Working Together to Preserve Our Investment in Canterbury
Since 2020, the Board has been focused on the long-term needs of our community, which is almost 40 years old. For several years, we have been trying to determine when and how to replace the roof shingles, which are approximately 22 years old and at the end of their effective life.
This has been a real challenge as rising costs, COVID-19, and inflation have made planning difficult, as well as the monthly water bills draining our reserve accounts. To aid us in our planning efforts, we hired an engineering firm, Giles-Flythe, to perform a Reserve Study in 2021 to evaluate all the infrastructure and prepare a timeline of necessary repairs. They also provided recommendations for raising the funds for the necessary repairs. This study has been posted to the website since early 2022 for homeowners to review. We decided to delay their plan in order to deal with the immediate crisis that was coming from the excessively high water bills.
To tackle the water issue, we had ATI install individual water meters in each Canterbury unit. This was a big undertaking in 2022, but it has cut the overall water usage to the community by 50% as people have identified and repaired leaks in their units. While this has stopped leaks in the community and the ‘leak’ in our bank account, we do not have enough funds on hand to handle the re-roofing of the units.
How Will We Pay For These Repairs?
The HOA is not able to get a construction loan for this, so it will need to be funded through a special assessment as well as dues increases. And because there are other repair needs that will be coming after the roof repair, we are looking at the comprehensive needs outlined in the Reserve Study Update 2023 as we evaluate these funding options.
A Long-Term Planning Task Force is currently working on some options and will present plans to the community this fall. Any assessment or increase to the dues that is more than 5% in a year requires a vote by the community. We will need to plan on having this vote in October or November of this year so that we can begin the re-roofing project in 2025.
We will be putting together information on the Canterbury website about capital repair needs in the upcoming weeks, including community meetings and discussion sessions. In addition, you will be receiving a package of information by certified mail along with a ballot and voting instructions in late September or early October. There will be emails with information about where to address your questions and concerns, and we have compiled a comprehensive FAQ Sheet on the website.
Meanwhile, we will be asking the Giles-Flythe engineering firm to update the Reserve Study with anticipated 2024-25 costs and getting multiple estimates for the re-roofing updated as well.
Even if you agree with the need for a special assessment, we understand that you may not be able to pay for it at this time. We have created a webpage with more in-depth information regarding assessment financing options.
The good news is that your unit’s value at Canterbury has increased dramatically in the past ten years. However, this will not continue if the property is not maintained.
While increased dues and special assessments are never welcome news, we want you to be aware of the very real needs and challenges the community faces so that we can all work together to protect our homes and investments in this great community.
IMPORTANT DATES: (being determined now)