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[HappyNow]

At an EGM to be held next week – Item 4:  That a special levy contribution be raised to the Admin Fund totalling $110000 in 12 instalments commencing 1/4/17 and ending 1/1/2020 (3 years). 

This is a SEPP5 complex in Sydney.  ALL 21 apartment owners will be asked to contribute however only 8 of the apartments are being repaired.  The repairs though do not include removing the balcony tiles to stop the leakage over the balcony fronts so the problem will be ongoing and does not include ALL the many walls that are affected.  That will not be tackled until after 2020!  By then, the apartments in the front will sell and move on, giving notice to purchasers that a special levy will be required to be raised (again).

Also there are 3 quotes.  Two are over $270000, and one at $171000.  That in itself makes you ask questions as to the reason for such discrepancy.  Also the sinking fund currently has $145000.

This cannot be claimed on the Builders insurance now as it has passed the allowed time period.  By way of explanation, The Chairman at the time decided 3 years ago to spend $15000 repainting the water damaged bubble affected walls which have re-bubbled now.  The Committee outvoted those who did not want it carried out that way but wanted to claim against the builders insurance. 

Now the elderly owners are forced to pay the special levy but the repairs being carried out do not improve everyone’s apartments, just a chosen few facing the street frontage.. 

What do others think?  Is this the normal way of doing things?

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