Magazine aside, made famous by Madonna, “Vogue” is the all time quintessential theme songs of professional branding photo shoots. It’s all about glamor and cachet. It’s about capturing the emotion and raw essence of luxury. It’s attitude. It’s an unflappable confidence in what you’ve got. And “Brand”? That’s defined as your audience’s relationship with it.
Here we capture the authentic 111 East Chestnut Condo Brand. 111 Brand Photo Shoot — Take II
Class A? Insult to injury, some of these are conditions that existed at our last photo shoot last March. For instance, months later, the wall on 30 is dramatically worse. That issue started last September.
Forget our investor majority board obviously ignoring these issues. Are they also ignoring the law? The Illinois Condo Act is much clearer than even the pictures:
– Section 9. (c) (2) All budgets adopted by a board of managers shall provide for reasonable reserves for capital expenditures and deferred maintenance for repair or replacement of the common elements. To determine the amount of reserves appropriate for an association, the board of managers shall take into consideration the following: (i) the repair and replacement cost, and the estimated useful life, of the property which the association is obligated to maintain, including but not limited to structural and mechanical components, surfaces of the buildings and common elements, and energy systems and equipment; (ii) the current and anticipated return on investment of association funds; (iii) any independent professional reserve study which the association may obtain; (iv) the financial impact on unit owners, and the market value of the condominium units, of any assessment increase needed to fund reserves; and (v) the ability of the association to obtain financing or refinancing.
– Section 18.4. The powers and duties of the board of managers shall include, but shall not be limited to, the following: (a) To provide for the operation, care, upkeep, maintenance, replacement and improvement of the common elements. The term “repair, replacement or restoration” means expenditures to deteriorated or damaged portions of the property related to the existing decorating, facilities, or structural or mechanical components, interior or exterior surfaces, or energy systems and equipment with the functional equivalent of the original portions of such areas.
But keep in mind, we do have $40,000 earmarked for a workout area remodel (i.e. New Toys for Tony and a Shiny Sales Thing to bolster Evans’ sales). We previously called it “Bread & Circuses.” But it’s more cynical. It’s lipstick on a pig.
Of course, the last line of the chorus of Vogue is “Beauty’s where you find it, go with the flow?” How perversely ironic.