This meeting was very well received and attended by approximately 65 concerned Unit Owners. We thank all Volunteers and Board Members in making our GVP Annual Meeting, August 7, 2016 as successful as it was. Meeting agenda was as follows:
Board of Managers Introductions:
Ivanna Johnson – President
Janice Teisch - Vice President
Rose Storch - Secretary
Dolores Licausi* - Treasurer
* Dolores Licausi had passed away in April of 2016. Ivanna Johnson is currently acting as a President and a Treasurer.
Grandview Financials: A Financial Slide Presentation had been given on all finances beginning with the fire of April 14, 2012 and updated for the full year of 2015 and through June of 2016. All the expenses that occurred after the fire were listed, such as accounting, asbestos clean-up, insurance, the legal assistance we needed, office and mailing, maintenance*, paychex*, security*, taxes and utilities. Our current biggest current expenses are insurance and legal.
The Grandview income is due to Unit Owners who continued to pay their maintenance so that appropriate bills could still be paid was also presented. As of 2015, we have more people paying than in the past.
* These expenses were incurred either shortly before or right after the fire and are specific to 2012 year only.
Grandview Property Updates: A highly recommended property appraiser from Commercial Appraisal Service firm gave a presentation about the value of Grandview Property after clean-up and demolition and value of Grandview Property “as is”. Grandview condominium complex destroyed by the fire resides on 98.81 acres of land. Final value and value by sales comparison approach as if all the destroyed buildings were removed is $900,000. Final estimate of value “as is” is zero due to the cost of demolition of the two remaining buildings and removal of asbestos and debris, which is estimated to be much greater than the value of the land estimated at $900,000.
The estimate of the cost to rebuild had also been provided by Commercial Appraisal Service and was discussed at the meeting. The cost of the 75 unit building with laundry room, social hall, and gym is $2,521,206.11. The cost of the building with 84 units of the same size is $3,092,926.62. The site work and outdoor pool is an additional $800,000.00. The total cost is $6,414,133 for 159 units or $40,340 per unit. This does not consider the removal of the debris that is currently on site.
Please note, the unit size considered in these estimates is only 400 square feet. It is also assumed that the building has all units of the same size. If the unit size increases and the building is comprised of units of different sizes, the cost per square foot will be even higher.
Grandview Legal Matters including Coverage Case: Our local lawyer, John R. Theadore, Esq from the Law Offices of Brian P. Rourke, PC in Liberty, NY gave very informative presentation about the legal matters they have been handling for Grandview over the last few years. John R. Theadore, Esq also gave a brief update on the Coverage Case. Presently we are awaiting for the Judge to decide on the two Judgment Motions that had been filed by property insurers and by Grandview.
The Court System is fairly backed up and in addition to this, the time is needed for the Judge to review all the necessary documents to make the best decision possible. It is in the best interest of every Unit Owner, to be patient knowing Reed Smith firm is representing us and is on top of the situation.