FREQUENTLY ASKED QUESTIONS
1. Who owns the building? Fred Douglas Place, Inc., a non-profit corporation owns the building.
2. What is the Life Lease concept? This approach requires you to put equity into Fred Douglas Place to help finance the cost of the project. You will be asked for an equity contribution known as an Entrance Fee, which includes a $3,000 Development Fee. These fees guarantee you security of tenure and reduce your monthly payments. By participating in the financing of the project, you allow the sponsors to build amenities and features designed for you.
3. How large an Entrance Fee must I pay? Your Entrance Fee is dependent upon the size of the apartment that you choose and according to the pricing schedule enclosed in this information package.
4. Can I contribute more than the Entrance Fee? Yes, and the larger your equity contribution, the lower your monthly payment.
5. Is my equity contribution refundable? Yes, because your equity contribution is considered your capital, it will be returned when you vacate Fred Douglas Place, less the Development Fee.
6. What is the Development Fee? The $3,000 Development Fee is non-refundable and is used to maintain a fund to ensure the repayment of equity contributions when requested. It generally reduces the cost of operating the project, thereby benefiting all residents. It is not income tax deductible.
7. Will I receive interest on my equity contribution? No, you will not be paid interest on your equity contribution since it will be used to keep your monthly payment at a lower level than in comparable apartments.
8. How secure is my equity contribution? Your equity is protected by your share in the value of the project and secured funds established by Fred Douglas Place, Inc.
9. How much will my monthly payment be? Your monthly payment depends on the size of your equity contribution and the cost of the apartment that you select. The larger the equity contribution, the lower your monthly rent. Monthly rents are used to pay the operating expenses, taxes, and debt service of the building.
10. How will my monthly rent be set? Each year the Fred Douglas Place Board will assess the cost of operating the project and the services provided and will increase or decrease the monthly rents to reflect any changes. Profit is not a consideration, as Fred Douglas Place is a non-profit corporation. In addition, effective management and other cost effectiveness is of the utmost importance.
11. Do Residents have a voice in building management? Yes, through the residents advisory council, which has representatives that attend Fred Douglas Place board meetings.
12. Who is allowed to live in Fred Douglas Place? Fred Douglas Place is designed for those 55 years of age and better - either individuals or couples with at least one person aged 55 or over. Children are allowed to visit for a period of time, but are not allowed to live in the building permanently.
13. How secure is Fred Douglas Place? Modern security systems have been incorporated into Fred Douglas Place, including dead bolt locks on apartment doors, controlled access to the building, closed circuit television monitoring, as well as on duty security staff.
14. How have concerns about the chance of fire been addressed? State of the art equipment and fire resistant construction have been incorporated into the design, which ensures that the building is a safe place to live. These techniques comply with the most recent building and fire codes enforced by the city of Winnipeg.
15. Is parking available at Fred Douglas Place? Yes, underground parking is available at an additional cost. Visitor parking is available at the rear of the building or at Portage Place.
16. Are pets allowed? No, pets are not allowed.
17. Will I be able to walk indoors to other downtown venues? Yes, climate controlled enclosed walkways lead to the skywalk, and other amenities.
18. Is grocery shopping available? Yes, grocery shopping is available in the promenade walkway, as well as at nearby department stores.