October 7, 2021

Hello Cedarcrest Park Owners, we hope you are having a great week. 

We are now in our second week of addressing the deferred maintenance items through renovation. We realize that the correction of deferred maintenance items listed below in “Scope of Work” is a big undertaking for everyone. The good news is that once this project is completed, we intend to maintain the property on a continuous basis so a Special Assessment will not be necessary in the future. Working with your Board of Directors, we are recommending that the
Association have a “Reserve Study’ prepared that will define the recommended maintenance schedule for the next 10 years. If that is followed, your property values will be maintained at the highest level possible. Your Association has been approved for a loan as outlined in the Special Meeting held to discuss the Renovation and Scope of Work. This loan is in the amount of $600,000 which will allow us to do much of the major work immediately and bring property values up for the benefit of all Owners. The loan will be repaid over the next 10 years. It is very important that all Owners recognize the value of the renovation and pay their special assessments on time every month. This is your home and an investment that, if properly maintained, will increase in value now and over the years to come.

Our Progress to Date:

As was discussed in our meeting, we are starting the renovation process by replacing all of the roofs. This is the first step in protecting and preserving your asset, avoiding water penetration and interior damage. As you know, we first completed the roof on Building 7. We have also completed the roofs and facia on Buildings 4, 3, and 2 and 1. We are finishing up the roof on Building 5 and will start on Building 6 on Friday. We hope to have all roofs complete this weekend, weather permitting. The schedule for the next phase of renovation will be available and posted Friday. 

The next project that we intend to start are Balconies. You will be given notice when to expect your balcony to be completed, again subject to weather. We are hoping to start wood replacement in early  November. As we complete buildings, painting will immediately follow. It is will be winter in Oklahoma and as you know, it could be 30 degrees one day and 65 degrees the next. In order to paint, the outside temperature and the surfaces to be painted must be a 50+ degrees for a least 4 hours to provide for proper bonding and drying. Our goal is to move as quickly as possible, again subject to weather.

Should you have any questions about the renovation or scheduling, please contact Heather at heatheru@first-commercial.com or cedarcrest@first-commercial.com. We appreciate everyone’s patience, cooperation and understanding.

Sincerely,

Your First Commercial Association Services Management Team