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Monthly Condo Fee Increase
Posted on Dec 1st, 2017
WHY THE $30 RAISE TO MONTHLY CONDO FEES?
What the $250 Condo Fee failed to provide in 2016
As a new Director it didn’t take long to know what the current $250 condo fees failed to provide.
As an Owner I realized it wouldn’t be long before I (We) will pay a price for those failures.
The fees failed to put a penny into an a near depleted Infrastructure fund designed to repair or
replace existing common area structures, roads, water, sewer, and power lines.
They failed to put sufficient monies into a near empty Major Improvement Fund.
They even seemed to fail at providing enough money for the Village’s maintenance equipment.
Lastly, the $250 monthly condo fee totally ignored funding for the Village’s empty Reserve Fund
which was created in 2008 to insure our Village would financially survive a catastrophic event.
The dilemma it caused
Years of underfunding and patchwork repairs had left us an infrastructure so dilapidated it could
no longer be ignored. With little funds and costing over $7 million to restore our infrastructure,
the Board was in disbelief of having to ask each owner to pay for a $7000 Special Assessment.
The Board decided to focus first on wasteful spending. One area was property management.
The consensus was that after 20 years Aramark had become inept and there was a yearly
demand for undeserved fee increases. With Aramark’s removal among other 2017 spending
cuts, over $360,000 was now able to be put into the Infrastructure and Major Improvement
Funds and a new Bylaw now requires similar adequate funding each and every year forward.
What the $250 condo fee with the $30 increase should provide.
Capital to build enough funds to begin the restoration of the common area facilities.
A means to continue the proper yearly funding for our Infrastructure and Major Improvements.
Income to help adequately maintain or replace our maintenance equipment.
A way to build an adequate Emergency Reserve Fund that helps to create financial solvency.
Resources that helps avoid a $7000 Special Infrastructure Assessment.
Assets that betters a long term loan intended to pay for most if not all of the Infrastructure costs.
Nowhere in the U.S. can one live for less and offer what our Village does for $280 a month.
Joe Long, Director