| 1. |
Mr. Atrens
arranged for two reserve studies to be conducted, the most recent
completed in December 2010. That study indicates that over the next nine years YCC #42 must carry out extensive repair and replacement work on the balance of the underground garage (which the City of Toronto has indicated must be repaired), the roofs, the windows and several other major components of the common elements. |
| 2. |
A very large
percentage of unit owners live offsite and rent out their units. Mr.
Atrens commented: “I am concerned that without continuous guidance and given the number of rented units and the ability of the unit owners to raise cash, that the common elements will be neglected and not repaired and replaced as needed.” |
| 3. |
He recommended
that another administrator be appointed with authority
to oversee the board of directors “for
a reasonable period of time and
apply to the Court, at the expense of YCC #42 if that person has come
to the conclusion that the Board of Directors has or is about to take a
position or course of action which that person feels is not in the best
interests of YCC #42 or the unit owners. There would have to be an accompanying Court Order that restricts the Board of Directors from making any decision/resolutions except at properly called meetings of the Board at which the Administrator is present.” |
| 4. |
Weather permitting, brick and balcony repair work should be completed by the end of June 2011; |
| 5. |
The “board of directors” (The Core Group?) should not attend site meetings with the contractor or instruct the engineers or contractors; |
| 6. |
Two of the unit
owners who styled themselves as members of the “Elected
Board of Directors”, A. J. Karim and Anvir Karim, are related and the
former is a condominium property manager. A. J. Karim would have a large and ongoing conflict of interest if he, or his corporation, had a contract to manage YCC #42; |
| 7. |
The manager of YCC #42 should not be a member of the Board of Directors or related to a Board member; |
| 8. |
The Court should consider a mechanism which ensures that any termination of the current management contract and the hiring of a new management company is carried out in the best interests of the unit owners in general; |
| 9. |
The Administrator expressed concerns about the ability of the “Board” to manage the condominium in an objective fashion with a view to the best interests of all unit owners; |
| 10. |
There should be a transition period of at least two months for any move from the Administrator to a Board to ensure the Board becomes familiar with the practical aspects of running YCC #42; |
| 11. |
The Administrator expressed concerns relating “to a possible divided Board and the commitment of the Board to deal with the ongoing problems and incur the necessary expenses”. |
| 2010 | $ 928,467 | |
| 2011 |
$1,918,313 | |
| 2012 |
$2,014.229 | |
| 2013 |
$2,114,940 | |
| 2014 |
$2,220,687 | |
| 2015 |
$2,331,721 | |
| 2016 |
$2,331,721 |