Weatherstone at Highlands Ranch

Transcription

1 Weatherstone at Highlands Ranch Reserve Study Project No Prepared for Weatherstone at Highlands Ranch Association Highlands Ranch, Colorado Prepared by PO Box 3890 Parker, Colorado July 12, 2017

2 TABLE OF CONTENTS Weatherstone at Highlands Ranch Association Introduction 1 Component Report 3 Component Detail 31 Annual Expenditure Spread Sheet 34 Annual Expenditure Detail 40 Preliminary Reserve Study Summary 44 Preliminary Reserve Study Projection 45

3 Introduction has been commissioned by the Weatherstone at Highlands Ranch Association to prepare a Reserve Study update. The purpose of this Reserve Study update is to evaluate the common-area components for major repair, maintenance and replacement that are the responsibility of the Association. This Study provides a limited-scope evaluation of the existing condition and remaining life of the common-area components. The Study also includes estimated costs for the major repair, maintenance and/or replacement of the items to enable the Association to establish an adequate level of reserve funds for the upkeep of the property. Major repair, maintenance and/or replacement items are defined as anything that costs over $1,000. Community Description Weatherstone at Highlands Ranch is a community comprised of 294 single family homes which is represented by an Association that is responsible for the common areas throughout the community. The common amenities include various site furniture, picnic shelters, and a secured pool area with pool building housing mechanical equipment and restrooms. The site also contains concrete walks, entrance monuments, fencing, irrigated vegetation areas and landscape lighting. Approach To prepare this Reserve Study Projection, has completed the necessary research, the component report, the cost estimates, the financial projections, and the projection interpretation. The projections were assembled using the cash flow method. This method develops a reserve funding plan where contributions to the reserve fund are designed to offset the variable annual expenditures from the reserve fund. Different reserve funding plans are tested against the anticipated schedule of reserve expenses until a desired funding program is achieved. Reference Material The following references were provided to for this Reserve Study by the client: 2016 financial information Interest rate earned on invested capital funds Historical expense and past capital project information Exclusions Items not included in this Projection Update are: Non- common area components. Association components that have estimated costs below the reserve component threshold amount of $1,000. Long lasting items with estimated economic lives exceeding 30 years, such as sanitary sewers or building structural components. However, these items are included if they are known to have a fairly predictable anticipated useful life that falls within the term of the Study. Normal operating items, i.e., taxes, insurance, snow plowing, utilities, cleaning and landscape PAGE 1

4 maintenance, etc. Disclaimer This Reserve Study was prepared specifically for the Weatherstone at Highlands Ranch Association. The information contained within this document has been assembled in conjunction with the client and is intended to assist the client with its reserve planning and funding. does not guarantee, either explicitly or implied, that all repair and replacement items have been identified, the accuracy of the probable costs or the component lives. In providing the opinions of probable replacement costs, the client understands that has no control over costs or the price of labor, equipment or materials, or over the contractor s method of pricing, and that the opinions of probable replacement costs provided herein are made on the basis of s qualifications and experience. makes no warranty, expressed or implied, as to the accuracy of such opinions as compared to actual bid or construction costs. All comments made are based on conditions seen at the time of the site visit. We do not accept any responsibility for unknown or unknowable conditions within the existing site or structures. PAGE 2

5 Reserve Study Component Report A1. Pool Deck Location: Southeast of pool house. Quantity: Approximately 7,332 square feet. Description: The pool deck is presumed to be on-grade, cast in place, reinforced concrete slab. The overall dimension of the pool deck is approximately 103 feet by 71 feet with the large pool located in the west portion of this slab and the small pool located in the northeast corner of the pool deck. There are coping stones mortared to the deck around the perimeter of both pools. Various pool-related equipment (piping, recessed steps, electrical, ladders, etc.) is embedded below the surface of the concrete pool deck. Condition: Good condition. Age: 3 years old. Expected Useful Life: 30 to 50 years, with industry standard recommended maintenance. Effective Useful Life: Varies, with the execution of action items. Cyclically repair or replace damaged sections of the pool deck every 10 years, starting in PAGE 3

