RESERVE STUDY - Willow Springs...

© 2016,Onsite Engineering, An MJS Consultants, LLC Company

RESERVE STUDY

WILLOW SPRINGS MASTER HOA, 645 SPRINGLAKE DRIVE, FRANKLIN, TN 37064

Site-Visit Survey performed

November 2, 2015

FINAL - submitted

January 22, 2016

Prepared For:

C/O Larry Reynolds

WILLOW SPRINGS MASTER HOA

Prepared By:

Onsite Engineering170-D EAST MAIN ST., STE 129

HENDERSONVILLE, TN 37075

615-264-0505

Project Number:

12332

Reserve Specialist:

Andrew D Hart, RS

© 2016,Onsite Engineering, An MJS Consultants, LLC Company

TABLE OF CONTENTS

INTRODUCTION 3

EXECUTIVE SUMMARY 3

PURPOSE & SCOPE 4

REFERENCES 6

PROPERTY DESCRIPTION 7

OBSERVATIONS AND COMMENTS SUMMARY 25

RESERVE FUND ANALYSIS 27

LIMITATIONS 31

CONCLUSION 33

APPENDIX

RESERVE FUND PROJECTIONS 34

PROJECT PHOTOGRAPHS 36

PROFESSIONAL QUALIFICATIONS 49

Willow Springs Master HOA

645 Springlake Drive, Franklin, TN

INTRODUCTION

Willow Springs Master HOA, through Willow Springs Master HOA, authorized Onsite Engineering to

conduct a Building Evaluation and Reserve Fund Study for Willow Springs Master HOA, located at 645

Springlake Drive, Franklin, TN 37064).

Studies of this nature are important to ensure that a community has sufficient funds for long-term,

periodic capital expenditure requirements. Anticipating large expenditures over an extended period of

time through a structured analysis and scheduling process assists the Association in meeting financial

requirements without:

increasing the service fees above permitted maximums,

borrowing the funds,

or levying special financial assessments to the owners.

Typically, a community association has two broad cash requirements: the general operating requirements

and the capital replacement reserves. In this report, we will focus on those items falling under the capital

replacement reserve criteria. We have projected a capital repair and replacement reserve for thirty (30)

years. The first ten years are the most reliable.

This report is structured to analyze components of the community for which the Association is responsible

and to assess a useful expected life and useful remaining life of those components. The anticipated

scheduled repair or replacement of the component and the anticipated expense for the activity are then

analyzed in conjunction with the current capital reserves funding program for the community. Funding

program recommendations are made with the objective of limiting substantial cash excesses while

minimizing financial burdens that can result from significant cash inadequacies.

This report is intended to be used as a tool to determine reserve fund allocation requirements for the

community, to manage future Association obligations, and to inform the community of future financial

needs in general. The report that follows has been prepared from the perspective of what an owner of

this property would benefit from knowing. Some items, beyond those of immediate concern, may be

discussed. Therefore, the report should be read in its entirety in order to fully understand all of the

information that has been obtained.

EXECUTIVE SUMMARY

The following is a summary of the issues discussed in this Reserve Study. A detailed discussion of each

topic is provided in each of the noted sections of the report.

In summary, we consider this property to be in good condition when compared to others of similar age

and construction type.

Based upon the information provided to us, and our own estimates of costs and useful lives of capital

assets, the existing Reserve Funds with the current annual contribution rate is projected to be insufficient

to fund the reasonably expected capital expenditures over the 30-year life of this study. In addition, there



are significant expenditures projected to occur after the end of the 30-year study period. Therefore,

because these are not covered under the current reserve fund projections, updates to the reserve study

will be required so that reserves can be accrued for future capital expenditures.

Therefore, a study such as this should be updated from time to time, usually on a three to five-year cycle,

in order to reflect the most accurate needs and obligations of the community.

This report has been prepared in strict confidence with you as our client. No reproduction or re-use will

be undertaken with any third party other than your management company Willow Springs Master HOA

without your express written consent or oral consent.

We have included three alternatives to your current funding program and recommend that the board

adopt an alternative that best reflects the objectives of the community. They are outlined in narrative

form in the RESERVE FUND ANALYSIS Section and on Page 1 of the RESERVE FUND PROJECTIONS (Financial

Projections) in the Appendices.

PURPOSE & SCOPE

PURPOSE

The purpose of this study is to perform a reserve fund analysis and to determine a capital needs

projection. It is intended to be used as a tool for to determine the allocation requirements for the reserve

fund to meet future anticipated capital expenditures for the community.

This report forecasts obligations for the community thirty years into the future. It should be noted that

events might occur that could have an effect on the underlying component or system useful life

assumptions used in this study. Likewise, inevitable market fluctuations can have an impact on component

or system replacement and repair costs.

We recommend that this report be reviewed and updated periodically. The property conditions should

also be evaluated periodically as part of that review. Also, additional concerns which may have developed

during this time period can be identified and, if planned for early enough, may be coordinated into

current funding budgets with the least impact on the individual homeowners. The National professional

association for CPAs (AICPA) recommends that this type of study be updated every three to five years.

SCOPE

This study has been performed according to the scope as generally defined by Willow Springs Master

HOA, Onsite Engineering, and the standards of the Community Associations Institute. The findings and

recommendations are based on interviews with the community's management personnel, a review of

available documents, and an investigation of the buildings and site.

The guidelines used to determine which physical components within the community are to be included in

the component inventory are based on the following general criteria:



The component must be a common element, or otherwise noted to be the responsibility of the

Association to replace.

The component has an established estimated useful life (EUL). Organizations such as RSMeans, Fannie

Mae, National Association of Home Builders (NAHB) and Whitestone have established EULs for various

building and property components.

The component is visible such that a remaining useful life (RUL) can be projected. The component

must have an estimated remaining useful life of thirty years or less. As the site ages, additional

components may need to be added.

The cost of replacement should be high enough to make it financially unsound to fund it from the

operating budget or is funded through a maintenance contract. Based on a discussion with the HOA

Board Treasurer, we have established a minimum reserve component cost of $1,000 for this study.

Components, such as painting, which are considered deferred maintenance, are most appropriately

funded from the Operating Budget instead of Reserves. We have done so unless the painting cost is a

significant portion of the budget or we were requested to do so.

This study estimates the funding levels required for maintaining the long-term viability of the property.

Our approach involves:

1. Examining association-managed equipment, buildings and site facilities.

2. Predicting their remaining service life (RUL) and approximating how frequently they will require repair

or replacement (EUL).

3. Estimating current repair or replacement costs for each capital item.

4. Using data developed in Steps 1, 2 and 3 to project Capital Reserve balances for Years 1 through 30.

The statements in this report are opinions about the present condition of the subject community. They

are based on visual evidence available during a diligent investigation of all reasonably accessible areas

falling under the responsibility of the Association. We did not remove any surface materials, perform any

destructive testing, or move any furnishings. This study is not an exhaustive technical evaluation. Such an

evaluation would entail a significantly larger scope than this effort. For additional limitations, see the

LIMITATIONS SECTION.

As the preparer of this reserve study, Onsite Engineering certifies that we do not have any vested

interests, financial interests, or other interests that would cause a conflict of interest in the preparation of

this study.



REFERENCES

SOURCES OF INFORMATION

The following people were interviewed during our study:

Larry Reynolds - Willow Springs HOA Board, Treasurer

Deborah Wallace, CMCA, AMS - Ghertner & Company, Property Manager 615-377-0340

The following documents were made available to us and reviewed:

Description Source

Association Covenants Property Manager

Willow Springs HOA 10-Year Capital Spending

Budget

HOA Board Treasurer

Willow Springs HOA 2016 Budget HOA Board Treasurer

Past & Future Project Invoices/Proposals HOA Board Treasurer

STANDARDS OF REFERENCE

For your reference, the following definitions may be helpful:

Excellent: Component or system is in "as new" condition, requiring no rehabilitation and should perform

in accordance with expected performance.

Good: Component or system is sound and performing its function, although it may show signs of normal

wear and tear. Some minor rehabilitation work may be required.

Fair: Component or system falls into one or more of the following categories: a) Evidence of previous

repairs not in compliance with commonly accepted practice, b) Workmanship not in compliance with

commonly accepted standards, c) Component or system is obsolete, d) Component or system

approaching end of expected performance. Repair or replacement is required to prevent further

deterioration or to prolong expected life.

Poor: Component or system has either failed or cannot be relied upon to continue performing its original

function as a result of having exceeded its expected performance, excessive deferred maintenance, or

state of disrepair. Present condition could contribute to or cause the deterioration of other adjoining

elements or systems. Repair or replacement is required.



Adequate: A component or system is of a capacity that is defined as enough for what is required,

sufficient, suitable, and/or conforms to standard construction practices.

All ratings are determined by comparison to other buildings of similar age and construction type.

All directions (left, right, rear, etc.), when used, are taken from the viewpoint of an observer standing in

front of a building(s) and facing it.

Repair/Replacement Reserves - Non-annual maintenance items that will require significant expenditure

over the life of the buildings. Included are items that will reach the end of their estimated useful life

during the course of this forecast, or, in the opinion of the investigator, will require attention during that

time.

