Willamette Towers

Reserves Study

2020

There is interest and some planning underway to replace the vertical stacks of plumbing that service al the units in the building. Estimates vary as to actual cost. There is not only the plumbing to consider, but also the remediation that will be needed in some units where the wall must be opened up to access the new plumbing runs.

The high cost of this one item can make the reserves study as a single document difficult to understand easily. For this reason the plumbing estimates have been prepared as a separate study. In reality, there is one reserves account with separate categories. For better planning and understanding, the standard reserves and plumbing reserves are presented separately.

The board has approved these reserves and so the marking “Preliminary” can be disregarded.

The Reserves Documents

View the basic standard reserves. These are all items except for plumbing.

View the plumbing estimated stand-alone reserves, which is based on an approximate $2,000,000 cost over 10 years. Some think this estimate is on the low end. There is hope of establishing a line of credit, which could enable WT to get all the work done as one planned project rather than doing it piecemeal as funds become available in the reserves. What would have been contributions to the reserves would be used to pay off the line of credit.

The reserves expenses contemplated for 2020 have been combined into a two-page pdf.

Since 2016, we have maintained a list of planned and actual reserves items, including a look at the plans for the next 5 years.

Oregon Condominium Law

Here is the the Oregon Condominium Law regarding a Reserves Study and board responsibility.