Re: Pricing Special Assessment Based on Square Footage?

[Weston]

This would be the breakdown according to square footage and reaching the $40,000 goal.

Unit Number	Size (SQFT)	Special Assessment
1	496	$4,345
2	427	$3,740
3	496	$4,345
4	427	$3,740
5	778	$6,810
6	583	$5,105
7	778	$6,810
8	583	$5,105

[Shahin Sabet]

What is this related to???

545-2

Sent from my iPad

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[WTCA Board Email]

Wes is offering an alternative formula for calculating the proposed 2020 special assessment.

Dues at West Towne Condos have always been per-unit, regardless of which of the unit sizes / floorplans. There are four different sizes of unit at WTC: Units 1 and 3 in every building are 496 square feet, units 2 and 4 are 427 square feet; units 5 and 7 are 778 square feet; and units 6 and 8 are 583 square feet.

Dues at WTC have been on a per-unit basis ever since the complex became condominiums. Some associations structure things differently and instead base dues on the number of bedrooms, or the square footage of units, or some other measure.

The board did not choose to assess the proposed special assessment based on square footage. The board took past practice as its template for future action, i.e. since dues have been on a per-unit basis, the special assessment was planned on the same basis. Also, it can be argued that the size of the chimney chases that will be removed is the same for all chases regardless of which units any given chase services, and that all units benefit more-or-less equally from roofs and from roof repairs.

So what Wes has posted is his suggestion for another way to conduct the proposed special assessment - THAT is what his post is related to.

We should also point out that whatever anyone paid in the past for their unit, the most-current and most-easily-reached measurement of a unit's value is its assessed value with the City of Madison. Valuations for any unit can be viewed on the city assessor's web site at https://www.cityofmadison.com/assessor/property/ 

Finally, we should also point out that in selecting the amount of the special assessment, the board looked to the amount needed for the work that is being considered. With an estimate of $18,000 per building and the knowledge that once work begins we will almost certainly discover things needing repair that were not included in the estimate, and wanting to make certain owners who need to borrow for the assessment can do so, the board set the amount at $5,000 per unit. As we noted in our explanatory document, some lenders will not do home equity loans for amounts less than $5,000. 

WTC Board

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