6 C. Landscaping and Appurtenances C1. Entrance Monuments Location: At the entrances to the community. Quantity: 4 units. Description: Stone veneer walls and pillars are constructed at both corners of the above noted locations and present composite signs displaying the Weatherstone name and emblem. Condition: Good condition. Age: 19 years old. Expected Useful Life: 20 to 25 years. Effective Useful Life: Estimated 12 years. Cyclically tuck-point and repair the stone veneer at the entrance monuments every 10 years, starting in Financial allocation for the repair of the entrance monuments is included in component D2 of this Study. PAGE 4

7 C2. Block Retaining Wall Location: Southeast of pool house. Quantity: Approximately 125 linear feet. Description: There is a block retaining wall ranging from 12 to 30 inches in height to transition the grade elevation. Condition: Satisfactory condition. Age: 19 years old. Expected Useful Life: 50 + years. Effective Useful Life: Estimated 31 years. Replace the block retaining wall in PAGE 5

8 C3. Metal Fence Location: Throughout the common areas of the community. Quantity: Approximately 1,482 linear feet. Description: Several variations of metal fence exist on the site. Within the common area surrounding the pool location, there is a 4-foot metal fence surrounding the pool deck. Beyond this initial fence, there is an additional 5-foot metal fence creating a barrier between the common areas of the community and the public areas of the site. Finally, decorative fence is used at the two main thoroughfares into the community: Weathers Field Way and South Stone Mountain Drive. Condition: The metal fence surrounding the pool area appears to be in good condition. The paint on the decorative metal fence along Weathers Field Way and Stone Mountain Drive is weathering and resulting in deterioration of the metal. The horizontal surfaces of this fence show the most deterioration. Pool gate and adjacent fence new in Age: 19 years old. Expected Useful Life: 20 to 25 years. Effective Useful Life: 7 to 12 years. Cyclically repair and paint fence every 6 years, starting in Replace the metal fence in PAGE 6

9 C4. Privacy Fence Location: Fence at side yards bordering Weathers Field Way and South Stone Mountain Drive. Quantity: Approximately 2,150 linear feet. Description: Wooden top and bottom rails are fastened to 6x6 posts with 5-1/2 inch pickets spanning between. This does not include fence at the first block of side yards in from Wildcat Reserve Parkway, or the back yard fence at Wildcat Reserve Parkway. Condition: Satisfactory condition. Age: Varies. Expected Useful Life: 25 years with maintenance. Effective Useful Life: Estimated 6 years. Replace the privacy fencing in 2024 with composite fencing. PAGE 7

10 C6. Bench, Trash Receptacles, Picnic Tables and Bike Rack Location: Throughout the common areas surrounding the pool house. Quantity: Bench 1 unit. Trash Receptacles 4 units. Picnic Tables 3 units. Bike Rack 1 unit. Description: A single, 6-foot bench is constructed of small gauge, punched steel with rolled edges and two 2-3/8 inch legs embedded into the soil of the common area, and is found to the west of the pool house. Trash receptacles are 32-gallon, expanded metal trash containers with dome lids and are located at each shelter and the pool deck. The picnic tables are 46-inch square table tops with rolled edges and four attached ribbed steel seats mounted to a 4-inch pedestal embedded into the concrete slabs of the shelters. The bike rack consists of three individual loops fastened at the end of each loop to two anchor braces which are in turn fastened to the surface of a concrete pad at the main entrance to the pool area. All items are black in color. Condition: All appurtenances are in good condition. Age: 15 years old. Expected Useful Life: 25 years. Effective Useful Life: Estimated 6 years. Replace the benches, trash receptacles, picnic tables and bicycle rack in PAGE 8

11 C7. Barbecue Grills Location: Throughout the common areas surrounding the pool house. Quantity: 5 units. Description: Barbeque grills are charcoal fueled and consist of a 20-inch adjustable cooking grate surrounded by a metal enclosure mounted to a 3-½ inch post that is embedded into the ground south of the pool house and at each shelter. Condition: Good condition. Age: 15 years old. Expected Useful Life: 25 years. Effective Useful Life: Estimated 7 years. Replace the barbeque grills in PAGE 9

