tile
Pool Furniture - Replace
Pool Accessories - Repair/Replace
Pool Deck - Replace
Fence at Pool - Repair/Replace
Irrigation - Repair/Replace
Dam and Spillway - Silt Removal
Dam and Spillway - Repairs
Tennis Courts - Crack Repair/Sealing and Coloring
Tennis Courts - Asphalt Overlay
Tennis Courts Fencing - Repair/Paint
Concrete Retaining Wall at Pool - Repair/Painting
Gazebo - Repair/Sealing
Wooden Signs - Repair/Paint
Pool Gate - Repair
Landscaping
Street Signs - Replacement
Street Signs - Repair/Painting
Units
of
Measure
Allow
Allow
Allow
L.S.
L.S.
L.S.
Allow
L.S.
S.F.
L.S.
Allow
Allow
Allow
L.S.
L.S.
L.S.
Allow
Allow
Allow
Allow
Allow
Allow
Allow
Allow
Number
of
Units
1
1
1
1
1
1
1
1
2400
1
1
1
1
2
2
2
1
1
1
1
1
1
1
1
Page 6b
Cost
per
Unit
$1,850.00
$10,000.00
$500.00
$500.00
$10,000.00
$18,000.00
$10,500.00
$600.00
$10.00
$1,500.00
$850.00
$100,000.00
$10,000.00
$6,000.00
$6,000.00
$25,000.00
$1,500.00
$900.00
$500.00
$400.00
$1,000.00
$25,000.00
$8,200.00
$1,000.00
Total Cost
in Current
Dollars
$1,850
$10,000
$500
$500
$10,000
$18,000
$10,500
$600
$24,000
$1,500
$850
$100,000
$10,000
$12,000
$12,000
$50,000
$1,500
$900
$500
$400
$1,000
$25,000
$8,200
$1,000
Estimated
Useful
Life
6
20
6
7
6
10
8
5
25
5
5
20
5
3
3
20
7
5
5
6
5
10
20
6
Estimated
Remaining
Life
11
5
4
2
3
6
6
0
11
0
1
15
1
2
14
8
2
3
0
0
3
0
18
4
Notes
2
2
3
4
5
6
7
8
1
9
10
11
11
12
12
12
1
13
1
1
1
1
1
1
SCHEDULE Ib
SITEWORK ITEMS - REPLACEMENT COST & FUNDING DATA
Sitework
Item
Description
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Pool Plaster & Tile
Pool Deck - Replace
Pool Gate - Repair
Landscaping
First Replacement
Adjusted
Cost if
Yr
Inflation is
Replaced 3.00%
2025
2561
2019
11593
2018
563
2016
530
2017
10927
2020
21493
2020
12538
2014
600
2025
33222
2014
1500
2015
876
2029
155797
2015
10300
2016
12731
2028
18151
2022
63339
2016
1591
2017
983
2014
500
2014
400
2017
1093
2014
25000
2032
13960
2018
1126
Second Replacement
Annual
Adjusted
Funding
Cost if
Thru Yr
Yr
Inflation is
Replaced Replaced 3.00%
213
2031
3058
1932
2039
113
2024
672
177
2023
652
2732
2023
13048
3070
2030
28885
1791
2028
15882
600
2019
696
2768
2050
1500
2019
1739
438
2020
1015
9737
2049
5150
2020
11941
4244
2019
13911
1210
2031
19834
7038
2042
530
2023
1957
246
2022
1140
500
2019
580
400
2020
478
273
2022
1267
25000
2024
33598
735
2052
225
2024
1344
Page 6c
Third Replacement
Annual
Adjusted
Funding
Cost if
Thru Yr
Yr
Inflation is
510
2037
2059
112
2030
802
93
2030
802
2175
2029
15580
2888
2040
1985
2036
139
2024
806
2075
348
2024
2016
203
2025
1177
2069
2388
2025
13842
4637
2022
15201
6611
2034
2062
280
2030
2407
228
2027
1322
116
2024
672
80
2026
570
253
2027
1469
3360
2034
2072
224
2030
1605
Fourth Replacement
Annual
Adjusted
Annual
Funding
Cost if
Funding
Thru Yr
Yr
Inflation is Thru Yr
Replaced
2043
2079
134
2036
115
2037
2597
2035
2050
2044
161
2029
935
187
2100
403
2029
2337
467
235
2030
1364
273
2089
2768
2030
16047
3209
5067
2025
16611
5537
2037
2082
344
2037
264
2032
1532
306
134
2029
779
156
95
2032
681
113
294
2032
1702
340
2044
2092
267
2036
SCHEDULE IIa
EXTERIOR/INTERIOR BUILDING MAINTENANCE ITEMS
PRELIMINARY DATA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Exterior/Interior Building
Maintenance Item
Description
Pool House - Roof Replacement
Pool House - Exterior Restoration/Painting (Trim)
Pool House - Exterior Restoration/Painting (Siding)
Pool House - Interior Restoration/Painting
Pool House - Gutter Replacement
Plumbing Fixtures - Replace
Picnic Tables at Pool - Replace/Repair
Gazebo - Roof Replacement
Units
of
Measure
Sq.
Allow
Allow
Allow
Allow
Allow
Allow
Allow
Number
of
Units
17
1
1
1
1
1
1
1
Page 6d
Cost
per
Unit
$225.00
$2,000.00
$4,000.00
$2,000.00
$850.00
$1,500.00
$800.00
$350.00
Total Cost
in Current
Dollars
$3,825
$2,000
$4,000
$2,000
$850
$1,500
$800
$350
Estimated
Useful
Life
20
6
20
4
15
10
6
20
Estimated
Remaining
Life
17
4
9
3
14
2
6
16
Notes
14
15
15
16
1
1
17
1
SCHEDULE IIb
EXTERIOR/INTERIOR BUILDING MAINTENANCE ITEMS - REPLACEMENT COST & FUNDING DATA
Exterior/Interior Building
Maintenance Item
Description
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
First Replacement
Adjusted
Cost if
Yr
Inflation is
Replaced
3.00%
2031
6322
2018
2251
2023
5219
2017
2185
2028
1286
2016
1591
2020
955
2030
562
Annual
Funding
Thru Yr
Replaced
351
450
522
546
86
530
136
33
Second Replacement
Adjusted
Cost if
Yr
Inflation is
Replaced
3.00%
2051
2024
2688
2043
2021
2460
2043
2026
2139
2026
1141
2050
Page 6e
Third Replacement
Annual
Adjusted
Funding
Cost if
Thru Yr
Yr
Inflation is
2071
448
2030
3209
2063
615
2025
2768
2058
214
2036
190
2032
1362
2070
Fourth Replacement
Annual
Adjusted
Funding
Cost if
Thru Yr
Yr
Inflation is
2091
535
2036
2083
692
2029
3116
2073
2046
227
2038
2090
Annual
Funding
Thru Yr
Replaced
779
SCHEDULE IIIa
ELECTRICAL/MECHANICAL/PLUMBING ITEMS - PRELIMINARY DATA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Electrical
Mechanical
Item Description
Pool Filter and Pumps - Replace
Chlorination System
Exterior Lighting Fixtures - Repair/Replace
Tennis Court Lighting - Repair/Replace
Ceiling Fans - Replace
Hot Water Heater - Replace
Exhaust Fans - Replace
Water Fountain
Cameras and DVR System - Upgrade/Replace
Units
of
