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6 COOPERATORNEWS CHICAGOLAND   —EXPO 2021  CHICAGO.COOPERATORNEWS.COM  Industry Pulse  Events  We’re Back, Baby! CooperatorEvents   Expo Returns to Chi-Town this Fall!  CooperatorEvents is thrilled to an-  nounce the return of our in-person Ex-  pos! This fall, the CooperatorEvents Chi-  cagoland Expo will take place at Navy   Pier on Thursday, October 7, 2021, from   10:00 a.m. to 4:30 p.m. We have an excit-  ing lineup of exhibitors eager to interact   in person, covering every aspect of mul-  tifamily living, from board governance,   financial  planning,  and  community  en-  gagement to  roof repair, energy man-  agement, and lawncare. Like our past   in-person Expos, the CooperatorEvents   Chicagoland Fall Expo 2021 will include   a full day of free workshops, seminars,   networking, and more. And as always,   registration and attendance are FREE   to all! Visit   to see who’s   exhibiting, get more information, and   register as an exhibitor or an attendee.   This  will  be a  must-attend event  for all   condo, co-op, and HOA board members,   property managers, residents, and real   estate professionals in the Chicago area!   We look forward to seeing you there in   person!  Law & Legislation  Option for Board Residency Require-  ments Added to ILCPA  The  Illinois  Legislature  recently   amended the Illinois Condominium   Property Act (ILCPA) to include that   any new declaration or amended existing   governing documents of a condominium   association can require a majority of its   board of directors or trustees to consist   of owners whose unit is their primary   residence. The new provision takes effect   January 1, 2022.   The  amendment  limits  associations   to require a majority or lesser number   of directors to occupy their condo unit   as their primary residence. According   to attorney David M. Bendoff, who an-  swers a question related to this amend-  ment in the   Daily Herald,   this means that   “\[C\]ommonly found language in a con-  dominium association’s declaration that   require\[s\] all board members to reside   on the property would not be valid, and   could be amended.”    After Surfside, Chicago Examines   Structural Safety  After the devastating and deadly col-  lapse of the Champlain Towers condo   in Surfside, Florida, high-rise dwellers   throughout the country are wondering   how their cities’ building and inspection   codes will prevent such a tragedy where   they live. WTTW News compiled the re-  actions of several Chicago industry pro-  fessionals in a recent report.   According to the report, the Chicago   Department of Buildings says there are   still too many unknowns to comment di-  rectly on the Surfside collapse, but that   Chicago has strong building codes for its   broad shoulders. “All plans for high-rise   development undergo multiple reviews   from all relevant disciplines—especially   structural—to help ensure long-term   safety,” the department says in a state-  ment.  “As  further  protection,  owners   must obtain a certificate of occupancy,   which  has  its  own  set  of  requirements,   prior to allowing any occupants in the   building.”  Derek Boeldt, president of the Struc-  tural Engineers  Association  of  Illinois,   says that a collapse like Surfside is “re-  ally such an extremely rare event that the   number of variables involved that would   have to go wrong for something like that   to happen is almost unthinkable.”   Kris Kasten, attorney with Altus Le-  gal in Chicago, suggests that the focus   should be on Surfside and the people di-  rectly impacted by the tragedy, but “can   certainly understand where associations,   unit owners, boards across the nation are   going to wonder … could it happen with-  in my association? I think those ques-  tions are good to raise and have a con-  versation  about—and  not  start  jumping   to conclusions.”  Evan McKenzie, a law school instruc-  tor and head of the political science de-  partment at the University of Illinois   at Chicago, as well as the author of two   books on condo and HOA governance,   says  more  oversight  and  regulations   might be necessary. “Condo owners and   their directors control their own assess-  ment levels. There is insufficient regula-  tion of what they do to make sure they   have enough set aside,” he says, warn-  ing that condos with insufficient money   in reserve are likely to defer important   building maintenance.  Kasten points out that state law “re-  quires associations to maintain reason-  able reserves, but what constitutes rea-  sonable reserves is not expressly defined   … (it) sets forth various factors for the   board to consider when determining   what constitutes reasonable reserves for   their particular associations.”   McKenzie laments that “here in Chi-  cago, there have been hundreds of condo   associations that have become insolvent   for one reason or another and have been   taken over and put in receivership by the   courts and turned into apartment build-  ings.” Additional government action at   the state and federal level—such as more   financial transparency for prospective   buyers and regulations on reserves to   fund building upkeep and ensure condo   associations are well-run—might curb   this outcome.  Boeldt emphasizes that while Chicago   structures certainly withstand their share   of extreme weather, the external condi-  tions that might have played into the   Champlain  Towers  collapse—saltwater   intrusion, tropical storms and hurri-  canes—are not a factor here. But whatev-  er the conditions are, proper and prompt   maintenance is key. “The majority of the   issues that arise come from … the outside   elements: the wind and the snow and the   freeze-thaw cycles and the salt spray,” he   says. “With any maintenance, even like a   single-family home, the sooner you fix   those little issues as they arise, the easier   it is to pay for that. … The longer you   wait, the more significant it gets (and)   the more costly it gets.”  Real Estate  With No Condos Sold, Parkline Switch-  es to Rentals  The Real Deal   reports that The   Parkline, a new residential building in   the Loop that had a mix of rental apart-  ments and condos, is now being mar-  keted as 100% rentals after the 24 condo   units failed to secure buyers.   TRD   says that the building’s 189 apart-  ments have been on the rental market   since February and are 98% rented. But   the condos, on the top four floors of the   26-story building, launched nearly a year   earlier and have not seen a single sale.   The original asking prices for the con-  dos started at $1.5 million, and were later   reduced  to  $1.42  million—an  average   pricing of $711 per square foot. But other   Loop condos valued at $1.5 million and   up that sold in the past year were priced   at an average of $637 per square foot,   notes   TRD.  Now the former condos at 60 East   Randolph Street  will  be marketed as   high-end rentals, with a dedicated pri-  PULSE  YOU’LL LEARN SO MUCH  YOUR HEAD COULD EXPLODE.   (Our lawyers said we had to warn you.)  NAVY PIER, CHICAGO   THURSDAY, OCTOBER 7, 10AM-4:30PM  FREE REGISTRATION: ILEXPO.COM  continued on page 31

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