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Board adopts condominium declaration and bylaws for 110 North River Street; owners will bear interior build-outs and 7% of exterior maintenance
Summary
Trustees approved an ordinance adopting and recording condominium declaration and bylaws for 110 North River Street; the declared split makes future commercial purchasers responsible for interior fit-outs and 7% of exterior maintenance, with dues to be established by a future condominium association.
Trustees adopted an ordinance to record a condominium declaration and bylaws for 110 North River Street, the new parking-garage-associated property.
Staff explained the maintenance split: a future commercial purchaser will be 100% responsible for interior build-outs and will pay 7% of the overall exterior maintenance costs allocated across condominium owners. Trustees asked how dues will be set; staff said once the condominium association is formed the association will hire a management company and perform an analysis to determine dues. Staff also indicated the village intends to recommend that a portion of sale proceeds be placed into the condominium maintenance fund to seed ongoing upkeep.
The board approved the ordinance by roll call. Trustees asked for clarification that the 7% obligation relates only to shared exterior maintenance; staff confirmed interior build-outs and tenant fit-outs are not covered by the exterior maintenance allocation. Staff said the condominium declaration prevents exterior modifications by individual purchasers without association approval.
Trustees recorded their approval by roll call and said subsequent administrative steps will include recording the declaration, separating parcel identification numbers and establishing a condominium association to manage ongoing maintenance obligations.