PROPERTY DESCRIPTION

GENERAL

Property Description: The subject property is a residential subdivision with a combination of single-family

homes, Neo-Traditional homes, and townhomes. As we understand it, the Master HOA is responsible for

maintaining a swimming pool, Pool House, playground, two parks, a walking path, four retention ponds,

irrigation systems, and multiple entrance monuments.

This Reserve Study also includes a separate evaluation and financial projections for the Neo-Traditional

Owners Association which is a sub-association of the Master Association. This sub-association is

responsible for maintaining individual irrigation systems located at each of the 142 Neo-Traditional units.

Year Built: Construction on this property began in 2002 and was completed in 2012.

SITE

UTILITIES

Description: This property is served by the municipal water and sewer system. The utilities for each home

on this property are individually metered.

Observations and Comments: No significant problems were observed.

STORM DRAINAGE

Description: Surface drainage in the roadways and common areas of this property is directed toward

grated drains which direct the drainage toward an underground storm water system. The underground

storm water system ultimately discharges the surface drainage into rip-rap drainage swales which direct

the drainage toward one of four retention ponds located on this property.




In the financials for this Reserve Study, we have included an allowance toward the repair/replacement of

the rip-rap drainage swales on a 5-year cycle beginning in 2019.

PONDS

Description: There are four retention ponds located on this property. Retention Pond 1 is located

southwest of the Pool House, Retention Pond 2 is located west of the Pool House, Retention Pond 3 is

located north of the Pool House, and Retention Pond 4 is located northwest of the Pool House. Retention

Ponds 1, 3 and 4 are provided with a single aerator and Retention Pond 2 is provided with two aerators.

There are also two wells located at Pond 3 and one well located at Pond 1 which pump water into the

lakes when the water levels are low. The pumps for these systems are located underground and rated at 1

1/2 HP. We understand that one of these pumps was recently replaced around 2013. Retention Pond 2 is

also provided with a painted wood dock which can be accessed from the nearby walking path.


In the financial projections for this study, we have included an allowance toward the repair/replacement

of the pond aerators on a 5-year cycle beginning in 2017 with the replacement of two of the well pumps

anticipated in 2018 and the third well pump anticipated to be replaced in 2024. We have also included a

line item for the replacement of the pond dock anticipated in 2025.

Based on a conversation with the HOA Board Treasurer, we understand that the ponds will need to be

dredged in the future. However, we understand the pond dredging project falls outside of the 30-year

projections for this study. Therefore, we have included a line item for a pond dredging project as a means

to identify future projections which are past the 30-year term of this study.

EARTHWORK/GRADING/EROSION CONTROL

Description: The ground of the common areas is generally covered with grass or mulch.

Observations and Comments: No significant problems were observed. Grading throughout the common

areas appears adequate to direct water to the drainage swales and retention ponds.

PROPERTY ACCESS

Description: There are two main entrances to this property which are both located off of Horton Lane.

The north entrance is located on Willowsprings Boulevard and the south entrance is located on

Fountainwood Boulevard. There is a third entrance to the property located on Tristan Drive which is

accessed through a neighboring property.


WALKING PATH

Description: There is an asphalt-paved walking path located along the north side of Retention Pond 2



which extends approximately 1,840 linear feet.

Observations and Comments: The walking path shows typical signs of cracking and deterioration. Refer to

the following photos taken approximately 615-feet and 925-feet into the walkway from the Pool House.

Nearby tree roots appear to be causing damage to some sections of the walking path. Refer to the

following photos taken approximately 1,200-feet into the walking path from the Pool House.

We have included a line item toward patching and crack repair of the asphalt-paved walking path on a 5-

year cycle beginning in 2018 with a 1.5" walking path overlay projection anticipated in 2028.

PARKS

Description: There are two park-type areas located on this property. Verandah Park is located near the

intersection of Verandah Lane and Sundance Lane, and Zinnia Park is located near the intersection of

Zinnia Lane and Rosebud Creek. Each park is provided with landscaping, irrigation, landscape lighting, and



benches. Verandah Park is also provided with a fountain.


ENTRANCE MONUMENTS

Description: The property is identified by stone veneer entrance monuments located at the two main

entrances to the property. There are two large entrance monuments at the north entrance to the

property at Willowsprings Boulevard and two smaller entrance monuments which were recently

constructed at the south entrance to the property at Fountainwood Boulevard.

There are smaller stone veneer entrance monuments which identify the sub-sections of the property

which include Shannon Place, The Village, and Waterford Park. Additionally, there is a small bridge over

two large drainage culverts that is provided with decorative stone veneer railings which is located near

the south end of Retention Pond 1.

Observations and Comments: We observed vertical cracks behind two sections of the south entrance

monument at the Willowsprings Boulevard entrance. The width of the cracks measured approximately

1/8-inch near the base of the monument and widened to a measurement of approximately 1/4-inch near

the top of the monument. This could indicate differential settlement of the entrance monument. We

recommend that a structural evaluation be conducted to examine the cracking to determine if a repair

plan is needed. Refer to the following photos.



We observed a vertical crack behind one section of the north entrance monument at the Willowsprings

Boulevard entrance. The width of the crack appears uniform throughout the height of the monument. We

recommend that this crack be sealed to prevent further damage from freeze/thaw cycles and that this

crack be monitored for future movement. Refer to the following photo.



We observed evidence of deterioration of the parge-coating behind one section of the north entrance

monument at the Willowsprings Boulevard entrance. Refer to the following photo.

We observed a vertical crack behind the Shannon Place entrance monument. The width of the crack

appears uniform throughout the height of the monument. We recommend that this crack be sealed to

prevent further damage from freeze/thaw cycles and that this crack be monitored for future movement.

Refer to the following photo.



We observed evidence of deterioration of the parge-coating behind the Waterford Park entrance

monument. Refer to the following photo.

We have included an allowance toward the repair of the entrance monuments on a 5-year cycle beginning

in 2016.

LANDSCAPE LIGHTING

Description: Landscape lighting is installed at the entrance monuments, at both parks, and along each side

of Willowsprings Boulevard between the main entrance to the property and the first turnabout.

Observations and Comments: Some of the landscape lighting at the entrance monuments at

Willowsprings Boulevard were knocked over and possibly damaged. Refer to the following photos.

We have included a line item for the upgrading of the landscape lighting anticipated in 2024.



LANDSCAPING

Description: Landscaping around this property consists of flowers, bushes and trees planted around the

entrance monuments, around the Pool House, around the parks, and along the roadways throughout the

property.

Observations and Comments: No significant problems or deterioration which would indicate other

problems were observed.

Maintenance of the landscaping is considered an operations and maintenance budget item. However,

based on a conversation with the HOA Board Treasurer, we understand that there have been ongoing

maintenance costs associated with tree pest control and tree removal. Therefore, we have included an

annual allowance toward tree trimming, removal and pest control. We have included two additional

allowances in years 2016 and 2017 for additional tree pest control projects.

WILLOW SPRINGS MASTER ASSOCIATION IRRIGATION

Description: There is an extensive lawn irrigation system which serves the landscaped areas around the

entrance monuments, Pool House, and both parks. There are five irrigation controllers located behind two

of the entrance monuments, at the Pool House, at Zinnia Park and near the back of the subdivision..

Water is pumped from the ponds to serve the irrigation system. There are irrigation pump systems

located at Ponds 1, 2 and 3.

The irrigation pump system at Pond 3 is rated 10-HP and is provided with a filter system and a pressure

tank. We understand that the existing centrifugal pump suction line in Pond 3 will likely be replaced by a

triplex discharge line strainer assembly with a self-cleaning strainer in the future.

The irrigation pump system at Pond 1 is installed underground and could not be accessed during the time

of the site visit. We assume that the Pond 1 pump system is similar to the pump system at Pond 3.

The Pond 2 pump system consists of a pump and controllers which are located in the pool building storage

room. The pump for this system was recently replaced and is approximately two years old.


We have included the following projections in the financials for this study:

Master Irrigation Component Year

Irrigation System - Allowance 2020 (5-year cycle)

Irrigation System Controllers - Replace 2017 (10-year cycle)

Pond 1 Irrigation Pump System - Replace 2017 (10-year cycle)



Master Irrigation Component Year



NEO-TRADITIONAL OWNERS ASSOCIATION IRRIGATION

Description: Based on a conversation with the HOA Board Treasurer, we understand that all 142 of the

Neo-Traditional homes on this property are provided with an individual irrigation system. We did not have

access to one of these systems during the site visit, but we understand that there is an irrigation controller

and backflow preventer located in the garage of each home.

Observations and Comments: No significant problems were observed. We have included a separate set of

financials for the irrigation system components of the Neo-Traditional Owners Association.

We have included the following projections in the financials for the Neo-Traditional Owners Association:

Neo-Traditional Irrigation Component Year

Irrigation System - Allowance 2019 (5-year cycle)

Irrigation Controllers - Allowance 2016 (1-year cycle)

Irrigation Backflow Preventers - Allowance 2016 (1-year cycle)

MECHANICAL

ELECTRICAL

Description: Electrical service to the Pool House, landscape lighting, irrigation controllers, and pond

aerators consists of three-wire, 120/240 volt systems. The main electrical service cable comes to these

areas underground. No excavation on or near the property should be done unless the electric utility has

been consulted.

