Update -- Oceanside I -- Saturday, Oct. 09

Gerry Long, association president, sent out the following update via email. I'm repeating it here in case some people are not on the email list. To get on the email list, contact Barbara Blanchard at islanddunes1@adelphia.net

Dear Unit Owner,

In order to keep you informed and help you plan, we will periodically send information on the condition of the property and our restoration plans. Our top priority is the safety and security of the owners and the building. We are currently working on restoration of damaged units, replacement of the fire alarm system and roof vents, new water pumps, electrical repairs, debris removal, and many other requirements.

Adjusters from our insurance companies and FEMA have been working with us and letting us know what we need to do to support our claims. The estimating process will require significant effort; we will try to compress the timeframe as much as possible.

At this point I cannot give you an estimate of our loss or the assessments required to cover it; however, I can say our deductible on the hurricane policy is approximately $320,000. Please remember that we will have additional financial responsibilities, such as content loss that may exceed FEMA limits. The board will be seeking a line of credit of $500,000 to be used only as necessary. The POA and Country Club will also have to develop estimates for our portion of their losses.

Restoration of our common areas will not begin until the dune is stabilized and vegetation is in place. Hopefully, planting can begin in a few weeks. We are working with contractors to assure that work schedules are as aggressive as possible.

For your planning purposes, I want to emphasize that this is basically a construction site with no amenities. There are no social, game, or exercise rooms, no pools, spa, or dunewalk. We have a number of contractors and pieces of heavy equipment on site. Therefore, the area is not conducive to relaxation and, for safety reasons, is certainly not a place for children.

As soon as project schedules are developed, I will share them with you. We will once again have the best condominium on the island, but it is going to take a great deal of time and resources to accomplish that task.
Sincerely,

Gerry Long