Bankruptcy filings by owners can complicate a condominium association's efforts to collect delinquent assessments.
The City of Chicago will increase its water and sewer rates in 2014. Water rates will increase 15% and sewer rates will increase from 92% to 96% of the water bill.
For budgeting purposes, an overall increase of 15% is appropriate for 2014.
Finding willing owners to serve as board members can be a challenge, particularly in smaller condominium associations. Everyone is busy with personal responsibilities and job duties, yet the fact remains that each association legally requires a minimum of three deeded owners to serve on the board and make decisions for the association.
When an association does not have a functioning board, the result is a building that falls into disrepair as maintenance is neglected. This de-values everyone's investment. In the worse case scenario, an owner may petition the court to have a receiver appointed to manage the building. The receiver must be paid for this service, however, so this action may result in increased assessments for all owners. In the long run, it is in every owner's best interest to do their part. Volunteer to serve on your association board - your investment depends on it.
Here are just a few of the highlights of the Ordinance. (courtesy of Kovitz, Shifrin, Nesbit)
1. It declares bed bugs a public nuisance.
2. Where infestations are found or suspected in rental units, it requires landlords to provide extermination services by a qualified exterminator and to maintain a written record of control measures performed to eliminate bed bugs.
3. It requires the extermination of bed bugs to be performed according to best practices, including "cloverleaf extermination" or any other method approved by Department of Public Health rules and regulations.
4. Condominiums and Cooperatives must have a pest management plan for the detection, inspection, and treatment of bed bugs within their buildings. This plan must be in place on or about March 2, 2014.
5. Condominium unit owners, and lessees with a proprietary lease in a cooperative, are required to notify the governing association of known or suspected bed bug infestations in their unit, and must cooperate with the association in the control, treatment, and eradication of bed bug infestations.
For more information, see full article at ksn.com.