Our investigation of the electrical system is limited to the visible components in the common areas of the

buildings, the entrance cable, meter box, service panels, common area outlets and switches, and the

visible portions of the wiring. The covers of the service panels were not removed to investigate the

conditions in them.

A large portion of the electrical system is hidden behind walls and ceilings, and, obviously, all the

conditions relating to these unseen areas cannot be known. While some components of the system are



readily discernible, not all conditions that can lead to the interruption of electrical service, or that are

hazardous can be identified.


We have included an allowance toward general electrical repairs throughout the common areas of the

property on a 5-year cycle beginning in 2019.

Pool House

PAVING

Description: The Pool House parking area consists of approximately 925 square yards of asphalt

pavement.

Observations and Comments: The pavement was last sealed in 2010 and shows typical signs of

deterioration and cracking. Refer to the following photos.

We recommend crack repair, patching, and sealing of the asphalt pavement every three-to-five years. This

extends the life of the pavement and benefits the homeowners by maintaining the aesthetic appearance

of the grounds and perceived value of the property. A seal coat is increasingly helpful where parked cars

leak damaging fluids on the pavement.

We have included projections for the patching, crack repair, and sealing of the pavement on a 5-year cycle

beginning in 2016. We have also included a 1.5" overlay projection anticipated in 2026.

STRUCTURE

Description: The basic construction of the Pool House consists of wood-framed walls, ceilings and roof

built on a concrete slab-on-grade. No drawings were reviewed and our understanding is based upon visual



evaluation only.


ROOFING

Description: The roof covering on this building consists of architectural-grade asphalt shingles that,

according to the HOA Board Treasurer, were replaced in 2015. The roof is sloped and provided with

aluminum gutters and downspouts for drainage. This type of roof covering generally has an anticipated

useful life of 20-25 years. Maintenance and repair must be performed within the guidelines of the

warranty.


We have included projections for the replacement of the roof covering in 2037, and the gutters and

downspouts in 2034.

EXTERIOR

Description: The exterior of the building primarily consists of painted cement fiberboard siding with a

section of brick veneer along the base of the building. The exterior ceiling of the Pool House consists of a

vinyl ceiling panel system. Fiberglass exterior doors provide access to the Pool House bathrooms, storage

room, and the swimming pool mechanical equipment room. The Pool House is also provided with two

drinking fountains.

Observations and Comments: Based on a conversation with the HOA Board Treasurer, we understand

that the vinyl ceiling panels show signs of damage apparently caused by pressure washing the ceiling. We

understand that the HOA Board plans on replacing the vinyl ceiling panels with painted wood, beadboard-

type panels. Refer to the following photos.



We observed some separation between the crosshead and the exterior wall above the entrance to the

men's bathroom and closet. Refer to the following photo.



The exterior of the Pool House showed typical signs of deteriorated paint primarily along the trim. Refer

to the following photos.

We observed evidence of water collecting near the brick veneer along the front of the building just right

of the entrance to the swimming pool area. Refer to the following photo.

Brick veneer, when installed properly, has a long, relatively low maintenance life. Cement fiberboard

siding, when installed properly and regularly re-finished, has a relatively long estimated useful life.


Pool House Exterior Component Year

Pool House Exterior - Paint 2018

Pool House Cement Fiberboard Siding - Replace This line item has been included as a



Pool House Exterior Component Year

means to identify future projections which

are past the 30-year term of this study.

Pool House Vinyl Ceiling - Replace With Wood 2017

Pool House Ceiling - Paint 2032

Pool House Exterior Doors - Replace 2034

Pool House Drinking Fountains - Replace 2020

INTERIOR

Description: The Pool House is provided with both a men's and a women's bathroom. The bathrooms are

provided with painted gypsum wallboard ceilings and walls with tile flooring. Each bathroom is provided

with 10 individual lockers for resident use. There is a 1.25-inch backflow preventer located in the storage

room on the south side of the building.

Observations and Comments: We observed evidence of rust along the base of some of the lockers in the

men's bathroom. Refer to the following photo.



We observed some missing tile along the base of the wall in the women's bathroom. Refer to the

following photo.

We have included a line item toward bathroom repairs on a 5-year cycle beginning in 2016, with the

replacement of the lockers anticipated in 2034. We have also included a line item for the replacement of

the Pool House backflow preventer anticipated in 2020.

SECURITY

Description: Access to the swimming pool area is guarded by two gates with a keypad access control

system.

Observations and Comments: No significant problems were observed. Based on a conversation with the

HOA Board Treasurer, we understand that the HOA Board is interested in installing a security camera

system at the Pool House in the future.

We have included projections for the replacement of the security-controlled access system in 2019 with

the replacement of the gates anticipated in 2029. We have included an additional line item for the

installation of a security camera system at the Pool House anticipated in 2017.

SWIMMING POOL

Description: There is a built-in swimming pool with an approximate capacity of 75,000 gallons. The

swimming pool has a plaster surface and is provided with waterline tile and pre-cast concrete coping

around the perimeter. The swimming pool deck is concrete and the perimeter of the swimming pool area

is provided with an aluminum fence. The swimming pool furniture consists of chaise lounges, dining tables

and chairs, smaller end tables, and umbrellas.

The swimming pool mechanical equipment is located in a room on the north side of the Pool House. The

mechanical equipment consists of a pump, three filters and a salt system with three salt cells.



Observations and Comments: We observed deteriorated caulking around the pre-cast concrete coping at

the perimeter of the swimming pool. Refer to the following photos.

We observed a damaged chaise lounge in the entrance breeze way of the Pool House. Refer to the

following photo.


Swimming Pool Component Year

Swimming Pool Deck - Repair Allowance 2019 (5-year cycle)

Swimming Pool Perimeter Fence - Replace This line item has been included as a

means to identify future projections which

are past the 30-year term of this study.



Swimming Pool Component Year

Swimming Pool - Replaster 2025

Swimming Pool Tile Border - Replace 2025

Swimming Pool Coping - Replace 2025

Swimming Pool Pump - Replace 2016

Swimming Pool Salt Cells - Replace 2017 (3-year cycle)

Swimming Pool Filters - Replace 2037

Swimming Pool Filters Sand Media - Replace 2017 (5-year cycle)

Swimming Pool Chairs, Chaise Lounges & Umbrellas -

Replace

2016

Swimming Pool Picnic & End Tables - Replace 2026

PLAYGROUND

Description: There is a playground with a play set and swing set located across the street from the Pool

House. The playground is provided with rubber mulch surrounded by a plastic border.



Playground Component Year

Playground Play Set - Replace 2029

Playground Swing Set - Replace 2029

Playground Plastic Border - Replace 2029

Playground Rubber Mulch - Replace 2019



OTHER

UPDATES

Description: An estimate for the update of the Reserve Study has been included in the financial

projections.



OBSERVATIONS AND COMMENTS SUMMARY

Following is a summary of the Observation and Comments grouped according to their report Section(s):

The walking path shows typical signs of cracking and deterioration.

Nearby tree roots appear to be causing damage to some sections of the walking path.

We observed vertical cracks behind two sections of the south entrance monument at the Willowsprings

Boulevard entrance. The width of the cracks measured approximately 1/8-inch near the base of the

monument and widened to a measurement of approximately 1/4-inch near the top of the monument.

This could indicate differential settlement of the entrance monument. We recommend that a structural

evaluation be conducted to examine the cracking to determine if a repair plan is needed.

We observed a vertical crack behind one section of the north entrance monument at the Willowsprings

Boulevard entrance. The width of the crack appears uniform throughout the height of the monument. We

recommend that this crack be sealed to prevent further damage from freeze/thaw cycles and that this

crack be monitored for future movement.

We observed evidence of deterioration of the parge-coating behind one section of the north entrance

monument at the Willowsprings Boulevard entrance.

We observed a vertical crack behind the Shannon Place entrance monument. The width of the crack

appears uniform throughout the height of the monument. We recommend that this crack be sealed to

prevent further damage from freeze/thaw cycles and that this crack be monitored for future movement.

We observed evidence of deterioration of the parge-coating behind the Waterford Park entrance

monument.

Some of the landscape lighting at the entrance monuments at Willowsprings Boulevard were knocked

over and possibly damaged.

The pavement was last sealed in 2010 and shows typical signs of deterioration and cracking.

Based on a conversation with the HOA Board Treasurer, we understand that the vinyl ceiling panels show

signs of damage apparently caused by pressure washing the ceiling. We understand that the HOA Board

plans on replacing the vinyl ceiling panels with painted wood, beadboard-type panels.

We observed some separation between the crosshead and the exterior wall above the entrance to the

men's bathroom and closet.

The exterior of the Pool House showed typical signs of deteriorated paint primarily along the trim.

We observed evidence of water collecting near the brick veneer along the front of the building just right



of the entrance to the swimming pool area.

We observed evidence of rust along the base of some of the lockers in the men's bathroom.

We observed some missing tile along the base of the wall in the women's bathroom.

