Built in 2002, Park Place Oliver is a five-storey, wood framed condominium building located in Westmount, Edmonton. As part of their duties as a corporation, the Board of Directors are in charge to provide a Reserve Fund Study (RFS) for the building every five years.
The intention of an RFS is to be a dynamic document that must be reviewed on a periodic basis and used as a reference document for the ongoing management of the condominium. Adjustments should be made to the forecasts developed within the Reserve Fund Study on an annual basis; this may be done internally by the condominium corporation. A complete re-evaluation of the technical review must be conducted in five-year intervals to review the condition of more significant items. This review is required under the Condominium Property Act to ensure that reasonable funds are provided to meet the future needs of the condominium for the repair or replacement of major items.
Williams Engineering (WE) building science team was requested to preform a site and document review, as well as a review of exterior and interior features and mechanical and electrical systems. They later provided a report and presentation of their findings to the client.
WE understands that although every effort was made to correctly estimate the life expectancies and replacement costs of maintenance items, it is not a precise science. The actual life of any component may differ substantially from the estimate made. However, WE recommend that the document be reviewed and amended based on historic information as it is provided to the Condominium Corporation on an annual basis. This report continues to be the foundation for the Corporation’s budgeting process, and for that purpose, should be reviewed and updated each year.
Williams Engineering looks forward to continuing to provide Reserve Fund Studies as a planning tool to help support condominium corporation’s needs, and ensure buildings are being maintained to the safest and most resilient standards.