12 C8. General Landscape Location: Throughout the common areas of the community. Quantity: 1 unit. Description: Various species of trees, plants and shrubs and hardscape materials including edging, weed barrier, and mulch. Condition: Good condition. Age: Varies. Expected Useful Life: 30 to 50 years. Effective Useful Life: Varies, with the execution of action items. Cyclically replace the damaged landscaped materials every year, starting in The expenses associated with repairing and replacing the landscaped materials is not included in this component as they are funded through the operating budget of the Association. PAGE 10

13 C9. Irrigation System and Controllers Location: Throughout the common areas of the community. Quantity: 5 units. Description: The irrigation system is comprised of drip lines, sprinklers, valves, valve boxes, pipe and five controllers. Condition: Satisfactory condition. Age: Varies. All controllers were replaced in Expected Useful Life: 35 to 45 years. Effective Useful Life: Varies, with the execution of action items. Replace controllers every 12 years starting in Cyclically replace damaged irrigation system components every year, starting in The expenses associated with repairing and replacing the irrigation system is not included in this component as they are funded through the operating budget of the Association. PAGE 11

14 C10. Landscape Electrical Units Location: Throughout the common areas at the entrances of the community. Description: There are numerous up lights and electrical receptacles in the soil surrounding the entrance monuments. Condition: Good condition. Age: 15 years old. Expected Useful Life: 20 to 25 years. Effective Useful Life: Estimated 7 years. Cyclically replace any damaged landscape electrical units as required starting in The cost is not included in the Study because it falls below the minimum fund threshold. PAGE 12

15 D. Façade D1. Wood Siding Location: Perimeter elevations of the pool house. Quantity: Description: Vertical hard board siding finished with a light color. Condition: Good condition. Age: 1 years old. Expected Useful Life: 35 to 45 years. Effective Useful Life: 40 years. Cyclically paint siding every 6 years, starting in PAGE 13

16 D2. Stone Veneer Location: All elevations of the pool house, below the siding. Quantity: Description: There are two forms of masonry veneer found at the community. The entrance monuments and decorative pillars throughout the community are finished with a stone veneer, gray in color with mortar joints and pre-cast crowns at the pillars. The stone veneer on the pool house covers the lower four feet of the perimeter of the building. Condition: Good condition. Age: 1 year old. Expected Useful Life: 35 to 45 years. Effective Useful Life: 34 to 44 years. Cyclically tuck-point the mortar joints of the stone veneer units and replace any damaged sections every 10 years, starting in PAGE 14

17 D3. Windows Location: Southeast elevations of the pool house. Quantity: There are 7 windows. Description: Windows are at the top of the exterior walls of the pool house on the west and east elevations. Condition: Good condition. Age: 1 year old. Expected Useful Life: 35 to 45 years. Effective Useful Life: 34 to 44 years. Replace the windows in The life expectancy of the windows should exceed the term of this Study. PAGE 15

18 D4. Entry Doors Location: On three sides of the pool house. Quantity: 3 single doors and 1 double door. Description: There are single metal entry doors at the two restrooms and a double metal entry door to the mechanical room of the pool house. Condition: Good condition. Age: 1 year old. Expected Useful Life: 30 years. Effective Useful Life: 29 years based on current condition. Replace the restroom entry doors in PAGE 16

19 D5. Exterior Lighting Location: On all elevations of the pool house. Quantity: 7 units. Description: Seven wall mounted fixtures are found at the exterior façade and restrooms of the pool house. Condition: During the site visit, the lights were inoperable thus only the aesthetic condition could be assessed. The lights are in good condition. Age: 1 years old. Expected Useful Life: 20 years. Effective Useful Life: 19 years, based on the current condition of the exterior lights at the trellis. Replace the exterior lighting units in PAGE 17

20 E. Roofing E1. Asphalt Shingles Location: Rooftop of the pool house and the shelter houses northeast of the pool house. Quantity: Approximately 2,200 square feet. Description: Asphalt, architectural shingles over a felt membrane. Condition: Good condition. Age: New in Expected Useful Life: 50 years. Replacement the asphalt shingles is beyond the term of this study. PAGE 18

