Karma’s first building condition assessment guides our planning
Karma’s first building condition assessment conducted by CMS Building Consultants & Engineers in 2020 outlines the essential building repairs and improvements required over the next 10 years. A summary of the capital needs below is pulled from the report with cost estimates. The full report is available to all interested Karma members by emailing Andrea Dawber at email@example.com.
Karma has not been able to build up a capital reserve fund over the past decade. Today, Karma’s financial health continues to improve with successive surpluses for the past two years, and a number of collaborative initiatives are currently underway to modernize, grow, and adapt our business to compete in the world of organic grocery retail.
Below is a list of priority projects for the next five years with the corresponding costs in 2020 dollars.
PRIORITY 1 (2021)
1. Building structure (rebuild north wall and roof supporting structure in east bldg) $100,000.00
2. Exterior caulking (roof, windows, doors, etc.) $5,000.00
3. Thermographic scanning (to identify where energy efficiency/cost savings can be made) $700.00
4. Electrical repair contingency (i.e. replace old, ungrounded, cloth covered wiring connected to new junction boxes in east bldg.) $4,000.00
PRIORITY 2 (2022)
1. Partition brick walls $5,000.00
2. Skylights $6,000.00
3. New walkway $7,500.00
PRIORITY 3 (2023)
1. Condenser replacement $5,000.00
2. Equipment replacement contingency $40,000.00
3. Replacement of Romex (electrical) cables $1,500.00
PRIORITY 4 (2024)
1. Main entrance door – wood doors (retrofit) $3,000.00
2. Meeting room exterior door (retrofit)
3. Commercial window replacement $10,000.00
4. Drywall ceiling and partition walls $50,000.00
5. Interior doors (retrofit) $2,000.00
PRIORITY 5 (2025)
1. Main entrance door – glass door (retrofit) $1,000.00
2. Scoping and power flushing drains $5,000.00
4. Repair contingency
5. Domestic hot water tank replacement $1,100.00
Please note estimated, budgeted items are subject to the review of the Building Code Consultant.
TOTAL 2021-25 EXPENSES: $246,800 (without HST, inflation, design, professional and permit fees)
Should Karma wish to remain in the property for the next 10 years, the following projects shall also be considered for 2026-2030:
MID-TERM PRIORITY PROJECTS (for the next 5-10 years): COST ESTIMATES (in 2020 dollars)
1. Flat roofing system – east building roof $40,000.00
2. Flat roofing system – west building roof
3. Slab-on grade (leveling) $85,000.00
4. Condenser replacement (2) $10,000.00
5. Building condition assessment/reserve fund study update $6,500.00
3. Accessibility audit $4,500.00
4. Accessibility audit (improvements) $30,000.00
TOTAL 2026-2030 EXPENSES: $176,000.00 (without HST, inflation, design, professional and permit fees)
These are major costs, and the board will be working closely with the GM, the Building, Finance, Donations, and Marketing committees to develop a plan to pay for the necessary work over the next 5 years. And, as a community, we may wish to revisit our long-standing conversations about remaining at our current location or relocating to a building better suited to our needs.
Andrea Dawber, Karma President
P.S. Until we are able to build up a significant capital reserve, we’ll be seeking donations from you towards our Future Fund to support our immediate and most urgent building renewal projects. We’re also exploring financing options to help fund the structural work that must be completed in 2021.