588 Condo Special Assessment Update & Reconciliation Report - August 12, 2024
Download the report here.
Special Assessment Payment Options
There are three payment options both in year 1 and year 2 (see below). As you may be aware, there is an urgent need to address the Fire Safety & Sprinkler project as soon as possible. During the recent inspection we experienced a panel failure resulting in our being RED TAGGED and were placed on immediate 24-7 fire watch while a temporary panel was identified and installed. This was done to buy the association time enough to obtain the funding needed through special assessment payments, to move forward with total replacement of the system. We have approximately 10 weeks to complete this project and have everything inspected by the City of Dallas.
We encourage those who can and will, to choose payment Option 1 so that the association can quickly build the funding needed to make these repairs.
Year 1 – 2024 $1,189,708.00
Option 1 – Payment in Full
Full payment by due date of April 1st, 2024
Option 2 – 50/50 Payment Plan
Half due April 1st and balance due on or before September 1st, 2024
Option 3 – 6 Month Payment Plan
Six equal payments monthly beginning April 1st, 2024
Year 2 – 2025 $1,029,625.00
Option 1 – Payment in Full
Full payment by due date of April 1st, 2025
Option 2 – 50/50 Payment Plan
Half due April 1st and balance due on or before September 1st, 2025
Option 3 – 6 Month Payment Plan
Six equal payments monthly beginning April 1st, 2025
Cost Per Condo Owner
Cost per owner will be based on owners’ percentage of interest. Total amount due will be provided in the form of billing statement, in March.
Special Assessment examples by percentage of ownership as defined by the 588 Condominium Governing Documents. Contact the 588 Condos Management Office for your exact Special Assessment costs.
Special Assessment Year 1 Example - 2024
914 square feet - .004961 ownership: $6,393
973 square feet - 0.005207 ownership: $6,710
1,073 square feet - 0.005742 ownership: $7,400
1,534 square feet - 0.008209 ownership: $10,579
2,434 square feet - 0.013025 ownership: $16,785
2,726 square feet - 0.014588 ownership: $18,800
3,843 square feet - 0.020565 ownership: $26,502
Special Assessment Year 2 Example - 2025
914 square feet - .004961 ownership: $5,108
973 square feet - 0.005207 ownership: $5,361
1,073 square feet - 0.005742 ownership: $5,912
1,534 square feet - 0.008209 ownership: $8,452
2,434 square feet - 0.013025 ownership: $13,411
2,726 square feet - 0.014588 ownership: $15,020
3,843 square feet - 0.020565 ownership: $21,174
Special Assessment Townhall Meeting Presentation Materials
Download or link to all information from the Special Assessment Townhall:
Townhall Q&A document (from in-person and online questions)
Passcode: +4Ub7a*#
The meeting begins at 1:10:30
Special Assessment Background Information
Download the updated Special Assessment document that details:
Townhall meeting info
Assessment project details
Assessment timing
Assessment costs
Payment options
Link to Special Assessment estimates and contractor details:
All project RFPs
Contractor information
All contractor bids received
Engineering reports
Questions
Should you have any questions, please contact 588 Condos General Manager.