21 F. Interior F1. Restrooms Location: Pool house. Quantity: 2 units Description: The men s restroom is located on the east elevation of the pool house and the women s is found on the south. Both are similar in finish materials and sizes. The floors are concrete with a broom finish, and are sloped to a floor drain. The walls are a smooth drywall surface with a tile wainscot, to a height of 4 feet and incorporating two clear, triangular windows for additional illumination. The fixtures include toilets, in-counter sink with faucet in a tiled countertop, soap dispenser, mirror, grab bars, toilet paper mount and wooden bench. Condition: Good condition. Age: 1 year old. Expected Useful Life: 15 to 20 years. Effective Useful Life: Varies, with the execution of action items. Cyclically refurbish the restrooms every 15 years, starting in PAGE 19

22 G. Amenities G1. Swimming and Wading Pools Location: Southeast of pool house. Quantity: Swimming Pool Approximately 1,900 square feet. Wading Pool Approximately 100 square feet Description: Pool interior surface is in good condition along with the perimeter tile. Condition: Good condition. Age: 1 year old. Expected Useful Life: 8 to 12 years. Effective Useful Life: Varies, with the execution of action items. Cyclically resurface the pools every 10 years, starting in Cyclically replace the pool covers every 13 years, starting in PAGE 20

23 G2. Trellis Location: Southeast of pool house. Quantity: Approximately 1,900 square feet. Description: The trellis bears on 6-inch square columns supporting beams, rafters and battens. The corner roofline rises to a sloped pitch supported by a heavy timber beam bearing on square columns. The trellis spans approximately 70 feet at its longest and is approximately 10 feet wide. Condition: Good condition. Age: 16 years old. Expected Useful Life: 20 to 25 years. Effective Useful Life: Estimated 6 years. Cyclically repair and stain the trellis every 3 years, starting in Replace the trellis in PAGE 21

24 G3. Sun Shades Location: Attached to joists of the trellis structure. Quantity: Approximately 14 units. Description: Fabric attached to metal rollers is fastened to the lower horizontal edge of some of the rafters of the trellis to provide shade from the sun. Condition: Satisfactory condition. The sun shades were rolled up for the winter season and we were unable to observe their operation. Age: 9 years old. Expected Useful Life: 8 to 12 years. Effective Useful Life: Estimated 4 years. Cyclically replace the sunshades every 12 years, starting in PAGE 22

25 G4. Shelters Location: Northeast of the pool house. Quantity: 2 units, approximately 386 square feet. Description: 6x6 posts rest on a concrete slab and support a roof system of rafters, roof decking, felt and asphalt shingles. Condition: Satisfactory condition; wood columns and trim board need staining. Age: 16 years old. Expected Useful Life: 20 to 25 years. Effective Useful Life: Estimated 6 years. Cyclically repair and stain the shelters every 6 years, starting in 2017 as an annual operating budget item. Replace the shelters in PAGE 23

26 G5. Pool Furniture Location: North end of the pool house. Quantity: 4 tables with 16 chairs plus pool chairs Description: All chairs are constructed of a 1 inch round, aluminum frame with a powder-coated finish in white and vinyl strapping forming the resting area. The tables have a metal frame and stone tops. Condition: Good condition. Age: New in Expected Useful Life: 20 years. Effective Useful Life: 20 years. Replace a portion of the pool furniture every 5 years, starting in PAGE 24

27 H. Mechanical H1. Boilers Location: Mechanical Room of the pool house. Quantity: 2 units. Description: Wading Pool Boiler Teledyne Laars Lite 2, 175,000 BTU. Swimming Pool Boiler Teledyne Laars, model # - AP0850IN09C1PCJX. Condition: Satisfactory condition. Age: 1 year old. Expected Useful Life: 30 + years, with industry standard recommended maintenance. Effective Useful Life: 12 years based on current condition. Cyclically refurbish the boilers every 10 years, starting in Replace the boilers in PAGE 25

28 H2. Pumps Location: Mechanical Room of the pool house. Quantity: 2 units. Description: There are two pumps circulates the water from the pools through the boiler and filters. Condition: Good condition. Age: 1 year old. Expected Useful Life: 8 to 10 years, with industry standard recommended maintenance. Effective Useful Life: Estimated 9 years. Cyclically replace the circulation pumps every 8 years, starting in PAGE 26

