Condo Fees

2007 condominium fees are as follows:.

Item	Estimate
Landscaping and grounds maintenance	1,000.00
Lot and yard cleaning	500.00
Snow removal / salting common areas	4,500.00
Waste removal	500.00
Exterior cleaning of building, litter removal	500.00
Routine maintenance, repair and minor replacement	1,000.00
Long-term Reserve for major maintenance, repair and replacement	1,500.00
Reserve for contingencies	2,000.00
Management / Administration / Support staff	5,000.00
Property maintenance and supervisory staff	1,000.00
Professional (accounting / legal / appraisal / engineering)	1,000.00
Insurance (common areas, units, directors liability, public liability)	2,000.00
Television antenna or cable	n/a
Electricity / heating and other utilities relating to common elements	600.00
Property / Water taxes (to extent payable by Corporation)	1,000.00
Miscellaneous	700.00

Annual per building	22,800.00
Annual per unit	1,900.00
Monthly per unit	211.11

Landscaping is our estimate for lawn and garden care.

The estimate used for Snow Clearing is based on a quote from West Coast Sand and Gravel for snow clearing, sanding and salting of the parking areas. In addition, patios will have snow removal services.

Lot and Yard cleaning exterior cleaning of the building, litter removal from the parking area and the yard.

Roof and Exterior is an estimate to replace the roofing and siding at the end of its minimum expected life (20 years). $1500 will be contributed to a reserve fund (in addition to the reserve mentioned below) each year. The fund is set aside for the replacement of the 20 year shingles and regular maintenance of the siding. This payment can be reduced if the condo association feels that the expected life of these items is longer or their estimated cost is lower. The fund would be expected to be managed and invested to add some low-risk growth to the account.

Office Manager / Administration fee is a payment to any person(s) who has the responsibility of managing the association and administrating any activities (meetings, request for quotes, etc.).

Office Supplies are an estimate of the supplies and expenses realized in the running of the condo association.

Insurance is the coverage, above standard home owners insurance, that is required for the common areas (most notably the parking area) of the property. We received an estimate from an insurance company. The estimate includes director’s liability ($1,000) to cover any decisions made by the condominium association. It also includes insurance and liability ($1,000) for common areas (roofs, siding, parking area, etc.)

Professional Fees include any needed legal and accounting services required by the association.

The Reserve Fund allows for any unseen expenses due to storm damage (not covered by insurance), unseen repairs, or improvements to the property.

Miscellaneous fees included any items such as small repairs, improvements, or upgrades to the property that the association may, from time to time, deem necessary.

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