CAPITAL NEEDS ASSESSMENT SAMPLE LOCATION for MAIN STREET

CAPITAL NEEDS ASSESSMENT
for
SAMPLE LOCATION
MAIN STREET
SAMPLE, VT 00000
Prepared for:
SAMPLE LAND TRUST
Sample Street
Sample, VT 00000
802-000-0000
Property Managed by:
SAMPLE MANAGEMENT
Sample Street
Sample, VT 00000
802-000-0000
Prepared by:
RIGHT-TRAK DESIGN, INC.
58 Beaver Pond Road
Weare, New Hampshire 03281- 5800
(603) 529-2022
www.righttrakdesign.com
Inspection Date: MM/DD/YYYY
TABLE OF CONTENTS
3
SECTION I – EXECUTIVE SUMMARY
4
PROPERTY DETAILS
5
PROJECT DESCRIPTION
6
SITE AND LANDSCAPING
Observations and Recommendations
10
ARCHITECTURAL EXTERIOR
Observations and Recommendations
14
ARCHITECTURAL INTERIOR
Observations and Recommendations
17
DWELLING UNITS
Observations and Recommendations
21
MECHANICAL AND ELECTRICAL
Observations and Recommendations
24
APPROXIMATE SITE AND FLOOR PLANS
28
SECTION II – SUMMARY OF RESULTS
DEFERRED MAINTENANCE SUMMARY
YEAR ONE BUDGET SUMMARY
29
SECTION III – FINANCIAL NEEDS AND RESOURCES
CURRENT FINANCIAL NEEDS AND RESOURCES
ASSESSMENT METHOD
SCHEDULE OF FORECASTED EXPENSES
LIMITATION OF REPORT
31
EXHIBIT I
SCHEDULE OF FORECASTED EXPENSES
43
EXHIBIT II
YEARLY COST EXTENSIONS AND SUMMARY
61
EXHIBIT III
SUPPLEMENTAL DATA
SAMPLE LOCATION
CAPITAL NEEDS ASSESSMENT
LOCATION: Sample, VT 00000
INSPECTION DATE: DD/MM/YYYY
DRAFT DATE: DD/MM/YYYY
REPORT DATE: DD/MM/YYYY
SECTION I – EXECUTIVE SUMMARY
PREFACE:
On DD/MM/YYYY a property inspection was conducted for the Sample Location Senior Housing and
Seniors Center at Main Street in Sample, Vermont. The property contains a total of 18 apartments. The
inspection was conducted to help evaluate the overall condition of the structure and site and to identify
possible deficiencies involving life safety, replacement, and maintenance issues. The information
obtained was used to help forecast the long-term capital
needs of the property.
Sample, a town in Washington County in the central part of
Vermont was chartered on February 25, 1782. It covers an
area of 16,588 acres (25.92 square miles).
The chief grantee and later owner of over half the town was
Benjamin Wait (sometimes Waite), one of seven brothers,
all of whom were born in Sudbury, Massachusetts, and
eventually became involved with the affairs of the New
Hampshire
Grants.
Another brother, Joseph, is
commemorated in the name of Waits River in Bradford.
Ancestries include Irish (21.8%), English (19.0%), German
(13.7%), French (7.9%), Scottish (6.4%), and Italian (6.2%).
Industries providing employment are Educational, health
and social services (15.0%), Arts, entertainment, recreation,
accommodation and food services (14.9%), Retail trade
(13.2%),
Professional,
scientific,
management,
administrative, and waste management services (11.4%).
Population in the year 2000 was 1,659. Estimated population in July 2005 is 1,719 (+3.6% change). The
nearest city with a population of 50,000+ is Schenectady, NY (122.2 miles, population 61,821). The
nearest city with a population of 200,000+ is Boston, MA (175.9 miles, population 589,141). The nearest
city with a population of 1,000,000+ is New York, NY (252.5 miles , population 8,008,278).
The following review presents work items as they relate to the current status and condition of the
property. Each of the building systems is discussed with recommendations and cost estimates for system
upgrade or to maintain the housing units over the 15-year period of this report. The systems include Site,
Architectural, Mechanical & Electrical, and Dwelling Units.
Project: Sample Senior Housing Center
PROVIDER
Name:
Addr1:
Addr2:
City:
State:
Phone:
Email:
PROJECT
Right-Trak Design, Inc.
