Property Restoration Update and Special Assessment Information

Special Assessment 12-5-24 1

Special Assessment Yesterday, Today, and Tommorrow We have made great progress passed the Milestone Inspection -- our buildings are structurally sound, next inspection in 2035. Restoration Project has started Bs-1 & 2 are undergoing repairs. Replacement walkways will be installed in B-1 on Floors 1 and 6 very soon. The pavers in stock, ready to be laid. Immediately needed repairs have started for all other buildings beginning with B-2. The concrete testing results are encouraging. We are on target to begin the full RP program on May 1. 2 2

Special Assessment Yesterday, Today, and Tommorrow Hurricanes Debby, Helene, and Milton changed everything. Beachplace has never experienced anything like this. Our roofs were destroyed. Almost every vehicle in our parking lots and garages was totaled. There was severe damage to many units,the grounds, lighting, lobbies, beach walkways, pool area, and clubhouse. Good news Our iconic lobby doors survived well. Bad news No major insurer, warranty company or contractor has stepped up. We have a many claims, and a long fight ahead. 3 3

Special Assessment Restoration the Right Way The proposed Special Assessment is an opportunity to revitalize our architecturally important campus. By investing in Beachplace, we will protect and enhance our property values. Comprehensive planning will modernize Beachplace operations, raise performance standards, greatly reduce outages, and better meet the expectations of our residents. Testing leads to cost-effective expenditures. Professional management and scheduling minimizes costs and disruptions. 4 4

Special Assessment Why a Special Assessment Now? Ideally, we d wait to enter into contracts for all the work covered by the special assessment. If we wait, we will not have the special assessment this year, and much more work would have to be funded in this year s general assessments your quarterly payments For example, approximately $3MM for new roofs, should be funded as SIRs, which would increase your quarterly payments in 2025 by almost 50%. We do have a good basis for our cost estimates, and will revisit them next year, when have contracts for the major elements of the work 5 5

Special Assessment Semi Semi- -Annual Annual Installments Estimates in Current $, Payable by January 15 and June 15 Subject to Revision Based on Contracts, Spending & Collections Installments Year 2025 2026 2027 2028 2029 2030 2031 Total Installment 10,000 6,250 6,250 5,000 5,000 5,000 5,000 85,000 Building RP Schedule Year 2025 2026 2027 2028 2029 2030 2031 Bldg # 1 2 5.6 7,9 8 10,11 3,4 Revised order of Buildings 6 6

Special Assessment What s Included? Restoration Project New Roofs Elevator Modernization Lighting Fire Safety Clubhouse Lobbies Hurricane Hardening Other Smaller Items 7 7 7

Special Assessment 1 Restoration Project RP Colliers cost estimate, minor adjustments Base Bid Concrete, Flooring, Painting Railings Fees & Permits Immediate Repairs & Testing Landscaping, Sod, & Irrigation Storage, Stairway and Bike Room Doors Walkways & Balconies 40% Balconies, 30% pavers Revisit after engineers reports and new bids in Q1 2025 8 8

Special Assessment New Roofs Replace all 11 Roofs. Colliers conducted an RFP. 9 Bidders produced better than Expected Pricing. Will utilize bitumen roofs Crowther recently installed. Ketone ethylene ester is physically bonded with a high density base polyester fiber fabric to impart puncture, tensile and tear resistance properties. 20-30 year warranties, depending on the manufacturer. Installation in all buildings in 2025. 9 9

Special Assessment Elevator Modernization A new approach complete overhaul and modernization of elevators. Breakdowns of 43-45 year-old elevators are inevitable, increasing and taking longer to repair. Old control systems no longer manufactured, relying on secondary market. Previous upgrades of 7 elevators at $50K per elevator helpful, but not the solution. Lerch Bates is preparing an RFP for us. Timing probably 6 years to for all 11 summer season replacements only. 10 10

Special Assessment Lighting All building and ground level lighting. Fixtures on display in Building 8. Emergency special assessment provided $100K for hurricane replacements, but not enough. Another $100K is in SA. Hurricane replacement lighting to be installed ASAP. Building lighting will cost in estimate is based on bids and quoted prices. Additional $50K for contingency. 11 11

Special Assessment Fire Safety Fully reserved at $225K, but expedited timing. Will test to determine if old pipes can withstand high pressures needed to operate sprinklers. Reports suggest replacement is needed. Rusted and corroded sprinkler heads scheduled for replacement in reserves study. Hydrants breakdown every year. Safety issue a must. 12 12

Special Assessment 132 Clubhouse New Railings $200K. Repair Roof - already in Reserves spending not in SA $170K. Interiors Clubroom Kitchen Library/conference room Pool office Committee will make presentation at a future open board meeting. Does not include Clubhouse rebuild TBD by Long-Term Planning Committee. 13 13

Special Assessment Lobbies Mailboxes, equipment room doors, drywall, repainting, and cleaning already in emergency special assessment, not in SA. SA includes hurricane protection of front and back doors and windows and solutions to locking and latching issues. 14 14

Special Assessment Other Projects Security, Doorbells & Intercoms Hurricane Hardening aqua wall around pool equipment building, other TBD. Other equipment replacement (golf carts; guardhouse & weight room A/C, maintenance equipment). 15 15

Special Assessment Reserves Spending Not In SA SA work will be paid in part from pooled reserves, existing today and to be funded in next 7 years. To protect reserves future years, we have accounted for spending from reserves for all non-SA items, including Plumbing Electric Generator Paving HVAC Clubhouse Roof Pooled Assets This means that reserves for these items will be maintained, funded, and spent outside of the SA work. 16 16

Special Assessment The time is right for a comprehensive plan. When our complex was younger, it needed less attention. Now that we are middle-aged, greater investment in our campus is required. Imagine a clubroom with nice furniture, a working kitchen - a place you can entertain friends and family. meeting rooms that are convenient for reading, using and charging your devices, playing games. a grill area that looks professional and a well-landscaped pool area with nice showers. It s time to modernize Beachplace operations, raise performance standards, and better meet the expectations of our residents. 17 17

Special Assessment Investing in our premiere location on and iconic campus is a smart decision. We want Beachplace to look its best and be a place we can invite your friends and family and be proud of our condos. For owners who rent, a premier property will command premier rents. We are surrounded by top tier properties that reap substantial financial rewards. We can too. Our property values have skyrocketed let s keep them on the upswing. 18 18