This highrise condominium was entering the "Building Renewal" phase of its life, meaning many major repair and replacement projects are required to take place in the next 10-15 years. This will result in high expenditures that require careful planning and analysis.
We were retained to complete a Class 2 Reserve Fund Study to help the Board prioritize and plan for future repairs. Following our initial review and discussions with the Board, we recommended carrying out a Mechanical Condition Assessment to gather further detail on mechanical system performance and to present options for repair. Armed with this information, we worked with the Board to review and refine several expenditure plan options before arriving at a plan that met their financial needs and constraints.
The corporation has a solid, long-term plan in place, as well as a near-term plan to address high priority projects.