Horizon At Webster Condominium

Amendment 7 Jan 2, 2020

The amendment reports that the temporary certificate of occupancy was renewed, sets aside about $50,000 in escrow for the work needed to get a permanent one, updates the sponsor's unsold-unit, reserve and rental figures, adds a proposed first-year budget, and states how long the plan may be used.

• Temporary Certificate of Occupancy renewed November 14, 2019; it expires February 12, 2020, and the sponsor will keep extending it until a permanent one is issued
• Work needed for a permanent Certificate of Occupancy estimated at approximately $50,000, held in escrow
• Sponsor anticipates obtaining the permanent Certificate of Occupancy within the next twelve (12) months
• Sponsor has fifteen (15) untitled Residential Units as of November 21, 2019; Exhibit C lists their current offering prices, monthly real estate taxes and common charges
• Working capital approximately $20,930 and reserve fund approximately $20,833 as of November 21, 2019, held at Capital One Bank
• Aggregate monthly rents received by sponsor from units it is renting currently $28,450
• Proposed first year budget added as Exhibit D, with FirstService Residential certification of adequacy as Exhibit E
• Plan may be used for six (6) months from the date this amendment is accepted for filing, then extended by a further amendment

Amendment 6 Nov 12, 2019

This amendment revises the prices of 12 units and states that there are no other material changes to the plan.

• Prices of 12 units revised, ranging from $528,000 to $735,000
• Unit 101 now $725,000; Unit 104 now $735,000
• Unit 203 now $538,000; Unit 206 now $528,000
• Revised prices do not affect any unit currently under contract
• No other material changes to the plan
• Schedule A prices increased for 11 homes (median +12.4%): 101 $645,000 → $725,000; 104 $635,000 → $735,000; 203 $470,000 → $538,000; 206 $475,000 → $528,000; ...
• Schedule A prices decreased for 1 home (median -3.4%): 703 $585,000 → $565,000

Amendment 5 Aug 14, 2019

The amendment sets a new purchase price of $85,000 for unsold non-designated garage parking spaces that are subject to a License Agreement, and leaves earlier License Agreements unaffected.

• Purchase price of unsold non-designated garage parking spaces (License Agreement) revised to $85,000 per Parking Space, effective as of August 14, 2019
• Revised price does not affect any Parking Space subject to a License Agreement executed before the date of this Amendment
• No other material changes stated

Amendment 4 2019

Amendment No. 4 makes parking fully attended 24 hours a day, offers all previously Not For Sale parking spaces for sale under License Agreements, raises the first-year budget by approximately 4.68%, revises storage prices and real estate taxes, and reports that the Building has received a Temporary Certificate of Occupancy.

• Parking spaces to be fully attended 24 hours a day by paid attendants; licensees must leave keys with the attendant or in the drop box
• First-year budget increased approximately 4.68% for the parking attendant and insurance
• All previously Not For Sale parking spaces now offered for sale under a License Agreement; purchasers after this amendment will not be assigned a specific space
• Sponsor pays parking License Fees for 12 months from the Closing of Title to the first Residential Unit, then licensees pay the Schedule A-1 fee
• Storage Space prices revised (Schedule A-2, Exhibit "H")
• Real estate taxes updated to the 2019/2020 tax year; units with assessed value above the $89,975 cap pay unabated tax on the excess; 421-a benefits not guaranteed
• Building has received a Temporary Certificate of Occupancy
• Purchasers who signed a parking License Agreement before this amendment may rescind within 30 days of receiving it, under the stated prerequisites

Amendment 3 Jan 16, 2019

This amendment declares the plan effective with 13 of 63 residential units under purchase agreements, sets the first expected closing for May 1, 2019, adds a first-year budget, revises storage space prices, and makes changes to the condo's declaration and by-laws.

• Plan declared effective as of January 2, 2019, with purchase agreements for 13 of the 63 Residential Units (approximately 20.63%)
• First Unit closing anticipated on or about May 1, 2019
• First full year budget added for May 1, 2019 through April 30, 2020, with total operating expenses of $648,388
• Schedule A-2 revised: purchase prices for certain storage spaces changed (Exhibit "E")
• Sponsor to begin paying common charges on unsold units once the Condominium starts collecting common charges
• Parking references changed to "Parking Area"; Sponsor may use any form of License Agreement while it holds an Unsold Residential Unit
• New By-Laws Section 15 requires annual reports on board contracts under Section 519-A of the Not-For-Profit Corporation Law
• Plan may be used for six months from the date this Amendment is accepted for filing
• Schedule A prices increased for 54 homes (median +2.9%): 101 $615,000 → $645,000; 102 $775,000 → $825,000; 103 $725,000 → $755,000; 104 $625,000 → $635,000; ...

Amendment 2 Dec 28, 2018

This amendment sets new prices for 60 homes at Horizon at Webster Condominium, effective December 28, 2018, and states there are no other material changes to the plan.

• New prices set for 60 homes, ranging from $350,000 (Unit 202) to $920,000 (Unit 709)
• Prices for Units 204, 207 and 303 cannot be read in the text
• No other material changes to the Offering Plan

Amendment 1 Oct 19, 2018

This amendment adds a smoking and e-cigarette policy, reduces the storage and parking spaces offered for sale, revises unit square footages and terraces, corrects names and the 421-a reimbursement, and sets a sponsor-paid parking fee for the first 12 months.

• Smoking and e-cigarettes banned in all common areas, indoors and outdoors; allowed inside units and owners' exclusive limited common elements
• Leases must include the smoking policy, and the Board may sue to evict tenants who violate the rules
• Storage spaces offered for sale reduced to a total of 25; Schedule A-2 revised
• Parking spaces offered for sale reduced to 21; the remaining 13 are not for sale for now
• Sponsor pays License Fees for the for-sale parking spaces of $2,620 per month for 12 months from the closing of the first Residential Unit
• Square footage changed for Residential Unit 710 and PH 804; terraces changed for Units 102, 103, 104, 601, 611 and PH 811
• 421-a reimbursement to the Sponsor corrected to .3% of Purchase Price