Town Square Properties Cost Center

In the SOA’s 2018 Budget Mailer package you may have noticed a “Town Square 2018 Operating Fund Budget”. This represents a newly implemented cost center associated with management of the Somersett Town Center properties in accordance with their governing documents (e.g., the CC&R’s referenced below). Currently these properties consist of the two commercial buildings (separate owners), the SOA’s Club at Town Center (TCTC) and the vacant lots owned by the SOA (presumably dedicated for future TCTC expansion). Since the SOA is the largest owner of the Town Center properties, it falls within the SOA’s purview to oversee management of these properties in accordance with their governing documents.

Per the 2018 Operating Fund Budget, collected revenue via owner assessments will total $136,436 of which approximately $88,865 is for operating expenses and $47,571 for the reserve fund. Owner assessments will be distributed as follows:

• TCTC pays in a total of $81,198 annually, of which $ 28,311 goes towards reserves (included within TCTC 2018 Budget)
• Commercial property #1 pays $28,546 annually, of which $9,953 goes towards reserves.
• Commercial property #2 pays $26,692 annually, of which $9,307 goes towards reserves.

A breakdown of the ~*89K of budgeted operating expenses are as follows:

• Management oversight (by FirstServices Residential) – $31K
• Landscape Services Contract – $24K
• Road Maintenance Snow Plowing & Sanding – $20K
• Legal Fees – $8K
• Misc and Other Contracted Services – $5K

The intent here is to assure that the look and feel of the Town Center properties are maintained in a way that is consistent with the rest of the Somersett community. In the past this has not always been the case. Therefore, it will be interesting to see if any conflicts arise between the SOA and the commercial building owners in this regard.

For those who may be interested, the CC&R’s applicable to the Town Center properties may be accessed via the following links (note that, like most of the Somersett community governing documents, they are in dire need of updating):

Somersett Town Center CC&R’s
Somersett Amended Town Center CCR’s

Any questions or concerns about the Town Center properties?  Email the FirstServices Residential Project Manager Ryan Dominquez at Ryan.Dominguez@fsresidential.com.