An update from the Board regarding building 3024
I believe we have developed a rather complete list of code upgrades. Why is that important? There is additional coverage available under the insurance policy. It is to cover the additional cost that may be required to rebuild and comply with the current building codes.
With a good deal of effort we have been able to get some contractor’s opinion on the values for the 50 some items that constitute code upgrade. That list has been sent to the adjuster. The adjuster has stated that he will send it to an engineer for review, and he expects that to take from 30 to 60 days. I am hopeful that we will then have sufficient information at that time to do responsible financial planning to fund the rebuild.
Concurrently, the Association plans to have the contractors rebid because the original bids have expired. At the same time the association will have the proposed contract reviewed by an attorney. If this goes as we hope, the board will be in a position in a little more than two months to call a meeting and vote on the issue of contracting and rebuilding.