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Management Services Agreement with First Service Residential
By Ken Silveira, Board Treasurer
Last month, I wrote an article on the efforts underway, by the Tahoe Keys Property Owner’s Association (TKPOA), to potentially retain a professional firm to provide Management Services. Since that time, much has occurred, and I am providing another update on this matter.
On December 14, 2022, the TKPOA Board of Directors (Board) approved a Management Services Agreement with FirstService Residential (FSR) who is one of the largest community association management firms in the Country. This decision came pursuant to a lengthy solicitation process and many public discussions, including the most recent Town Hall forum on December 6 which preceded the Board’s consideration, in open session, one week later.
FSR’s services will formally begin on February 1, 2023, although the transition period is already well underway. Notably, FSR has stepped in to provide interim Financial Management services and this help is sorely needed. FSR has also begun their engagement with staff, and it is expected that all staff receiving offers from FSR will have those by the time you read this article.
Relative to the contract itself, let’s talk about what’s in it. In short, everything.
FirstService Residential, led by Executive VicePresident for the North American Region, Shane Gillaspie, will assume all functions and responsibilities that current TKPOA staff perform now. This includes not only association management, and the operations and maintenance functions that go with it, but also the responsibilities for the Water Company and the Water Quality efforts as well. In fact, the assumption of these responsibilities was one of the thigs that made FSR so attractive. They proposed a complete package.
It is important to note that FSR has committed to providing an “equal to, or better than” level of service to the Tahoe Keys. The Keys is a world class community, and it deserves world class service. FSR will strive to provide that, and they will operate under a robust set of service specifications that are tailored from what we do now. I expect that members will see improvements in customer service, project management, money management, and the overall image and performance of the TKPOA. The Board and its members will also still be afforded all the same levels of governance, including the continuance of many committees, and they (the Board) will retain complete control of how the TKPOA is operated.
Lastly, I am vey happy to indicate that this agreement has been constructed in a manner that is cost-neutral to the TKPOA. Through the consolidation of certain in-house functions, and the implementation of other cost-savings measures, there is no projected increase to the operating and reserves budgets. No additional assessments, special or otherwise, will be required.
FSR is committed to engaging with the community – and they want to meet you! A community meeting is scheduled to be held on January 1, 2023 from 5PM-7PM at the TKPOA Pavilion Office. Please come and meet Shane and his team! Additional meet and greets and virtual events will be scheduled at dates to be determined.
Once again, this information is provided to provide you an update on this matter. We recognize how important this is to everyone and it is imperative that you stay informed going forward.
