01/20/16 – The Vaux Board Of Directors has announced that a contractor has been found to repair the failing Victaulic Company fittings in pipes @ The Vaux. Charter Construction, a reputable and local company that has repaired Victaulic fittings in other Portland buildings has signed on to do the job for $740,816. Work is scheduled to start within the first quarter of this year.
Expect the work to take three months to complete. (And expect an impact on the tranquility of life @ The Vaux during this period.)
The Vaux has sufficient funds in reserve to pay for the work.
Reserves may someday need to be replenished by a special assessment amounting to several thousand dollars per owner.
Any special assessment will only happen once the work is done and legal wrangling is over; not until 2017 or thereafter.
As the project revs up expect further communication from the Board.