New Condo Fees Starting Sep. 1, 2014

Notice to Owners re: Monthly Condo Fees

(Renters: please disregard)

In working with our property management company Thos. D Walsh and the new legal counsel for our Association (Whiteford, Taylor & Preston, as of March 2014), the Board of Directors discovered discrepancies in the monthly condo fees paid by owners. The Board realized that the application of the yearly condo fee assessment across the 37 units was inconsistent with the par values (the share of the total yearly assessment paid by each unit) as established in New Plaza’s governing documents.

These discrepancies date back to our previous management company, before any of the present Board members were elected directors. Most owners have been slightly underpaying their par value share of the yearly total assessment, while five owners have been overpaying. Over 90% of the discrepancy amounts are less than $2.00.

Although the vast majority of the discrepancies are quite small, the Board has a fiduciary responsibility to rectify this situation. We have worked closely with our legal counsel and management company to sort out the issue and determine the proper course of action. We have now determined the correct condo fees for each individual unit based on the par values declared in our governing documents. The Board decided to forgive all past underpayments and refund 36 months of overpayments to owners who have paid in excess.

Earlier this week, ever owner should have received, via regular mail and/or email, a personalized letter detailing your new monthly condo fee; the amount of the increase (or decrease); and the amount that will be credited to your condo fee balance (applicable only to the five owners who have been overpaying).

The new monthly condo fees will be due on September 1, 2014and every month thereafter. The Board will post reminders in the building and send out email reminders in advance of September 1st.

If you have set up an automatic monthly payment for your condo fees, through either your bank or Thos. D Walsh's online portal, please adjust it accordingly. Refunds owed to owners who have overpaid will be credited to their condo fee balances by September 1st.

As always, please email the Board at board@thenewplaza.com if you have any questions.