May 16th, 2021
FELLOW RESIDENTS:
A primary concern of residents regarding the proposed Bylaw amendment, is why is an amendment even necessary given that the residential reserve fund will already have sufficient funds of $85,000 at June 30th for redecorating. Insurance will be covering the majority cost of the party room. This would include painting of the party room, the office, kitchen and bedroom areas as well as a full replacement of the ceiling, walls, etc. Therefore, there is no need for the $3,000 per door special assessment for the party room due June 30th.
With funding of the above therefore provided for, why is there a need for a Bylaw amendment at all? Residents definitely are not in favor of a PERPETUAL ANNUAL CONTRIBUTION of $25,000 for redecorating that will not even take place until sometime after 2035. Residents obviously should vote NO on the ballot provided.
Regardless of whether you own a 01, 02 or 03 unit, there is NO reason to support a Bylaw amendment when there is no reason for resident contributions of any kind at this time.
Residents must be informed of the very serious financial status of our main reserve fund. The last budget presented at last years AGM forecasted only TWO items in the first 3 years of the forecast which is very unusual. Unfortunately, a list of known imminent and short term obligations was not disclosed to residents. As you can see in the attached schedule, completion of these obligations if conducted in the next year, would result in a substantial deficit in the reserve fund. Click on following link:
http://spadinanewscenter.com/wp-content/uploads/2021/05/Reserve-Fund-Status-2021-05-15-1.xlsx