I live in a 126-unit Condo Association in Chicago. Recently, a Chicago Property Management Company was able to get the Association to pass a $2M special assessment for new balconies (glass, in a vintage building!). A petition to stop was defeated by 9 votes.
The Board has now given the property management company a five-year contract, naming them as the agent and site manager. This equates to more fees, and they now do not require Board approval for access to our operating account. Further, we’ve recently discovered that this same management company was able to gain special assessment approval for a balcony in another Chicago Condo Association that they manage.
This Condo Association has low reserves and has not been audited in over five years. How do we get this property company out of here? Remove our Board of Directors? Our Association cannot afford an attorney for this matter.