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Special Assessment of 2 Million
Wed, 10/08/2014 - 12:30 — NATTY
Does anyone else think regarding the recent 2 MILLION special assessment the board should be holding a special meeting to inform the owners, in full detail, the reason for this assessment rather than stating a list of things that need to be done? I personally would like more information regarding this decision before it becomes a HUGE topic of discussion at the AGM, which will most likely be after the March 1, 2015 payment deadline. Thoughts?
Renter
The building is in worse shape now than it was ever before. You always said I can use the forum to communicate my thoughts freely without slandering anyone personally or using profane language
List of problems:
1) South Tower front door electronic access - broken
2) South Tower mailbox - from what I've been told, the mail man can't deliver mail
3) Center Tower elevator is broken, doesn't go down to main
4) Special Assessment of 2 million dollars. from what I've been told thats about $6700 per unit, of course depending on unit factors.
5) Ants in the building. So bad that a neighbour dropped off notices to the two floors in my area asking if I dealt with any ants. Now I told this neighbour to hold TRC responsible as they are obligated to send Harlow Pest Control and fix the problem.
This work needs to be done
reserve fund study==> http://capitalcentre.org/sites/default/files/2013%20Reseve%20Fund%20Stud...
The reserve fund study details the special assessments needed to complete the work identified (see page 20). Unfortunately Prior boards and property managers have neglected much of the work needed (look at the the 2008 study to see how much work didn't get done).
I applaud the board taking on this challenge. However I would like to see more details such as the cost breakdown of each project, the timeline for the projects, how much of the condo fee increase is offsetting the assessment etc.
Of course it NEEDS to be done
I'm not saying the work doesn't need to be done. Like you, I just want more information...and I'm tired of hearing the same rhetoric about how shitty our property management companies have been.
Condo Board
The condo board should break down exactly what the details are for the special assesment but its likely they will blame the costs on the property management companies and then go on to state that they are volunteers doing the best they can so the owners should cut them some slack. No matter what happens, they will give you the same rhetoric and that's even if they acknowledge your request for a special meeting which they will likely state that since its not done by the majority of the membership, they have no obligation to oblige.
Renter
Ben, you are a renter. Plus, you are a renter who, when given the opportunity to do so, refused to consider purchasing a unit in this building. As such, your comments are disingenuous, as you have no skin in the game and speak completely out of ignorance. Again.
Furthermore, you are a hypocrite. You have no problems calling on the Board when you have a problem with your rental management company, yet you persist in taking every opportunity to slag us (publicly) whenever you can. Your tenant-Landlord issues are not our problem, and never have been. That some of us took the time to try to assist you with them was done as a courtesy to you as a resident. That is a privilege you will no longer receive.
As you already know, there is a lot going on in this building, and we have only so much time to deal with things. Important things, like the items above, not the inane nonsense you bother us with. I no longer have the patience to be tolerant with you. If you have a problem, report it to your Landlord. Do not bother me or any other Board member with your "issues". Any further attempts to do so, via telephone or email, will be reported to the police as harassment.
And that, good sir, is not rhetoric. That's a straight up fact.
Email sent to the Board
Dear Capital Centre Board of Directors:
I am requesting a special meeting by the board, to be organized for all owners regarding the recent special assessment. I would like more information, specifically financial information and project decisions, as the letter dated October 2, 2014 only lists projects (as indicated by the reserve fund study). I understand the reserve fund study is located on the website, yet communication with the board and owners regarding decisions such as these are important so we are all informed.
I request this meeting to occur as soon as possible and I look forward to your response.
Please acknowledge receipt of this email.
Regards,
Response to Letter requesting Special Meeting
In case anyone was interested in requesting a special meeting, here is the response I received on October 10, 2014.
In sharing this, I am not interested in bashing the condo board members. I know they have a challenging job at overseeing multiple and often complex things in this building. That being said, I am also not interested in becoming a member of the board. I am only interested in being more informed as an owner particularly when 1.2 Million; 1.5 Million; and 2 Million Special Assessments are given. A letter simply stating projects with no additional information no longer suffices. I have not responded to this letter yet, but I did receive an email from the property manager today (October 14, 2014) stating the board will be meeting later this month to consider a possible date/time for a special meeting, if approved by the board. So I will wait for a further response.
