E.M. from outside of Connecticut writes:
Dear Mister Condo,
We are looking for an advisor to help us understand the market value of an antenna lease we have with a major carrier. Sadly, the lease revenue is being used to offset operating expenses and not just going to build reserves. Therefore, the homeowners have become used to this “operating subsidy”. The long-term contract with the carrier will soon expire and we need guidance. Any ideas for resources?
Mister Condo replies:
E.M., utilities such as renewing or changing carriers for services like an antenna lease are the purview of the Board. The use of the lease revenue to help fund the Reserve Fund is noble but not likely required. If a previous Board diverted the lease revenue from the Reserve Fund in to the Operating Fund the current Board can take steps to remedy that. However, if there is a desire to keep common fees lower by using the revenue for the Operating Fund, there may be little motivation for the Board to make the switch back. Concerned Unit Owners like you can ask the Board to make the switch. As for renewing the antenna lease itself, the Board does have a few options depending on the competition for services in your market. Their best bet would be to see what their options are and solicit bids, just like they do for any other service they buy on behalf of the association. Good luck!