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December 31, 2025 TO: Unit owners of Wellesley Green Condominium Association RE: Important HO-6 Unit Owner Policy Information The board and management have placed a policy of Master Insurance through Greater New York Insurance Co. effective 01/01/2026 - 01/01/2027. This letter is designed to provide you with contact information to secure certificates of insurance and information on how to coordinate your unit owner coverage with the condominium master insurance policy. To request a certificate of master condominium insurance please visit us online at http://www.assuredpartners.com/reading or email APNE-WTP-WS-Condo@assuredpartners.com MASTER POLICY DEFINITION OF COVERED PROPERTY: The Master Insurance Policy is written on an ‘ALL IN/WALLS IN’ format. This format essentially amends the definition of covered property to include all common and limited common elements, installed fixtures, interior walls and permanent additions/alterations in units. MASTER POLICY DEDUCTIBLE: With the Master Policy deductible at $25,000 Per Unit, we strongly recommend unit owners consult with their insurance provider to be sure they have adequate coverage for their unit and the Master Policy Deductible on their unit policy, include the HO 17 32 endorsement which broadens the perils insured against from “named perils” to “special perils” and Loss Assessment. Additionally, you may also need to include the HO 17 34 endorsement depending on your carrier. You should discuss this very important issue with your insurance agent or company. HO 6 INDIVIDUAL UNIT OWNERS POLICY: It is the sole responsibility of each unit owner to ensure building items required by the condominium by-laws (Coverage A), their own personal effects (Coverage C), additional living expenses (Coverage D) and personal liability (Coverage E) as these are not covered under the master policy. All unit owners should purchase unit owners or HO-6 Policy. There are some important policy exclusions or limitations that should be reviewed when unit owners are analyzing their own personal insurance requirements (i.e. Jewelry, Fine Arts, Business Property, etc.). In many instances these exclusions or limitations can be modified or changed. Please note coverages and endorsements must be arranged through your personal agent!
To request a unit owner’s quote, call us today at 877-977-1898 or visit us online at: http://www.assuredpartners.com/reading. INVESTOR UNITS: If you rent your unit(s) to other individuals, keep in mind that personal liability coverage and the deductible remain the responsibility of the unit owner, as does any loss of rental income. In addition, we strongly recommend requiring your tenants to purchase an HO-4 tenant policy, a stipulation that can be written into your standard lease. Feel free to give us a call to discuss coverage for Investor Units, to make sure there are no gaps and/or unforeseen surprises! This letter provides a general discussion of coverage and is not intended as a substitute for a careful reading of the policies.
AssuredPartners Northeast LLC
877-977-1898
DATE (MM/DD/YYYY)
CERTIFICATE OF PROPERTY INSURANCE
12/31/2025
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER. CONTACT Certificate Team NAME: FAX PHONE (877) 977-1898 (A/C, No): (A/C, No, Ext): E-MAIL apne-wtp-ws-condo@assuredpartners.com ADDRESS: PRODUCER 00073856 CUSTOMER ID:
PRODUCER
AssuredPartners Northeast, LLC 55 Walkers Brook Drive Suite 403 Reading
MA 01867
(781) 933-9445
INSURER(S) AFFORDING COVERAGE
NAIC #
INSURED
INSURER A :
Greater New York Insurance Co.
GNYAL3
Wellesley Green Condominium Association
INSURER B :
Travelers Casualty & Surety Co of America
31194
C/O First Realty Management Corp.
