CENTRAL1 OCSCC 903 Residents Information Session November 20

CENTRAL/-1 OCSCC 903 Residents Information Session – November 20 th, 2012

CENTRAL/-1 OCSCC 903 Residents Information Session Agenda • • • Introduction of Board Update General Information on Condo Governance Get Involved Other Items – Ener. Care – Urbania

CENTRAL/-1 OCSCC 903 Residents Information Session Board Members • Marty van Gaal (3 year term), President • Paul Gallagher (2 year term), Director • Krista Nonnenmacher–Biddiscombe, Secretary Property Manager (Taggart Realty Management) • Stefania Parnanzone Concierge • Samra Mehmedagic

CENTRAL/-1 OCSCC 903 Residents Information Session Board Update • 3 Board meetings • Developed common elements deficiency list and issued to developer (including Mc. Leod Lobby, BBQ design, bike racks, lighting in fitness room, etc. ) • Determined topics of concern and obligation in order to plan future priorities, obligations, communication • Determined specific policies regarding such items as provision of audio visual services, security, amenity room booking, etc. • Reviewed proposals for winter snow removal, carpet cleaning, garage door maintenance, garage floor cleaning and window cleaning

CENTRAL/-1 OCSCC 903 Residents Information Session Board Update • Approved additional security coverage (currently Fri/Sat/Sun – 7 pm to 2 am, will be reviewed) • Changes to process of booking amenity room • Electricity - applied for and received approval to move from Wholesale Rate to Regulated Price Plan (RPP) – effective for October • Directory Board in Lobbies (split to reduce number) • Information Session • Performance Audit (PA) and Reserve Fund Study (RFS) • Communication

CENTRAL/-1 OCSCC 903 Residents Information Session What can you expect from your Condo Board of Directors? • • Act honestly and in good faith Build and maintain an adequate reserve fund Call and hold Annual General Meetings (AGM) Achieve compliance by owners with legislation and specific declarations, bylaws and rules • Keep owners informed

CENTRAL/-1 OCSCC 903 Residents Information Session What can you expect from your Condo Property Manager • Acts for the corporation, at the direction of the Board of Directors • Assists the Board in development of appropriate policies, plans and management systems • Manages financial, human, information and physical assets on behalf of the corporation • Collects monies payable to the corporation, and operates trust accounts • Supports general day-to-day operations

CENTRAL/-1 OCSCC 903 Residents Information Session What can you expect from your Concierge • Acts for the corporation, at the direction of the Property Manager • Supports the general maintenance activities of the common elements • Supports the onsite administrative activities • Security • Provides onsite contact for owners for general inquiries • Receives deliveries on behalf of residents

CENTRAL/-1 OCSCC 903 Residents Information Session General Information on Condo Governance • • What is a condo corporation? How does condominium governance work? What do my condo fees pay for? What am I responsible for as an Owner?

What is a condo corporation? • Condominium is a legal description, rather than a type of home. Created by the Registration of a Declaration and Description of title to land • Each property owner owns some of the property outright (i. e. their individual unit), while the rest of the property is owned jointly (i. e. . the hallways, lobbies, amenity spaces, etc. ). • The portions of the property, which are owned jointly, are referred to as “Common Elements” – where common rules are applied

2 types of Jointly-Owned Property Common Elements: Exclusive-Use Common Elements: - Hallways, lobbies, - Your unit balcony/terrace, amenity spaces, fitness storage locker, parking space room, courtyard, etc - Individual owners have the - shared by all owners in exclusive right to use - follow common defined rules - Owned and occupied - Owned by the Corporation, by the Corporation but occupied by the individual owner

Condo Corporation…… • A condo corporation (person) is a non-profit legal entity set up, under authority of the Condominium Act 1998, to manage the entire condominium property, and any assets which the corporation may acquire (i. e. Reserve fund investments). • The Heirarchy of Laws includes: q. Act q. Declaration and Description q. B-Laws q. Rules

How does condominium governance work? • The condo corporation is governed by an elected Board of Directors. • The Board controls, manages and administers the common elements and assets of the corporation: ØAnnual budget ØReserve fund plan ØCollection of common expenses ØEnforcement of governing documents

The Condominium Act 1998 – Top of the legal food chain – Provides the overall legal framework for condo corporations – Changed only by Ontario Government – All laws below must be consistent with the Act – The primary legislation of concern although other legislation applies, such as Income Tax Act, Employment Standards Act, Occupational Health Act, Human Rights Code, etc

Declaration and Description (Think of this as our condo “Constitution”) • Filed by the Developer to register the corporation. • Defines the percentage of the common elements owned by each unit owner, which forms the basis of the calculation of the monthly maintenance fees paid by each owner. • Outlines the obligations of the condominium corporation, board and owners, including repair and maintenance responsibilities. • Can be amended only with consent of 80% of owners.

By-laws • Provide the general operating framework for the corporation and must be registered. • Describes the procedures for meetings and elections. • Outlines the number, terms and qualifications of the Directors. • Can be amended only with the consent of 50%+1 (of all units not just those present) • Must be consistent with Act and Declaration

Rules and Regulations • Provides guidelines for safety, security or welfare of Owners. • Prevents unreasonable interference with an Owner’s peaceful enjoyment. • Can be changed by vote at an AGM, or passed by the Board with 30 days notice to Owners. • Must be consistent with Act, Declaration and Bylaws • Rules do not have to be registered

What do my condo fees pay for? • Operating budget: – Day-to-day operations and administration (maintenance, supplies, common element electricity) – Staff - Property Manager, Concierge – Corporation’s insurance policy (building including standard unit) – Water (hot and cold) – Conditioned Loop for Unit Heat Pumps • Reserve Fund: – Money that is set aside for future major repairs as determined by a Reserve Fund Study (RFS) – 30 year view – Completed by an engineering firm. – RFS is updated every 3 years. – Minimum of 15% of Operating Budget (may be more depending on RFS)

How are my condo fees calculated? • The total annual budget (Operating + Reserve) is divided among all owners based on their percentage of ownership – (as defined in Declaration). • Percentage of Ownership is determined by your : – Your Unit square footage – Parking Space – Locker

What am I responsible for as an Owner? • Owners are responsible for participating in the governance of the corporation, the basics are: – Election of a Board of Directors – Voting for passing amendments, by-laws and rules – Attending Annual General Meetings • • Payment of condo fees Insurance of own unit Repairs and maintenance of own unit Remember the common spaces is yours

Repairs and Maintenance: • An Owner is responsible for certain portions of the repair and maintenance of their unit. These are outlined in Article 5 of the Declaration. • The basics: – Anything contained within the interior of the unit, including the interior surface of the front door and the drywall; – Any pipes, wires, ducts, conduits, etc, which provide service to your unit alone; – Your heating and air conditioning units; – Your balcony or terrace, including any windows which are accessible from the balcony or terrace, AND the interior of the balcony glazing.

General: • Owners are responsible for their own hydro usage • Owners are responsible for any damage they cause to a common element • Owners are responsible for the actions of their guests, tenants, delegates, etc. • Owners are responsible for knowing the rules and bylaws of their corporation • Informing the board of any sub-leasing or renting arrangements (Tenants) • Informing the board of sale of a unit and moving date • Ensuring any tenants are informed of condo governance / rules

How can I get involved in my condo community?

• Participate! – Participate in the governance of your corporation. Attend meetings. Vote! • Get informed! – Read and understand your Corporation’s governing documents, notices and updates. • Give back! – Volunteer for a sub-committee! Ask not what your condo can do for you, ask what you can do for your condo…. .