The board of directors for both condo associations and IRC meet with the insurance adjuster on Tuesday to discuss the next interim payment request. All supporting documentation to substantiate an additional payment of 3 million was provided to the insurance company. The board anticipates that it will receive a decision regarding this payment request within 2-3 weeks.
The funds associated with the first payment request in the amount of 2 million have been used to proceed with work such as electrical, tear out, security, debris removal, and roofing (temporary and permanent measures). As of today these initial funds are nearing exhaustion and the board is pushing for additional funding from the insurance company.
The board would also like to remind all condo owners that the first assessment associated with Hurricane Ike repairs is due November 30. These funds will assist the association in moving forward with the reconstruction efforts.