INSURER C :
151 Tremont Street, PH 1
INSURER D :
Boston
MA 02111
INSURER E : INSURER F :
COVERAGES
CERTIFICATE NUMBER:
CP25123141462
REVISION NUMBER:
LOCATION OF PREMISES / DESCRIPTION OF PROPERTY (Attach ACORD 101, Additional Remarks Schedule, if more space is required)
Location: 65, 75, 85 Grove Street Wellesley MA 02482 Number of Units: 149 THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. INSR LTR
TYPE OF INSURANCE
POLICY NUMBER
POLICY EFFECTIVE DATE (MM/DD/YYYY)
POLICY EXPIRATION DATE (MM/DD/YYYY)
PROPERTY CAUSES OF LOSS BASIC
$
PERSONAL PROPERTY
$
BUILDING
BUSINESS INCOME
$
EXTRA EXPENSE
$
RENTAL VALUE
$
BLANKET BUILDING
$
BLANKET PERS PROP
$
BLANKET BLDG & PP
$
Extended RC
$
Included
Ord or Law A,B,C
$
Included
CONTENTS
EARTHQUAKE
$25,000
WIND
1120M57687
01/01/2026
01/01/2027
FLOOD
All Perils
115,252,384
BUILDING
SPECIAL
A
LIMITS
DEDUCTIBLES
$25,000
BROAD
COVERED PROPERTY
$25k per unit
No COINS INLAND MARINE
TYPE OF POLICY
$
CAUSES OF LOSS NAMED PERILS
$ POLICY NUMBER
$ $
CRIME
B
TYPE OF POLICY
0107032899LB
01/01/2026
01/01/2027
A
BOILER & MACHINERY / EQUIPMENT BREAKDOWN
1120M57687
01/01/2026
01/01/2027
A
General Liability (Separation of Insureds Included)
1120M57687
01/01/2026
01/01/2027
Fidelity
$
1,400,000
Designated Agent
$
Included
First Realty
$
Included
Equipment Break
$
Included
$
Occurrence Limit
$
1,000,000
Aggregate Limit
$
2,000,000
SPECIAL CONDITIONS / OTHER COVERAGES (ACORD 101, Additional Remarks Schedule, may be attached if more space is required)
Building Definition is "All-In"/"Walls-In" (improvements/betterments included). Extended Replacement Cost Factor is 25%. Policy(s) provide at least 10 day cancellation notice to the first named insured.
CERTIFICATE HOLDER
CANCELLATION
SAMPLE - apne-wtp-ws-condo@assuredpartners.com (email)
SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WILL BE DELIVERED IN ACCORDANCE WITH THE POLICY PROVISIONS.
assuredpartners.com/reading 781-646-2410 (fax)
AUTHORIZED REPRESENTATIVE
TO SUBMIT REQUESTS
© 1995-2015 ACORD CORPORATION. All rights reserved. ACORD 24 (2016/03)
The ACORD name and logo are registered marks of ACORD
Wellesley Green 2026 Operating Budget
Description
2025 Projection
2025 Budget
Proposed 2026 Budget
Difference 2025 to 2026
INCOME OWNER ASSESSMENTS Common Area Fees
$
2,216,015
2,216,096
$
2,328,858
$
112,843
$
2,216,015
2,216,096
$
2,328,858
$
112,843
$ $ $
3,500 500 5,000
750 1,290 5,416
$ $ $
3,500 500 5,000
$ $ $
-
$
9,000
7,456
$
9,000
$
-
Interest Income Int Inc- Op Saving
$ $
40 80
50 46
$ $
45 65
$ $
5 (15)
TOTAL INTEREST INCOME
$
120
95
$
110
$
(10)
$
2,225,135
2,223,647
$
2,337,968
$
112,833
$ $ $ $ $ $ $ $ $
254,275 154,653 99,468 43,729 35,727 59,755 28,582 5,545 1,500
$ $ $ $ $ $ $ $ $
254,390 153,388 99,697 45,554 34,025 48,263 39,734 5,092 811
$ $ $ $ $ $ $ $ $
264,385 175,055 103,944 42,182 36,899 69,350 35,698 4,347 1,000
$ $ $ $ $ $ $ $ $
10,110 20,402 4,476 (1,547) 1,172 9,595 7,116 (1,198) (500)
TOTAL PERSONNEL -SALARY & FRINGE $
683,234
$
680,955
$
732,860
$
49,626
5301.00
TOTAL OWNER ASSESSMENTS
2026 Fee Increase 5.09%
MISCELLANEOUS INCOME Other Income - verizon Miscellaneous Income Comcast Income
5990.02 5990.03 5990.16
TOTAL MISCELLANEOUS INCOME
$ $ $
INTEREST INCOME 5410.00 5413.11
TOTAL INCOME EXPENSES PERSONNEL -SALARY & FRINGE 6510.40 6530.00 6330.00 6510.05 6711.00 6723.00 6730.00 6722.00 6514.00
Maintenance Staff Gatehouse - Contract Manager Services Gatehouse Attendant Taxes - Payroll Processing Health Insurance Employee Fringe Benefits Workers Compensation Uniform Expense
13.19%
7.26%
UTILITIES
6451.00
Electricity Water
$ $
111,730 67,809
117,289 72,441
$ $
111,730 67,809
$ $
-
6452.00 6453.00
Gas Sewer
$ $
50,000 72,027
47,328 67,401
$ $
45,000 73,412
$ $
(5,000) 1,385
$
301,566
304,459
$
297,951
$
(3,615)
-1.20%
-35.65%
6450.00
TOTAL UTILITY EXPENSE REPAIRS & MAINTENANCE 6520.06
Repairs Exterior
$
20,203
$
38,454
$
13,000
$
(7,203)
6520.01
6519.97