We observed deteriorated caulking around the pre-cast concrete coping at the perimeter of the

swimming pool.

We observed a damaged chaise lounge in the entrance breeze way of the Pool House.



RESERVE FUND ANALYSIS

We have analyzed the projected capital expenditures and calculated a reserve cash flow need. The

following is a reserve fund financial analysis for non-annual items as discussed in the report. These

financial worksheets take into consideration a reasonable return on invested moneys and inflation.

Please review this thoroughly and let us know of any changes that may be desired. The intent of this

reserve fund financials is to help the Association develop a reserve fund to provide for anticipated repair

or replacements of various system components throughout the term of the study. Many different

variables, such as season, locale, and inflation, affect the final cost of any project. Consultation with a

competent contractor capable of performing this work will provide you with an actual estimate.

Lacking actual estimates from contractors bidding on the work, costs are developed through our own

experience and from published cost indexes such as Means Construction Cost Data. Useful life information

is obtained from published information provided by the Federal National Mortgage Association (FNMA),

other authoritative sources and our own experience. This information lists national averages for

component useful lives.

The capital items listed are those that are typically the responsibility of the association and are derived

from a list provided by the property manager. However, association by-laws vary, and therefore, which

components are the responsibility of the owner and which are the responsibility of the Association can

vary. You should confirm that the items listed should be financed by the reserve fund.

The property manager provided the following information for the Willow Springs Master Association:

Reserve Fund Balance as of January 1, 2016 $18,090

Reserve Contributions to be collected until Study Effective Date $0

Less Projected Reserve Expenditures $0

Projected Year-End Reserve Balance before the Effective Date $18,090

The property manager provided the following information for the Neo-Traditional Owners Association:

Reserve Fund Balance as of January 1, 2016 $20,348

Reserve Contributions to be collected until Study Effective Date $0

Less Projected Reserve Expenditures $0

Projected Year-End Reserve Balance before the Effective Date $20,348

The Reserve Fund Projections (financials) in the Appendix provides the following:

An input sheet that defines all the criteria used for the financial alternatives, including the assumed

inflation rate and rate of return on deposited reserve funds.

A table that lists anticipated replacement and/or repair items complete with estimated remaining life

expectancies, projected costs of replacement and/or repair, a frequency in years of when these items



require replacement and/or repair, and a projection based on this frequency.

A table and graph that represent end-of-year balances versus capital expenditures based on your

current funding program and reserve balances, and alternatives to your current program. The

provided graphs illustrate what effects the funding methods will have over the presented life of the

study versus the anticipated capital expenditures. Care should be taken in analyzing the graphs due to

varying graphic scales that occur within each graph and between graphs.

This study is based upon a Cash Flow Method using a Threshold Funding goal. The Cash Flow Method

looks at reserve requirements each year and then calculates what the cash requirements will be each

year. Our funding goal is to maintain a positive balance in the reserve fund at or above the threshold

amount with an additional goal of achieving 60 percent funding throughout the study term.

We have defined the threshold or minimum allowed reserve balance as the average annual expenditure.

In addition, as an additional measure of Association reserve funding health, we have included information

about percent of Full Funding. The funding alternatives we have provided are based on maintaining a

minimum reserve balance above a threshold value using Cash Flow Method. They are also based on

keeping the percent funding as close to the goal as possible. By doing so, there is less of a possibility of a

special assessment.

To show these methods, we have included the percent funding values on the Alternative Funding Charts

as well as a target percent funding level line. This can be informative because there may be years when

even though the minimum cash flow requirements are met, future years would have a large projected

cash outlay, which would be shown by the percent funding measurement.

As a result, we do not expect or anticipate to rigidly meet a particular percent funding target. We do

expect and anticipate, however, to meet the Reserve threshold cash flow requirements throughout the

entire 30-year term of the study and to use the percent funding target as a reserve balance positioning

tool.

Note that based upon the information provided to us, and our own estimates of costs and useful lives

of capital assets, and taking inflation and return on investment into account, the current funding rates

will not be adequate to fund the reasonable, expected capital expenditures over the 30-year life of the

study.

The association should bear in mind that unanticipated expenditures can always arise and maintenance of

a significant reserve fund balance can be viewed as an important way to avoid special assessments.

We have included three alternatives to your current funding program and recommend that the board

adopt an alternative that best reflects the objectives of the community.

All funding alternatives are based on a revised funding amount beginning January 1, 2016. They are based

on the entire Association as a single unit.



We have used an inflation rate of 2.8% based on CPI over the last 30 years, and a rate of return on

investment of 2.8% based on the understanding that the Association will be able to obtain returns in line

with inflation.

We have used the projected average annual expenditure rate of $55,495 as our threshold for the Willow

Springs Master Association reserve fund account balance.

We have used the projected average annual expenditure rate of $15,246 as our threshold for the Neo-

Traditional Owners Association reserve fund account balance.

In summary, the Willow Springs Master Association funding alternatives are as follows:

2016 Funding Rate: $56,780 per year

Alternative 1: Keep the current funding rate of $56,780 per year through 2016. Beginning January 1,

2017, set the annual contribution to the reserves at $50,000 per year. In the following 14 years, beginning

in 2018 through 2031, increase the annual contribution to the reserves by $750 per year. For the

remaining years of the study term, 2032 through 2045, the annual contribution rate remains constant at

$60,500 per year.


2017, set the annual contribution to the reserves at $50,000 per year. In the following 14 years, beginning

in 2018 through 2031, increase the annual contribution to the reserves by 1.5% per year. For the

remaining years of the study term, 2032 through 2045, the annual contribution rate remains constant at

$61,588 per year.


2017, set the annual contribution to the reserves at $50,000 per year. Every following year, 2018 through

2045, increase the annual contribution to the reserves by 1.0% per year.



In summary, the Neo-Traditional Owners Association funding alternatives are as follows:

2016 Funding Rate: $0

Alternative 1: Keep the current funding rate of $0 per year through 2016. Beginning January 1, 2017, set

the contribution to the reserves at $11,250 per year. Every following year, beginning in 2018 through

2045, increase the annual contribution to the reserves by $275 per year.


the contribution to the reserves at $11,250 per year. Every following year, beginning in 2018 through

2045, increase the annual contribution to the reserves by 2.0% per year.


the contribution to the reserves at $10,250 per year. In the following 9 years, beginning in 2018 through

2026, increase the annual contribution to the reserves by 5.0% per year. For the remaining years of the

study term, 2027 through 2045, the annual contribution rate remains constant at $15,901 per year.

These funding alternatives are projected to maintain a positive balances at or near the threshold while

targeting a 60% funding goal.

The Reserve Fund Projections in the Appendix lists estimated capital reserves from 2016 through 2045.



LIMITATIONS

The observations described in this study are valid on the date of the investigation and have been made

under the conditions noted in the report. We prepared this study for the exclusive use of . Onsite

Engineering does not intend any other individual or party to rely upon this study without our express

written consent. If another individual or party relies on this study, they shall indemnify and hold Onsite

Engineering harmless for any damages, losses, or expenses they may incur as a result of its use.

Information provided by the representatives of the association regarding financial, physical, quantity or

historical issues will be deemed reliable by Onsite Engineering. The reserve study will be a reflection of

the information provided to us and assembled for the association's use. An independent audit or

verification of the information provided to us is beyond the scope of this study. The purpose of this study

is not to perform an audit, quality/forensic analyses or to perform background checks of historical

records. This study relies on data provided to us by the client, the client’s representative, contractors

and/or management company. It also assumes that the property will be properly maintained in order to

obtain industry acceptable property component estimated useful lives.

All measurements or quantities are approximate. Any quantities are based upon field measurements

when plans of the buildings or site are not provided to us. Unless specifically described above, no

construction documents were reviewed, and no comments are made regarding conformance or non-

conformance to plans and specifications. No guarantee or warranty as to future life, performance, or

need for repair of any item inspected is intended or implied.

Please keep in mind that our review of this property focuses on the structural, mechanical and functional

conditions of the common areas. While some mention within this report may be made regarding life

safety issues, this report is not to be considered a life safety/code compliance review of this property.

Further, issues regarding handicap accessibility and other related issues adopted under the Americans

with Disabilities Act (ADA) or the Fair Housing Amendments Act are not included in this report, since this

was beyond the intended scope of services. Some comments about ADA or Fair Housing Act compliance

may be mentioned in the "General" section of this report.

This study is limited to the visual observations made during our inspection. We did not remove surface

materials, conduct any destructive or invasive testing, move furnishings or equipment, or undertake any

digging or excavation. Accordingly, we cannot comment on the condition of systems that we could not

see, such as buried structures and utilities, nor are we responsible for conditions that could not be seen or

were not within the scope of our services at the time of the investigation. We did not undertake to

completely assess the stability of the buildings or the underlying foundation soil since this effort would

require excavation and destructive testing. Likewise, this is not a seismic assessment.



We did not investigate the following areas:

Buried utilities or infrastructure

Concealed structural members or systems

Attic areas

We do not render an opinion on uninvestigated portions of the community.

We did not perform any computations or other engineering analysis as part of this evaluation, nor did we

conduct a comprehensive code compliance investigation. This study is not to be considered a warranty of

condition, and no warranty is implied. The appendices are an integral part of this report and must be

included in any review.

