Capital improvement |
If a former resident is no longer paying a general services charge, they are no longer liable for capital improvements. A former resident is a person who has left the village and has not received their exit entitlement.
In this situation, you as the operator must pay that person´s share.
However, if:
- a resident requests a capital improvement to their unit and you agree, they pay for the improvement
- residents vote to make a capital improvement and you agree, all people who are residents when the vote is taken are jointly responsible for the cost.
You can ask residents to pay for the improvements before you make them. If you do, keep the money in a trust account specifically for capital improvements. Penalties apply for failing to do this.
If the amount in the trust account is more than the improvement cost, refund the remainder to the residents.
Getting quotes
An individual resident or the residents´ committee can ask you to get quotes for a capital improvement. You must get at least two quotes from qualified tradespeople, unless two quotes is not practical for exceptional reasons.
Give them copies of the quotes. If the quotes are large documents, give them summaries and make the full documents available.
Whoever requests the capital improvement must pay for the quotes.
Last reviewed 07/12/2011 |
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