ATKINSON TOWERS, INC. PARKING LOT DISCLOSURE STATEMENT
This Disclosure Statement is provided by Walter W. Flood, REALTOR (R), and is NOT endorsed or authorized by Atkinson Towers Inc., the Board of Directors and/or Associa Hawaii. Date: August 8, 2015.
Buyer understands that the Ground Lease rent, for the 10,500 sq.ft. property owner by Mr. Lloyd Char has been set for the period Jan. 1, 2007 to Dec. 31, 2016 is $66,000.00 per year. The parking stall Ground Lease rent "pro ration" for Apt #1003 is: $46.22/month - as of Jan. 1, 2015 until Dec. 31, 2016.
NOTE: It's very important to disclose that ALL the parking stalls on the 30,919 sq.ft. lot on which the 15 story building sits are included in the mix with the parking stall on the 10,500 sq.ft. lot owned by Mr. Char. All the parking stalls are LEASEHOLD.
Buyer understands that at the end of this ten-year period (December 31, 2016), Atkinson Towers' leasehold interest in the parking lot will expire.
Note: The Corporation's Board of Directors has negotiated with the Lessor (Floyd Char), on a number of times, over the last ten (10) years, to purchase the Fee Simple interest in the property (10,500 sq.ft.), but their offer(s) were rejected.
Current update, as of August 8, 2015, with the project of replacement of the parking stalls after Dec. 31, 2016. The Atkinson Towers Board of Directors sent out to all the Owners: "Survey on Interest Under Various Parking Alternatives", with four (4) Alternatives.
Alternative 1. Build a Automated Mechanical Parking Structure suficient for all 111 Atkinson Towers owners for a totzl of 128 stalls at an approximate cost of $5,000,000.
Note: The Survey came back with a minimun of support for this Alternative. It would take 67% of the owners to approve this project.
Alternative 2. Build a concrete Parking Structure with 91 stalls at an approximate cost of $3,500,000. Twenty (20) owners would have to give up their stall, with a reduction of their monthly maintenance fees.
Note: If Atkinson Towers Owners' approve this Capital expense with 67%, the AOUO will get a loan for $3.5 million, amortized over 15 years with a pro-ration for each of the 91 owners at $282/month. The Maintenance fee would increase to $807.00/month. Or, the Owner can purchase the stall at $38,462.00 and their Maintenance fee would stay at $525.00/month.
Alternative 3. Not build any structure. The Association could RENT the 68 available stalls to Owners at a cost $200.00/month. Their Maintenance Fee would increase to $725.00/month. The Owners who give up their parking stall would have their Maintenance Fee reduced by $200.00/month to $325.00/month. Note: A Car Share program could be implemented under this alternative.
Alternative 4. The Association could SELL the 68 available stalls to Atkinson Towers Owners at a cost, to be determined, and they would be deeded to the condo unit. The cost would be determined by the number of owners who have indicated they would buy a parking stall. Note: A Car Share program could be implemented under this alternative.
Note: This Disclosure Statement was prepared/provided by Walter W. Flood, REALTOR (R) and NOT by Atkinson Towers, Inc., AOUO, and/or Associa Hawaii.
Note: This document can NOT be modified, revised, altered, copied, reproduced, shared, faxed, e-Mailed, and/or linked/uploaded to a website, without the written consent from Walter W. Flood, REALTOR (R), DIR, PB, SRES, MRP, RSPS.
The above information is from sources deemed to be reliable, but is not guaranteed, and the Seller or the Seller's Agent are not liable or responsible for any inaccuracies, error or omissions.
Click here to return:
Walt Flood Realty * Phone: 808-922-1659 *
Toll Free (1-855-922-2462)
2092 Kuhio Ave., Home Office, Honolulu, HI 96815-2134.
eMail: Copy & Paste this WaltFlood@gmail.com into your eMail server.