In our Reserve Fund Analysis, we have provided estimated costs. These costs are based on our general

knowledge of building systems and the contracting and construction industry. When appropriate, we have

relied on standard sources, such as Means Building Construction Cost Data, Craftsman Construction Books

etc. to develop estimates. Any costs or other comments contained herein do not necessarily infer that

subcontracts, quotes or opinions of other professionals were solicited or obtained. However, for items

that we have developed costs (e.g.: structural repairs), no standard guide for developing such costs exists.

Actual costs can vary significantly, based on the availability of qualified contractors to do the work, as well

as many other variables. We cannot be responsible for the specific cost estimates provided.



CONCLUSION

In summary, we consider this property to be in generally good condition when compared to others of

similar age and construction type. We recommend that this report be reviewed and updated periodically.

The property conditions should also be evaluated periodically as part of that review. This updating is to

identify additional concerns which may have developed and, if planned for early enough, may be

coordinated into current funding budgets with the least impact on the individual homeowners. An

estimate for the update of the Reserve Study has been included in the financial projections.

This report has been prepared in strict confidence with you as our client. No reproduction or reuse will be

undertaken with any third party without your express written or oral consent.

If you have any questions about this study or the reserve fund analysis, please feel free to contact us.

Thank-you for the opportunity to be of assistance to you.

Respectfully submitted,

Andrew Hart, EIT, RS

Engineering Technician

Reviewed By:

Mark J. Smith, P.E., RS

Certified Building Inspection Engineer



RESERVE FUND PROJECTIONS

MASTER ASSOCIATION RESERVES

FINANCIALS

Components List and CostsAge: 13 Partial Year Start: 1/1/2016

No. Homes: 344 Fiscal Year Start: 1/1/2016

Report Date: 1/22/2016

1 SITE

2 Detention Pond Swales & Riprap - Allowance 1 LS 2,500.00$ 2,500.00$ 5 3

3 Pond Aerators - Allowance 1 LS 12,500.00$ 12,500.00$ 5 2

4 Pond Wells (Phase 1) - Replace 1 EA 2,500.00$ 2,500.00$ 10 8

5 Pond Wells (Phase 2) - Replace 2 EA 2,500.00$ 5,000.00$ 10 2

5 Pond Dock - Replace 1 LS 5,400.00$ 5,400.00$ 20 9

6 Pond - Dredging Project 1 LS -$ 50 37

7 Asphalt Walking Path - Patch & Crack Seal 1 LS 3,000.00$ 3,000.00$ 5 2

8 Asphalt Walking Path - Overlay 1,738 SY 12.50$ 21,725.00$ 20 12

9 Entrance Monuments - Allowance 1 LS 13,650.00$ 13,650.00$ 5 0

10 Landscape Lighting - Upgrade 1 LS 10,000.00$ 10,000.00$ 20 8

11 Tree Pest Treatment (Phase 1) - Allowance 1 LS 10,000.00$ 10,000.00$ 1000000 0

12 Tree Pest Treatment (Phase 2) - Allowance 1 LS 10,000.00$ 10,000.00$ 1000000 1

13 Tree Trimming, Removal & Pest Treatment - Allowance 1 LS 10,000.00$ 10,000.00$ 1 0

14 Irrigation System - Allowance 1 LS 10,000.00$ 10,000.00$ 5 4

15 Irrigation System Controllers - Replace 5 EA 500.00$ 2,500.00$ 10 1

16 Pond 1 Irrigation Pump System - Replace 1 EA 14,000.00$ 14,000.00$ 10 1 Pump, Filter & Strainer

17 Pond 2 Irrigation Pump System - Replace 1 EA 10,000.00$ 10,000.00$ 10 2 Pump

18 Pond 3 Irrigation Pump System - Replace 1 EA 2,000.00$ 2,000.00$ 10 8 Pump

19 MECHANICAL

20 Electrical - Repair Allowance 1 LS 3,000.00$ 3,000.00$ 5 4

21 POOL HOUSE

22 Pool House Parking - Patch & Crack Repair 1 LS 1,110.00$ 1,110.00$ 5 0

23 Pool House Parking - Seal Coat 925 SY 1.25$ 1,156.25$ 5 0

24 Pool House Parking - Overlay 925 SY 12.50$ 11,562.50$ 20 10

25 Pool House Roof Covering - Replace 1 LS 16,760.00$ 16,760.00$ 22 21 HOA Board Treasurer

26 Pool House Gutters & Downspouts - Replace 1 LS 2,645.00$ 2,645.00$ 30 18

27 Pool House Exterior - Paint 1 LS 3,010.00$ 3,010.00$ 10 2

28 Pool House Cement Fiberboard Siding - Replace 1 LS -$ 60 48

29 Pool House Vinyl Ceiling - Replace With Wood 1 LS 12,000.00$ 12,000.00$ 30 1

30 Pool House Ceiling - Paint 1 LS 2,500.00$ 2,500.00$ 15 16

31 Pool House Exterior Doors - Replace 6 EA 600.00$ 3,600.00$ 30 18

32 Pool House Drinking Fountains - Replace 2 EA 750.00$ 1,500.00$ 15 4

33 Pool House Bathrooms - Repair 2 EA 1,290.00$ 2,580.00$ 5 0

34 Pool House Bathroom Lockers - Replace 20 EA 150.00$ 3,000.00$ 30 18

35 Pool House Backflow Preventer - Replace 1 EA 1,000.00$ 1,000.00$ 15 4 1.25"

36 Pool House Security Access Gates Controller - Replace 1 EA 2,500.00$ 2,500.00$ 15 3

37 Pool House Security Access Gates - Replace 2 EA 750.00$ 1,500.00$ 25 13

38 Pool House Security Cameras - Install/Replace 1 LS 5,000.00$ 5,000.00$ 10 1

39 SWIMMING POOL

Comment / ReferenceComponent Qty U/M Unit Cost Reserve

Requirement

Estimated

Useful Life

(EUL)

Willow Springs Master Association645 Springdale Drive

Franklin, TN 37064

# Remaining

Useful Life

(RUL)

Components List and Costs Page 1 ©2014 Onsite Engineering

FINANCIALS

Components List and CostsComment / ReferenceComponent Qty U/M Unit Cost Reserve

Requirement

Estimated

Useful Life

(EUL)

# Remaining

Useful Life

(RUL)

40 Swimming Pool Deck - Repair Allowance 1 LS 1,515.00$ 1,515.00$ 5 3

41 Swimming Pool Perimeter Fence - Replace 275 LF -$ 50 38

42 Swimming Pool - Replaster 1 LS 22,090.00$ 22,090.00$ 10 9 HOA Board Treasurer

43 Swimming Pool Tile Border - Replace 1 LS 7,055.00$ 7,055.00$ 20 9

44 Swimming Pool Coping - Replace 1 LS 8,635.00$ 8,635.00$ 20 9

45 Swimming Pool Pump - Replace 1 EA 3,400.00$ 3,400.00$ 10 0 5-HP

46 Swimming Pool Salt Cells - Replace 3 EA 1,000.00$ 3,000.00$ 3 1

47 Swimming Pool Filters - Replace 3 EA 1,000.00$ 3,000.00$ 30 21

48 Swimming Pool Filters Sand Media - Replace 3 EA 900.00$ 2,700.00$ 5 1

49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace 1 LS 5,000.00$ 5,000.00$ 5 0 One-Third of the Furniture

50 Swimming Pool Picnic & End Tables - Replace 1 LS 5,000.00$ 5,000.00$ 20 10

51 PLAYGROUND

52 Playground Play Set - Replace 1 LS 5,000.00$ 5,000.00$ 25 13

53 Playground Swing Set - Replace 1 LS 1,500.00$ 1,500.00$ 25 13

54 Playground Plastic Border - Replace 1 LS 3,500.00$ 3,500.00$ 25 13

55 Playground Rubber Mulch - Replace 1 LS 5,000.00$ 5,000.00$ 15 3

56 OTHER

57 Reserve Study Update 1 EA 2,165.00$ 2,165.00$ 3 2

Abbreviations: EA - Each, LF- Linear Feet, LS - Lump Sum, SF - Square Feet, SQ - Square, SY - Square Yard, U/M - Unit of Measure


Projected Reserve Expenses by Year

# Reserve Component 1 2 3 4 5 6 7 8 9 10

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1 SITE

2 Detention Pond Swales & Riprap - Allowance 2,716$ 3,118$

3 Pond Aerators - Allowance 13,210$ 15,166$

4 Pond Wells (Phase 1) - Replace 3,118$

5 Pond Dock - Replace 6,924$

6 Pond - Dredging Project

7 Asphalt Walking Path - Patch & Crack Seal 3,170$ 3,640$

8 Asphalt Walking Path - Overlay

9 Entrance Monuments - Allowance 13,650$ 15,671$

10 Landscape Lighting - Upgrade 12,472$

11 Tree Pest Treatment (Phase 1) - Allowance 10,000$

12 Tree Pest Treatment (Phase 2) - Allowance 10,280$

13 Tree Trimming, Removal & Pest Treatment - Allowance 10,000$ 10,280$ 10,568$ 10,864$ 11,168$ 11,481$ 11,802$ 12,133$ 12,472$ 12,821$

