The attached document which follows, is a request to the Board for their response, to some of many issues that have been expressed by residents. It is very much in a resident’s best interest to review these issues and determine for themselves, if this rejection by the Board to respond, may in fact, have damaging impact upon you, and particularly, the financial impact or damage upon the value of your condominium.

The real estate marketplace, has demonstrated clear resistance from those considering a purchase of a unit at Spadina Towers. The policy of the Board’s practice of declaring unlawful, SURPRISE AND ILLEGAL CASH CALLS to fund Reserve Fund expenditures could certainly frighten prospective purchasers away.  This policy of the Corporation, and its’ obvious uncertainty of future assessments, having been revealed to numerous prospective purchasers in 2015, can only have a negative impact on any decision to purchase a condominium at Spadina Towers. Qualified Real Estate agents, have advised, that it is most unlikely that a resale will take place at Spadina Towers until such time as this matter has been addressed.

Condo purchasers only feel comfortable with a reasonable forecast of declared monthly fees, even if they reflect higher than normal fees for a LIMITED AND FIXED PERIOD, subject to a fully transparent declaration.
It is unlikely, that there will be any opportunity for a condo owner at Spadina Towers to sell their unit without being impacted with a significant discount to the selling price of their unit.

What is the required remedy to assist unit owners with realizing REASONABLE resale market value? What is required, is a formalized plan of the Corporation to first of all, identify those Reserve Fund Expenditures that are ACTUALLY REQUIRED within the forecast period, and to establish and present, a responsible RESERVE FUND BUDGET to all unit owners, as is required by our Bylaws and the Act for their CONSIDERATION AND APPROVAL. This budget, not only requires the approval of unit owners, but as well, a reasonable funding program approved by unit owners, through regular monthly Reserve Fund Contribution Fees, which must also be PRESENTED TO, AND APPROVED BY UNIT OWNERS.

There is no need for unpredictable “SURPRISE” CASH CALLS, if a responsible funding program respecting residents is duly presented for approval. Unilateral Board resolutions to simply implement CASH CALL FUNDING, IS IN FACT UNLAWFUL.
The silence of residents relating to many issues of the Corporation, must end. It is up to residents to now act responsibly, and stand up for their legal rights, before they simply succumb to further undue persecution via UNNECESSARY DEMANDS FOR ANOTHER CHEQUE.

For those who have chosen in the past to not voice their thoughts, the time has come to stand up and reject this unlawful conduct and its impact upon your property value. Do not allow the Board to simply take your money without receiving response to your questions and concerns. You have now been provided with the provisions of the law, which clearly demonstrate that you have been improperly treated in the past. It is up to you to reject any further such treatment and stand up for yourself.

Failure to respond, will simply result in further SURPRISE CASH CALLS AND damage to your very valued  property. It is time to speak up or at least ask someone to do so on your behalf.

SPADINA NEWS CENTER
(spadinanewscenter.com)

Request for Response from the BOD 2015-12-20