NEW CLAIM 2025 Budget

Attached please find the 2025 Budget.  

Please adjust your HOA dues payment to reflect the 2025 increase starting in January.

Link here

Please review Letter from the New Claim HOA President David DiBartolo

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Greetings New Claim Owners,

Happy Holidays from the New Claim HOA Board!

We conclude 2024 with the great news that New Claim has paid off the loan we took out for the pipe replacement project.  Thanks again to Maria for shepherding us though that massive project.

Attached you will find the New Claim 2025 Budget. There is an approximate 9.2% increase to dues. The increase is largely due to the increasing cost of water in Park City (about 50% higher) and the insurance for our building. We ask all owners to be mindful of their water use and install efficient appliances when you update your unit to mitigate the cost of water as much as we can.

As mentioned last year, Park City was designated a wild-fire zone which has contributed to the increased premiums for insurance. The HOA will be increasing the owner deductible to $50,000 to try and save on insurance for the building. Based on my conversations with local insurance brokers, this should be a minimal increase to owners’ insurance for individual units. The HOA’s current policy expires in MARCH 2025 and we will send out a reminder to increase your individual insurance at that time.

The HOA expected a decrease in the budget for the Prospector Square Property Owners Association starting in 2026, however the sewer projects have not been completed and are over budget, so we anticipate the higher dues we’ve been paying to continue through at least 2026.

We are still well below the recommended level or reserves in the reserve study from last year. The good news is now that the loan for the pipe project is paid off, the HOA will be using the owners who are paying monthly on the assessment to build back up the reserves.  The HOA Board’s intention is to get the HOA into a healthy financial position so that we won’t have to do any further special assessments.

While we have updated key infrastructure of the building that you can’t see (except when things go wrong) like the pipes and roof, the HOA Board anticipates being able to make some aesthetic improvements in the spring/summer.  We are exploring new flooring for the atrium and lobby areas, painting the purple doors to match the rest of the building, and bringing back a barbecue area outside along with some other small improvements. If there is something that you’d like to see, please let us know.

Have a happy new year and a powder filled ski/snowboard season! See you in June for the annual meeting.

David DiBartolo  (New Claim HOA President)