VISTA STANDS BY CONDRADICTING STATEMENTS

Vista’s Jennifer Ranieri and resident/former board member Jennifer Bratanch exchanged the following four emails after Bratanch received management’s December 28 letter stating that the special assessment was “$898,831.00 over the original budgeted costs”.

1. Bratanch to Ranieri, Tuesday, December 28, 2010 at 9:24 AM

“I asked you what my FINAL bill was and you gave me a FINAL price to the cent. How is it, that 3 months later that I owe you $4,590? You didn't know that you were over-budget?”

2. Ranieri to Bratanch, Tuesday, December 28, 2010 at 10:13 AM

“Yes you asked for you final amount due and at the time of the request the balance I gave you was your amount due. The Board was aware of the overages, in fact the letter the Board sent out back in March 2010 explained that the projects costs were over budget and that an additional amount would be due but the total had yet to be determined. The first week of December we received the final costs from McGuire and preparations were made on how to handle the overages. Thus the most recent letter dated December 20th and the additional amounts being requested from the homeowners.

Jennifer”

3. Bratanch to Ranieri, Tuesday, December 28, 2010 at 10:55 AM

“Well then why did you write this on April 20th, 2010?

‘On 4/20/10, Jennifer wrote: The total special assessment is still based on the $1,200,000.00 that was discussed when you were still a board member. You should already have copies of all the documentation that was used to arrive at these numbers. At this time nothing has changed to the amount that will be special assessed to the owners.’

What the hell? $900,000 over budget with a total cost of $2,100,000? That's 43% over budget. Who got fired for this? You can't go nearly 50% over budget with some dumb ass losing their job. If this was an apartment building the owners would have fired the management company immediately. Vista is the most incompetent company that I have ever seen. And how the fuck do you have the gall to drop this on everyone right after Christmas? Like everyone didn't spend too much cash on Christmas. Oh, but we have a full two weeks to find that $5,000?”

4. Ranieri to Bratanch, Tuesday, December 28, 2010 at 2:05

“I stand by what I said in my emails both today and on April 20th.”

PROJECT $900,000 OVER BUDGET

Reserves plundered, another loan, residents to pay even more

Yesterday, St. Regis homeowners received a letter which bluntly stated, “The Bottom line is this: we are $898,831.00 over the original budgeted costs for the project.”

Despite the fact that a loan has been taken out to cover the costs of this special assessment, the building’s reserve funds have been tapped into, and homeowners will now have to pay an additional $3,600-5,400, depending on unit size.

The letter states, “Another $140,000 will be paid from a loan that the association will carry.” What is not stated is where the money to pay this loan will come from.

FACT: The board, Vista, and the engineer assured homeowners that this do-everything-at-once construction plan would save homeowners money (as opposed to doing necessary repair projects over time, which was the course of action preferred by the residents).

FACT: The board and Vista assured homeowners that the engineer’s report was authoritative and thorough.

FACT: In October, they blamed budget overruns to “unexpected structural repairs”.

FACT: As project manager, Vista’s Mark J. Ranieri receives a percentage of the final project costs.

FACT: The project promised to be $1.2 million, amassed “approximately $900,000 additional cost” and is now $2,098,830.75.

SATIRE – RIDDLE ME THIS