(12-12-2022, 07:35 PM)JK2021 Wrote: I’ve got a different issue that I want to address, I recently received a letter from my lawyer asking me to sign an amendment to my parking license and if don’t sign it, the developers lawyer says that they will take away my right to park!!!!!???How is that even possible? Is anyone else facing this situation? This is like you leasing a house and the owner asks you to sign an amendment to the original lease agreement and kicking you out if you don’t sign..wtf..this is the strangest thing I’ve ever heard of. I already paid $50,000 for my parking license.
The parking game in Garment is that all parking spaces are shared across the 3 towers plus the GloveBox office building. Using some algorithm and a lot of parking occupancy sensors, the parking system allows certain amount of unoccupied spaces to be used by visitors and office building tenants for a daily fee (or maybe monthly permit). In short, there's more licenses than their are spaces and because people use them at different times, the math is supposed to workout in theory. The parking space juggling act is managed by ParkCo, a start-up founded by Momentum (or its shareholders). https://www.therecord.com/news/waterloo-...egion.html
I'm guessing the amendments just changes some of the terms to accommodate how the parking system is manage. It may/may not have any monetary implications. Ultimately, you paid for a lifetime parking license and what you get is a life time license (transferable if you sell your unit). The rest is pretty much left up to Momentum/Parko to set the rules for their experiment. One thing I don't know is whether any of the revenue generated from parking fees go back to the condo corps.