Sunday, December 25, 2022

Budget Newsletter 2023

 Budget Newsletter 2023

The Board of Directors for Place Royale would like to proudly announce a zero percent (0%) increase in Condominium Fees for 10 years straight.

As everyone can imagine, maintaining a zero percent increase for 10 years is not an easy task and requires enormous work and dedication. Many hours of our personal and family time have been spent ensuring that we have the right contractors to conduct work in the building while reducing costs at the same time. Our focus for the last 10 years was to improve the infrastructure of the building and in so doing increase the value of the property.

In the last 10 years, we had the City construct a sidewalk at the front of the building, renovate the Party Room and build the Friendship Pathway to name a few of the improvements. This sidewalk took over two years of negotiations with the City and then another year to complete the work. Ultimately the time and effort paid off thereby providing residents with direct access from the building to Arista Way.

Despite completing a mammoth number of repairs and maintenance to the building; there is still work to be done. Some of which are as follows: wallpaper replacement, converting the building to full LED lighting, completing repairs to the suspended garage at the back of the building and visitor parking. As we move into 2023, the Place Royale Board of Directors is looking at possible options for replacing the windows in the building. In our AGM in 2019, The Board of Directors indicated that we hoped to replace the Windows by 2027. However, over the last few years, we have been working on a strategy to reduce the timeline for this project. Currently, two providers have placed their windows in the lobby.

Please take the time to look at the product displayed in the lobby. Eventually each suite will be asked to vote on which window they prefer. The votes will be placed in a sealed box at Security and two residents will be selected to count the votes. The product with the most votes will be chosen, and the Place Royale Board of Directors will look at different options of paying for the windows.

Based on the pricing provided by the window company, Place Royale's Board of Directors will decide on whether the financial stress on the building's financial reserves is reasonable and also determine the extent of owner contribution that will be required to support the completion of the project. This is a very important decision and as such an approving on the Window Project will take time.

If you are not enrolled in pre-authorized payment, we request that you register for the pre-authorized payment plan for timely remittance of common element fees. Unit Owners can also drop off 12 post-dated cheques dated the 1st day of each month of the year 2023 made payable to "P.C.C. 239". Please mark your unit number clearly on the cheques.

Place Royale Board of Directors