Reserve Study

The Washington Plaza Cluster Association (WPCA) consists of 47 properties in the Lake Anne Center complex. The capital assets of the cluster include brick retaining walls, paving and curbing in parking areas, sidewalks and stairways, four docks and two bulkheads.

The purpose of this Reserve Study is to assess the funding required for the ongoing maintenance and replacement of the capital assets of the cluster. The goal is to achieve a reserve level and replacement schedule that will maintain the safety, appearance and property values of the cluster.

This study is based on a survey of the capital assets done in April, 2004. The survey determined the quantities of the major assets (walls, paving, sidewalks, curbing, docks and bulkheads) but did not attempt to make a detailed determination of the condition. At the present time, the paving, curbing, sidewalks, stairs and bulkheads are in generally good condition. The docks were replaced in 2002. The walls are a mix of those in good condition, those in need of re-mortaring and those that have been pushed out of alignment. None is considered as a safety concern or in danger of immediate failure; projects for pointing and replacement are planned for the next year.

The methodology for the analysis is based on previous reserve studies performed by consulting firms for other Reston Clusters. Costs are based on a 2003 reserve study for another cluster or on previous WPCA contracts.

The study presents a schedule and budget for repair and replacement of capital assets over the period 2004-2032. The budget is based on the current level of annual assessments and basic expenses. The conclusion is that the present levels of the cluster’s income, basic expenses and reserves are sufficient to carry out a capital asset replacement schedule that will maintain the quality of the cluster. No special assessments are projected.

The study will be modified in the next year to obtain updated cost and schedule estimates, and must be modified to take inflation into account. However, in its current form it confirms that the cluster reserve is adequate.