Repairs Plumbing Repairs Electrical Repairs - Air Conditioner Repairs Painting Repair Carpet Maintenance Supplies Elevator Maintenance Garage Maint/Parking Fire Alarm Maintenance Common Area Upkeep Window Washing Water Filtration Chimney Stack Cleaning
$ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,000 23,415 9,000 3,935 16,000 33,323 8,000 17,856 9,525 6,077 1,287 6,399
$ $ $ $ $ $ $ $ $ $ $ $ $
24,353 29,061 25,810 4,565 200 11,848 31,360 14,696 27,967 17,087 9,388 1,287 5,540
$ $ $ $ $ $ $ $ $ $ $ $ $
20,000 20,000 37,911 9,000 16,000 36,141 8,000 18,980 17,170 6,287 1,500 6,072
$ $ $ $ $ $ $ $ $ $ $ $ $
14,496 (3,935) 2,818 1,124 7,645 210 213 (327)
6590.00 6519.69
Miscellaneous Maintenance Expenses Electric Bulbs / Tubes
$ $
4,000 250
$ $
3,014 408
$ $
5,000 250
$ $
1,000 -
$
199,269
$
245,037
$
215,311
$
16,042
6520.02 6520.74 6520.00 6519.98 6519.68 6520.45 6590.25 6520.10 6520.67 6520.18 6520.71
TOTAL REPAIRS & MAINTENANCE
1
61.91%
8.46% 80.26%
8.05%
Description
2025 Projection
2025 Budget
Proposed 2026 Budget
Difference 2025 to 2026
LANDSCAPING & SNOW 6548.60 6520.73 6520.36 6520.37
Ground Main / Snow Removal Outside Planting / Tree care Irrigation Grounds Contract
$ $ $ $
49,680 52,000 8,000 68,688
$ $ $ $
33,260 56,064 6,968 69,579
$ $ $ $
35,000 52,000 8,000 78,376
$ $ $ $
(14,680) 9,688
14.10%
TOTAL LANDSCAPING & SNOW
$
178,368
$
165,871
$
173,376
$
(4,992)
-2.80% 9.16%
6720.00
Property & Liability - Insurance
$
131,482
$
125,915
$
143,520
$
12,038
6320.00
Management Fee Expense
$
53,916
$
53,916
$
55,536
$
1,620
6520.09
Contingency
$
20,000
$
20,000
$
20,000
$
-
$ $ $ $ $
27,730 8,000 1,520 3,000 2,550
$ $ $ $ $
24,179 9,947 1,644 2,956 1,137
$ $ $ $ $
24,070 13,344 1,582 3,000 1,050
$ $ $ $ $
(3,660) 5,344 62 (1,500)
$
42,800
$
39,863
$
43,046
$
246
$
19,016
$
18,573
$
18,468
$
(548)
$ $
8,000 3,760
$ $
4,648 3,950
$ $
8,000 4,069
$ $
309
$
11,760
$
8,598
$
12,069
$
309
$
8,000
$
7,827
$
18,000
$
10,000
$ $
1,300 300
6,000 1,800
$ $
4,500 500
$ $
3,200 200
$
1,600
$
7,800
$
5,000
$
3,400
212.50%
$
1,651,010
$
1,678,814
$
1,735,137
$
84,127
5.10%
$
574,125
$
574,127
$
602,831
$
28,706
5.00%
$
574,125
$
574,127
$
602,831
$
28,706
$
2,225,135
$
2,252,941
$
2,337,968
$
112,833
(0)
$
(29,294)
OFFICE 6317.00 6311.00 6319.00 6319.01 6311.40
Telephone Office Expense Association Meeting Expense Social/Association Meeting Expense Newsletter TOTAL OFFICE
6525.00
Garbage & Rubbish
0.57%
LEGAL & PROFESSIONAL 6340.00 6350.00
Legal Auditing TOTAL LEGAL & PROFESSIONAL
6547.00
Pool Maintenance
2.63%
TAXES 6140.00 6141.00
Federal Income Tax State Income Tax TOTAL TAXES
TOTAL OPERATING EXPENSES FUNDING EXPENSES 6795.00
Replacement Reserve Funding TOTAL FUNDING EXPENSES
TOTAL EXPENSES & RESERVE FUNDING SURPLUS/(DEFICIT)
2
(0)
Wellesley Green Reserve
2026 Reserve Budget and Example of Condo Fee 2025 Budget Beginning Balance
2025 Projected
$
489,876
$
489,876
Landscape Property
$
30,000
$
35,738
Garage Exhaust fan (1)
$
20,000
$
13,500
Back Walkways Repairs + steps LE
$
48,000
$
39,261
Stone Wall
$
50,000
$
11,858
Medco Key utility doors
$
10,000
$
17,562
Garage structure
$
66,340
$
-
Windows
$
120,000
$
153,059
Main Electrical Switch Repairs 6% supervisory fee
$ $
65,000 3,900
$ $
65,000 3,900
Concrete Repairs
$
-
$
13,558
2026 Budget $
728,565
Common Balconies Doors 6% supervisory fee
$ $
250,000 15,000
Water Filter Allowance (Adams)
$
13,000
Fire Alarm Upgrade 6% supervisory fee
$ $
40,000 2,400
Roof Stairs - safety issue
$
90,000
ADA mechanism for garage door
$
45,000
Capital Projects
Total Capital Projects
$
409,340
$
353,436
$
455,400
Reserve Contribution Transfer from Operating Interest Total Funding
$
574,125
$
574,125
$
574,125
$ $
18,000 592,125
$ $ $ $
602,831 602,831
Projected Ending Balance
$
654,661
$
728,565
$
875,996
Funding
An Example of 2026 Monthly Condo Fee by Beneficial Interest Beneficial Interest 0.4804 0.6519 0.6705 0.7311 0.8416 0.9034
$ $ $ $ $ $ $
