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Improvements

At the level of generalities, appraisals refer to a site as having improvements, and the Uniformat II system has a category it calls Site Improvements for hard and soft as well as stand-alone common assets such as benches.

When it comes to Reserve Fund Planning, care must be taken to understand that an improvement is a term that has a strict definition according to the Strata Property Act (SPA) in BC.

Since an active Reserve Fund Component Inventory is for functional common assets and elements that are in the field at the time of the site-visit, an improvement might be seen at the time of a site-visit.

The Reserve Fund Planner must conduct a forensic review of corporation documents to determine when an improvement was installed. If it is determined that the common asset is a recent addition, and therefore an improvement, before it is added to the component inventory, it must be determined that the Owners passed a 3/4 vote to add the improvement to the development’s common assets, and that the vote is approved in the corporation’s documents.

As a corollary, a new improvement not yet in the field, can be enumerated in a Reserve Fund general section on exclusions from the active inventory, but it cannot be included in Reserve Fund Planning until it is actually observed during a visual-assessment.

About Author: Jean-François

With experience gained in construction, project management, field reviews, inspections, report writing and as strata president, J.-F. has cross-industry expertise guaranteeing that you will participate in a process geared to improving the corporation's finances and to setting the condo | strata board | council's planning to stand the test-of-time.