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!