CONDOMINIUM INFORMATION STATEMENT EXHIBIT C PROJECTED BUDGET & PREPARER'S CERTIFICATE 1380 RIVER BEND, A CONDOMINIUM 1.
BUDGET CERTIFICATE 1380 RIVER BEND, A CONDOMINIUM Budget. This certificate accompanies a projected budget for the condominium development for the first fiscal year of the Association following the date of the first conveyance to a purchaser.
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Preparer. The proposed budget was prepared by the undersigned who is the Declarant.
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Preparer's Assumptions: 4.
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a. Budget Period. The project budget assumes that the first conveyance to a purchaser occurred in May 2018. The budget is for the period May 1, 2018 through April 30, 2018.
A new budget will be prepared prior to December 31, 2018, covering the period January 1, 2019 December 31, 2019.
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Completed Project. The projected budget assumes that all the Units are fully completed.
Inflation. The projected budget uses an inflation factor of zero as costs are projected based on current experience.
Declarant Payment of Shortfall. As provided in Section 82.112 of the Texas Property Code, until Declarant control terminates or three years from Declarant's first conveyance of a Unit, whichever first occurs, Declarant will pay the "short fall", defined as an amount equal to all operational expenses of the Association, less the operation expense portion of the assessments paid by Owners other than Declarant.
Condition. The preparer considered the physical condition of the Units in preparing the projected budget.
Reserves. The projected budget includes a contribution to the reserve accounts of the Association.
This reserve amount is allocated to the Units by square footage and is a part of the regular unit assessments. No statement is made regarding the adequacy of the reserve contribution.
the Association.
This reserve amount is allocated to the Units by square footage and is a part of the regular unit assessments. No statement is made regarding the adequacy of the reserve contribution.
Quarterly Charge. The initial quarterly common expense assessment for each Unit is included as part of the budget.
Certified on the 23 day of August, 2018.
1380 RIVER BEND CONDOMINIUMS GW, LLC, a Texas limited liability company By: Groundwork Development, LLC, By: a Texas limited liability company, its Manager Cedar Alice L. Murray, Manager (PROJECTED BUDGET FOLLOWS THIS PAGE) 1380 River Bend Property Owners Association Estimated Annual Budget Date: May 1, 2018 INCOME Annual Assessments at $1.50 per sf EXPENSES Utilities Electricity Water/Sewer Gas Annual $ 78,380 Total Income $ 78,380 Annual monthly $ 420 $ 35 $ 900 $ 1212 75 $ $ Total Utilities $ 1,320 $ 110 Facilities Maintenance Landscape Maintenance(including pest control) $ 9,000 $ 750 Irrigation repairs $ 60 $ 5 Electrical repairs $ 60 $ 5 Common area cleaning $ 120 $ 10 Parking lot repair $ 300 $ 25 Waste management - common dumpster use Miscellaneous Maintenance $ 1,500 $ 125 $ 900 $ 75 Total Facilities Maintenance $ 11,940 $ 995 Access Gates Phone line to gate $ 840 $ 70 Access Gates repair and maintenance $ 480 $ 40 Total Access Gates $ 1,320 $ 110 General and Administrative Professional management fees $ Professional fees(legal, accounting, etc,) $ 9,600 $ $ 800 Admin supplies/postage $ 60 $ 5 Total General and Administrative $ 9,660 $ 805 Taxes and Insurance Property & Liability Insurance Property Tax $ 15,000 $ 45,000 Total Taxes and Insurance $ 60,000 TOTAL EXPENSES $ 85,560 SURPLUS (DEFICIT) AVAILABLE FOR RESERVES $ (7,181) 1380 RIVER BEND UNITS - sf calculated by surveyor Unit sf Annual Dues
ax $ 15,000 $ 45,000 Total Taxes and Insurance $ 60,000 TOTAL EXPENSES $ 85,560 SURPLUS (DEFICIT) AVAILABLE FOR RESERVES $ (7,181) 1380 RIVER BEND UNITS - sf calculated by surveyor Unit sf Annual Dues at $1.50/sf/yr qtly pmts % ownershp Unit 100 2,247' $ 3,370.50 $ 843 4.30% Unit 103 2,180' $ 3,270.00 $ 818 4.17% Unit 106 2,306' $ 3,459.00 $ 865 4.41% Unit 109 2,306' $ 3,459.00 $ 865 4.41% Unit 112 2,366' $ 3,549.00 $ 887 4.53% Unit 115 2,230' $ 3,345.00 $ 836 4.27% Unit 118 2,300' $ 3,450.00 $ 863 4.40% Unit 121 2,300' $ 3,450.00 $ 863 4.40% Unit 124 2,300' $ 3,450.00 $ 863 4.40% Unit 127 2,938' $ 4,407.00 $ 1,102 5.62% Unit 133 3,500 $ 5,250.00 $ 1,313 6.70% Unit 136 2,423' $ 3,634.50 $ 909 4.64% Unit 139 2,222' $ 3,333.00 $ 833 4.25% Unit 142 2,302' $ 3,453.00 $ 863 4.41% Unit 145 2,302' $ 3,453.00 $ 863 4.41% Unit 148 2,302 $ 3,453.00 $ 863 4.41% Unit 151 2,225 $ 3,337.50 $ 834 4.26% Unit 154 2,364 $ 3,546.00 $ 887 Unit 157 2,282' $ 3,423.00 $ 856 Unit 160 2,308' $ 3,462.00 $ 866 4.52% 4.37% 4.42% Unit 163 2,308' $ 3,462.00 $ 866 4.42% Unit 166 2,242' $ 3,363.00 $ 841 4.29% 100.00% 52,253 $ 78,380 $ 19,595