Dear Unit Owners :
NOTICE IS HEREBY GIVEN, in accordance with the bylaws of the Association and Florida’s Condominium Act, that the Board of Directors of the Association will consider the adoption of the 2020 annual budget of the Condominium Association on February 27th at 7 P.M., at the breezeway located by the mailboxes. A copy of the budget has been mailed to all unit owners.
As most of you know, there are many issues with roof related water leakage throughout the Sunwood complex. Recent surveys have indicated that at least five of the seven Sunwood buildings have roofs with extensive problems. In addition, the complex has a significant termite infestation throughout. To preserve the integrity of the Sunwood buildings and the safety of its residents, the Board is recommending the replacement of five roofs and complete termite eradication by tenting. The cost of the projects will be financed through an institutional loan. Payment of the loan will be shared by all unit owners over a period of 10 years through an increase of $50 per month in the maintenance fees.
NOTICE IS HEREBY GIVEN, in accordance with the bylaws of the Association and Florida’s Condominium Act, that the Board of Directors of the Association will convene a special meeting of the Board of Directors on February 27th at 6:45 P.M., at the breezeway located by the mailboxes.
The purpose of this meeting is to consider the approval of a loan with Executive National Bank for $525,000.00 payable over ten (10) years. The interest rate quoted is 4.75%. In order to pay for the bank loan, the Association will include as a line item in the Association Budget. In attendance will be roofing consultant hired by the Association (Jack Brown & Associates), to discuss the condition of the roofs and answer any questions about the proposed roofing system to be installed.
We would like to encourage all owners to attend these very important meetings.
Very truly yours,
On behalf of the Board of Directors
Sunwood Condominium Association of Miami, Inc.
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