14 Irrigation System - Allowance 11,168$ 12,821$

15 Irrigation System Controllers - Replace 2,570$

16 Pond 1 Irrigation Pump System - Replace 14,392$



19 MECHANICAL

20 Electrical - Repair Allowance 3,350$ 3,846$

21 POOL HOUSE

22 Pool House Parking - Patch & Crack Repair 1,110$ 1,274$

23 Pool House Parking - Seal Coat 1,156$ 1,327$

24 Pool House Parking - Overlay

25 Pool House Roof Covering - Replace

26 Pool House Gutters & Downspouts - Replace

27 Pool House Exterior - Paint 3,181$

28 Pool House Cement Fiberboard Siding - Replace

29 Pool House Vinyl Ceiling - Replace With Wood 12,336$

30 Pool House Ceiling - Paint

31 Pool House Exterior Doors - Replace

32 Pool House Drinking Fountains - Replace 1,675$

33 Pool House Bathrooms - Repair 2,580$ 2,962$

34 Pool House Bathroom Lockers - Replace

35 Pool House Backflow Preventer - Replace 1,117$

36 Pool House Security Access Gates Controller - Replace 2,716$

37 Pool House Security Access Gates - Replace

38 Pool House Security Cameras - Install/Replace 5,140$

39 SWIMMING POOL

40 Swimming Pool Deck - Repair Allowance 1,646$ 1,890$

41 Swimming Pool Perimeter Fence - Replace

42 Swimming Pool - Replaster 28,323$

43 Swimming Pool Tile Border - Replace 9,046$

44 Swimming Pool Coping - Replace 11,071$

45 Swimming Pool Pump - Replace 3,400$

46 Swimming Pool Salt Cells - Replace 3,084$ 3,350$ 3,640$

47 Swimming Pool Filters - Replace


Franklin, TN 37064

Projected Reserve Expenses by Year, Page 3 ©2014 Onsite Engineering



2016 2017 2018 2019 2020 2021 2022 2023 2024 2025


Franklin, TN 37064

48 Swimming Pool Filters Sand Media - Replace 2,776$ 3,187$

49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace 5,000$ 5,740$

50 Swimming Pool Picnic & End Tables - Replace

51 PLAYGROUND

52 Playground Play Set - Replace

53 Playground Swing Set - Replace

54 Playground Plastic Border - Replace

55 Playground Rubber Mulch - Replace 5,432$

56 OTHER

57 Reserve Study Update 2,288$ 2,486$ 2,700$

Inflated Total For Each Year 46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$



# Reserve Component

1 SITE

2 Detention Pond Swales & Riprap - Allowance

3 Pond Aerators - Allowance

4 Pond Wells (Phase 1) - Replace

5 Pond Dock - Replace


7 Asphalt Walking Path - Patch & Crack Seal


9 Entrance Monuments - Allowance

10 Landscape Lighting - Upgrade

11 Tree Pest Treatment (Phase 1) - Allowance


13 Tree Trimming, Removal & Pest Treatment - Allowance

14 Irrigation System - Allowance

15 Irrigation System Controllers - Replace

16 Pond 1 Irrigation Pump System - Replace



19 MECHANICAL

20 Electrical - Repair Allowance

21 POOL HOUSE

22 Pool House Parking - Patch & Crack Repair

23 Pool House Parking - Seal Coat




27 Pool House Exterior - Paint


29 Pool House Vinyl Ceiling - Replace With Wood



32 Pool House Drinking Fountains - Replace

33 Pool House Bathrooms - Repair


35 Pool House Backflow Preventer - Replace

36 Pool House Security Access Gates Controller - Replace


38 Pool House Security Cameras - Install/Replace

39 SWIMMING POOL

40 Swimming Pool Deck - Repair Allowance


42 Swimming Pool - Replaster

43 Swimming Pool Tile Border - Replace

44 Swimming Pool Coping - Replace

45 Swimming Pool Pump - Replace

46 Swimming Pool Salt Cells - Replace



Franklin, TN 37064

11 12 13 14 15 16 17 18 19 20

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

3,580$ 4,110$

17,411$ 19,989$

4,110$

4,179$ 4,797$

30,261$

17,991$ 20,655$

13,180$ 13,550$ 13,929$ 14,319$ 14,720$ 15,132$ 15,556$ 15,991$ 16,439$ 16,899$

14,720$ 16,899$

3,387$

18,969$

13,929$

3,288$

4,416$ 5,070$

1,463$ 1,680$

1,524$ 1,750$

15,240$

4,348$

4,193$

3,889$

5,918$

2,535$

3,401$ 3,904$

4,932$

1,690$

4,110$

2,148$

6,775$

2,169$ 2,491$

37,331$

4,481$

3,954$ 4,296$ 4,667$ 5,070$



# Reserve Component

1 SITE


Franklin, TN 37064

48 Swimming Pool Filters Sand Media - Replace

49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace


51 PLAYGROUND




55 Playground Rubber Mulch - Replace

56 OTHER

57 Reserve Study Update

Inflated Total For Each Year

11 12 13 14 15 16 17 18 19 20

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

3,658$ 4,200$

6,590$ 7,566$

6,590$

7,159$

2,148$

5,012$

8,220$

2,933$ 3,187$ 3,462$

74,415$ 49,273$ 83,901$ 40,830$ 37,043$ 50,687$ 28,311$ 44,240$ 57,964$ 85,494$



# Reserve Component

1 SITE

2 Detention Pond Swales & Riprap - Allowance

3 Pond Aerators - Allowance

4 Pond Wells (Phase 1) - Replace

5 Pond Dock - Replace


7 Asphalt Walking Path - Patch & Crack Seal


9 Entrance Monuments - Allowance

10 Landscape Lighting - Upgrade



13 Tree Trimming, Removal & Pest Treatment - Allowance


15 Irrigation System Controllers - Replace




19 MECHANICAL

20 Electrical - Repair Allowance

21 POOL HOUSE

22 Pool House Parking - Patch & Crack Repair

23 Pool House Parking - Seal Coat




27 Pool House Exterior - Paint


29 Pool House Vinyl Ceiling - Replace With Wood



32 Pool House Drinking Fountains - Replace

33 Pool House Bathrooms - Repair


35 Pool House Backflow Preventer - Replace

36 Pool House Security Access Gates Controller - Replace


38 Pool House Security Cameras - Install/Replace

39 SWIMMING POOL

40 Swimming Pool Deck - Repair Allowance


42 Swimming Pool - Replaster

43 Swimming Pool Tile Border - Replace

44 Swimming Pool Coping - Replace

45 Swimming Pool Pump - Replace

46 Swimming Pool Salt Cells - Replace



Franklin, TN 37064

21 22 23 24 25 26 27 28 29 30

2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

4,718$ 5,417$

22,949$ 26,347$

5,417$

12,028$

5,508$ 6,323$

23,713$ 27,225$

21,667$

17,372$ 17,859$ 18,359$ 18,873$ 19,401$ 19,945$ 20,503$ 21,077$ 21,667$ 22,274$

19,401$ 22,274$

4,465$

25,003$

18,359$

4,333$

5,820$ 6,682$

1,928$ 2,214$

2,009$ 2,306$

29,932$

5,526$

4,482$ 5,146$

8,929$

2,859$ 3,283$

49,204$

15,714$

19,234$

5,907$

5,508$ 5,983$ 6,500$

5,358$



# Reserve Component

1 SITE


Franklin, TN 37064

48 Swimming Pool Filters Sand Media - Replace

49 Swimming Pool Chairs, Chaise Lounges & Umbrellas - Replace


51 PLAYGROUND




55 Playground Rubber Mulch - Replace

56 OTHER

57 Reserve Study Update


21 22 23 24 25 26 27 28 29 30

2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

4,822$ 5,536$

8,686$ 9,972$

3,761$ 4,086$ 4,439$ 4,822$

67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

(28,806)$ (89,664)$ (132,649)$ (156,022)$ (187,850)$ (228,792)$ (243,780)$ (278,358)$ (316,623)$ (401,476)$ (475,891)$ (525,164)$ (609,065)$ (649,895)$ (686,938)$

56,780$ Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies

46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$

-17% -60% -89% -92% -103% -121% -109% -116% -125% -180% -234% -251% -334% -326% -309%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

(737,624)$ (765,936)$ (810,175)$ (868,139)$ (953,633)$ (1,021,492)$ (1,117,859)$ (1,194,067)$ (1,224,604)$ (1,269,227)$ (1,342,018)$ (1,372,496)$ (1,426,243)$ (1,494,528)$ (1,646,760)$

Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies Varies

50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$

-326% -309% -316% -285% -279% -288% -333% -352% -418% -448% -392% -365% -375% -332% -318%

Projected Beginning Reserve Fund Balance: 18,090$ Inflation: 2.80% Threshold: 55,495$

Present Total Annual Deposit to Reserves: Varies Return on Investment: 2.80% Funding Percent Target: 60%