Measure
L.S.
L.S.
Allow
Allow
Allow
Allow
Allow
Allow
Allow
Number
of
Units
2
1
1
1
1
1
1
1
1
Page 6f
Cost
per
Unit
$750.00
$800.00
$1,000.00
$1,200.00
$200.00
$1,000.00
$100.00
$250.00
$4,000.00
Total Cost
in Current
Dollars
$1,500
$800
$1,000
$1,200
$200
$1,000
$100
$250
$4,000
Estimated
Useful
Life
5
10
7
10
8
12
10
10
8
Estimated
Remaining
Life
0
0
2
7
1
3
2
8
6
Notes
18
18
19
20
1
1
1
1
1
SCHEDULE IIIb
ELECTRICAL/MECHANICAL/PLUMBING ITEMS - REPLACEMENT COST & FUNDING DATA
Electrical
Mechanical
Item Description
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
Chlorination System
Water Fountain
First Replacement
Second Replacement
Third Replacement
Adjusted
Annual
Adjusted
Annual
Adjusted
Cost if
Funding
Cost if
Funding
Cost if
Yr
Yr
Yr
Inflation is
Replaced
3.00%
Replaced Replaced
3.00%
2014
1500
1500
2019
1739
348
2024
2016
2014
800
800
2024
1075
108
2034
2016
1061
354
2023
1305
186
2030
1605
2021
1476
184
2031
1983
198
2041
2015
206
103
2023
261
33
2031
331
2017
1093
273
2029
1558
130
2041
2016
106
35
2026
143
14
2036
2022
317
35
2032
426
43
2042
2020
4776
682
2028
6050
756
2036
Page 6g
Fourth Replacement
Annual
Adjusted Annual
Funding
Cost if Funding
Thru Yr
Yr
Replaced Replaced 3.00% Replaced
403
2029
2337
467
2044
229
2037
2051
41
2039
2053
2046
2052
2044
COST & FUNDING RECAP
Year
Annual Funds
Future Expenses
Net Accumulated Funds
80,495
Current Funds
2014
27,000
30,300
77,275
2015
28,000
11,382
93,971
2016
29,000
17,611
105,454
2017
30,000
16,282
119,278
2018
31,000
3,939
146,458
2019
32,000
30,257
148,348
2020
33,000
53,195
128,301
2021
34,000
3,936
158,494
2022
35,000
81,263
112,389
2023
36,000
22,442
126,059
2024
37,000
44,887
118,298
2025
38,000
70,181
86,236
2026
39,000
3,992
121,330
2027
40,000
2,790
158,661
2028
41,000
41,369
158,450
2029
42,000
182,438
18,171
2030
43,000
57,288
3,901
2031
44,000
31,528
16,377
2032
45,000
19,663
41,730
2033
46,000
0
87,772
Page 6h
Itemized Projected Costs by Year
Year
Job
Grand Total
2014 Total
2014
2014
2014
2014
2014
2014
2014
2015 Total
2015
2015
2015
2016 Total
2016
2016
2016
2016
2016
2016
2017 Total
2017
2017
2017
2017
2017
2018 Total
2018
2018
2018
2019 Total
2019
2019
2019
2019
2019
2019
2020 Total
2020
2020
2020
2020
2020
2020
2020
Chlorination System
Landscaping
Pool Gate - Repair
Pool Plaster & Tile
Cost
$724,743
30,300
800
1,500
500
25,000
600
1,500
400
11,382
206
10,300
876
17,611
106
1,061
530
1,591
12,731
1,591
16,282
983
1,093
1,093
2,185
10,927
3,939
563
2,251
1,126
30,257
11,593
1,739
580
696
1,739
13,911
53,195
4,776
11,941
1,015
955
12,538
21,493
478
Page 6i
2021 Total
2021
2021
2022 Total
2022
2022
2022
2022
2022
2023 Total
2023
2023
2023
2023
2023
2023
2024 Total
2024
2024
2024
2024
2024
2024
2024
2024
2024
2025 Total
2025
2025
2025
2025
2025
2025
2026 Total
2026
2026
2026
2026
2027 Total
2027
2027
2028 Total
2028
2028
2028
2028
2029 Total
2029
2029
2029
2029
2029
Pool Gate - Repair
Water Fountain
Chlorination System
Landscaping
Pool Deck - Replace
Pool Gate - Repair
3,936
2,460
1,476
81,263
1,140
1,267
63,339
15,201
317
22,442
261
1,305
652
5,219
1,957
13,048
44,887
1,075
672
2,016
672
33,598
806
2,016
2,688
1,344
70,181
2,561
13,842
1,177
33,222
2,768
16,611
3,992
143
1,141
2,139
570
2,790
1,322
1,469
41,369
6,050
15,882
1,286
18,151
182,438
155,797
2,337
779
1,558
935
Page 6j
2029
2029
2029
2030 Total
2030
2030
2030
2030
2030
2030
2030
2030
2030
2030
2031 Total
2031
2031
2031
2031
2031
2032 Total
2032
2032
2032
2032
2032
2032
Pool Plaster & Tile
Pool Gate - Repair
Water Fountain
2,337
3,116
15,580
57,288
802
16,047
1,605
562
1,364
802
3,209
28,885
1,605
2,407
31,528
3,058
331
6,322
1,983
19,834
19,663
1,532
1,362
1,702
13,960
426
681
Page 6k
E.
NOTES
The accompanying notes are an integral part of the reserve schedule contained in this
report. When reviewing the schedule, please be sure to read all notes pertaining to a
particular line item. This will provide the most complete explanation of each line item
and will provide any clarification where necessary.
1.
These items were found to be in good condition and well maintained. The useful
life reflects the age and overall condition of the respective item.
2.
The asphalt pavement was observed to be in fair condition. Crack sealing and
sealcoating of the asphalt surface has been performed since our last review of the
property in 2010. We have included the overlay of the parking lot in five more
years. This would include a new layer of asphalt being installed on the existing
asphalt surface. The budget provided is $10,000.
The sealcoating and crack repair should not be required for approximately 11
more years, if the new asphalt is installed in five years. A life cycle for the
sealcoating is six years.
3.
The concrete curbs and concrete sidewalks are in good condition. We have
included a budget every six years, beginning in four more years, to allow for the
replacement of damaged or deteriorated sidewalks sections and/or concrete curb
sections as required. This budget is $500.
4.
The monument sign and brick walls along the front of the property were found to
be in good condition. We have provided a budget of $500 every seven years,
beginning in two years, for the repair and/or painting/sealing of the monument
