June 2025 Special Assessment Notice

Capri Gardens Condominium

12037 N.E. 2nd Ave., N. Miami, Florida 33161

June 10, 2025

NOTICE OF SPECIAL ASSESSMENT MEMBERSHIP MEETING

Second Phase Special Assessment Meeting will be held:

Thursday, June 26th, 2025, 7:00 PM

Capri Gardens Condominium Office

Proposed Assessment is: $750,000

We have successfully completed the collection of the initial $450,000 (part of Phase I) required by the bank as a condition for funding $750,000 towards the estimated $1,200.000 cost of the re-roofing project*.

The Board will convene to consider the adoption of a special assessment of $750,000 (Phase II). The construction is expected to commence in July 2025 when the $750,000 Valley Bank loan is available, and permits are obtained.

Use of Funds: Repayment of Valley National Bank Roof Loan of $750,000.00.

Surplus Funds: In case of any surplus funds after the entire roofing project has been completed, such funds will be applied towards repayment of the loan.  

Unit owners will be offered the option of repaying their individual assessment in full or on a five-year / 60-month installment plan with interest at 7.75% per annum.   The assessment may be paid in full, on or before the due date, at the ‘Assessment Paid-In-Full’ rate (as referenced below).

The first payment shall be due on July 15, 2025 and every month thereafter for the period of the assessment. Payments not received within 10 days of the due date shall be delinquent thereafter and subject to a late fee of $25.00. Longer delinquencies may result in additional legal collection fees and additional penalty interest of 8% per annum (on delinquent amount).

Footnotes

*Roofing Project Summary

This is the second phase of the planned $1,200,000 Roof Reroofing Project.

First assessment included 450K payment to the roofing contractor + $30k related cost (bank costs, permits and legal cost, and Structural Integrity Reserve (SIR) study).

Second assessment purpose is to cover the loan principal, interest, and related cost.   This assessment is currently estimated at a total of $907k (Estimated Loan Principal of $750k + interest cost of $157k over a 5-year term).

**Unit payments are estimates.   Final assessment total, payment timelines, and cost allocation per unit will be discussed and finalized at the June 26th meeting. Assessment estimates are based on the square footage allocation percentages set in the Capri Gardens Declaration of Condominium (exhibit 6A).

All unit owners are invited to attend.

By Order of the Board of Directors, Capri Garden Condominium.

Mailed and Posted on June 10th in accordance with FLA. Statute 718:112 (2) (c).

Attachments:  – (1) Roof contract with Pioneer Roofing and (2) Loan commitment to the Association from Valley Bank.