29 H3. Pool Filters Location: Mechanical Room of the pool house. Quantity: 2 units. Description: Wading Pool Filter Pentair Triton II, hi-rate sand filter. Swimming Pool Filter Astral, hi-rate sand filter, model # Condition: Good condition. Age: 1 year old. Expected Useful Life: 13 to 15 years. Effective Useful Life: Estimated 14 years. Cyclically replace the pool/spa filters every 15 years, starting in PAGE 27

30 H4. Water Heater Location: Mechanical room of the pool house. Quantity: 1 unit. Description: There are two water heaters that service the restrooms. Condition: Good condition. Age: 1 year old. Expected Useful Life: 20 to 30 years. Effective Useful Life: Estimated 20 years. Replace the water heaters in PAGE 28

31 H5. Heater Unit Location: Mechanical Room of the pool house. Quantity: 1 unit. Description: Electrical unit heater hung from the ceiling by threaded rods. Condition: Good condition. Age: 1 year old. Expected Useful Life: 15 years. Effective Useful Life: Estimated 14 years. Cyclically replace the heater unit every 15 years, starting in The cost is not included in the Study because it falls below the minimum fund threshold. PAGE 29

32 H6. Security System Quantity: 1 unit. Description: 52 Netbox security system. Condition: Good condition. Age: 1 year old, new in Expected Useful Life: 15 years. Effective Useful Life: Estimated 14 years. Cyclically replace the security system unit every 15 years, starting in PAGE 30

33 Weatherstone at Highlands Ranch Association RA Component Detail Description Date in Service Replacement Year Useful Adjustment Remaining Pool Deck Replace damaged sections SF ,499 Pool Deck - Total $5,499 Units Cost Unit Cost Current Entrance Monuments Tuck-point Block Retaining Wall Regrade and repair Replace Metal Fence Repair and paint ,482 LF ,959 Replace ,482 LF ,244 Metal Fence - Total $72,203 Privacy Fence Repair and stain remaining privacy fen LF ,008 Replace w/ composite fencing ,150 LF ,025 Privacy Fence - Total $118,033 Bench, Trash Receptacles, Picnic Tables and Bike Rack Replace UT ,120 Bench, Trash Receptacles, Picnic Tables and Bike Rack - Total $6,120 Barbecue Grills Replace UT ,250 Barbecue Grills - Total $2,250 General Landscape Replace as needed Irrigation System and Controllers Replace controllers UT 1, ,500 Irrigation System and Controllers - Total $7,500 Landscape Electrical Units Replace damaged sections Wood Siding Repair and Paint SF ,040 Wood Siding - Total $1,040 PAGE 31

34 Weatherstone at Highlands Ranch Association RA Component Detail Description Date in Service Replacement Year Useful Adjustment Remaining Brick and Stone Veneer Tuck-point mortar joints SF ,607 Brick and Stone Veneer - Total $2,607 Units Cost Unit Cost Current Trim Repair and stain Windows Replace Entry Doors Replace - restroom UT 1, ,500 Entry Doors - Total $4,500 Exterior Lighting Replace UT ,700 Exterior Lighting - Total $2,700 Restrooms Refurbish UT 3, ,200 Restrooms - Total $7,200 Swimming and Wading Pools Replace pool cover UT 4, ,000 Resurface ,000 SF ,600 Swimming and Wading Pools - Total $19,600 Trellis Repair and stain UT 6, ,000 Replace ,900 UT ,500 Trellis - Total $34,500 Sun Shades Replace UT ,200 Sun Shades - Total $11,200 Shelters Replace Water Cooler Not used at this time Pool Furniture Replace a portion UT 5, ,000 Pool Furniture - Total $5,000 PAGE 32

35 Weatherstone at Highlands Ranch Association RA Component Detail Description Date in Service Replacement Year Useful Adjustment Remaining Boilers Refurbish UT 8, ,500 Replace UT 10, ,000 Boilers - Total $36,500 Units Cost Unit Cost Current Pumps Replace UT 2, ,000 Pumps - Total $4,000 Pool Filters Replace UT 1, ,600 Pool Filters - Total $3,600 Water Heater Replace UT Water Heater - Total $825 Heater Unit Replace Total Asset Summary $344,877 PAGE 33

