Author Archives: Stonebridge Condo Board

Condo Fees Raised Effective Jan 1st 2017

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Based on our reserve fund study from the previous post, we have determined that we will need to increase our fees to cover our future costs and expenses.

Effective Jan 1st, 2017 we will be increasing our monthly fees from $167.37 to $210.00 per month.

The increase in fees will be mainly used to cover our increased reserve fund contribution. We are raising our reserve fund contribution from $90,000 to $130,000 for the year of 2017.
We are expecting that we will also have to repair our Attics due to problems with how our attics were installed.
Attic repair and upgrade costs are expected to be around $65,000 a year for the next 5 years as we space the repairs across about 40 units a year.
The fee increase also includes a larger budget to allow the siding and windows to be cleaned annually, and a larger budget for grounds crews and our property manager.

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In 2018 we will be increasing our target reserve fund contribution from $130,000 to $165,480 for the year of 2018.
We will be continuing the Attic repairs and upgrades through 2018 completing 80 units by the end of the year.
In 2018 we estimate a 5% increase in costs across the board, reflecting increasing costs due to building aging and inflation.
We have factored these costs into the $210.00 monthly fee increase.

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Our current budget places our next expected fee hike to occur in 2019.

If you have any questions or concerns please email the board at board@stonebridge-condo.com

2016 Reserve Fund Study

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As some of you are aware every 5 years we are required to do a reserve fund study.
We opted to conduct a reserve fund study earlier than this due to unexpected expenditures doing the grading upgrades and repairs.
This year we hired Wade Engineering Ltd to conduct the study. Wade Engineering has been doing engineering, repair and replacement estimates since 1986 as an independent consulting firm. They came highly recommended to us from our Bridgegate Property Management.

2016 Reserve Fund Study

Based on our reserve fund study we have opted to increase our annual contribution to our reserve fund from our current $90,000.
We will allocate $130,020 a year to the fund in 2017 and $165,480 a year in 2018.

These increases are largely due to us dipping into the reserve fund early for grading work for the last two years.
We are also expecting extensive attic work that will need be carried out in the following few years.

We will need to increase our Condo Fees to accommodate the projected shortfall in the reserve fund.

Wade Engineering had conducted the survey prior to our September construction season so some of these items have already been fixed.
We have already completed the majority of downspout work recommended in the report.
The asphalt and storm drain repairs have already been complete.

Preliminary Grading Work Complete

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As many of our overjoyed residents have noticed we finally have completed our grading project as we set out to do 2 years ago.
As of today our scope of work for the project is complete and we are awaiting final city approval for the Grading plan.
Sod has been laid down in all areas of the complex.
We ask that drivers park carefully to ensure they keep tires off the grass.
The grading has been surveyed, the results forwarded to the City inspector.
The downspouts have been repaired to ensure proper drainage away from the buildings and into the swales.

We are currently awaiting the City Inspectors report to determine if any further changes are required.
Thank you for your patience in this matter.

Garbage in the Yard

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Dumping Issue

Hello Everyone,
Just a reminder that it is not okay to store garbage or garbage bags outside on your patio or front door, even temporarily.
Our site manager is instructed to collect all visible garbage and we will levy a fine of $50 for every infraction we find.
This includes items such as used car batteries, cigarette butts, and dog poop bags.

For a temporary spot to store garbage we suggest using the inside of the garage.
The temperature should keep the bags from smelling and the bags will be out of sight.

Thank you for your cooperation and assistance in keeping the complex clean.

Best Yards in the Complex

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Unit 37 Best Yard

Many of our owners and tenants go above and beyond in the upkeep and maintenance of their yards.
In recognition of our residents hard work the board would like to present a $50 dollar gift card from Home Depot for the best kept yard.
We are also giving out $25 gift cards to our 4 runner ups.

Winner of the Best Yard in the Complex goes to Unit 37!

Runner ups are Unit 40, 137, 138, and 171.

Progress Update, Grading, Downspouts, Asphalt, Paint, Steps.

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Renovations

Our complex has been busy with workers these last few weeks.

Downspouts and Eves work should be finished by the end of next week. We have had all the gutters inspected and cleaned, Downspouts should all be fixed or replaced by the end of this week.
Various workers will be on the roofs through out this week and next working on gutters.
Note that damage to the downspout is fine-able for tenants and owners damaging the downspouts.

Landscaping work should start by the end of August and finish around the end of September.

Asphalt work is 95% complete, we are waiting to confirm all the drainage before the last work will be finished.

In summary all grading and drainage work should be complete by the end of September.

Step painting for damaged and degraded steps has been completed. If you think your step should be looked at please email the board.

We will be starting on touch up painting for the Garage Doors with paint chipping away.

Steps and Stone

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Renovations

As a continue effort to save some of our crumbling steps we have been applying a non slip sealant to steps in poor or degrading condition.
During the painting and drying process your door mat, plants and decorations may be placed to the side.
The sealant only takes a few hours to dry and owners/tenants may return the items to how you desire once that is done.

We are also going around the complex to repair crumbling or missing stonework on the front of units this should be complete by the end of the year.

Thank you for your time and understanding.

Grading, Drainage and Roadway Update

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As many of you are well aware we have had some major grading work done around the complex.
We now have accepted a quote from HML Contracting LTD to complete the work that was left unfinished by Do All Landscaping. HML will complete the remaining work as outlined in this post
This work should be complete by the end of 2016.
We have also hired Splashdown Eaves to replace any damaged downspouts around the complex and re route any downspouts as required by the new drainage plan.
Our roadways have developed a few pot holes and sinkage around the complex has resulted in some of the man holes being higher than the lowest points in the road.
We will have Smart Fix Asphalt repairing the various potholes and will be lowering several man holes to fix any drainage problems.

Thank you everyone for your continued patience with the board while these improvements are underway.