Shared Facility

 

Through this website, we aim to give you the most current information about our shared facilities arrangements. We ask that you become informed and engaged with the YRCC878 community to demand that the Shared Facilities Board invest the due diligence required in cutting operational costs that will in turn cut any extra owner contribution to a shared facility reserve fund.

Important to Owners (please read)

In 2013, the Shared Facilities Board of Directors retained the service of R&C Engineering to draft the Comprehensive Reserve Fund Study. The study was completed on November 13, 2013 and on May 27, 2014 the Shared Facilities Board of Directors received, reviewed and accepted the Reserve Study and has proposed a plan for the future funding of the Reserve Fund.

 

The option proposed by townhouse Shared Facilities Board and Brookfield, to finance Shared Facility Reserve Fund in addition to already high cost of Shared Facility Operating Budget, if successful, will result in an increase of maintenance fees for YRCC878 owners.  The Board members of YRCC878, who are on the Shared Facilities Board agree that we must plan for future expenses, however we do not agree with the plan to increase our maintenance fee to finance Shared Facility reserve fund, which will see the average maintenance fee for YRCC 878 owners increasing over the next few years.

The YRCC 878 Board has a proposal that was presented at our Annual General Meeting in January, 2015 that would see the establishment of this shared facilities reserve fund through a reduction of operation costs, and therefore not warrant an increase maintenance fee of special assessment for our owners.

What is Shared Facility

Shared facilities allow owners from various corporations to use the facilities such as garage parking, playgrounds, security etc. that no single condominium could afford to keep up on its own. The costs of the maintenance are split between the corporations based on a percentage that is stated in the declarations of each corporation. For residential condos, it is usually based on the number of residential units. In the case of Central Park on Yonge, the shared facility cost is split between three corporations, Commercial, Townhouses and our Condominium Corporation.

Shared Facility Committee Transparency

Most of the owners do not know that there is a shared facilities committee, how it is formed or who their representative is. They are less likely to know that the shared facilities has its own Operating Budget, Reserve Fund, Employees, Audited financial statements and fees.

The owners can be shocked to receive a special assessment from the shared facilities committee.

A large number of condos do not include sheared facilities audited financial statements in their AGM packages and sometimes the shared facilities financial statements are not included within the status certificates.

NOTE: Since 2014 it is mandatory for our corporation to include all relevant information about Shared Facility operations into its Annual General Meeting package!

Demand from your Board of Directors to fully inform you about the Shared Facility activities, give you Shared Facility Annual Financial report and Form 15.

For more information on this important issue please contact our Board of Directors.