The support of residential Board members expressed earlier this year to hold a Residents Meeting, has apparently been rejected by the Board. Such a meeting should have been held prior to the AGM but it simply didn’t happen. It appears that such a meeting can only happen upon the initiative of non Board member residents.

There is a very urgent need for such a meeting to be held as soon as possible, as the primary concern, and it is very serious, is the financial status of the Corporation. As demonstrated at the AGM, the Board continues to proceed with numerous Reserve Fund projects at their own discretion and without the legally required approval of residents.

Both recent and current projects, illegally approved by the Board, far exceed the current cash position of the Corporation. This is obviously in breach of both our Bylaws and the Condominium Property Act. Residents must realize that the current status, places them in a very serious position of potential liability as a result. Any resident considering the sale of their condominium in the near term, should be very concerned as no astute purchaser will consider a purchase in this building without evidence of responsible address to this very serious issue.

One way or another, a meeting of those residents who wish to participate in a responsible discussion of this issue, with the objective of proposing a reasonable strategy to address this situation, must be held soon and certainly in the month of November. It is very important that all non Board member residents attend this meeting and participate in an effort to avoid what could prove to be a very troubling and disturbing outcome.

The voice and participation in this matter of the Residential Sector has never been more important!

At the Spadina Condominium Corporation Annual General Meeting, held on Friday, October 9, 2015, an opportunity for residents to present their questions and comments over a great many issues, was not provided. As has been suggested by residents for a number of years, a residents meeting held sometime prior to the AGM, just as the commercial owners do, would then equally provide residents as well, an opportunity to voice and address their concerns, reach some level of consensus, and in turn, provide their resident Board members with their position that they would have presented to the AGM, and now to their Board. Residents would not be pressured and subject to overly restricted time limitations, which of course results in minimal recognition by the Board, of these resident issues, as has been the case for a number of years.

In anticipation of once again less than reasonable recognition of resident issues at this years AGM, some residents chose to leave presentation of their questions and comments to a residents meeting. Several residential board members have expressed their support for such a meeting, and there is good reason to believe that they will act upon this given the strong advocacy of Board member Brent Dunlop, who did initiate efforts for such a meeting, and I believe, has achieved recognition and  support for this meeting from his fellow residential Board members.

It has been requested that an invitation be made to the author of the Reserve Fund Study to attend the meeting and present the study to ensure that residents are duly informed before participating in the required approval vote of both the proposed reserve fund expenditures and appropriate fees for funding in the current fiscal year.

The residents meeting will provide as well, an opportunity to clarify and address the unanswered questions and neglected formal business not addressed at the AGM. This includes:

1. Extended review of the financial statements
2. Required resolution supporting approval of the Reserve Fund Budget
3. Required resolution supporting appropriate funding of the approved Reserve Fund Budget
4. Appointment of the Auditor for the fiscal year ended June 30, 2016

To further ensure that residents are sufficiently informed before the coming residents meeting, the following information is provided for your review:

RESERVE FUND BUDGET Legal Requirements

RELEVANT LEGAL EXCERPTS 2015-10-21

Audit considerations 2015-10-09