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