January 27, 2017
Dear Neighbors and Shareholders
Unless you take action by March 17, 2017, Brooklands may become a more difficult place to buy or sell your apartment.
That’s because a ‘temporary’ amendment to our Proprietary Lease - which has been renewed every two years since 2009 – is set to expire.
The amendment’s purpose is to stimulate apartment sales by widening the pool of potentially eligible purchasers. It allows a new buyer (existing owners are ineligible) to borrow up to 65 percent of an apartment’s purchase price instead of the 50-percent equity interest that is required by the lease.
That stimulus will end if the amendment’s ‘sunset clause’ kicks in and reduces the newcomers’ financing limit to 50 percent.
The Board’s recommendation is to keep the equity requirement at 35% for additional years.
To vote, simply mark your ballot, put it in the enclosed envelope, seal it and either place it in the mail slot at the Guardhouse or put a stamp on the envelope and mail it to Douglas Elliman.
Bear in mind, it will take a 2/3 SUPER majority or more than 17,140 of the 25,710 shares outstanding, for it to pass.
Only ballots received on or before March 17 will be counted.
YOUR PARTICIPATION IS NEEDED.
Kevin J. Murphy
Kimball Brooklands Corporation
KIMBALL BROOKLANDS CORPORATION
December 19, 2016
Dear Neighbors and fellow Shareholders:
As we approach the end of the 2016, it is not only the time to look to the New Year with excitement but also a good time to look back and remind ourselves how far we have come from the watery days of the past.
But before we do, (never bury the headline) you will be extremely pleased that for the second consecutive year, there will be NO maintenance increase. (Brief highlights of the budget are discussed later in the letter.)
In a recently published article in Habitat magazine about the success of our recovery efforts and return to the ranks of premier properties in Westchester, it was simply stated: our two goals were exceeded, first and foremost the safety and security of our shareholders and secondly the financial stability of the corporation. The Brooklands experience and how the community overcame the enormous challenges it faced, is held up as an example of what can be achieved.
The repaved driveways and parking areas, new internal runoff system, new pumps, refurbished heating plant, clean gas energy system, modified radiators, smart meter program, upgraded laundry rooms, new sprinkler system, new gutters, reinforced roofs are all overshadowed by the beautiful work done by our long time landscaper and architect. Together with our gardening club, the property has never looked better.
In March, Douglas Elliman Property Management was brought on to manage our operations and provide us with their broad industry expertise in property management with the added benefit of promoting prestigious properties. In the upcoming year, we will continue the work of improving and expanding the efficiency of our operations and continue the pro-active promotion of our value to the real estate industry.
As added proof that our recovery is real, the number of sales and potential sales during the past year has increased dramatically. The “smart” buyers and brokers do not want to miss the market opportunities. The secret of Brooklands is out.
As mentioned earlier, there will be NO increase in maintenance charges for the second consecutive year. Along with lower administrative costs and timely repairs and maintenance program, the full year impact of lower interest expenses and the reduced cost of our energy expense provides us with a projected surplus which will be added to our capital reserve accounts. No maintenance increase, while adding to our capital reserve, is not only a win/win situation but also sound financial planning.
Now that the Board has approved the 2017 operating budget (see summary in your mailboxes), we will prepare our Capital budget and share those plans with you in late January or early February.
In closing, I would be remiss if I did not thank former Board member and President Kerry Smith for his heroic efforts in bringing us back from the abyss. His tireless energy working with governmental agencies, engineers, elected officials and others cannot be undervalued. While we were fortunate to have a fantastic talented team during the 5-year struggle, without Kerry in the driver’s seat, we would not have crossed the finish line.
I would also like to thank the staff for their commitment to keeping the property at its best.
As we look forward to the coming years, the Board is focused not only on maintaining the quality of life but always looking to enhance it. Your support is appreciated and your ideas and involvement are always welcomed.
On behalf of the entire Board, Nancy Ruiz, Jane Gaffney, Chris Hooke, Rich D’Amato, Jean Barish and Nelle Davis,
Merry Christmas, Happy Hanukah, Feliz Navidad, Happy Holidays Happy New Year to you, your families and loved ones.
With warm regards,
Kevin Murphy, President