News Announcements

NOTICE of the Annual Meeting & Proposed FY23-24 Budget

Posted on Apr 5th, 2023

Greetings Seneca Owners –

I am writing to update you on some exciting news regarding the long-planned building façade repair project. As most of you are aware, this is a project that the Association has been working on for many years which includes replacing all siding and majority of the doors and windows throughout the building. These failing components have contributed to water infiltration throughout various areas of the building resulting in a compromised waterproofing system at the building envelope. Despite challenges with contractor availability, a global pandemic, supply chain shortages, and very short project seasons, the Association is finally on the cusp of real progress for the building. I am pleased to announce that the Board has awarded this project to Artisan Construction, Inc. out of Charlottesville, VA with design and construction phase inspection services provided by Seal Engineering, Inc. of Alexandria, VA. The cost of this project totals approximately $2.5 million, which is in line with the estimated cost quoted by the engineer two years ago.

The Board has prepared a three-phased approach to fund this project:

A $2,400,000 loan provided by Davis Trust Company at 6.375% for a 20-year term.
Monthly general assessments will increase an average of 6.4% for residential units and an average of 12.6% for commercial units. Note this increase best aligns the Association to cover expenses expected during the 2023-2024 fiscal year while also paying for the loan associated with the façade project.
There will be a special assessment for the window and door costs appurtenant to each unit, payable over 12 months starting in June. Given that each unit does not have the same number of windows, the Board felt a special assessment was the most fair and equitable way to allocate these material expenses. We are working closely with the building engineer and the contractor to finalize the specific assessment amounts for each unit and will be issuing this information as soon as it is available to us.

Before funding for the project can be secured, the Association is required to obtain ownership approval of the proposed operating budget and loan. Please find an enclosed copy of the proposed FY23-24 budget for your consideration at the Annual Meeting scheduled for Wednesday, April 19th, 2023 at 5:30pm. Due to Resort operations being closed during this time, we will be providing a virtual participation option. More information on how to participate in the meeting will be forthcoming.

Your approval is paramount to the success of the project and the efforts of the Association to properly repair and maintain one of the most crucial elements of your investment at the Seneca, the building’s envelope. This project is expected to commence the during mid/end of April, weather permitting, with completion estimated to occur in October. More information on the timing of work at each unit will be distributed from the management team as we learn more about the contractor’s schedule approach and staging. The primary goal of the Board and management staff is to maintain the building and Association in a matter which is in the best interest of all current and future owners of The Seneca. The concerns with the failing siding and doors/windows have been ongoing for many years, despite many isolated repair attempts and warranty claims. A comprehensive approach to addressing the deficiencies with the building envelope is the only way to definitively address and correct the problems with a high degree of certainty.

Lastly, at the annual meeting, there will be an election for five (5) Directors of the Board as allowed by the Association bylaws. We encourage each owner to participate in the election for Directors and request that we receive your intent to run for the Board of Directors no later than Monday, April 10th at 5:00pm EST. We also encourage any owner who runs for the election to submit a one-page biography outlining your background and interest in serving on the Board.

Stay tuned for more information about the Annual Meeting. If you have any questions regarding any of the information contained in this communication, please don’t hesitate to reach out to me via email or telephone.