Monday, December 2, 2019
6:30 PM – 9:00 PM
$40 – Current CCI NAB Members
$20 – Additional CCI Members (from same condo or company attending with first CCI Member registered)
$60 – General Public
The concept of Condominium Corporations borrowing money to finance capital restoration projects or large emergency repairs has become more common in recent years as Boards and Owners consider other options besides the dreaded Special Assessment. However there are a number of issues that need to be considered before determining whether a Corporation should borrow.
• Do our bylaws address the option of borrowing and if not what parameters should be considered?
• What is the impact of borrowing or choosing not to borrow?
• What type of loan is being considered? (opt-in/opt-out or all owners participating)
• What is the process and what are the costs of borrowing?
• What additional obligations does the Corporation have to meet if they borrow funds?
• What are the consequences of default?
This seminar will also provide attendees with a better understanding of how reserve funds are collected, as well as how they should be managed through periods of growth and spending.
Presenters: Todd Shipley (Reynolds Mirth Richards & Farmer) and Leon Lin (Ho LLP)