Operating 1,726,027 690.99 937.66 964.42 1,051.58 1,210.52 1,299.41
3
$ $ $ $ $ $ $
Reserve 602,831 241.33 327.49 336.83 367.27 422.79 453.83
Total $ $ $ $ $ $
932.32 1,265.15 1,301.25 1,418.86 1,633.31 1,753.24
Wellesley Green Board of Managers Meeting Wednesday, July 29, 2026 Community Room Attendance: Marty Leinwand, Jack Stewart, Barbara Searle, Lisa Tender, Frank Manguso, Mimi Ferrell and invited guest Debbie Demetry Maria Fernandez, representative of First Realty Clerk’s Report: The minutes from the Board of Managers meeting on June 24, 2026 were approved with a few corrections. Of note, we were reminded that as a rule, events that happen after the Board meeting should not be included in the minutes. Treasurer’s Report: Barbara noted that the financial situation was stable and that there was nothing new to report. Management and Maintenance Reports: Lincoln Electrical Panel: Maria reported that the Town of Wellesley’s Electrical Inspector no longer posed an obstacle and that she would try to set a date in October to finalize the upgrade to the middle electrical panel. She suggested that we also include the upgrade to the third panel which involves a much simpler task of replacing the old breakers with new ones. Coolidge Tree Fall: The tree that fell near Coolidge from the neighboring yard was removed by the neighbor. There was no damage except to two of our fence panels which will need to be replaced. Garage Drains: During the recent garage power wash cleaning, it was discovered that many of the drains were slow to clear. The Board approved $6,000 for Wayne’s Drains to lift the grates and jet the drainpipes. New Business: Letter about Insurance Deductible: The Board reviewed Marty’s revision of the letter to Owners about the increase to the deductible under Wellesley Green’s Master Insurance Policy from $25,000 to $50,000. Marty said he would take our comments into account and send a final version of the letter to Maria for distribution to Owners. Letter about Balcony Tiles and Screens: Maria prepared a draft memo for the Board laying out the complex issues related to damages caused by the installation by Owners of tiles and carpets on their balcony floors. This issue arose this past year where cracks in the tile mortar allowed water to travel under the tile and drip down with fine particles and minerals that stained the side, screens, and patios below leaving visible stains and residue. While the Condo Association actually owns the Unit balconies, Section 10 of our By-Laws states that (1) these Unit balconies are intended for the exclusive use of the owner of such Unit, and (2) the Unit Owner is responsible for damages from negligence relating to
such balcony tiles and screens installed by Owners. There is also a question as to whether the Board should approve any further use of tiles or carpeting on any Unit Balcony floor in the future, especially if such applications can potentially lead to water damage to the concrete balcony surfaces. We do not know how many Units currently have tiled and/or carpeted balconies and how many are potentially leaching substances onto the balconies, screens and patios below. These Unit Owners should be put on notice of the risk of such leakage and the alternative concrete floor coverings that such Owners could use to replace such tiles or carpeting. Before making a determination of next steps, the Board would like Maria to arrange for Mike to inspect all Units to determine the scope of this problem, after sending out a memo to owners explaining the reason for such inspection. Terne Metal Documents: It was agreed that First Realty could create the bidding package for vendors regarding the replacement of roofs, metal ternes and skylights, and that there was no need to enlist Criterium’s help to do so. Old Business: 2027 Budget – Second Draft: Barbara reviewed the second draft of the 2027 operating budget. The condominium