Susan Knox Wilson
Criterium Engineers have been awarded the contract to evaluate the PebbleCreek Reserve Fund. Criterium was one of thirteen reserve fund specialists to submit a proposal and was awarded the contract based on their experience with communities similar to PebbleCreek, the qualifications of the personnel assigned to the reserve study, their ability to utilize our existing records and use commercially available software and their proposed cost for the initial study and a follow up study in three to five years.
The Reserve Sub-committee of the PebbleCreek Investment Advisory Group – led by Howard Akinson, included Earl Adamy and Larry McVey – formulated the objectives of the Level 1 study, prepared the request for proposal and developed the list of reserve fund specialists in conjunction with the PCHOA Board.
Criterium will identify and inspect the condition of all HOA-owned assets covered by the PCHOA Reserve Fund. This independent evaluation will help us develop a comprehensive component inventory, analyze the condition of our inventory, estimate a replacement schedule and costs, evaluate our current reserve fund levels and contributions and develop a funding plan to achieve HOA targeted funding levels.
Earl Adamy said the sub-committee was impressed with the thoroughness and responsiveness of Criterium’s proposal and their strong interest in working with PebbleCreek. Criterium garnered impressive references and offered numerous value-added services including a review by their golf course consultant and non-proprietary reserve study management software which will allow us to update and maintain Reserve Assets and Reserve Funding assumptions. Criterium’s price of $38,000 includes all fees and expenses. Criterium also guaranteed that the fee would not be payable unless and until PebbleCreek is completely satisfied with the study. The estimated time to complete the study is four months.
Criterium Engineers, founded in 1957, has offices across the United States and Canada and provides more than 20,000 inspections annually. According to their website, “the systems developed by Criterium Engineers continue to set the national standard for the inspection industry.”