Village Center marquee sign to be removed

For many years, the marquee sign at the corner of Montgomery Village Avenue and Stedwick Road—that advertises the Village Center—has been in need of repair, and has been the subject of a “whose responsibility is it” type discussion. The sign promotes the Village Center, but is actually on the property where CVS is located; that property has multiple owners, including one who owns the land, and one who owns the building. The current state of the sign is disrepair, including a tree growing through the interior of the marquee area.

 For many years, the marquee sign at the corner of Montgomery Village Avenue and Stedwick Road—that advertises the Village Center—has been in need of repair, and has been the subject of a “whose responsibility is it” type discussion. The sign promotes the Village Center, but is actually on the property where CVS is located; that property has multiple owners, including one who owns the land, and one who owns the building. The current state of the sign is disrepair, including a tree growing through the interior of the marquee area.

After several discussions with Montgomery County and both owners on the property, Montgomery Village Foundation (MVF) has been able to successfully negotiate an agreement to remove the sign and restore the area, presenting a clean, unobstructed corner view and marker for the center. This action would remediate the trash buildup behind the sign, and remove the object of many resident complaints over the years. The demolition and restoration will cost approximately $6,000, of which, the property owner and building owner will each contribute $500, and MVF will use Capital Contribution Fees to cover the remainder.

At the September 22 MVF Board of Directors meeting, the Board authorized Executive Vice President (EVP) Dave Humpton to execute a Right of Entry Agreement to remove the sign and begin the process to remove the eyesore.

Other Agenda Items

The stormwater management pond at South Valley Park is in need of renovation in order to turn it over to Montgomery County for long-term maintenance of its structural components. Originally, the work to be done to this pond was part of Phase 2 of the Montgomery Village Marketplace shopping center along Stedwick Road. Unfortunately, this phase of the center plan was never taken up by the owner and developer, Jay Donegan (JDC Village Development, LLC); notwithstanding, the county would like the pond renovation to be completed in the near term so they can add the structural components to their monitoring schedule.

In 2009, MVF and Donegan had an agreement to develop the engineering plan and construction of the stormwater management site. However, those plans need to be updated to meet current county/state agency requirements. Donegan is willing to pay MVF to have the plan updated so MVF can move forward with the renovation, using a portion of the $1,000,000 state bond for improvements to South Valley Park. The Board authorized the EVP to execute an amended agreement with Donegan to retrofit the stormwater facility.

A bid of $38,526 was awarded to O’Leary Asphalt for repair and seal coating of Apple Ridge Ballfield, Kaufmann Park, Martin Roy Park, Patsy Huson Ballfield and North Creek Lake parking lots. The lots will be cleaned, crack filled, receive primer application, seal coated and re-striped, and all parking bumpers will be re-secured. Reserve Funds will be used for this project; a Spring 2023 timeframe was chosen for the repairs given cooling temperatures throughout the rest of the year.

Finally, the Board approved updates to the MVF Board of Directors Election process for 2023, as recommended by the Nominating and Election committees. Both committees met earlier in the month to review candidate and resident obligations for the election, and updated all materials with dates for the 2023 election. The first Call for Candidates will go to the public in November, and the 2023 application will be released then. Watch the Village News and www.montgomeryvillage.com for upcoming details.

President’s Remarks

Board President Scott Dyer announced that EVP Dave Humpton tendered his resignation, effective with the end of his contract on Friday, March 31, 2023, after 15 years of service to Montgomery Village Foundation. Dyer gave a brief synopsis of Humpton’s career and highlighted his accomplishments during his tenure with MVF.

Dyer noted that an external executive search recruiter would be hired to facilitate finding Humpton’s replacement. To that end, the Board authorized Dyer to execute an engagement letter with Tysons-based executive search firm Baker Tilly to lead the recruitment effort. The search is estimated to take between 100 and 120 days, and will cost $26,950.

EVP Report

EVP Humpton noted the contract to begin construction of the Watkins Mill Fitness Area was signed and residents should start seeing changes to the site in the near future. He said some permits are still forthcoming, but the contractor has started some preliminary work and is ordering materials.

Humpton also recapped the recent county meeting on EV Charging Stations noting charging stations are an item included in the MVF Organizational Green Plan, and staff is investigating the best ways to dive into this process. With technological changes, and potential federal, state, local or private incentives, MVF wants to proceed cautiously to take advantage of any and all opportunities. Humpton noted there is an architectural standards component to installations within homes corporations and condominium associations (on common property) that staff is preparing for. He said he was planning to speak with Senator Brian Feldman (the lead sponsor of EV Charging legislation) for examples and best practices that MVF could follow.

Treasurer’s Report

MVF Treasurer Steve Taylor presented the Treasurer’s Report for the year-to-date (YTD) and the month ending August 31, 2022, reporting that overall, all MVF funds were behind budget projections by about -$597,000, predominantly from Investment Income (-$1.17 million). This is offset by Capital Contribution Fees (CCF) which are favorable to the budget by $152K, Pool Membership and Fees (up $64,000) and Camps/Classes (up $36,000). Additionally, Mr. Salazar said Personnel and Operating costs were lower than expected by $122,000 and $131,000, respectively.

Total Revenue through August was reported at $5.2 million, which is 15% lower than the budget. Operating Expenses were reported at $5.4 million, which is favorable to the budget by 5.6%. CCF was reported at $254,000 versus the $101,000 assumed in the budget; he noted that as of August 31, 130 new units had been sold in Bloom Village.

Taylor said that although Investment Income returned a loss, if this Reserve Fund detail is removed from the picture, the rest of the Operating Fund is highly favorable to the budget. He also said the Balance Sheet continues to reflect MVF’s strong financial position with over $10.2 million of its assets held in Cash and Investments. MVF continues to hold nearly $3 million in Undesignated Reserves. Accounts Receivables reported an overall decrease from last year of $95,000, which shows that the collection process is working and payments are being made on time.

The Delinquency Rate for August was reported at 9.5% (809 units), which is lower than both the 5-year average and last year at this time.

CFO Daniel Salazar noted that the Investment Portfolio would be reviewed at the next quarterly Investment Committee meeting in mid-October.

Next Meeting

The next MVF Board of Directors meeting is scheduled for 7:30 p.m. on Thursday, Oct. 27, as a conference call/Zoom meeting. Residents are invited to join the call; full meeting details, the meeting packet and/or participation instructions will be posted online at www.montgomeryvillage.com the week before the meeting.