Condo Meeting
So… Who wants to take the lead on the reporting of that clusterfuck known as a condo meeting?
O.K. Here's the 411 on the Condo Meeting. It was nasty, lot's of shouting and screaming going on which is to be expected when money is involved . I would also like to add that it was hot as h*** in that room and I was sweating bullets and unbelievably others were happily sitting there in their winter parkas ???
Anyways it boils down to this. This board is putting the blame on the previous Board for our deficit ,which didn't sit too well with Lilian Chin the previous Board Director . This board claims that the deficit was caused by a bad decision , paying off the mortgage on the Superintendent Suite. Lilian Chin disagreed and said that the interest rate charged by the builder on the mortgage was very high and that the money was there, so why not pay off the mortgage.
Solution to the deficit if we don't want the Special Assessment. The Board is going to consider selling the Superintendent suite, which is a two bedroom unit, and having only a daytime Superintendent here . They could get $400,000 dollars for it ,however Mauro feels that a Ground floor Suite is not worth as much. Guest Suites could also be sold but it will be more difficult to sell those because they don't have a kitchen and no washer and dryer.
Lot's of shouting also went on about the excessive fee we pay the Management office, full time salary for part time work because they also manage M3 and M4. Those individuals that spoke up were constantly told to keep quiet but they countered that they are not going to be quiet and that they have a right to speak . Oh and there was a complaint about why we don't get quotes from other companies , excessive amounts paid out that is bleeding us dry.
Bottom line is that the Special Assessment still stands unless the residents approve the sale of the Superintendent Suite .Some residents also want the Special Assessment to be over a longer period of time instead of within 3 months. Even if the sale is approved the Board said that it will take time to sell the Unit and that they need this money NOW .