fee had increased to 7.04 %, up from the earlier figure of 5.39%. It was estimated that about $35,000 would have to be cut from operating expenses in order to lower the condo fee to the 5% level. Barbara suggested we focus our attention on identifying which “nice to have” expenditures (in contrast to “must have” items) can be removed from the draft 2027 budget to limit any fee increase to around 5%. One suggestion was to have the grounds mulched every other year, rather than every year. Lincoln Floor Issues: A contractor was found to do the concrete repairs in Unit 103 at a cost of $10,550, which is high, but in line with the concrete repairs that we have completed for balconies. The Board approved this expense via email. Luckily, there was no breaking into the main concrete structure. Electric Car Batteries: During the Board’s meeting with Ian McMakin, Deputy Chief of Fire Prevention at the Wellesley Fire Department, he suggested we consider a Hydrogen Detection System to be connected to our alarm system. This could detect increased hydrogen levels emitted when electric car batteries are faulty and could be used as a first alert system. Maria researched the cost of such a system and said it would be very expensive. At present, WG has 4 electric cars – one in Adams and 3 in Lincoln. The next meeting of the Board is scheduled for August 26, 2026, at 4:00pm. The meeting adjourned at 5:05. Respectfully submitted, Lisa Tender, Clerk
Wellesley Green Board of Managers Meeting Wednesday, June 24, 2026 Community Room Attendance: Marty Leinwand, Jack Stewart, Barbara Searle, Lisa Tender, Frank Manguso, Mimi Ferrell, Susanne Dowdall Maria Fernandez and Sandie O’Neill, representatives of First Realty Clerk’s Report: The minutes from the Board of Managers meeting on May 27, 2026 were approved with two corrections. President’s Report: Marty asked about the status of our efforts to finalize repairs to Lincoln’s electrical panel. Maria reported that there were continued difficulties due to the town of Wellesley’s Electrical Inspector and his refusal to guarantee certification of repairs if they are done by our current contractors. It was suggested that Maria contact his boss, Michael Grant, Wellesley’s Building Inspector, to see if he can break the impasse. Treasurer’s Report: Barbara reported that there was not much change in the financials, and noted that there remained only a slight variance of actual expenditures vs the budget. Management and Maintenance Reports: Lincoln Drainage Pipe: Maria noted there may be a problem with the underground integrity of the kitchen drainage pipe in Lincoln’s #1 stack. Corroded Sewer Pipes: The sewer pipes in Unit 203 were corroded and need to be replaced. The cost of $5,250 to replace two sewer pipes in the main stack was approved by the Board. New Business: First Draft of 2027 Budget: Maria presented the draft operating budget for the next year and noted that many of the numbers were preliminary estimates. The increase in the condominium fee was projected at 5.39%, which is in line with increases in previous years. The staff salary was expected to increase by 4.06% to keep pace with inflation and was consistent with prior yearly increases of 3-5%. Marty recommended looking at the increase for each of the past 5 years. Increases in snow removal costs were based on the expected need for new equipment by Riverside to deal adequately with the challenges posed by WG. The increase in Fire Alarm Maintenance was due to the need for new sprinkler heads for both garages, with an estimated cost of $20,000. A significant portion of the budget – about 8% - was due to the cost of the Condominium’s master insurance. Assured Partners had notified Maria that an increase