sign and stone-faced walls.
5.
The wooden fencing at the property was found to be in good to fair condition.
We have included repair and painting of all wooden fences at the property in this
pricing, including the perimeter fencing and the wood rail fencing at the gazebo.
We have provided a budget of $10,000 every six years, beginning in three years,
for the repair and painting/sealing of the fences.
PAGE 7
6.
The pool was found to be in good condition. We have provided a budget of
$18,000 every ten years, beginning in six years, for the replastering and
replacement of the tiles.
7.
The pool furniture was found to be in good condition. We have provided a budget
of $10,500 every eight years, beginning in six more years, for the replacement of
the pool furniture.
8.
The pool accessories were found to be in fair condition. We have provided a
budget of $600 every five years, beginning this year, for the repair and
replacement of the pool accessories.
9.
The pool fencing was found to be in good condition. We have provided a budget
of $1,500 every five years, beginning this year, for the repair of the pool fence.
10.
It is our understanding that the irrigation system at the entrance was repaired in
2010 and is in good condition. We have provided a budget of $850 every five
years, beginning in 2015, for the replacement of the valves and controllers for the
irrigation system.
11.
The dams and spillways for the two lakes were observed to be in good condition
and well maintained. We have provided a budget of $100,000 every 20 years,
beginning in 15 years, for the removal of accumulated silt within the lake areas.
We have also included a budget of $10,000 provided every five years, beginning
in 2015, for the repairs needed to the dams and spillways. We do not anticipate a
large quantity of silt since the surrounding areas are stabilized and developed.
12.
The tennis court surfaces were found to be in good condition, with crack filling
and resurfacing being completed in 2010. We have recommended resurfacing the
two courts every three years, beginning in two years. We have also provided a
budget for the resurfacing/asphalt overlaying of the tennis courts every 20 years
and, given the existing condition of the two courts at the property, we have
recommended this item in eight more years.
13.
The cast-in-place concrete retaining wall at the pool is structurally in good
PAGE 8
condition. The surface of the wall was painted in 2010. We have provided a
budget of $900 every five years, beginning in three years, for the painting and
minor repair of the retaining wall.
14.
At the pool house, the roof was replaced based on storm related damage. The
insurance amount was $3,800. We have included this budget every 20 years,
beginning in 16 years.
15.
The exterior of the pool house was found to be in good condition. It is our
understanding that a long-term painting product has been installed at the pool
house. We have provided a budget of $2,000 for the exterior restoration and
painting of the pool house wood trim every six years, beginning in four more
years. The painting of the siding is in good condition and should not require
additional coatings for another nine years.
16.
The interior of the pool house, which includes the two bathrooms, was found to be
in good condition. We have provided a budget of $2,000 every four years,
beginning in three years, for the painting and restoration of the bathrooms.
17.
The picnic tables at the pool house were found to be in good condition. We have
provided a budget of $800 every six years for the repair and/or replacement of the
picnic tables.
18.
The pool filter and chlorinating systems were found to be in fair condition. We
have provided a budget of $1,500 every five years, beginning in 2014, for the
replacement of the pool pumps. We have also provided a budget of $800 every
ten years, beginning in 2014, for the replacement of the chlorinating system.
19.
The exterior lighting fixtures throughout the property were found to be in good
condition. We have provided a budget of $1,000 every seven years, beginning in
two years, for the repair or replacement of any damaged or deteriorated exterior
lighting fixtures throughout the property.
20.
A budget of $1,200 has been provided for the repair and replacement of any
damaged or deteriorated tennis court light fixtures.
PAGE 9
This budget has been
provided every ten years, beginning in seven years.
PAGE 10
II.
RESERVE CASH FLOW ANALYSIS
A.
INTRODUCTION
The enclosed chart and graph contain a 20-year cash flow projection of the reserve
requirements for the Association. The budget should be adjusted at the end of the 20year period to readjust for changes in remaining life, inflation, and current costs of
replacements. This cash flow analysis is based on the assumption that all of the items
that make up the schedule are fully funded.
By this we mean that each item will
accumulate its full replacement cost during its life span. At the end of this life, each item
would be replaced and the funding would start aging for items with a long life. For items
with a short useful life, the funding for the first replacement is budgeted in addition to
