HOW WE OPERATE
The Towers on Park Lane is organized as a Cooperative, which offers Residents many advantages. Buyers have an initial purchase price for the shares that are assigned to a specific unit as well as a monthly maintenance fee which covers many services and amenities that the Cooperative offers.
Purpose – Gracious Independent Living
The Towers on Park Lane is designed and arranged for independent living. The Co-Op does not provide assisted living, long-term or memory care.
Ownership – Residents Own Shares in the Co-Op
The ownership of the 353 units is in the form of shares of stock, each with a $1 par value. Ownership begins with the signing of a Proprietary Lease and continues until the shareholder sells the shares. During this time, the shareholder is responsible for any fees and taxes assessed through the Proprietary Lease by a governmental real estate taxing unit. As is true of any other real estate, responsibility for all fees and taxes continue during the entire period of ownership, even if the shareholder moves to another location before the sale of their shares is completed.
Governance – Members Make the Co-Op Work
The governing body consists of nine Resident Members on the Board of Directors who are selected annually by a majority vote of the members and by-laws form the governing documents for Resident Members. In fulfilling its responsibilities, the Board is assisted by five standing committees. Because the members are fully responsible for the Co-Op’s governance, The Towers encourages its Residents to get involved by serving on the Board of Directors, on an advisory committee or subcommittee.
Monthly Maintenance Fee – Affordable Luxury
The monthly maintenance fee varies with the size of the unit and is calculated annually. It is based on the estimated cash (the cash requirements) needed to pay for operating The Towers. The Towers by-laws limit the increase in annual cash requirements to the percentage increase in the Consumer Price Index, CPI (W). Any additional increase above the CPI (W) must be approved by a majority vote of the members.
Insurance – Residents Have Certain Responsibilities
Property
Residents have a lease obligation to repair the interior walls, floors and floor coverings, and ceilings, as well as utility fixtures and equipment (e.g., sinks, toilets), electrical lighting fixtures, plumbing inside the unit, and heating and air-conditioning fixtures and equipment (except for heat pumps, which the Co-Op covers). To avoid significant out-of-pocket expenses required to meet this repair obligation, Residents must obtain property damage insurance coverage in an amount adequate to make necessary repairs. If the interior of a Resident’s unit is damaged by water, for example, the Resident must rely on his or her individual insurance coverage for restoration repairs. The lease makes it clear that the Co-Op is not required to carry insurance coverage for items to be covered by Resident insurance and to be repaired by the Resident.