of 10-15% would be realistic, but that, with an increase of the per unit deductible from $25,000 to $50,000, the increase would tend to go on the lower side. Sandie pointed out that the industry standard for condo deductibles is between $50,000-$100,000. Continued frequency of property claims could also lead to non-renewal and higher coverage from insurers willing to step in. The increase in the master policy deductible to $50,000 would require a corresponding increase in each owner’s HO-6 policy rider to cover the $50,000 deductible, which may result in a several hundred dollar increase in the cost of each unit owner’s unit policy. The Board approved an increase in the master policy deductible to $50,000. Maria will draft a notice to owners of the increase for our review, to be effective January 1st, so that owners can contact their insurance representatives to update their HO-6 policy rider prior to 1/1/27. Old Business: 592 Washington St. Condo project: There was nothing new to report. Water Heaters and Smoke Alarms: The letters to owners yielded a very good result. There was only one pending issue with the required water heater replacement for Unit 404 Lincoln, due mainly to difficulties in contacting the owner. Lincoln Floor Repairs: Efforts were in the works to find a contractor to repair the cracked floor in Unit 103. Subsequently, a contractor was found to do the concrete repairs at a cost of $10,550, which is high, but in line with concrete repairs that we have completed for balconies. The Board approved this expense via email. The next meeting of the Board is scheduled for July 29, 2026, at 4:00pm. The meeting adjourned at 5:10. Respectfully submitted, Lisa Tender, Clerk
Wellesley Green Board of Managers Meeting Wednesday, May 27, 2026 Community Room Attendance: Marty Leinwand, Jack Stewart, Barbara Searle, Lisa Tender, Frank Manguso, Mimi Ferrell, Susanne Dowdall Maria Fernandez, representative of First Realty Clerk’s Report: The minutes from the Board of Managers Meeting on April 29, 2026 were approved with two corrections. President’s Report: The Pool: Maria agreed to have the pool open at 9:00 instead of 10:00. Barbara questioned the accuracy of some of the signs at the pool which don’t specify that two adults need to be present for anyone to enter the pool. Maria noted that some signs were required by the permit, but we should take a look at whether inaccurate signs could be removed. Barbara recommended that neoprene covers be placed on the three hand rails as the metal gets too hot to hold in the sun, which was approved. Electric Cars: Susanne raised concerns about battery flammability for electric cars and our ability to extinguish such fires and deal with toxic fumes. She recommended that the Board consult with the fire department to determine what preventative measures to consider and whether items such as blankets to dampen, but not extinguish, such fires might be useful. Given safety concerns, the Board agreed to the consultation. Treasurer’s Report: Barbara noted that we are still drawing from the contingency fund to balance the budget, due to higher snow plowing fees and prepayment of certain expenses. She said we should continue to be diligent and at present she saw no red flags up ahead. Management and Maintenance Reports: Balconies: Maria raised the issue of problems arising from placing tiles on balconies or installing screens that are drilled into the concrete. She noted some better options for balcony floors, such as an epoxy covering that looks like granite and wooden pavers which have ventilation underneath. New residents must get the Board’s permission to install balcony floor covers or screens, stemming any future problems, but we need a strategy for dealing with existing problems. Lincoln Exterior Lights: Efforts to find and fix the old wiring were unsuccessful, so Maria proposed laying down new conduits and wiring for the 4 lamps by Weaton Electrical, at a cost of $4,700, and having Nature Works dig and then cover the lengthy trenches needed for this repair. The Board approved a maximum budget of $10,000 for this project.
