condo repairs

[teresitamarita]

What is the name of your state (only U.S. law)?
Florida, Miami Dade Sunny Isles Beach
My question is......
...the company that manages my condo complex has informed me that they are taking $500.000, - credit loan from a bank in order to do renovations in my condo complex, such as a 2 elevators, roof and garage grounds. The problem is following that they are not showing us tenants any form of justified documentation on estimates, just freely asking the bank for $500,000 and expecting us to deal with the future expense of the above.
Please, help if this is legal for them to do so? $500.00 that is a lot money these days for those kind repairs, and that does not add to $500.000
Thank you in advance for your kind reply.
Maria-Teresa Moraitis

 

[Silverplum]

What is the name of your state (only U.S. law)?
Florida, Miami Dade Sunny Isles Beach
My question is......
...the company that manages my condo complex has informed me that they are taking $500.000, - credit loan from a bank in order to do renovations in my condo complex, such as a 2 elevators, roof and garage grounds. The problem is following that they are not showing us tenants any form of justified documentation on estimates, just freely asking the bank for $500,000 and expecting us to deal with the future expense of the above.
Please, help if this is legal for them to do so? $500.00 that is a lot money these days for those kind repairs, and that does not add to $500.000
Thank you in advance for your kind reply.
Maria-Teresa Moraitis

Really? You don't think that 2 elevators, roof/s, and garage (grounds?) are going to come to $500K?

 

[LindaP777]

Your condo HOA board has a right (and obligation) to get bids. Those bids/estimates need to be shared with the HOA.
When was the last HOA meeting you attended? (I ask, because people often complain about a decision, after something has been hashed out once a month for a year prior.)

 

[HomeGuru]

What is the name of your state (only U.S. law)?
Florida, Miami Dade Sunny Isles Beach
My question is......
...the company that manages my condo complex has informed me that they are taking $500.000, - credit loan from a bank in order to do renovations in my condo complex, such as a 2 elevators, roof and garage grounds. The problem is following that they are not showing us tenants any form of justified documentation on estimates, just freely asking the bank for $500,000 and expecting us to deal with the future expense of the above.
Please, help if this is legal for them to do so? $500.00 that is a lot money these days for those kind repairs, and that does not add to $500.000
Thank you in advance for your kind reply.
Maria-Teresa Moraitis

**A: did you review the reserve study, budget and Board meeting minutes? Did you request copies of the contractor bids for the various repairs? Did you consider running to be on the Board?