RESERVE FUND ANALYSIS - EXISTING FUNDING RATE

Annual Deposits

Special Assessments

Actual Percent Funding

Ending Year Balance

Ending Year Balance

Special Assessments

Annual Deposits


Inflated Annual Expenditures


$(2,000,000)

$(1,500,000)

$(1,000,000)

$(500,000)

$-

$500,000

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

20

40

20

41

20

42

20

43

20

44

20

45

Do

lla

rs

Funding Years


Ending Year Balance $s at 60% Funding Target Threshold:

Financials Page 9 ©2014 Onsite Engineering

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

28,757$ 18,401$ 26,899$ 56,566$ 79,143$ 93,755$ 136,227$ 160,522$ 182,477$ 157,926$ 144,188$ 156,683$ 134,701$ 157,151$ 184,894$

56,780$ 50,000$ 50,750$ 51,500$ 52,250$ 53,000$ 53,750$ 54,500$ 55,250$ 56,000$ 56,750$ 57,500$ 58,250$ 59,000$ 59,750$

46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$

17% 12% 18% 33% 43% 50% 61% 67% 72% 71% 71% 75% 74% 79% 83%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

200,159$ 238,854$ 262,257$ 272,207$ 254,135$ 253,686$ 223,918$ 214,040$ 250,836$ 274,180$ 269,222$ 307,623$ 323,179$ 324,225$ 239,002$

60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$ 60,500$

50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$

86% 89% 90% 90% 89% 87% 84% 80% 80% 79% 75% 74% 72% 69% 58%

Increase Period (Years) : 1

Projected Beginning Reserve Fund Balance: 18,090$ Number of Increases : 15 Threshold: 55,495$

First Year Contribution : 56,780$ Return on Investment: 2.80% Periodic Increase : $750 Funding Percent Target: 60%


Annual Deposits

Special Assessments

Annual Deposits

Special Assessments


RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $750 Every Year Through 2031

Ending Year Balance


Ending Year Balance


$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

203

7

203

8

203

9

204

0

204

1

204

2

204

3

204

4

204

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Do

llars

Funding Years

RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $750 Every Year Through 2031 Ending Year Balance $s at 60% Funding Target Threshold


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

28,757$ 18,401$ 26,899$ 56,577$ 79,190$ 93,873$ 136,466$ 160,944$ 183,160$ 158,962$ 145,684$ 158,763$ 137,505$ 160,836$ 189,636$

56,780$ 50,000$ 50,750$ 51,511$ 52,284$ 53,068$ 53,864$ 54,672$ 55,492$ 56,325$ 57,169$ 58,027$ 58,897$ 59,781$ 60,678$

46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$

17% 12% 18% 33% 43% 50% 61% 67% 72% 71% 72% 76% 75% 81% 85%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

206,152$ 246,133$ 270,858$ 282,167$ 265,493$ 266,480$ 238,188$ 229,828$ 268,184$ 293,132$ 289,823$ 329,919$ 347,217$ 350,055$ 266,674$

61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$ 61,588$

50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$

88% 92% 93% 94% 93% 92% 89% 86% 86% 84% 81% 80% 77% 74% 64%



First Year Contribution : 56,780$ Return on Investment: 2.80% Periodic Increase : 1.5% Funding Percent Target: 60%

Percent Funding

Percent Funding

Ending Year Balance

Annual Deposits

Special Assessments


RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 1.5% Every Year Through 2031

Ending Year Balance

Annual Deposits

Special Assessments


$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

203

7

203

8

203

9

204

0

204

1

204

2

204

3

204

4

204

5

Do

llars

Funding Years

RESERVE FUND ANALYSIS - ALTERNATIVE 2 - Escalating Funding at 1.5% Every Year Through 2031

Ending Year Balance $s at 60% Funding Target Threshold


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

28,757$ 18,401$ 26,642$ 55,793$ 77,593$ 91,165$ 132,331$ 155,052$ 175,165$ 148,500$ 132,375$ 142,206$ 117,283$ 136,513$ 160,753$

56,780$ 50,000$ 50,500$ 51,005$ 51,515$ 52,030$ 52,551$ 53,076$ 53,607$ 54,143$ 54,684$ 55,231$ 55,783$ 56,341$ 56,905$

46,896$ 60,858$ 42,985$ 23,373$ 31,829$ 40,941$ 14,989$ 34,578$ 38,265$ 84,853$ 74,415$ 49,273$ 83,901$ 40,830$ 37,043$

17% 12% 18% 33% 42% 48% 59% 65% 69% 67% 65% 68% 64% 68% 72%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

172,231$ 207,624$ 228,229$ 235,906$ 216,106$ 214,494$ 184,153$ 174,312$ 211,780$ 236,455$ 233,511$ 274,635$ 293,649$ 298,916$ 218,705$

57,474$ 58,048$ 58,629$ 59,215$ 59,807$ 60,405$ 61,010$ 61,620$ 62,236$ 62,858$ 63,487$ 64,122$ 64,763$ 65,410$ 66,065$

50,687$ 28,311$ 44,240$ 57,964$ 85,494$ 67,859$ 96,367$ 76,208$ 30,537$ 44,623$ 72,791$ 30,478$ 53,747$ 68,285$ 152,232$

74% 77% 79% 78% 76% 74% 69% 65% 68% 68% 65% 66% 65% 63% 53%


Projected Effective Date Reserve Fund Balance 18,090$ Number of Increases : 29 Threshold 55,495$

First Year Contribution : 56,780$ Return on Investment 2.80% Periodic Increase : 1.0% Funding Percent Target 60%



Ending Year Balance

Annual Deposits

Special Assessments


RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 1% Every Year Through 2045

Ending Year Balance

Annual Deposits

Special Assessments


$-

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

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4

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203

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Funding Years

RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 1% Every Year Through 2045Year End Balance $s at 60% Funding Target Threshold




Page 35

NEO-TRADITIONAL OWNERS ASSOCIATION RESERVES

FINANCIALS

Components List and CostsAge: 13 Partial Year Start: 1/1/2016

No. Homes: 142 Fiscal Year Start: 1/1/2016

Report Date: 1/22/2016

1 IRRIGATION

2 Irrigation System - Allowance 1 LS 10,000.00$ 10,000.00$ 5 3

3 Irrigation Controllers - Allowance 1 LS 2,275.00$ 2,275.00$ 1 0 Replace 7 per year (5%)

4 Irrigation Backflow Preventers - Allowance 1 LS 5,600.00$ 5,600.00$ 1 0 Replace 14 per year (10%)

Abbreviations: EA - Each, LF- Linear Feet, LS - Lump Sum, SF - Square Feet, SQ - Square, SY - Square Yard, U/M - Unit of Measure

Comment / ReferenceComponent Qty U/M Unit Cost Reserve

Requirement

Estimated

Useful Life

(EUL)

Neo-Traditional Owners AssociationWillow Springs Boulevard

Franklin, TN 37064

# Remaining

Useful Life

(RUL)




2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

1 IRRIGATION

2 Irrigation System - Allowance 10,864$ 12,472$

3 Irrigation Controllers - Allowance 2,275$ 2,339$ 2,404$ 2,472$ 2,541$ 2,612$ 2,685$ 2,760$ 2,837$ 2,917$

4 Irrigation Backflow Preventers - Allowance 5,600$ 5,757$ 5,918$ 6,084$ 6,254$ 6,429$ 6,609$ 6,794$ 6,984$ 7,180$

Inflated Total For Each Year 7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$


Franklin, TN 37064



# Reserve Component

1 IRRIGATION


3 Irrigation Controllers - Allowance

4 Irrigation Backflow Preventers - Allowance



Franklin, TN 37064

11 12 13 14 15 16 17 18 19 20

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

14,319$ 16,439$

2,999$ 3,083$ 3,169$ 3,258$ 3,349$ 3,443$ 3,539$ 3,638$ 3,740$ 3,845$

7,381$ 7,588$ 7,800$ 8,019$ 8,243$ 8,474$ 8,711$ 8,955$ 9,206$ 9,464$

10,380$ 10,670$ 10,969$ 25,595$ 11,592$ 11,916$ 12,250$ 12,593$ 29,385$ 13,308$



# Reserve Component

1 IRRIGATION


3 Irrigation Controllers - Allowance

4 Irrigation Backflow Preventers - Allowance



Franklin, TN 37064

21 22 23 24 25 26 27 28 29 30

2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

18,873$ 21,667$

3,952$ 4,063$ 4,177$ 4,294$ 4,414$ 4,537$ 4,664$ 4,795$ 4,929$ 5,067$

9,729$ 10,001$ 10,281$ 10,569$ 10,865$ 11,169$ 11,482$ 11,803$ 12,134$ 12,474$

13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

12,822$ 4,859$ (3,463)$ (22,882)$ (31,677)$ (40,718)$ (50,012)$ (59,566)$ (81,860)$ (91,957)$ (102,337)$ (113,007)$ (123,976)$ (149,571)$ (161,163)$


7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$

92% 30% -18% -213% -239% -256% -267% -275% -665% -604% -560% -525% -498% -1058% -922%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

