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NEWSPAPER SINCE 1969 |

April 5, 1987) News 985-2131

Classified 986-6222

MANAGEMENT for the 132-unit Cedarbrooke Apartments
Ltd. will meet with its company membership: April Jin an
attempt to head off a 1,500 per cent increase in monthly
maintenance fees and the possible loss of their homes.

Membership of the North Van-
couver company, which operates
as a co-operative apartment com-
plex, has been in turmoil since
discovery of an escalation clause in
the company’s lease that will raise
the property’s annual maintenance
fee charged to its 132 members
from $21,000 per month to 7.5 per
cent of the seven-acre property's
assessed Jand value in February
1990.

Current assessed value of the
property, which is immediately
east of the Westview shopping cen-
tre, is $4.2 million.

Based on a two-bedroom unit at

By TIMOTHY RENSHAW
News Reporter

the complex, membe.s currently
pay monthly maintenance fees of
$12.10. Under the 7.5 per cent
escalation rate, based on the prop-
erty’s current assessed value, a
member with the same suite would
pay $187.72 per month.
Committee member Oavid
Chodzko, who discovered the iease
escalation clause about a year ago
and has worked since to find a
solution to the dilemma. said
Thursday $0 per cent of the com-

Propane policy revie

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Distribution 986-1337 48 pages 25¢

plex’s membership are senior citi-
zens on a fixed income and over 50
per cent of incomes earned by co-
op members are under $20,000 per
year.

Most would not be able to af-
ford the increase in monthly fees,
he said.

Members purchased shares in
the complex, which was set up as
co-operative company in the early
‘70s, based on a 66-year lease that
runs to the year 2034. Under the
terms of the lease hold arrange-
ment. Cedarbrooke Apartments
Ltd. owns only the right to occupy
the property.

Chodzko said though the escala-
tion cliuse does not take effect un-
HE 1990, the tease must either be
renegotiated at the 7.8 per cent
rate now, or Che property purchas-

BSE aa TIN UR Oe Pe ea MRR a eR

ed, because knowledge of the
clause will force any market for
the complex’s units to drop
drastically and the value of the
land to increase sharply.

“It’s the only way to salvage
apartments for most of the
membership,’’ Chodzko said,
“the only way to protect the
equity we have.”

Chodzko said when he signed his
lease he was not informed of the
escalation lease details by the law-
yers handling the lease sales. He
added that the comple of the
three-part, 120-page lease agree-
ment went far beyond the com-
prehension ov the average person
so fessees were dependent upan
leval advice.

Members of the co-operative
company, he said, will consider

Reflections |
on a |
peritect

day

THE GENTLE harbor
waves sparkle in . the
sunlight as Kevic
Wilson and ‘his friend
Christopher
Laboucane, age three,
enjoy a quiet. walk -

-along Ambleside .
‘Beach. The balmy spr-:

ing. weather this past’
week has raised hopes
of a gorgeous summer.

legal action against the various law
firms involved.

In the April 7 meeting, the
cominittee will attempt to convince
the needed 75 per cent of the com-
pany’s membership to agree to at-
tempt to buy the property from the
current property owners Standard
Life Assurance Co.

A Standard Life spokesman said
the comrany has nothing to do
with the day-to-day running of the
property.

He added that the company has
no immediate plans to sell the
property.

if the 132 members do voir to
buy the property and if a subse.
quent $4.2 milion offer isc
by Standard, ;
$260 por mo
$29.00) lunar

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