Chimneyridge

What Chimneyridge's governing documents say

This is a reserve study for the Chimney Ridge Condominium Owners Association, a 130-unit condominium community in Durham, NC. It is a financial planning document, not a set of rules for residents. It describes the association's responsibility for maintaining common areas and projects future repair costs and funding needs.

• What the association maintains: The association is responsible for common areas including private streets, parking, sidewalks, drainage, fencing, the pool and pool house, and the exterior of buildings (roofs, siding, decks, patios). Individual unit owners are responsible for windows, screens, and exterior doors (except painting).
• Reserve funding and special assessments: The study recommends increasing annual reserve contributions and, under Alternative 1, special assessments of $3,462 per unit in 2020 and $1,923 per unit in 2025. Under Alternative 2, a special assessment of $2,692 per unit in 2020 is required. Current funding is insufficient to cover projected repairs.
• Planned major repairs: Significant upcoming expenses include roof replacement (phased starting 2022), exterior painting and siding repair (starting 2020), asphalt resurfacing (2035), and pool resurfacing (2025). These costs are factored into the reserve funding recommendations.
• What this document doesn't cover: This is a reserve study, not the community's governing rules. It does not include rules about pets, leasing, occupancy, or other resident conduct. For those, refer to the association's declaration and bylaws.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.