(173,080)$ (185,330)$ (197,923)$ (227,308)$ (240,616)$ (254,297)$ (268,361)$ (282,818)$ (316,554)$ (331,833)$ (347,539)$ (363,685)$ (380,284)$ (419,014)$ (436,555)$


11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$

-1058% -922% -824% -750% -692% -1400% -1199% -1055% -947% -862% -1699% -1440% -1256% -1117% -1009%

Projected Beginning Reserve Fund Balance: 20,348$ Inflation: 2.80% Threshold: 15,246$

Present Total Annual Deposit to Reserves: Varies Return on Investment: 2.80% Funding Percent Target: 60%


Annual Deposits

Special Assessments


Ending Year Balance

Ending Year Balance

Special Assessments

Annual Deposits




$(500,000)

$(400,000)

$(300,000)

$(200,000)

$(100,000)

$-

$100,000

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

20

40

20

41

20

42

20

43

20

44

20

45

Do

lla

rs

Funding Years


Ending Year Balance $s at 60% Funding Target Threshold:


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

12,822$ 16,424$ 20,176$ 12,909$ 16,643$ 20,510$ 24,509$ 28,634$ 20,062$ 24,070$ 28,183$ 32,395$ 36,701$ 26,374$ 30,436$

-$ 11,250$ 11,525$ 11,800$ 12,075$ 12,350$ 12,625$ 12,900$ 13,175$ 13,450$ 13,725$ 14,000$ 14,275$ 14,550$ 14,825$

7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$

92% 101% 107% 120% 125% 129% 131% 132% 163% 158% 154% 151% 147% 187% 174%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

34,561$ 38,741$ 42,969$ 30,335$ 34,157$ 37,986$ 41,811$ 45,621$ 30,003$ 33,203$ 36,337$ 39,388$ 42,343$ 22,912$ 25,002$

15,100$ 15,375$ 15,650$ 15,925$ 16,200$ 16,475$ 16,750$ 17,025$ 17,300$ 17,575$ 17,850$ 18,125$ 18,400$ 18,675$ 18,950$

11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$

165% 157% 150% 187% 170% 158% 147% 139% 161% 144% 131% 121% 112% 107% 95%



First Year Contribution : -$ Return on Investment: 2.80% Periodic Increase : $275 Funding Percent Target: 60%


Annual Deposits

Special Assessments

Annual Deposits

Special Assessments


RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $275 Every Year Through 2045

Ending Year Balance


Ending Year Balance


$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

201

6

201

7

201

8

201

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0

202

1

202

2

202

3

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202

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202

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202

8

202

9

203

0

203

1

203

2

203

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Funding Years

RESERVE FUND ANALYSIS - ALTERNATIVE 1 - Escalating Funding at $275 Every Year Through 2045 Ending Year Balance $s at 60% Funding Target Threshold


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

12,822$ 16,424$ 20,125$ 12,758$ 16,347$ 20,029$ 23,804$ 27,673$ 18,814$ 22,511$ 26,293$ 30,158$ 34,105$ 23,416$ 27,116$

-$ 11,250$ 11,475$ 11,705$ 11,939$ 12,177$ 12,421$ 12,669$ 12,923$ 13,181$ 13,445$ 13,714$ 13,988$ 14,268$ 14,553$

7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$

92% 101% 107% 119% 123% 126% 127% 128% 153% 148% 144% 140% 137% 166% 155%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

30,884$ 34,721$ 38,624$ 25,692$ 29,248$ 32,851$ 36,498$ 40,186$ 24,510$ 27,727$ 30,959$ 34,201$ 37,448$ 18,422$ 21,041$

14,844$ 15,141$ 15,444$ 15,753$ 16,068$ 16,389$ 16,717$ 17,051$ 17,392$ 17,740$ 18,095$ 18,457$ 18,826$ 19,202$ 19,587$

11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$

147% 141% 135% 158% 146% 136% 129% 122% 132% 120% 112% 105% 99% 86% 80%



First Year Contribution : -$ Return on Investment: 2.80% Periodic Increase : 2.0% Funding Percent Target: 60%

Percent Funding

Percent Funding

Ending Year Balance

Annual Deposits

Special Assessments



Ending Year Balance

Annual Deposits

Special Assessments


$-

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

202

4

202

5

202

6

202

7

202

8

202

9

203

0

203

1

203

2

203

3

203

4

203

5

203

6

203

7

203

8

203

9

204

0

204

1

204

2

204

3

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204

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Do

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Funding Years


Ending Year Balance $s at 60% Funding Target Threshold


1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

12,822$ 15,396$ 18,336$ 10,504$ 13,955$ 17,859$ 22,253$ 27,175$ 19,844$ 25,588$ 31,980$ 38,253$ 44,394$ 35,672$ 41,101$

-$ 10,250$ 10,763$ 11,301$ 11,866$ 12,459$ 13,082$ 13,736$ 14,423$ 15,144$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$

7,875$ 8,096$ 8,322$ 19,419$ 8,795$ 9,041$ 9,294$ 9,554$ 22,294$ 10,097$ 10,380$ 10,670$ 10,969$ 25,595$ 11,592$

92% 94% 97% 98% 105% 112% 119% 125% 161% 168% 175% 178% 178% 252% 235%

16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045

46,348$ 51,399$ 56,238$ 43,952$ 47,848$ 51,470$ 54,800$ 57,818$ 41,103$ 42,894$ 44,295$ 45,284$ 45,835$ 23,650$ 22,626$

15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$ 15,901$

11,916$ 12,250$ 12,593$ 29,385$ 13,308$ 13,681$ 14,064$ 14,458$ 33,736$ 15,279$ 15,706$ 16,146$ 16,598$ 38,731$ 17,541$

221% 208% 197% 271% 238% 214% 193% 176% 221% 186% 160% 139% 122% 111% 86%


Projected Effective Date Reserve Fund Balance 20,348$ Number of Increases : 10 Threshold 15,246$

First Year Contribution : -$ Return on Investment 2.80% Periodic Increase : 5.0% Funding Percent Target 60%



Ending Year Balance

Annual Deposits

Special Assessments



Ending Year Balance

Annual Deposits

Special Assessments


$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

201

6

201

7

201

8

201

9

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0

202

1

202

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203

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203

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Funding Years

RESERVE FUND ANALYSIS - ALTERNATIVE 3 - Escalating Funding at 5% Every Year Through 2026Year End Balance $s at 60% Funding Target Threshold




Page 36

PROJECT PHOTOGRAPHS



Page 37

No. Image

1

Typical main entrance

monument

2

Typical sub-association

entrance monument



Page 38

3

Stone veneer railing

over culvert bridge

4

Typical landscape lighting



Page 39

5

Typical electric meter

panel and irrigation

controller

6

Aerator controller and

irrigation pump near

Retention Pond 3



Page 40

7

Typical rip-rap-lined

drainage swale

8

Typical retention pond

and aerator



Page 41

9

Retention Pond 2 dock

10

Asphalt-paved walking

path



Page 42

11

Zinnia Park

12

Verandah Park



Page 43

13

Playground

14

Pool House parking area



Page 44

15

Front view of Pool House

16

Rear view of Pool House



Page 45

17

Pool House security

gates

18

Typical Pool House

bathroom



Page 46

19

Typical Pool House

lockers

20

Swimming pool

mechanical equipment



Page 47

21

Typical drinking fountain

22

Swimming pool



Page 48

23

Typical swimming pool

furniture

24

Typical swimming pool

furniture



Page 49

PROFESSIONAL QUALIFICATIONS



Page 50

ANDREW HART, EIT

ONSITE ENGINEERING

PROFESSIONAL ENGINEER REGISTRATIONS:

EIT Tennessee

EXPERIENCE

Engineering Technician, Onsite Engineering

Engineering Technician, Criterium-Smith Engineers

Construction Materials Technician, S&ME

Professional Intern, CEMEX

PROFESSIONAL:

ACI Concrete Field Testing Technician - Grade 1

EDUCATION:

Middle Tennessee State University

BS Concrete Industry Management

Tennessee State University

BS Civil Engineering



Page 51

MARK J. SMITH, P.E.

ONSITE ENGINEERING

PROFESSIONAL ENGINEER REGISTRATIONS:

Tennessee - No. 107733

Illinois - No. 62-043214

Kentucky No. 27136

EXPERIENCE

Owner, Onsite Engineering

Owner, Criterium-Smith Engineers

Director of Engineering, American Permanent Ware Company

Director of Engineering, Southbend A Middleby Company

Project Engineer, Anetsberger Brothers

Project Engineer, Underwriters Laboratories

PROFESSIONAL:

Board Certified Building Inspection Engineer (BCBIE), By the Building Inspection Engineers

Certification Institute.

Member, National Society of Professional Engineers (NSPE)

Professional Member, National Academy of Building Inspection Engineers (NABIE)

Board Member, National Academy of Building Inspection Engineers (NABIE)

Member of Community Associations Institute (CAI)

Reserve Specialist (RS) Designation, By Community Associations Institute (CAI)

LEED Accredited Professional

Passed National Home Inspection Exam (NHIE)

EDUCATION:

University of Illinois, Champaign-Urbana, Illinois

BS Mechanical Engineering

Wheaton College, Wheaton, Illinois

BA Liberal Arts Engineering

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