Building Assessment Fee Issue

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The funding for the building assessment should not be divided by the number of units, but by the percentage of common interest allocated to each apartment listed under the Offering Plan. Under the introduction of the Offering Plan (pg 9. section 5) “The Board of Managers may impose special assessments in order to meet emergencies, contingencies, or other unforeseen events, which will become the financial obligation of each purchaser of a Condominium Apartment. These assessments will be levied in the direct proportion to the percentage of common interest allocated to each apartment. The reason the offering plan states this is because someone in a one bedroom should not be paying the same assessment fee as someone in a 2 bedroom or penthouse. Based on the offering plan the Board would need a majority of the unit owner’s votes to override this.

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7 Responses to “Building Assessment Fee Issue”

  1. Burg Says:

    Bop I agree with you. I’m all in favor of the work being done but all assessments are done on the proportion of the percentage of common interest allocated to each apartment in the offering plan. The offering plan clearly states this is the way assessments are handled. Besides the apartments having a percentage of common interest, don’t forget the parking spots have a percentage of common interests! For example why should residents that don’t have cars pay for a security camera in the garage area, why should residents that don’t have cars pay for an engineer to review the parking garage area? It does not benefit them…. That is why there is a percentage of common interest allocated to apartments and parking spots.

    $300 cost now is not a large amount but if we have large future assessments such as a new roof or new roof AC tower this will largely effect us and is not fair. If the Board pushes this through I will hire an attorney, this is black and white and clearly in the offering plan. The building has been looking great and the Board has been doing a great job so far but it is very irresponsible of them not to look at the offering plan before looking to access a project like this.

  2. allen Says:

    I agree. I hope it was an oversight in that email sent out…

  3. caroline Says:

    Also agree.
    Probably was an oversight.
    I am also concerned about large future costs once the assessment is done and therefore the percentage per common interest seems fair.

  4. tear Says:

    i am really nervous about the hot water breaking down again…not sure how many in the building lost their hot water today. it’s not the worst thing in the world, but it’s really inconvenient when you expect to be able to take a shower and can’t.

    if this broke several times last season and is breaking again, then something weird is going on… the inspection should definitely hone in on this issue…

  5. Bop Says:

    I agree there are mechanical issues in the building. Besides a structural engineer reviewing the building, a mechanical engineer should be called in too. It’s worth the small investment to pay for a team of engineers to come in, which I believe the board is doing from the email they sent out. It protects us to make sure it the building was built to code and industry standards. Send an email to the board with your opinion.

  6. js Says:

    Is anyone having issues with their smoke detector? Ours is ridiculously sensitive, going off almost any time we’re cooking anything and today when we lit a candle across the apartment.

  7. aky Says:

    Yes! I decided to disconnect the smoke alarm after it repeatedly turned on when the oven was only at 350. I installed another one which helps but that goes on occasionally as well. I make sure that the kitchen fan is on whenever the oven is in use….sucks.

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