future replacements due to the short life span. The future replacement funding is started
in the first year; however, payments are less than the first replacement due to the
extended time period allowed to accumulate funds. Taking all of the components that
make up the reserve schedule, using this full funding analysis, there is typically an
ongoing surplus in the reserve fund. This ensures that the Association will have a surplus
at the end of the 10-year period. This is called the “pooling effect” and is represented by
the upper line on the cash flow chart, which is designated as the “Net Cumulative Fund.”
The “Net Cumulative Fund” is calculated by taking the existing amount in the reserve
fund at the time the reserve schedule is prepared, adding to it the yearly contribution, and
subtracting from it the annual expenditures.
The annual reserve funding required has been calculated by estimating the useful
remaining life based on the current condition, age, and all other known factors of each
item description.
The present value replacement cost was estimated by either past
quotations or other listed methods of estimation. The present value replacement cost was
then converted to future value using a 3% annual compounded inflation rate. The future
cost was calculated for the projected time when replacement will be required.
The future cost was then broken down into annual installments while still considering the
3% compounded annual inflation rate. The monthly reserve funding was calculated by a
further breakdown of the annual reserve funding required.
PAGE 11
1.
Formulas
The following economic formulas were used in our calculations:
DISCOUNTING FACTOR
FUNCTIONAL
FORMULA
NOTATION
Single Payment Compound Amount
(F/P, i %, n)
(1xi) exp n
Uniform Series Sinking Fund
(A/F, i %, n)
i/[(1+i)exp n-1]
2.
Definitions
Definitions of the above-mentioned terms are as follows:
TERM
B.
DEFINITION
Single Payment Compound Amount
Conversion of present worth to future value
Uniform Series Sinking Fund
Conversion of future value to annual value
F
Future worth of item in n years from present
P
Present Worth
A
Annual worth
I
Interest Rate (0.10% used)
N
# of years until each calculated replacement
PROJECTED CASH FLOW GRAPH AND CHART
The projected cash flow for the Capital Reserve Analysis is illustrated by the bar graph
and line chart on the following pages.
PAGE 12
HERITAGE LAKES - PROJECTED CASH FLOW
200,000
190,000
180,000
170,000
160,000
150,000
140,000
130,000
120,000
110,000
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Current 2014
Funds
2015
2016
2017
2018
Annual Funds
2019
2020
2021
2022
2023
Future Expenses
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
HERITAGE LAKES - PROJECTED CASH FLOW
200,000
190,000
180,000
170,000
160,000
150,000
140,000
130,000
120,000
110,000
100,000
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Current 2014
Funds
2015
2016
2017
2018
Annual Funds
2019
2020
2021
2022
2023
Future Expenses
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
C.
RECOMMENDATIONS AND CONCLUSIONS
Based on our review, we would make the following recommendations. The Association
should set aside the following amount for the specified year into the reserve fund:
COST AND FUNDING RECAP
Year
Annual Funds
Future Expenses
80,495
Current Funds
2014
27,000
30,300
77,275
2015
28,000
11,382
93,971
2016
29,000
17,611
105,454
2017
30,000
16,282
119,278
2018
31,000
3,939
146,458
2019
32,000
30,257
148,348
2020
33,000
53,195
128,301
2021
34,000
3,936
158,494
2022
35,000
81,263
112,389
2023
36,000
22,442
126,059
2024
37,000
44,887
118,298
2025
38,000
70,181
86,236
2026
39,000
3,992
121,330
2027
40,000
2,790
158,661
2028
41,000
41,369
158,450
2029
42,000
182,438
18,171
2030
43,000
57,288
3,901
2031
44,000
31,528
16,377
2032
45,000
19,663
41,730
2033
46,000
0
87,772
PAGE 13
The Association should update the reserve schedule a minimum of once every two years.
It is especially important to update the schedule when using average contribution due to
the fact that even a minor change in the estimated useful life can have a significant
impact on adequate funding.
The Association should review each of the individual line items that make up the reserve
schedule to make sure that there is no overlap between what is indicated in the schedule
and any other portion of the budget. For example, we may show on the reserve schedule
the replacement of fencing, but at the same time, the Association may be replacing the
fencing out of their operating budget. If duplication like this exists, the item should
either be removed from the reserve schedule or the operation budget. It should not be
funded in two different locations.
The Association should review the items on the schedule to assure that their replacement
is not covered under a maintenance contract. An example would be reserving for the
replacement of mechanical equipment components while the Association has a
maintenance contract for the item at the same time. The reserve schedule should be
carefully reviewed to be sure that it does not fund the replacement of any portion of any
item whose replacement is covered under a maintenance contract.
The Association should review the items on the schedule to be sure that they are all the
