In The News
To keep our owners abreast of the news in South Florida Condo/Co-op markets, we wanted to share this update. No action is required on your part, this is intended to simply share information.
As you may know, throughout Florida, Condo/Co-op associations are dealing with the sometimes overwhelming realities in responding to the SB-4D law and the news is laden with associations and individuals who are in crisis over its mandates. Below is a brief history of how Lake Mayan has met the requirements of this law.
The Board of Directors has been addressing the mandated components of this Bill since it was passed in May 2022 meeting all deadlines as outlined in the law. The initial criteria:
1. Completion of a Milestone Inspection Report by a FL licensed Engineer or Architect by Dec. 2023 (See LM website under “Association” for the complete report and associated cover letter)
2. The next step was to address any structural issues which for us consists of “concrete restoration” which is currently underway, and which is being paid for through our recent special assessment.
3. A final step will be the undertaking of a Structural Integrity Reserve Study (SIRS).
Our Directors over the past 2 years have worked hard to stay on top of these mandates. Additionally, the Directors over the past many decades have maintained necessary reserves to fund building maintenance ensuring that Lake Mayan did not face insurmountable repairs as unfortunately other buildings are now facing.
The focus of our Boards of Directors throughout the years on maintaining a sound and safe physical structure has put us in an enviable position when compared to the crisis some associations are facing.
For those unfamiliar with the growing crisis, the links below provide information on the challenges being faced by some associations and individuals.