Special Assessment Overview
  1383 Marinaside - Special Assessment Overview - Nov 2008  
     
  Here is a summary from minutes and reports that were reviewed while selling 801-1383 Marinaside. Please have your clients review documents independently. A good company to use is;

Strata Document Review Service - My Strata.com

Tim Bramwell

202 - 5704 Balsam Street

Vancouver, BC V6M 4B9

(604) 771-5001 Cell

(604) 263-9094 Fax

[email protected]

http://www.mystratacorp.com/cms/

The maintenance program of 1383 Marinaside was developed with engineers and the strata council to repair failed membrane and caulking on outside decks, balconies and planters to minimize water ingress into the structure. A plan containing three phases has been organized to deal with the problem.

Upon inspection, the problem lies in the membrane used on decks, balconies and planters. Damage is not substantial to the structure but four deck areas are being replaced in Phase One as the membrane has failed.

Work on Phase 1 has been paid for by the maintenance program. Because damage is not substantial to the structure only decks with issues will be replaced (25%). Phase One costs came from contingency which stood at $209,000 but only $135,000 will be required to finish Phase One.

Phase Two sees the replacement of all membrane within planter and decks to mitigate ingress into the building. Columbus has been proactive and the majority of the budget is earmarked for preventative repair and maintenance to minimize future problems. Work will be organized as such....Phase One started late September. Phase Two will not commence until Summer of 2009. Phase Two and Three is projected at $2,900,000 but is expected to be less as labour costs are dropping with the slowing real estate market and construction projects.

Phase Three involves caulking windows, painting concrete areas and resealing cold joints. Work is expected to be minor in nature and should be completed after the various assemblies are replaced. Cost is included in Phase Two.

The consensus from the people involved seems to be that the building was built to a quality standard. The only mistake being the product used as a membrane failed and must be replaced. Caulking and resealing should be followed up after the assemblies are replaced.