Association’s responsibility. As an example, if we have included site lighting on the
reserve schedule, but at the same time the local municipality is responsible for the
maintenance and repair of these connections, they should be removed from the schedule.
The Association should review the individual line items on the reserve schedule carefully
to determine if a number of the smaller individual components can be consolidated into
one line item which can be continuously funded.
For example, if there are five or six components with a total replacement cost of $1,000
each, rather than reserving the full $5,000 or $6,000 for all of these items, the Association
may want to consider funding all six components under one line item for a total of
$1,000. Should one of these six items have to be replaced, that line item would have to
be brought current within a year or so after its expenditure. By doing this rather than
PAGE 14
funding the full $6,000, only a portion of the total would be funded. This would reduce
the overall yearly contribution to reserves.
Depending on the size of the overall operating budget, the Association may decide that
any line item of less than the given amount will be funded directly through the operating
budget rather than through the reserve schedule. If this is the case, any item with the
given value or less should be removed from the schedule. The schedule would then be
footnoted accordingly.
PAGE 15
III.
RECOMMENDED MAINTENANCE SCHEDULE
The following guidelines are intended to ensure that a program of preventive
maintenance is implemented in order to assure that, as a minimum, the predicted useful
lives of the major common elements is attained. A preventive maintenance program is
made up of “a system of periodic inspections of existing facilities to uncover conditions
leading to breakdown or harmful depreciation and the correction of these conditions
while they are still minor.” It should be noted that experience has shown that a proper
maintenance program can add 50% to the expected useful life of some items.
In any case, the proper determination of the useful lives of the items which make up your
common elements is critical to the proper updating of the reserve schedule. The items
included will only attain their anticipated useful lives if a proper maintenance program is
implemented. For this reason, it is recommended that the reserve schedule be updated
every two years to assure that all items are being properly maintained.
A.
ASPHALT PAVEMENT
The early detection and repair of minor defects is the most important
consideration in the preventive maintenance of pavements. Cracks and other
surface breaks, which in their first stages are almost unnoticeable, may develop
into serious defects if not repaired in a timely manner. For this reason, walking
inspections of the pavement should be conducted in the fall and spring of each
year, as a minimum.
The inspections should note small cracks or other surface breaks in the pavement.
In addition, there are other signs, such as mud or water on the pavement surface
or soil erosion along the edges of the pavement, which may indicate possible
future problem areas.
Most small cracks or surface breaks can be repaired by sealing them with a good
commercial-grade caulk.
Areas which have settled and pose a possible trip
hazard should be cut out and replaced to prevent a potential liability problem, as
well as to prevent further deterioration of the surface. If large areas are observed
PAGE 16
to be cracking or breaking up, this may be an indication of a problem with the
base material and/or subsoils and would require further investigation to determine
the cause and proper method of repair.
B.
CONCRETE CURBING
Any soil erosion behind the curbing should be noted, and possible problems such
as broken pipes, malfunctioning sprinkler heads, and/or improper grading should
be investigated and any necessary repairs made.
C.
SIDEWALKS
Sidewalks should be inspected at least twice a year (spring and fall).
The
inspection should note any cracked sections, uneven settlement between sections
(which may result in tripping hazards), and surface damage. Undermining of
sidewalks (caused by soil erosion) should also be noted. Proper replacement of
any sections with the above noted problems is necessary to eliminate safety
hazards and potential liability problems. These repairs will also allow the curbing
to achieve its full useful life.
D.
STORM DRAINAGE SYSTEMS
All storm drainage systems should be routinely inspected to ensure proper
operation. Inspections should be scheduled for all facilities after major storms for
routine maintenance.
In addition, bi-annual structural inspections should be
performed. The following are the recommended maintenance schedules for each
individual section of a storm system:
1. Catch Basins
All catch basins should be routinely inspected after a major storm to ensure
that they are working properly.
During these inspections, any sediment
PAGE 17
buildup or debris should be removed from catch basins to ensure that they
continue to function properly.
2. Drainage Swales
The five most prevalent maintenance problems with swales are:

