The Board of Directors of the Corporation serves in a philanthropic nature for the life of the Project. Directors receive no financial income, nor gain in any way from their position. The Board's role is to oversee the direction, general management and policies of the corporation.
PROJECT AND PROGRAMME
VILLA BELIVEAU provides the benefits of Not-For Profit Life Lease housing to the 55 and better community.
Residents do not purchase the suite as in a condominium. Instead, residents purchase a Life Lease.
Flexibility is achieved thus: at any time after occupancy the Life Lease may be terminated by the resident with 90 days notice. The resident is not required to find the next buyer of the suite. Resale of suites is the responsibility of the Villa.
The amount required to purchase the Life Lease is referred to as the Entrance Fee. Upon termination of the Life Lease, Entrance Fees are refunded in full (in accordance with the conditions outlined in the Life Lease agreement).
Any income generated by money invested in the Life Lease Project is used to reduce the residents' monthly operating costs.
The Life Lease Model (originally designed by the Government of Manitoba) provides quality and affordable, market-style accommodation managed for the life of the project on a Not-For-Profit basis.
Constructed to the highest standards, the building plans offer 33 fully appointed one, two and three bedroom suites in a variety of sizes and designs. All two and three bedroom layouts come with two 3 piece washrooms and walk in master bedroom closets as standard amenities.
An extensive area of multi-purpose amenity space has been designed within the building for the use of public as well as private family functions and includes a games room, a large multipurpose room with kitchenette facilities, a workshop/crafts room, a fireside lounge area, and a library/meeting room. These spaces can be reserved by the residents at no cost for larger family gatherings.
In addition to the oversized En Suite storage rooms, a secure common Storage Room is available for storage of seasonal items.
The costs included in this brochure are based upon a building of the Highest Construction Standards.
The building structure is comprised of non-combustible concrete and masonry materials and sprinklered throughout, complete with high quality finishes and high degrees of acoustic privacy.
The Project (including the parking enclosure) is fully serviced by elevator and security access.
The building design provides the very best in fresh air, centrally controlled, Forced Air Heat and Air-Conditioning with individual control of supplementary suite heat.
Hallways are designed to be positively pressurized to eliminate the potential migration of cooking odors into the public spaces of the building.
All suites, hallways and lounges have been equipped with the most modern of automatic smoke and fire detection and alarm equipment.
Costs include, wall-to-wall carpeting in the bedrooms, living rooms and dining areas; with high quality resilient flooring in the kitchen, bathrooms and storage areas to assure ease of maintenance. Options for flooring selections (carpet/ hardwood) were available for first time residents prior to construction completion in order to accommodate individual colour schemes and tastes.
All amenities in the building are accessible to wheelchairs. Bathroom tubs are fitted with grab bars for added safety. An "emergency call system" is included in the design of all suites and public spaces for our resident's current and future convenience (we currently operate a "buddy system").
The grounds of the project have been professionally landscaped to accommodate the needs of our residents. Our landscape was designed to be sensitive to the existing residential flavour of the surrounding neighbourhood and the specific requirements of our residents.
Additional outdoor surface parking for a second vehicle and for guest parking is available at grade level at no additional cost with sufficient power for block heaters and interior car warmers. A limited number of Recreational vehicles can be suitably accommodated on site.
The Project is owned and operated by VILLA BELIVEAU Inc., a Not-For-Profit housing corporation set in place in accordance with the Laws of Manitoba for this sole purpose.
The Not-for-Profit Corporation administers the financial affairs of the building on a continuous non-profit basis throughout the life of the Project.
A residents' advisory committee plays an active role in the day-to-day operation of the building for such matters as the social and recreational programming and resident concerns.
Residents of the Project participate at Board level by way of duly elected Resident Advisory Committee Members.
The Board is responsible on an ongoing basis to ensure that the highest degree of professional management service is available to the Project at all times.
Lessees of the Villa have the right to financial statements in accordance with the Laws of Manitoba.
The Board serves without remuneration of any sort.
Professional property management services are being provided by Murdoch Management Inc.
The Life Lease model, strictly as a financial investment, works for the tenant by reducing the tenant's monthly operating costs.
The tenant purchases the Life Lease by way of an Entrance Fee. The Entrance Fee is fully refundable upon termination of the Lease.
The tenant is not required to sell the Life Lease upon termination.
The minimum Entrance Fee may be compared to the way a down payment works for a home owner when purchasing a house. The greater the down payment, the less the capital borrowed by way of a mortgage, therefore, the less the monthly debt service or mortgage payment.
A Minimum Entrance Fee is required to pay the proportionate share of the buildings' capital cost.
An amount greater than the minimum amount can be invested in the SECOND SECURITY FUND to further reduce the Life Lease resident's operating costs. Participation in the Second Security Fund is optional.
Participation in the Second Security Fund is limited to a maximum of the actual capital cost of the suite to the Not-For-Profit Housing Corporation.
The Second Security Fund is pooled. Investments made by the Corporation are in guaranteed investments.
All income earned by the Corporation is tax exempt and is used to lower the operating costs (i.e. rent) of the participating Life Lease residents.
The VILLA BELIVEAU Inc. is a duly incorporated Not-For-Profit housing corporation and is INCOME TAX EXEMPT.
100% OF THE ENTRANCE FEES ARE REFUNDABLE
UPON TERMINATION OF THE LEASE
There are NO ADMINISTRATIVE DEDUCTIONS
PROJECT COSTS - (Please call for current details)
In the Villa Beliveau rents include all the operational costs associated with Common Costs, Enclosed Elevatored Parking, Heat, Light, Water, Property Taxes, Debt Service, Regular Building, Grounds and Appliance Maintenance, Building Custodian Services, Project Insurance, Free Laundry, Administration, Property Management, Vacancy/Bad Debt Reserves and Capital Replacement Reserves. The cost of telephone, cable television and insurance for household contents are the responsibility of the tenant.
STANDARD PROJECT FEATURES
OPTIONAL FEATURES (for initial life lease tenants prior to construction)
Residents have benefited from the Villa's ability to "bulk purchase".
Project Construction Completed August 1998 - 33 suite Life Lease for "Seasoned" Citizens.
· VISIT THE VILLA BELIVEAU ·
At 500 Beaverhill Blvd., in Southdale, Winnipeg MB