58 Beaver Pond Road
NH
Weare
Zip Code:
603-529-2022
03281
info@righttrakdesign.com
OWNER
Name:
Addr1:
Addr2:
City:
State:
Phone:
Contact:
Sample Land Trust
Sample Street
Sample
VT
Zip Code: 00000
802-000-0000
sample@sample.org
Sample Management
Sample Street
VT
Sample Senior Housing Center
Main Street
Route 000
Sample
VT
Zip Code:
00000
County
none
SITE DATA
PROPERTY MANAGER
Name:
Addr1:
Addr2:
City:
State:
Phone:
Email:
Name:
Addr1:
Addr2:
City:
State:
County:
Phone:
Sample
Zip Code:
802-000-0000
00000
Lot Size:
Parking:
Handicap Parking:
Amenities:
1.2 Acres
24 Vehicles
4 Vehicles
Lawn areas
BUILDING DATA
# Residential Bldgs:
# Accessory Bldgs:
Building Height:
Building Size:
Heating:
Cooling:
1
0
2 stories
7446 ft² footprint
Hydronic baseboard
Air conditioning not provided
sample@sample.bz
UNIT MIX
INSPECTION
Date:
Inspector:
Escort:
Add'l Data:
Add'l Data:
5/8/2007
Inspector
Escort
Other
Other
Type:
Year Built:
Last Renovated
Efficiency Apts:
1 Bedroom Apts:
2 Bedroom Apts:
3 Bedroom Apts:
4 Bedroom Apts:
Handicap Acc. Apts
Total Dwelling Units:
Elderly
+/- 1950
2005-2006
2005-2006
17
0
0
0
1
18
Appurtenant Porch Structures
There is a new entry porch on the east elevation and
a larger existing porch on the south elevation. Wood decks
include a large PTL deck at between the north and south
wings that has been expanded to meet the south wall of the
new addition. There are PTL stairs at the northwest deck,
south entry, east entry, and new addition west entry. All PTL
steps and ramps have PTL balusters and supplemental metal
pipe safety handrails.
Observations and Recommendations:
•
•
Annual application of waterproofing sealer is
recommended to prolong useful life.
Pipe handrails on the ramps and steps that need to be sanded and refinished are scheduled
to be included with the remodel.
Exterior Doors
All exterior doors are solid core wood of various
design. Most are fitted with heavy duty closer and panic
hardware. All are refurbished existing except the south
elevation door from the ramp to the dining room and the west
elevation door to the kitchen. The east elevation entry and
west elevation kitchen entry doors are new, as is the west exit
from the new addition. Double glass CDFR6068 (Marvin?)
clad wood patio doors lead from the central living area to the
northwest deck. One side is fitted with a heavy-duty closer
and panic hardware. An existing door at the west elevation
provides access to the basement mechanical areas and also
serves as a means of emergency egress.
Observations and Recommendations:
•
•
Budget for replacement of the mechanical area door in year 14.
Budget for replacement of older doors in year 20.
Windows, Frames and Glazing
Windows, frames and glazing include a mixture of
vintage and Marvin replacement windows in fixed or double
hung style. Awning windows are typical at cellar level. Seven
of the windows on the east elevation have painted shutters.
The building is unique, therefore windows on the front
elevation facing the street have not been replaced up to now.
As a result, single pane windows remain with new tracks
installed. There are approximately 78 windows total, fitted with
a variety of full-length screens and integral storm/screen
windows. Replacement of select (not all) windows has been
included in the remodel. There is also a mixture of full length
screens and integral storm/screen windows.
Observations and Recommendations:
•
•
Check the caulk around all windows and doors and caulk any voids.
Replace glazing on windows where it is missing or cracked.
Mechanical and Electrical:
Hydronic Heating System
Hydronic baseboard heating is provided in dwelling units
and some common areas. Two new Buderus Loganol G215
boilers located in the west end basement mechanical room are
each fitted with a Riello burner, Safegard #550 low water cutoff,
Watts #1156F pressure regulator, Watts #90-MD backflow
preventer, and Taco #Ac0-2F-4 air bleeder. The heating system
includes a Taco #CBX84-3 expansion tank. Heating water
circulating pumps are divided into 7 zones on the existing return
header. Hydronic heating typically utilizes copper piping. Four
pumps are existing and three are new. Pump #7 ties to a pump
relay for service to two of the basement fan coil units, the dining
room fan coil unit, and a new living and bedroom fan coil unit. The
outdoor temperature sensor is a Tecmar #251 one stage boiler
and DHW control with 3 SR501 relays.
