Is the co-op planning any major repairs or renovations in the near future? How will they be paid for?
Major capital improvements planned over the next couple of years include: • Revamping and landscaping of the entrances (~$150,000) — scheduled for Summer 2004 • Energy overhaul and installation of state-of-the-art, energy-efficient windows (~$400,000) — scheduled over 2004-2005. We plan to pay for these improvements with an up-front payment we received for our new garage lease ($120,000), additional rent from the garage (approximately an extra $90,000 per year), sales of 16 co-op-owned apartments as they become vacant (although it s impossible to predict when this will happen), and loans. Other ideas that we are contemplating include installing a high-speed Internet line for all apartments, new landscaping of our courtyards/gardens and a sundeck on one of our roofs. These are our best estimates at the current time.
Capital improvements currently being implemented include: • Revamping and landscaping of the entrances. • Energy overhaul and installation of state-of-the-art, energy-efficient windows. We plan to pay for these improvements with an up-front payment we received for our new garage lease ($120,000), additional rent from the garage (approximately an extra $90,000 per year), sales of 12 co-op-owned apartments as they become vacant (although it’s impossible to predict when this will happen), and loans. Other ideas that we are contemplating include installing a high-speed, wireless Internet line for all apartments, new landscaping of our courtyards/gardens and a sundeck and container garden on the garage roof. These are our best estimates at the current time.
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