Notice is hereby given, pursuant to section 718.112, Florida Statute, and the Association Bylaws that a special assessment meeting of the Board of Directors will be held on:
Date: Wednesday, August 28, 2024
Time: 7:00 pm
Location: 2625 Collins Ave, 2nd Floor, Recreation Room, Miami Beach, FL 33140
Zoom ID: 876 4142 8342 Passcode: 276639
Link: https://us02web.zoom.us/j/87641428342?pwd=CYRvKg6wApBPWnV81HkLf9jixt4o4B.1
AGENDA
1. Call Meeting to Order by President
2. Roll Call and Establishment of Quorum
3. Proof of Notice of the Meeting
4. Approval of Prior Meetings Minutes
5.Old business: Presentation and review of Reserve Study proposals
a. Motion in order to propose which firm will be in charge of Oceanfront Plaza’s CAI Reserve Study
6.New Business: Consider a special assessment in the total sum of $1,600,000.00 for construction costs projected during Phase 2 of the 40-Year Recertification.
a. Rate Period: Monthly
b. Nominal Annual Rate: 6.850 %
c. CASH FLOW DATA / Event Date Amount Number Period End Date
Loan 07/24/2024 1,600,000.00
Payment 08/01/2024 Interest Only 18 Monthly 01/01/2026
84 Months Payment from 02/01/2026 to 01/01/2033
7. Adjournment of the Meeting
(Inline image)
Zoom Instructions: Members/Homeowners attending meetings must write as their Zoom Name: Their First and Last Name, and their building and unit number (I.E: John Smith 4-173) to identify themselves; otherwise, you won’t be accepted at the meeting. The camera must be on, and all will be placed on Mute.
Oceanfront Plaza Condominium Association, Inc.
Payment in Full Option
Loan Principal
$ 1,600,000.00
LOC Interest
$ 109,600.00
Loan Terms
Rate at 6.850%
18 months LOC, 7 Years Loan
Admin Fee
$ 1,218.00
Closing Fee
$ 4,450.00
Total of SA
$ 1,715,268.00
Loan Full Term Option
Loan Principal
$ 1,600,000.00
Loan Interest all Term
Loan Terms
Rate at 6.850%
18 month LOC, 7 Years Loan
Number of Payments: 84
$ 528,215.36
Admin Fee
$ 102,312.00
Closing Fee
$ 4,450.00
Bad Debt 3%
$ 66,915.82
calculated $6 per unit monthly assessed
Unit Allocation (see image on meeting folder)
Posted August 14, 2024
