Condo Smarts: Stratas should audit Air Space Parcel agreements
Dear Tony: Our strata is a combination of condos, a hotel and businesses on the ground floor. We share some common expenses for maintenance and repairs, on-site staff and insurance. The expenses are based on a formula included in our bylaws provided by the developer back in 2007. The condos pay 62 per cent, the hotel pays 30 per cent, and the commercial units pay eight per cent. No one has ever questioned how these costs have been allocated, but recent increases in operations have encouraged the council to start looking at better efficiency in costs, bringing up the issue of the cost formulas. Read the article………..
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