Observations and Recommendations:
•
The boiler room could use a good cleanup.
Boiler Room Accessories
All boiler room pipes are insulated with either fiberglass
wrap or closed cell foam. All piping is typically copper. Combustion
air is provided from a Belimo #LF-120 motorized combustion air
duct. The boiler room exhaust fan operates in parallel with the oil burner outside air damper system. An
isolation relay prevents backfeed to the fan when the burner is operating. Flue is exhaust via a standard
Field Controls draft to the adjacent masonry chimney. Fuel oil storage consists of two 275-gallon fuel oil
tanks located in a corner of the sprinkler room and are enclosed in a fire rated room with a spill
containment barrier installed on the floor.
Observations and Recommendations:
•
•
•
Some pipe insulation has been disturbed and needs to be
restored.
The unprotected fuel line from the oil tanks to the boiler room is
pinched (near the hot water tank) and should be replaced.
Budget for year 1.
Boiler room valves are bronze. Repack gate valves in 10-year
increments. Check/repack drain valves in 3-year increments.
Replace drain valve stems in 8-year intervals.
Domestic Hot Water
Domestic hot water is generated by way of an exchanger in the
boiler with storage of heated water in two adjacent tanks with two bronze booster pumps for hot water
circulation. One older Carlin RCG-70 storage tank is connected in tandem with a newer Phase III.
Storage tank. Both are approximately 70-80 gallons capacity. The Phase III tank was installed as part of
the 1999 renovation project.
Observations and Recommendations:
•
Replacement scheduled to take place as part of the remodel has not yet been implemented.
Budget for replacement of the older hot water tank in year 1 and the newer tank in year 10
and the first one again in year 17.
SECTION II – SUMMARY OF RESULTS
YEAR 1 EXPENDITURE SUMMARY
DESCRIPTION
COST
Exterior sign and planter repairs
$250.00
Refresh parking lot striping
$268.00
Re-point and recap chimneys
$918.00
Replace sump pump
$200.00
Replace hot water heater
Repair pinched fuel line
TOTAL
$2,000.00
$100.00
$3,736.00
DEFERRED MAINTENANCE ITEMS
DESCRIPTION
Replacement of sign on rusty frame in front yard.
Repairs to the 4-tier castlewall planter in the back yard.
Renewal of the parking lot striping.
COST
$200.00
$50.00
$268.00
Extension of paving to fill erosion area at the curb cut.
$1,800.00
Annual application of waterproofing sealer to pressure-treated surfaces.
$1,165.00
Re-pointing and recapping of chimneys.
$918.00
Repairs to flooring at the south entry.
$100.00
Annual cleaning of exhaust fans and ductwork.
$225.00
Replacement of water system expansion tanks.
$2,942.00
Replacement of older Carlin RCG-70 water heater.
$2,000.00
Replacement of pinched fuel line.
TOTAL
$100.00
$9,768.00
SECTION III – FINANCIAL NEEDS AND RESOURCES
CURRENT FINANCIAL NEEDS AND RESOURCES
For the Sample Location property located at Main Street in Sample, Vermont, based upon the
recommended funding structure and the anticipated maintenance and replacement expenditures, RightTrak Design, Inc. projects that a Replacement Reserve Initial Balance of $9,000, with an annual Average
Reserve Deposit of $9,000 escalated at the rate of 3% annually will:
•
•
Not Be adequate to fully fund the project for the entire 15-year assessment period.
Result in a negative End-of-Period Reserve Balance for years 12 thru 20 (2018-2026).
During the fiscal years 2007 through 2026, the forecasted annual expenses (in year-2007 dollars) range
between a low of $2,607 (in 2015) and a high of $40,071 (in 2018). The total annual expense (in year2007 dollars) for fiscal years 2007 through 2026 is $244,457, with an average of $12,223 per year ($905
per unit).
