We are very pleased to tell you that the remaining balance of the Essex insurance policy limits which was in the amount $3,000,000 was received and deposited in the bank today. As a result, the roofing schedule has been stepped up as we were able to add a second roofing crew in order to complete the roofing process sooner. We are waiting on The Merlin Group's legal opinion relating to the various flood insurance policy interpretations and will let you know when the opinion is rendered and what Pointe West can expect relating to the elevators, etc.
We are also please to announce that Matt Prince, a former Centex employee who was involved in the construction and turnover process with the original nine villas and continued on to the additional nineteen villas, has been retain effective today to assist the POA and two condo associations with the restoration of the units and property on behalf of the owners. Mr. Prince is very familiar with the property, the materials, etc. and thus there will not be a learning curve as he will be able to jump in and coordinate and facilitate with Cotton and the homeowners during the restoration process. Mr. Prince's duties will be many, including working with the owenrs on the IRC reports, coordinating any owner upgrades vs. original finishes, assisting with owner insurance claims, informing the building captains of various reconstruction phases and construction monitoring with timetables, communicating with the owners via blog postings, maintaining files for audit operations, and ultimately, coordinating the successful turnover of the restored condos to their owners. Mr. Prince will be walking the property and meeting with Cotton and Board members tomorrow, and his contact information will be made available to you once his phone number and email account have been established.
