Fire Alarm system fixing is set for Friday 8am to 5pm

On Friday, May 31st from 8am to 5pm our fire alarm company will be working on wiring problems.

Access to the units on the 1st floor will be required throughout the day.

Please make sure you are at home or reach out to Alex to arrange access.

If no access to the units on the 1st floor is provided the owner might be responsible for charges to test his/her individual unit.  

 

Thank you

Fire Alarm System test is postponed

On Monday May 27th we had another false fire alarm (the third over the past month) which, most likely, was caused by a short in wiring or a faulty sensor in the garage or at the 1st floor.

During a service visit this week our vendor was not able to identify and resolve the problem and would need to come over again for more extensive troubleshooting.
We do not have the exact date yet, please stay tuned.

Also, the fire alarm test that was scheduled for today, Wednesday May 29th is postponed till further notice.

Thank you

Special Assessments Updates

Our bank is still processing loan documents and we should be able to determine the amount of the first special assessment by the middle of June. The amount will be based on the interest rate applied to the loan. The owners who made upfront lump sum payments are all set and will not need to pay anything.

The payments towards the first special assessment will be due by July 10th.

The monthly payments of 100 dollars towards the second special assessment will also begin in July and it will be required for ALL unit owners. Please update instructions to your bank if you pay via online banking.

We will be posting regular updates as soon as we get closer to the construction phases of our repair projects. The most important ones will be related to the driveway and garage access so, stay tuned.

Please let us know if you have questions.

Two special assessments are coming in June

We are setting up two special assessments.

As we announced at the owners meeting in February this year, we are setting up one special assessment to cover the cost of repairs that are scheduled for this year:
-    Driveway retaining wall replacement and installing drainage system,
-    Masonry repairs, balconies painting and building waterproofing,
-    Skylight replacement.

These three projects will be financed via a commercial loan but before we enter into a bank agreement, we would like to give owners an opportunity to pay their special assessment up-front in lump sum in the amount of 23,500 dollars.
Owners who are willing to make one-time payment must contact the manager by May 8th.

If paying a lump sum not a good option for you or if you chose not to reply to this letter then the assessment fee for your unit will be set to approximately 475 dollars a month for the next 5 years.

The second assessment will be set in the amount 100 dollars a month, also for 5 years and it does not need to be paid in lump sum. The purpose of the second assessment is to accumulate funds for smaller repairs that are due but can be done gradually to save money on the bank interest fees.

Total two assessments will be 575 dollars a month. This amount is estimated and will be confirmed after the bank loan is secured later this month.

We expect that the assessments will go into effects on June 1st and it will be announced by the end of May.

Please let me know if you have questions.
Thank you
Alex