A 161 condo-style apartment facility and services pavilion, “The Terraces at Heritage Square” based upon the “Life-Lease” purchase option, completed construction in mid 2004. Located at Madeline St. and Dean Ave. in the south end of Barrie, 5 km distant from our Brooks Street campus, the Terraces is a successful upscale development with thirteen different styles of suite models which appeal to well seniors 60+. 90 and 94 Dean Avenue are 81 and 80 suite, 5 storey buildings linked together by a ground level covered garage and a central pavilion for the provision of amenities for dining, wellness, fitness, and convenience services. The roof top gardens accommodate a number of activities such as lawn bowling, shuffleboard, putting green, bocce ball, and walking paths as some of the features that make this a great adult lifestyle community.

Additional Costs

City of Barrie Property Taxes based on the square footage of the suite. Individual metered hydro for each suite, telephone, and internet. Suite insurance with a minimum of two million dollar liability coverage and contents insurance for personal belongings.

Insurance

While the IOOF Seniors Homes Inc. holds general property insurance on the Terraces, you as a suite owner are obligated to obtain insurance coverage for your contents and personal liability. Liability insurance coverage must be a minimum of $2 million dollars. Residents are to provide the IOOF Homes Housing Accommodations Office with written verification of insurance coverage on contents and liability prior to occupancy and then annually thereafter at renewal.

Occupancy Fees

Monthly occupancy fees are payable once an owner has taken possession of a suite and are based upon the square footage of the suite.

Occupancy fees cover costs for: the maintenance and cleaning of all common areas both exterior and interior, grounds maintenance, waste removal, common area electricity, heating and air conditioning, cold and softened hot water, enhanced cable television, management and administrative fees, building insurance, and Replacement Reserve Fund for future replacement/repair of building envelope/ grounds/ and capital items.

Reserve Fund

A Reserve Fund is maintained and collected from the owners as a part of the Occupancy Fees, in order to provide sufficient funds for major repair and replacement of common areas, equipment, and facilities. The Corporation shall hold the Reserve Fund in trust and maintain and invest it in accordance with the Trustee Act of Ontario. No part of the Reserve Fund shall be used except for the purpose for which it was established as based on a Reserve Fund Study done every seven (7) years by a qualified engineering firm.