Weed growth

Grass maintenance

Sediment control

Soil deterioration

Mosquito control
Drainage swales should be inspected on a routine basis to ensure that they are
functioning properly. The grass located within the swales should be mowed
on a weekly basis to prevent the accumulation of debris, which may impede
the flow of the drainage. The trash racks attached to the outlet structures
should be periodically checked and cleaned of debris to prevent blockage.
The outlet structures should also be checked for deterioration and/or cracking
of concrete.
E.
LANDSCAPING
A discussion regarding the preventive maintenance of the landscaped areas of the
development would require an entire report. For this reason, it is recommended
that a professional service specializing in this area be consulted. It should be
noted that landscaping is not included as a reserve schedule item since, with
proper maintenance, large-scale replacement should not become necessary.
F.
CONCRETE RETAINING WALLS
Retaining wall surfaces should be inspected every spring as part of a preventive
maintenance program. Areas should be checked for signs of cracking or spalling
PAGE 18
of the concrete surface and staining from moisture migrating through the wall.
Additionally, the walls should be checked for soil erosion and/or voids forming at
the tops and bases of the walls. Small cracks and spalled areas should be cleaned,
caulked or patched and touched up with paint, if applicable. Wide cracks may be
an indication of possible movement and should be reviewed by a structural
engineer.
Seepage is not uncommon at retaining walls and often results in
staining of the wall. In many cases, caulking of the cracks where seepage occurs
is all that is required to remedy the problem; however, if it continues after
caulking, it may be an indication of a problem, such as excessive hydrostatic
pressure, and should again be reviewed by an engineer.
G.
LAWN SPRINKLER SYSTEM
The preventive maintenance of the lawn sprinkler system would require an
extensive report concerning the operation and servicing of the control valve,
pumps, sprinkler heads, and water lines. For this reason, it is recommended that a
professional sprinkler system contractor be consulted to provide the necessary
services to properly maintain the sprinkler system.
H.
WOODEN FENCES AND OTHER WOODEN SITE FURNISHINGS
Wooden fences constructed of treated lumber should last a number of years with
minimal maintenance. However, these items should be checked at least once a
year to ensure that excessive weathering is not occurring. If excessive weathering
is occurring, deteriorated members should be replaced, and the entire item should
be treated with a preservative material.
Wooden site furnishings constructed of non-treated lumber should be regarded the
same as exterior trim. Periodic application of a sealant to all surfaces is vital to
preserve the wood. These items should be checked at least once a year to detect
any peeling or deterioration. Deteriorated members should be replaced at this
time, and resealing should be done as necessary.
PAGE 19
I.
ROOFS • PITCHED
The standard asphalt/fiberglass shingles available on the market today have an
expected useful life of approximately 20 years. Proper maintenance in order to
achieve this useful life requires periodic inspections to detect the need for repair
or changes in the roof surface. In order to reduce maintenance and replacement
costs, it is vital to detect problems when they are minor and prevent them from
escalating into major problems.
Roof inspections should be conducted at least twice a year. These inspections
should preferably occur in the early fall to prepare for winter and in the spring to
assess any winter damage and prepare for the hot summer sun. In addition to
these seasonal inspections, the roofs should be carefully checked after violent rain
or windstorms or nearby fires or after workmen have been on the roof.
The roof inspections should include:

Examination of exterior walls for settlement.

Checking interior walls and the underside of roofs for leakage.
This is
necessary since the majority of roof problems may not be detected by
inspecting the outside roof surface.

Inspection of the roof surface for missing, loose, lifted, cracked or deteriorated
shingles.

A review of the roof drainage, including any change in the roof and the
condition and operation of roof drains, gutters, and scuppers.