The annual contribution (Average Reserve Deposit) is understood to be $9,000, commencing in year
2007 and escalating at the rate of 3% annually. The Reserve Deposit may or may not continue in the
future at this level. The Replacement Reserve Initial Balance is projected to be $9,000 on 1/1/2007.
At the above funding level the End-of-Period reserve balance only remains positive from 2007 through
year 11 (2017). In year 20 (2026), at an annual Reserve Deposit starting at $9,000 and escalating at the
rate of 3% annually, the end-of-period balance is projected to be minus (-)$106,125.
SUMMARY STATEMENT OF RESOURCES AND NEEDS
Right-Trak Design, Inc. concludes that under the present scenario, with the Reserve Deposit set at
$9,000 and escalating at the rate of 3% annually, the project will not be able to complete the anticipated
work items in the scheduled timeframe. It is recommended that at a future date the reserve deposit be
adjusted with respect to current needs and actual market conditions.
ASSESSMENT METHOD
The assessment covers the 20-year period commencing January 1, 2007 and includes major
maintenance expenses as well as capital expenses for replacement and improvements. The year-end
amount of the Replacement Reserve is forecast for each year based upon the recommended funding
structure and expenditures.
The total anticipated expenditures for each year are calculated in constant-year 2007 dollars and the total
is escalated at a rate of 3.00% per year. The anticipated annual contributions are shown in Exhibit II. The
annual reserve balance is expected to earn interest at a rate of 1% annually.
Expenditures are scheduled based upon current needs and anticipated remaining lives of facilities and
equipment. In determining the priority for current needs and improvements, first priority was given to
those expenditures that benefit the health and safety of tenants. Second priority was given to
expenditures for previously deferred maintenance or replacement. Third priority was given to those
expenditures that would reduce operating expenses.
Right-Trak Design, Inc. developed the list of building components, systems, and equipment during its
inspection of the property. Sample Land Trust provided information regarding development and
construction. Right-Trak Design, Inc. based upon industry norms and historical data for similar properties
developed estimates of cost for the various work items. The assessment assumes continuation of a
thorough program of preventative and ordinary maintenance in addition to the forecast of major
expenditures.
EXHIBIT I
LIST OF WORK ITEMS
Site
Architectural
Dwelling Units
Mechanical & Electrical
Right-Trak Design, Inc.
Exhibit 1
RTD#05-068
List of Work Items
Main Street Site
Sample Location
Sample, VT 00000
Inspection Date: 5/8/2006
ITEM SCHEDULE AND COSTS
1
AGE
Age of
Item
E.U.L.
Expected
Useful Life
R.U.L.
Remaining
Useful Life
CONDITION
Built Improvements (e.g., site furniture)
7
20
var.
Var.
X
Occasional pieces such as chairs and benches on the porches and decks not in use at the present time
due to construction. Maintain as required when returned to service (operating budget). Picnic tables
provided in the central deck area.
Dumpster Enclosures
<1
20
20
Good
X
New dumpster enclosure constructed. Wide enough for small dumpster with extension on one side,
presumably for recycle containers. PTL lattice on 6x6 PTL posts. No bollards to protect the back wall at the
present time. Provide annual application of waterproofing sealer to appropriate surfaces to prolong useful
life (operating budget).
SITE ITEMS
UNIT
QTY
2
UNIT
UNIT COST TOTAL COST
($)
($)
YEAR
OPERATING
BUDGET
3
FIELD NOTES
Dumpster Pads, concrete
<1
50 +
50
New
0.00
Concrete dumpster pad is wide enough for one container. Extension to pad added on the right side.
Dumpsters
E
10
N/A
Good
0.00
Small container is provided and maintained by the contracted vendor.
Earthwork
E
50 +
50
Good
0.00
The 1.2 acres flat site faces easterly on Main Street and is located between Brothers Building Company to
the south and Mad River Green Shopping Center to the north.
Electrical Main and Distribution
<1
40
40
New
0.00
Power comes underground from a utility pole near the northeast corner of the property to newly
constructed enclosed meter room adjacent to the front entrance.
Electrical Transformer
E
30
N/A
PG
0.00
The transformer is located on a nearby utility pole and is owned and maintained by the local power
company.
Fencing, post and rail
<1
25+
N/A
New
0.00
The post and rail fence along the northerly property line belongs to the abutting neighbor.
