PARKADE REPAIRS

The $950,000 cost was certainly NOT, as reported, within budgeted estimates which were previously reported by the Board, to be approximately $650,000. As with the heating system, this project will come in well over budget by 50% plus. Residents have been advised that the reason for the total replacement of the parkade topping was because there was structural damage. Unfortunately, the Board has refused to provide upon many requests of residents, a structural engineering report revealing evidence of any such structural damage. Residents have been clearly misinformed.

It has been suggested for quite some time, that the wish of the commercial owner, is to promote any RESERVE FUND EXPENDITURE that is specifically of benefit to them, and particularly, when the residents will be paying 55.69% of the total bill. Residents must enlighten themselves as to the nature of the MILLIONS of dollars spent by the Corporation over the past few years, and just what SECTOR of unit owners has benefited.

Unfortunately, our residential Board members, have as again suggested by numerous others, easily succumbed to the demand from the commercial sector interests.

Such projects are normally negotiated with payment provisions following completion of the project, usually within 30 to 90 days of the completion date, with a holdback provision as well. Assuming the advised 6 month construction period from May 11th,  that would imply a completion date of mid November. A reasonable provision for payment within even 30 days of completion would require payment no earlier than mid December.

Why are residents being required to PREPAY and give their cash to the Corporation early in the estimated six month construction period, far in advance of a reasonable due date of payment to the contractor, which would not be until December? Why have financing options not been made available to unit owners, which could have easily been arranged by the Corporation, whereby monthly contributions could easily be made to the Reserve Fund, taking advantage of the lowest interest rates in history? Many of our senior residents, should not be unnecessarily impacted with penalties when forced to cash in their investments, simply to accommodate the unnecessary demands made of them by the Board.

Unfortunately, it may be too late to reverse this most irresponsible decision to proceed with this project, but there is still opportunity for the Board, and particularly resident Board members, to act responsibly and respectfully, in the interest of residents, and simply arrange a financing option where contributions are made through monthly contributions to their condo fees.

Why was the newsletter distributed on May 3rd, some 6 days following the issuance date of April 27, 2016 and one day AFTER distribution of the assessment notice? This of course prevented an opportunity for residents to ask questions in response to the April 27th newsletter which should have been distributed on the same day. Unfortunately, as a result, residents were SIMPLY BILLED, and not provided with any opportunity to review the details of the project (even the limited details provided in the newsletter) prior to any decision being made. Continue reading →