Examination of flashed areas. Most water infiltration problems are caused by
flashing defects. Lifted, loose, torn, or missing flashing require immediate
repair.

A review of ventilation, since improper ventilation can cause ice damming
conditions and accelerates the deterioration of the roof shingle.
PAGE 20
J.
GUTTERS AND DOWNSPOUTS
The key to maintaining gutters and downspouts is to make sure they are kept clear
of debris. A buildup of leaves and other plant material will block downspouts and
prevent proper drainage. If this occurs, trapped water could weigh down the
gutters and cause them to loosen or fall. Blocked gutters will also overflow along
their length, resulting in the washing away of the mulch and/or soils adjacent to
the sides of a building, which could result in premature deterioration of a
building’s exterior finish over time. Ice damming will also be evident in the
winter if gutters are not able to drain.
At least twice a year, the gutters should be cleaned and inspected for damage.
This should be done in late spring and late fall. Any loose or misaligned gutters
should be corrected at this time to prevent further damage. Splash blocks and
downspout extension pipes should also be adjusted to prevent erosion and to
direct water away from the building.
As the gutters age, the paint coating will oxidize and dull. When this occurs, an
aluminum paint product should be used to restore the finish, or the gutters should
be power washed to prevent deterioration.
K.
SIDING
The proper maintenance of siding is critical to keeping a building waterproof and
weather-tight. Prior to painting, all siding should be checked for delamination or
deterioration and should be properly replaced or restored as required. All loose
siding should be renailed and caulked prior to painting.
All joints and
penetrations in the siding should be caulked or sealed. Any loose, damaged, or
missing trim should also be restored or replaced during siding restoration. During
the siding review, any evidence of termite or pest infestation should be checked
and treated as necessary. Lack of maintenance of siding and trim can result in
water infiltration problems, as well as a poor appearance.
PAGE 21
DISCLOSURES
Ray Engineering, Inc. does not have any other involvement with the association, which
could result in actual or perceived conflicts of interest.
During our review of the property, visual review and field measurements, as needed, of
each common element was performed. No destructive testing or drawing take-offs were
performed.
Material issues which, if not disclosed, would cause a distortion of the association's
situation.
Information provided by the official representative of the association regarding financial,
physical, quantity, or historical issues will be deemed reliable by the consultant.
The Reserve Analysis will be a reflection of information provided to the consultant and
assembled for the association's use, not for the purpose of performing an audit,
quality/forensic analyses, or background checks of historical records.
Ray Engineering, Inc. did not perform an audit of the current or past budgets of the
association.
Client is considered to have deemed previously developed component quantities as
accurate and reliable.
Ray Engineering, Inc. assumes that the prior Reserve Analysis component quantities
were accurate and reliable.
Information provided to Ray Engineering, Inc. by the association representative
about reserve projects will be considered reliable. Any on-site inspection(s) by
Ray Engineering, Inc. should not be considered a project audit or quality
inspection.
PAGE 22
KELVIN D. GARMON, R.S.
P ROJ ECT M ANAGER
Mr. Garmon is a graduate of Southern Polytechnic State University with a Bachelor of
Science in Civil Engineering Technology. He has obtained his Engineer in Training
(EIT) certificate and has earned certification as a Reserve Specialist. He serves as Project
Manager for Ray Engineering, Inc. and has more than eleven years of experience in the
preparation of capital reserve analyses. Mr. Garmon uses his experience performing
contract administration and other engineering and consulting services for our diverse
clients.
PAGE 23
LIMITATION OF RESPONSIBILITY
The report represents a statement of the physical condition of the common elements of
the property based upon our visual observation, professional analysis and judgment. The
report applies only to those portions of the property and/or items and equipment which
were capable of being visually observed.
Unless specifically stated otherwise, no
intrusive testing was performed nor were any materials removed or excavations made for
further inspection.
Drawings and specifications were available only to the extent
described in the report.
The following activities are not included in the scope and are excluded from the scope of
the reserve analysis described in the National Reserve Study Standards:

Utilities – Operating condition of any underground system or infrastructure; accessing
manholes or utility pits; the reserve analysis does not include any infrastructure with
an estimated useful life of more than 30 years, unless specified otherwise in the
report;

Structural Frame and Building Envelope – Unless specifically defined in the
proposal, entering of crawl, attic or confined space areas (however, the field observer
will observe conditions to the extent easily visible from the point of access to the
crawl or confined space if the access is at the exterior of the building or common
space); determination of previous substructure flooding or water penetration unless
easily visible or unless such information is provided;

Roofs – Walking on pitched roofs or any roof areas that appear to be unsafe or roofs
with no built-in access; determining roofing design criteria;

Plumbing – Verifying the condition of any pipes underground, behind walls or
ceilings; determining adequate pressure and flow rate, verifying pipe size or verifying
the point of discharge for underground systems;

HVAC – Observation of fire connections, interiors of chimneys, flues or boiler stacks,
or tenant owned or tenant maintained equipment;

Electrical – Removal of any electrical panels or device covers, except if removed by
building staff; providing common equipment or tenant owned equipment.
PAGE 24