0.00
Two propane tanks are located at the northwest corner of the new addition. They provide fuel via
underground pipe to the community kitchen and the residential area laundry room.
Gas Main and Lines
Landscaping
<1
E
40
50 +
40
50
PG
Good
1
LS
250.00
250.00
1
Parking and Roadway Pavement, asphalt
7
25
20
Good
1
LS
268.00
1,072.00
1,6,11,
16
Parking and Roadway Pavement, asphalt
7
25
18
Fair-Good
1
LS
1,800.00
1,800.00
2
1) >=More Than, <=Less Than, UC=Under Construction
2) LS=Lump Sum, EA=Each, LF=Linear Foot, SF=Square Foot, SQ=Square (100 SF), SY=Square Yard, DU=per Dwelling Unit
3) Proposed items to be completed with funds other than replacement resources, not figured in the overall costs.
X
The property is nicely landscaped and includes a raised PTL planter bed on the front lawn; mulched shrub
beds adjacent to the foundation that contain rhododendrons, junipers, cedars and deciduous shrubs; an
apple tree at the southwest corner of the building, white birch trees at the front porches, red oak trees on
either side of the curb cut, mixed ash and maple along the south edge of the parking lot, and spruce trees
along the north elevation. Trees and shrubs should be pruned to provide several inches of clearance from
the sidewalls in order to prevent premature deterioration of the paint and siding. Damage to front lawns
needs to be restored by contractor at completion of construction. Sign on rusty frame in front yard needs to
be restored or replaced. 4-tier castlewall planter in the back yard is missing two sections at the top.
X
The paved parking lot at the south elevation contains 5 parking spaces (3 handicapped accessible)
adjacent to the building and 13 parking spaces opposite the building along the south property line. 10
additional spaces are available in the extended area at the west end of the lot. The handicapped spaces
share two discharge aisles and all of them have vertical signage installed on PTL posts. There are no
pavement markings to denote handicapped parking and the van accessible space is not identified as such.
Condition of the parking surface is very good but the striping is barely visible. Re-striping and pavement
marking is reportedly included with the current remodel. Budget to refresh the striping in 5-year intervals
beginning in year 1. Make annual spot repairs as needed.
The area at the curb cut is being eroded due to vehicular traffic cutting the corner too sharply. Budget to
extend paving to the affected area.
EXHIBIT II
YEARLY COST FORM - SUMMARY
Right-Trak Design, Inc.
Exhibit II
RTD#05-068
Yearly Cost Extensions
Forecast of Maintenance and Capital Replacement Expenditures
Year 2007 - 2026
Sample Location
Inspection Date: 5/8/2006
Sample, VT 00000
CALENDAR YEAR
Main Street Dwelling Units
Prior
Replacement
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
Year 18
Year 19
Year 20
1,620
1,620
1,620
1,620
1,620
Electrical Fixtures
Varies
Electrical Wiring
Varies
Kitchen Appliances, ranges
2006
0
0
Kitchen Appliances, range hoods
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,080
1,080
1,080
1,080
1,080
Kitchen Appliances, refrigerators
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,520
2,520
2,520
2,520
2,520
Kitchen Cabinets
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Kitchen Countertop
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Kitchen Sink
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,607
2,607
2,607
2,607
2,607
2,607
Living Area Ceilings, acoustic tile
400
Living Area Ceilings, concrete/drywall/plaster
Varies
0
0
0
Living Area Floors, carpet
2006
0
0
0
Living Area Floors, resilient (sheet/tile)
Varies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Living Area Walls
Varies
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Unit Radiation, hydronic, baseboard
2006
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,607
1,615
1,615
1,615
1,615
1,615
Right-Trak Design, Inc.
Exhibit 1
RTD#05-068
Sample Location
Sample, VT 00000
Inspection Date: 5/8/2006
60,000
40,000
20,000
0
-20,000
-40,000
-60,000
-80,000
-100,000
-120,000
2007
2008
2009
2010
2011
2012
2013
2014
TOTAL EXPENSES IN YEAR 2007 $
2015
2016
2017
2018
Total Expense - Future Cost
2019
2020
2021
2022
Reserve Balance - End of Period
2023
2024
2025
2026