Happy Monday, everyone. Enjoy the last day of 2007!
Here in Chicago, and in Illinois, condo owners will face several new rules in 2008. One, in particular, will save condo owners and associations in the City of Chicago, considerable money. Here are a few of the changes. Also see our post today on BlogChicagoHomes.com, as well as Pamela Dittmer McKuen's article in the December 27th edition of the Chicago Tribune.
1. The Chicago City Council has approved a measure to lengthen the inspection times for the facades of buildings in the city more than 80 feet high. Complete facade inspections need now only be done every eight years, instead of every four, and the inspections will be less invasive. These inspections assure buildings will be safe, but are very costly to the associations involved - often requiring steep assessment increases, or special assessments.
2. All elevators in the State of Illinois must now be registered with the Office of the State Fire Marshall (Chicago is exempt, as they already require elevator registration with the city). Mechanical work cannot be performed without registration - $30 per elevator.
3. The City of Chicago Department of Environment is now offering grants - up to $6,000 - toward installation of more energy efficient green or cool roofing surfaces.
4. Condo Associations in the Chicago Area will be getting better electrical rates from Commonwealth Edison. When rates were increased across-the-board in early 2007, associations were assessed a far-higher commercial rate for service to their hallways and common areas. After much legal wrangling, the Condo Associations prevailed - Com Ed must now assess the lower average residential rates in residential buildings.
5. The Illinois Condominium Act has been amended to establish minimum professional standards for property managers of residential buildings. Managers cannot have been previously convicted of felonious embezzlement, conspiracy to default, or forgery charges, and must possess a good working knowledge of residential property management.
Enjoy your New Year's Celebrations, Safely, Tonight!
DEAN & DEAN'S TEAM CHICAGO