Vertical Transportation – Examining of cable, shears, controllers, motors, inspection
tags or entering elevator/escalator pits;

Life Safety/Fire Protection – Determining NFPA hazard classifications; classifying or
testing fire rating of assemblies;

Preparing engineering calculations to determine any system's components or
equipment's adequacy or compliance with any specific or commonly accepted design
requirements or building codes; preparing designs or specifications to remedy any
physical deficiencies;

Reporting on the presence or absence of pests or insects unless evidence of such
presence is readily apparent during the field observer's walk-through survey or such
information is provided to the Consultant;

Entering or accessing any area of the property deemed by the engineer to pose a
threat to the safety of any individual or to the integrity of the building system or
material;

Providing an opinion on the operation of any system or component that is shut down
or not properly operating;

Evaluating any acoustical or insulating characteristics of the property;

Providing an opinion on matters regarding security and protection of its occupants or
users;

Providing an environmental assessment or opinion of the presence of any
environmental issues such as asbestos, hazardous wastes, toxic materials, radon or the
location of designated wetlands, unless specifically defined within the scope of work;

Any representations regarding the status of ADA Title III Compliance.
The report is not a compliance inspection or certification for past or present governmental
codes or regulations of any kind. Any reference made to codes in this report is to assist
in identification of a specific problem.
PAGE 25
GLOSSARY OF TERMS
Abbreviation
Definition
Abbreviation
Definition
Allow.
Avg.
B.F.
Bit/Bitum.
Bldg.
Brk.
Cal
C.C.F.
C.F.
C.L.F.
Col.
Conc.
Cont.
C.S.F.
Cu. Ft.
C.Y.
DHW
Diam.
Ea.
Est.
Ext.
Fig.
Fin.
Fixt
Flr.
FRP
Ft.
Galv.
Ht.
Htrs.
HVAC
HW
In.
Int.
Inst.
Insul.
lb.
Allowance
Average
Board Feet
Bituminous
Building
Brick
Calculated
Hundred Cubic Feet
Cubic Feet
Hundred Linear Feet
Column
Concrete
Continuous, continued
Hundred Square Feet
Cubic Feet
Cubic Yard, 27 cubic feet
Domestic Hot Water
Diameter
Each
Estimated
Exterior
Figure
Finished
Fixture
Floor
Fiberglass Reinforced Plastic
Foot, Feet
Galvanized
Height
Heaters
Heating, Ventilation, A/C
Hot Water
Inch
Interior
Installation
Insulation
Pound
L.F.
Lg.
L.S.
Maint.
Mat., Mat’l
Max
MBF
M.C.F.
Min.
Misc.
M.L.F.
M.S.F.
M.S.Y.
NA
No.
O.C.
P.E.
Ply.
Pr.
PVC
Pvmt.
Quan. Qty.
R.C.P.
Reinf.
Req’d
Sch., Sched.
S.F.
Sq.
Std.
Sys.
S.Y.
T&G
Th, Thk.
Tot.
Unfin.
V.C.T.
Vent.
Yd.
Linear Foot
Long Length
Lump Sum
Maintenance
Material
Maximum
Thousand Board Feet
Thousand Cubic Feet
Minimum
Miscellaneous
Thousand Linear Feet
Thousand Square Feet
Thousand Square Yards
Not applicable/available
Number
On Center
Professional Engineer
Plywood
Pair
Polyvinyl Chloride
Pavement
Quantity
Reinforced Concrete Pipe
Reinforced
Required
Schedule
Square Foot
Square, 100 Square Feet
Standard
System
Square Yard
Tongue & Groove
Thick
Total
Unfinished
Vinyl Composition Tile
Ventilator
Yard
PAGE 26
BIBLIOGRAPHY
Architectural Drawings
by N/A
Declaration of Covenants, Conditions, and Restrictions
by N/A
Site Work Cost Data
by R.S. Means Company, Inc.
Mechanical Cost Data
Electrical Cost Data
Open Shop Cost Data
PAGE 27
PHOTOGRAPHS
PAGE 28
HERITAGE LAKES
____________________________________________________________________________________
1. View of one of the entry monument signs at the entrance to the community. The signs
are in good condition.
2. View of the pool and pool house – the pool house is in good condition with a new roof
system installed.
HERITAGE LAKES
____________________________________________________________________________________
3. View of the pool furniture that is in good condition.
4. View of a minor crack in the concrete pool deck that should be sealed to prevent water
infiltration.
HERITAGE LAKES
____________________________________________________________________________________
5. Another view of cracks at the concrete pool deck.
6. View of one of the cameras at the pool house. The camera system is a new system to the
community.
HERITAGE LAKES
____________________________________________________________________________________
7. View of the tennis courts at the community – they are in good to fair condition.
8. View of a crack within the surface of the tennis courts.
HERITAGE LAKES
____________________________________________________________________________________
9. Another view of a crack in the tennis court surface.
10. View of a damaged section of rail fence at the gazebo area.
HERITAGE LAKES
____________________________________________________________________________________
11. View of the emergency spillway for the lake – the spillway is in good condition.
12. View of the dam at the lake. The dam is in good condition.

heritage lakes subdivision

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