Lorian HOA Management Updates
Dear Owners,
I hope everyone has been able to enjoy another great ski season in Telluride. As winter winds down, the Board is gearing up for continued improvements around the Lorian this spring and summer. Below is a quick update.
HOA Management
Our new HOA management partner, Telluride Consulting, is now fully engaged, and we are off and running. As we continue the transition to Telluride Consulting, we are able to see the potential this group brings to the Lorian. If you’ve had a chance to meet Garrett, Scott, Rous and the team, you will see they are very committed to getting the Lorian to its full potential as a luxury Mountain Village property. As a reminder, below is their contact information should you need to reach out to them.
Main office number: (970) 729-8911
Dues/Invoicing Inquiries: Kathy Doyle - kathy@tellurideconsulting.com
Facilities Management Inquiries: Rouslan Haracherev – rous@tellurideconsulting.com
General HOA Inquiries: Scott Benge – scott@tellurideconsulting.com
Roof Update
We have reached Substantial Completion with our roofing contractor (Empire) and expect to have the current contract fully completed by June 11, 2024. We are pleased to report the roof has passed all manufacturer’s inspections and now has a full 20-year warranty.
We still have significant defects in the heat trace/snow melt systems on Phase 2 and Phase 3 from the previous contractor and will be working to correct these over the upcoming summer. The estimated costs for these defects are covered by our existing roof budget and have been added to our legal claim.
I want to again express my appreciation to each Owner for your support in getting our roof repaired and under warranty while we work through the legal and insurance disputes. Getting the roof repaired and under warranty before any settlements should assist us in validation and accuracy of our damage claims and has greatly reduced our future financial exposure by having the roof under warranty.
Legal/Insurance Update
We continue to be steadfast in the process to recover our damages from both our property carrier as well as the previous contractor and bonding company. Depositions will begin in April. We have another mediation scheduled for July and our trial date is set for October 2024. We will keep the Owners updated as we go through the legal steps to reach an acceptable outcome of our claims.
Our exorbitant insurance premiums continue to be a top concern as we plan for the 2025 operating budget. The drastic fire risk increase which has affected so many HOAs in the region is a major cause, but the Lorian has the added impact of our open property insurance claim. Resolving the insurance dispute is expected to help some, and we are seeking potential new agents and insurers to get our premium costs lowered.
Improvements
There is no shortage of deferred maintenance and capital investment needed around the Lorian. Our next key project is to get the upper sundeck and catwalk waterproofed, repaired and updated. As you may recall, we wanted to get this done in the fall/winter of 2023, however this has turned out to be a bigger job than originally expected. We initially budgeted $230,000 for this urgent work. In working with our HOA Manager and contractor over the fall and winter, it is determined that additional waterproofing, flashing, higher grade materials and associated repairs are needed to mitigate the water damage and allow us to fix the serious damage caused to date. As a result, the Board approved an additional $105,000 out of our Capital Reserve account for this project at our March 22, 2024, Board meeting. The work will begin in spring, 2024, after the snow melts.
Telluride Consulting has spent its first winter with the Lorian learning about our property and our finances. We will be working together to generate an updated capital improvement plan to address the deferred maintenance and improvements required around the property. We welcome your input, suggestions or observations on work needed. As always, financing will be a major factor that the Board will continue to deal with.
Our next Board of Directors meeting is scheduled for Tuesday, April 16, 2024, at 3:00pm Mountain Time and will be held on the first Tuesday of each month for the foreseeable future. Owners are invited to join in when available and we sincerely appreciate the input and questions you may have.
Best regards,
Christy Agan,
Board President, Lorian at Prospect Creek Owners Association, Inc.
chrisagan@earthlink.net
832-444-7489
Additional Board Members: Jim Cassel • Shawn Donovan • Paula Malone • Mark Wilson
