The Association
By March of 2019, the portfolio management team identified deferred maintenance items to the roof, plumbing rodding, HVAC preventative maintenance, façade sealants, balcony membranes, and deteriorating garage concrete areas. As part of our ongoing support, we were also able to identify inadequate insurance coverages and engaged Mesirow / Alliant to help secure proper coverages on a new insurance plan.The Solution
In April 2019, a priority list was established, and pricing was gathered in order to create a funding plan. The portfolio management team then engaged Dave Jandak, VP of Finance to help secure $2.5 million loan options for board consideration. The portfolio management team then recommended the formation of three new commissions: Financial Planning, Building and Grounds, and Declarations and ByLaws, to assist with planning for the needed upcoming repairs. In Sept 2019 the $2.5M loan closed, and the commissions partnered with Bob Meyer and the FirstService Project Management (FSPM) team to move forward with the upcoming capital repairs. By the beginning of spring 2020, FSPM had developed a scope and provided vendor recommendations for the three capital repair projects related to the roof replacement, façade/balcony repairs, and garage concrete restoration.