Cedarfield Plantation

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1 July 31, 2015 Dear Members: The purpose of this mailer is to inform and encourage all homeowners to vote on one of two options for repair/renovations for our pool house. On Saturday, July 25, 2015, and Tuesday, July 28, 2015, the Board held special meetings to unveil the two options to the community. Our architect presented the options which included the necessary repairs and possible renovation options. VOTING Included in this mailer is a ballot that you can mail to Hawthorne Management Company declaring your vote (only one vote per household). For your vote to count, it must be received at Hawthorne Management Company by August 18, If the ballot is late or lost in the mail, it will not count. The address for Hawthorne Management Company is PO Box 11906, Charlotte, NC If the ballot is not included, please contact Hawthorne Management at immediately. BACKGROUND AND ACTIONS TAKEN BY BOARD By law, North Carolina General Statute 47F-3-107, we are responsible for our community s largest asset. Due to improper winterization in 2014, we had extensive damage to our pipes and plumbing fixtures. After assessing the damage, mold and wood rot were discovered in multiple areas. We engaged an architect to ensure we would comply with all requirements for plans and permitting required for a commercial structure. The architect developed two plans with target costs that would give the information needed to make an informed decision on repairs and possible renovation of the pool house. PLEASE NOTE Mecklenburg County is aware of the current condition of the pool house and granted permission to use the pool in Having the pool open for the 2016 season is contingent upon complying with all necessary repairs and code updates. Enclosures Option Descriptions Target Costs Architect Design Plan Option 1 Architect Design Plan Option 2 Ballot to Choose Pool Facility Repair Option

2 OPTION DESCRIPTIONS Option 1 brings the existing building up to current codes, while maintaining the existing building layout (floor plan). Replace all broken/damaged siding Repaint all exterior siding, trim, doors, windows, shutters and ceilings Repair/patch and refinish all drywall Replace damaged wood stud walls at all water damaged areas Provide new drywall in storage closets Repaint all interior walls trim, doors and ceilings Existing tile floor in storage closet (previous shower base) to be demolished and brought to floor level. Existing floor to be refinished with epoxy New Lighting in closet areas New ADA handicap bathroom stalls to be added Fire rated drywall added to the walls and ceiling of pump room Option 2 includes all of the required Option 1 renovations and upgrades. It also includes reconfiguring and utilizing the layout of existing space to include a 500 square foot community room. Adjacent to the community room will be a 150 square foot concessions area where items can be purchased while at the pool. In order to achieve these new rooms under the existing roof, the four pool pumps currently in the building will be replaced with one pump allowing the pump room to be substantially downsized. Replace all broken/damaged siding Repaint all exterior siding, trim, doors, windows, shutters and ceilings Repair/patch and refinish all drywall Replace damaged wood stud walls at all water damaged areas Provide new drywall in storage closets Repaint all interior walls trim, doors and ceilings Existing tile floor in storage closet (previous shower base) to be demolished and brought to floor level. Existing floor to be refinished with epoxy New Lighting in closet areas New ADA handicap bathroom stalls to be added Fire rated drywall added to the walls and ceiling of pump room 150 SF concession area New cabinets in concession area Replace water heater to smaller high efficiency 500 square foot community room with closet

3 TARGET COSTS for both options (rounded to the nearest $5K) Option 1 = $65,000 Option 2 = $110,000 Cash reserves and funding plans Cash / Reserves Projections Option 1 Option 2 Cash / Reserves as of 7/28/15 144, ,842 Less: Operating expenses projected from Aug thru Dec (47,090) (47,090) Less: Pool Facility Repair Project (65,000) (110,000) Add: Bank Loan (Option 2 ONLY) - 45,000 = Remaining Reserves Balance (post repairs) 32,752 32,752 Add: Monthly Reserves Provisions/Savings Projected Aug thru Dec (1) 5,720 5,720 = Surplus Cash / Reserves Projected at 12/31/15 38,472 38,472 (1) Net of architect expense paid from reserves ($4,115) Option 1 Funding for this option includes our cash/reserves leaving about $38,472 in prudent reserves. The remaining balance includes all projected spending of standard HOA expenditures for the remainder of Option 2 - Funding for this option includes $65,000 from our current cash and reserves, leaving $38,472 in our prudent cash and reserves, and borrowing $45,000. The loan would require a monthly payment of roughly $ for 5 years and would be funded by our annual operating budget. This option includes a completely refurbished building, community room, concession area and new pool pump. Approval of funding for option 2 would include a special meeting which would be a separate process.

4 Ballot to Choose Pool Facility Repair Option The Board of Directors for the Cedarfield Plantation Homeowners Association (the Association ) is seeking the community s input regarding two repair options for the pool facility. As discussed in prior correspondence, the Board hired an architect to present two pool repair/renovate options for the community to consider. Two recent opportunities to review the conceptual plans were presented by the architect on July 25 th and July 28 th. The purpose of this ballot is to encourage all members to vote for one of the two enclosed plans. Option 1 ($65,000). This option will be funded by our reserves. This option brings the pool facility up to current building code standards and meets all ADA compliance requirements. Option 2 ($110,000). This option will also be funded by our reserves and small bank loan totaling $45,000. This option also brings the pool facility up to current building code standards and meets all ADA compliance requirements. This option also includes a major building refurbishment, new pool pump, community room and concession area designed to maximize the utility of the pool facility. PLEASE NOTE that in order for the Association to obtain a bank loan, the assent of members entitled to at least two-thirds (2/3) of the votes is required per Article IV (Property Rights), Section 1(d) of the Association s Bylaws. If option 2 is selected by the community, a separate meeting will be scheduled to address all funding choices. Please return completed ballots to: Hawthorne Management Company P.O. Box Charlotte, NC admin@hawthornemgmt.com Fax. ***All ballots must be received by August 18, 2015*** Signature Signature Printed Name Printed Name Property Address Date All Renters are prohibited from voting

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