36 Description Pool Deck Replace damaged sections Pool Deck Total: Entrance Monuments Tuck-point Block Retaining Wall Regrade and repair Replace Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Metal Fence Repair and paint 10,883 12,994 Replace Metal Fence Total: 10,883 12,994 Privacy Fence Repair and stain remaining privacy fence 3,700 Replace w/ composite fencing Privacy Fence Total: 3,700 Bench, Trash Receptacles, Picnic Tables and Bike Rack Replace 7,985 Bench, Trash Receptacles, Picnic Tables and Bike Rack Total: 7,985 Barbecue Grills Replace 2,936 Barbecue Grills Total: 2,936 General Landscape Replace as needed Irrigation System and Controllers Replace controllers Irrigation System and Controllers Total: PAGE 34

37 Description Landscape Electrical Units Replace damaged sections Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Wood Siding Repair and Paint 1,136 1,357 Wood Siding Total: 1,136 1,357 Brick and Stone Veneer Tuck-point mortar joints 3,402 Brick and Stone Veneer Total: 3,402 Trim Repair and stain Windows Replace Entry Doors Replace - restroom Exterior Lighting Replace Exterior Lighting Total: Restrooms Refurbish Restrooms Total: Swimming and Wading Pools Replace pool cover Resurface 20,354 Swimming and Wading Pools Total: 20,354 Trellis Repair and stain 6,180 6,753 7,379 Replace 37,186 Trellis Total: 6,180 6,753 7,379 37,186 PAGE 35

38 Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Description Sun Shades Replace 12,239 Sun Shades Total: 12,239 Shelters Replace Water Cooler Not used at this time Pool Furniture Replace a portion Boilers Refurbish 21,529 Replace Boilers Total: 21,529 Pumps Replace 4,919 Pumps Total: 4,919 Pool Filters Replace Pool Filters Total: Water Heater Replace Water Heater Total: Heater Unit Replace Year Total: 6,180 24,257 6,753 15, ,743 PAGE 36

39 Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Description Pool Deck Replace damaged sections 8,567 Pool Deck Total: 8,567 Entrance Monuments Tuck-point Block Retaining Wall Regrade and repair Replace Metal Fence Repair and paint 15,516 Replace 83,651 Metal Fence Total: 83,651 15,516 Privacy Fence Repair and stain remaining privacy fence Replace w/ composite fencing 154,584 Privacy Fence Total: 154,584 Bench, Trash Receptacles, Picnic Tables and Bike Rack Replace Bench, Trash Receptacles, Picnic Tables and Bike Rack Total: Barbecue Grills Replace Barbecue Grills Total: General Landscape Replace as needed Irrigation System and Controllers Replace controllers 10,382 Irrigation System and Controllers Total: 10,382 PAGE 37

40 Description Landscape Electrical Units Replace damaged sections Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Wood Siding Repair and Paint 1,620 Wood Siding Total: 1,620 Brick and Stone Veneer Tuck-point mortar joints 4,571 Brick and Stone Veneer Total: 4,571 Trim Repair and stain Windows Replace Entry Doors Replace - restroom Exterior Lighting Replace 4,734 Exterior Lighting Total: 4,734 Restrooms Refurbish 10,891 Restrooms Total: 10,891 Swimming and Wading Pools Replace pool cover 5,703 Resurface 27,355 Swimming and Wading Pools Total: 5,703 27,355 Trellis Repair and stain 8,063 8,811 9,628 10,521 Replace Trellis Total: 8,063 8,811 9,628 10,521 PAGE 38

41 Weatherstone at Highlands Ranch Association RA Annual Expenditure Spread Sheet Description Sun Shades Replace 17,449 Sun Shades Total: 17,449 Shelters Replace Water Cooler Not used at this time Pool Furniture Replace a portion Boilers Refurbish 28,933 Replace Boilers Total: 28,933 Pumps Replace 6,232 Pumps Total: 6,232 Pool Filters Replace 5,445 Pool Filters Total: 5,445 Water Heater Replace 1,447 Water Heater Total: 1,447 Heater Unit Replace Year Total: 246,298 10,382 5,703 8,811 16,336 49,385 9,628 77,561 PAGE 39

