1.
|
The condo had an
operating deficit of $670,000. |
2.
|
The deficit
included about $360,000 for unpaid water and gas charges. |
3.
|
The reserve fund
was flat broke – there was no money to pay for even the most basic
repairs. |
4.
|
The garage was
unsafe and required repairs estimated at $1.7 million. |
5.
|
The roof required
replacement and the roof anchors were unsafe. |
6.
|
There were about
40 units that are affected by mould as a result of
water intrusion due to the deteriorated exterior condition of the
building – these required urgent work. |
7.
|
The balconies
were unsafe and need repair. |
8.
|
Many owners were
in arrears of their maintenance fees and consistently paid late. |