Courtyard Walkways: Maria received an estimate of about $200,000 for the replacement of all the walkways in the courtyard. The Board agreed that this would be too expensive, and repairs as needed would continue to be made. New Business: Roof Repairs: Ambrose’s annual roof inspection report found that the Coolidge and Adams roofs needed repairs. Maria said the company determined that repair of compromised edge flashing to the Coolidge roof was most critical, so the Board approved $5,160 for this project. The rest of the repairs to the Coolidge roof for $7,290 and repairs to Adams’ roof for $12,340 would be included in next year’s budget. Old Business: 592 Washington St Condo Project: Barbara noted that the developers have not filed for a site plan review, so the project has not yet been sent to the Zoning Board of Appeals. Water Heaters and Smoke Alarms: Letters to owners have helped resolve almost all delinquencies for these two items and Maria will soon focus on items which need to be replaced this year. Insurance Claims: All payments made under the Condominium Association’s insurance have been processed. Focus Item: Reserve Planning: As part of the annual budget process, the Board reviewed the results of what to expect for capital planning for the 2026-2034 period. The costliest items would be the roof replacements, coupled with skylight and mansard standing seam (metal terne) replacements, for all three houses. Criterium’s original plan called for the roofs to be replaced in 30 years, but Ambrose cautioned that they should be replaced after 20 years. As a result, the Coolidge roof replacement (plus skylights and ternes) was moved up to 2030 with a total cost of approximately $1,367,000, including supervisory fees. The Lincoln roof replacement is now scheduled for 2031 and the Adams roof replacement in 2033, with comparable costs for each. The impact of these projects and all other projects on the Reserve Fund through 2034 was also carefully plotted. The Reserve Fund shows a decline from $1,956,721 to $1,335, 996 in 2030 and further to $692,813 in 2031 due to the Coolidge roof replacement and then to a low of $195,151 due to the Adams roof replacement, although it rebounds to $1,045,662 in 2034. Of note, however, the capital plan includes some projects as placeholders, such as the structural repair allowance of $193,448, which might not be needed, thus increasing the Reserve Fund amount. Conversely, there might be unexpected capital projects that would lower the projected balance. If there are too many surprises, or unexpected cost increases, the Board may still need to consider a special assessment before the Adams roof replacement. Committee Updates: Decorating – Susanne reported on the Decorating Committee’s efforts to find uniformly attractive and inviting furniture for all common balconies. The existing six rocker and
table sets fit quite well, but the wooden benches and chairs were very unattractive and needed to be replaced. At present, three balconies had no furniture whatsoever. The Committee will explore the possible cost of acquiring attractive, all-weather furniture for all 18 common balconies which could be included in next year’s budget. The next meeting of the Board is scheduled for June 24, 2026, at 4:00pm. The meeting adjourned at 5:30. Respectfully submitted, Lisa Tender, Clerk