42 Weatherstone at Highlands Ranch Association RA Annual Expenditure Detail Description Expenditures No Replacement in 2017 Replacement Year 2018 Trellis Repair and stain 6,180 Total for 2018 $6,180 No Replacement in 2019 Replacement Year 2020 Metal Fence Repair and paint 10,883 Wood Siding Repair and Paint 1,136 Sun Shades Replace 12,239 Total for 2020 $24,257 Replacement Year 2021 Trellis Repair and stain 6,753 Total for 2021 $6,753 No Replacement in 2022 No Replacement in 2023 Replacement Year 2024 Privacy Fence Repair and stain remaining privacy fence 3,700 Trellis Repair and stain 7,379 Pumps Replace 4,919 Total for 2024 $15,999 PAGE 40

43 Weatherstone at Highlands Ranch Association RA Annual Expenditure Detail Description Expenditures No Replacement in 2025 Replacement Year 2026 Metal Fence Repair and paint 12,994 Bench, Trash Receptacles, Picnic Tables and Bike Rack Replace 7,985 Barbecue Grills Replace 2,936 Wood Siding Repair and Paint 1,357 Brick and Stone Veneer Tuck-point mortar joints 3,402 Swimming and Wading Pools Resurface 20,354 Trellis Replace 37,186 Boilers Refurbish 21,529 Total for 2026 $107,743 Replacement Year 2027 Metal Fence Replace 83,651 Privacy Fence Replace w/ composite fencing 154,584 Trellis Repair and stain 8,063 Total for 2027 $246,298 Replacement Year 2028 Irrigation System and Controllers Replace controllers 10,382 Total for 2028 $10,382 PAGE 41

44 Weatherstone at Highlands Ranch Association RA Annual Expenditure Detail Description Expenditures Replacement Year 2029 Swimming and Wading Pools Replace pool cover 5,703 Total for 2029 $5,703 Replacement Year 2030 Trellis Repair and stain 8,811 Total for 2030 $8,811 Replacement Year 2031 Restrooms Refurbish 10,891 Pool Filters Replace 5,445 Total for 2031 $16,336 Replacement Year 2032 Pool Deck Replace damaged sections 8,567 Metal Fence Repair and paint 15,516 Wood Siding Repair and Paint 1,620 Sun Shades Replace 17,449 Pumps Replace 6,232 Total for 2032 $49,385 Replacement Year 2033 Trellis Repair and stain 9,628 Total for 2033 $9,628 PAGE 42

45 Weatherstone at Highlands Ranch Association RA Annual Expenditure Detail Description Expenditures No Replacement in 2034 No Replacement in 2035 Replacement Year 2036 Brick and Stone Veneer Tuck-point mortar joints 4,571 Exterior Lighting Replace 4,734 Swimming and Wading Pools Resurface 27,355 Trellis Repair and stain 10,521 Boilers Refurbish 28,933 Water Heater Replace 1,447 Total for 2036 $77,561 PAGE 43

46 Weatherstone at Highlands Ranch Association RA Preliminary Reserve Study Summary Report Date January 07, 2017 Account Number Budget Year Beginning January 01, 2017 Budget Year Ending December 31, 2017 Total Units 294 Report Parameters Inflation 3.00% Interest Rate on Reserve Deposit 1.15% 2017 Beginning Balance $129, Preliminary Funding Model Summary of Calculations Required Monthly Contribution $1, $6.38 per unit monthly Average Net Monthly Interest Earned $ Total Monthly Allocation to Reserves $2, $6.84 per unit monthly PAGE 44

47 Weatherstone at Highlands Ranch Association RA Preliminary Reserve Study Projection Beginning Balance: $129,239 Projected Annual Annual Annual Ending Year Contribution Interest Expenditures Reserves ,500 1, , ,400 1,848 6, , ,336 2, , ,309 2,177 24, , ,322 2,424 6, , ,375 2, , ,470 3, , ,608 3,305 15, , ,793 3, , ,025 2, , , , ,298 51, , ,382 76, ,023 1,047 5, , ,464 1,383 8, , ,963 1,652 16, , ,521 1,561 49, , ,142 1,946 9, , ,828 2, , ,581 3, , ,404 2,689 77, ,040 PAGE 45