This development was constructed in 2001 and consists of a 4-storey building containing luxury residential units and a single-level underground parking garage. The Reserve Fund Study provides the Board and Management with the information needed for budgetary purposes. Detailed in the study are realistic assessments of the amount of money to be put aside, or reserved, every year to meet future major repair and essential replacement costs of this development. It is a mandatory requirement of the Ontario Condominium legislation.
A Class 2 Reserve Fund Study is based on both the physical analysis of the common elements and a financial analysis of the available funds. The various components forming the common elements of this development were visually assessed by personnel with McIntosh Perry in September 2019. A comprehensive review of financial and reserve expenditures and financial analysis were conducted. A Reserve Fund Study report was issued including a 30-year, 45-year, and 60-year cash flow schedules of reserve funding of the predicted capital and maintenance cost expenditures. The report was illustrated by digital photographs that were incorporated into the text to illustrate existing conditions.
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