I understand there are major projects to be done in this aging building. That is what is to be expected. What concerns me the most is that I have lived here since 2010 and I have been assessed three times now for a grand total of approximately nineteen thousand. I have also, like every other owner, seen a recent condo fee increase of approximately 26%. It would be nice to know what the longterm plans are for projects, where condo fees are being spent, how the switch to self management has impacted the financials, financials that I can understand, and most importantly if I am to expect an assessment every 1 1/2 years. I cannot continue to sit back and watch my property value decrease because of shitty property management rhetoric. Accountability and transparency are a must for any organization and all I am seeking is more communication between board and owners. If they set a special meeting, then I imagine the AGM lasting a reasonable time frame. If not then I imagine the AGM will be all about the special assessment since they will be close in time to one another. Some people might like 3+ hr meetings once a year, but I don't. And, I think with the many items the board needs to report I will be overwhelmed with information if the special assessment is discussed in great detail at that time. Again, not interested in bashing board members, just want more information so I too can make informed decisions about my continued investment in this building.
Response Letter from the President of Capital Centre Board of Directors:
Cindy,
As indicated at the last AGM, the Board was endeavoring to get Capital Centre back on track with the recommended projects per the reserve fund study. At that time, the reserve fund study was just received and had not been reviewed.
As with any reserve fund study, they are just guidelines. The Board must make decisions that are a priority and in the best interest of the property given any new information that we receive. The majority of the items listed in your assessment letter are slated to be done in 2014 and 2015 with the exception of the main level concrete slab which was explained in a footnote in the letter. The dollar values of the projects can be obtained from the reserve fund study which you acknowledge is readily available on the website.
Also, mentioned at the AGM was that audited statements would be the only financial information presented to the owners once they had been reviewed and approved by the Board. Unfortunately the change to self management, also discussed at the AGM, took a lot of time and effort taking priority over getting files and information to the auditors. The draft financials will be discussed at our next Board meeting.
Since all information has been provide or is readily available on the website, we will not be calling a special meeting for all owners. If you want more involvement with the decision making, both in terms of projects and financial information then we suggest that you run for a Board position at the next AGM.
Regards,
Joyce
Natty
Hi Natty,
I recently bought a unit in the building and am not impressed with the 26% fee increase and this new "assessment". If you wouldn't mind, please shoot me an email regarding the previous assessments you've had over the past few years and what they entailed. I too need to make a decision whether to continue investing in this building. Email: mkwedding2015@hotmail.com
Also, a reminder to all owners that the meeting for this assessment is MONDAY, NOVEMBER 3rd...please come voice your concerns!
Previous assessments and information meeting called
Perhaps the board will be able to fill us in with the previous assessments. Like this last time, letters were sent out indicating the assessments through lists of what was to be done. I do know the 1.5 million was to remove the pool, repair a tension cable, and in it's place is the recreation room, which I don't use. I refuse to pay to use an amenity I already paid for. As for the 1.2 I am unsure what that was used for.
Meeting is November 3 beginning at 7:30 in the recreation room.
Natty
Hi Natty,
I recently bought a unit in the building and am not impressed with the 26% fee increase and this new "assessment". If you wouldn't mind, please shoot me an email regarding the previous assessments you've had over the past few years and what they entailed. I too need to make a decision whether to continue investing in this building. Email: mkwedding2015@hotmail.com
Also, a reminder to all owners that the meeting for this assessment is MONDAY, NOVEMBER 3rd...please come voice your concerns!
Board
I was just told by Vicki that the elevator phones don't even work so god forbid if you ever get stuck in one and need help. So apparently, the owners are paying for phones that don't work. I agree, bashing a specific board member isn't nice and doesn't get things done. However, you are right, the board has to make decisions in the best interests of the owners.
In terms of value of the property, this building seems to sell quite well despite the problems as I've seen the MLS listings for this building show consistent sales for all units. Hell, the last unit I lived in was a nightmare and still someone bought it.
Fixing stuff costs money
Yes, the phones don't work. That's what the Special Assessment is intended to fix.