OWNERSHIP
Who owns Gramercy Park Cooperative
of Eagan?
Gramercy Park Cooperative of Eagan
is owned
by its members in residence. They
own shares in the cooperative that
give them the right to live in a
specific unit.
How are we governed?
The cooperative is democracy in
action. Members can elect to become
involved by serving on various
committees or being elected to
Gramercy Park's Board of Directors.
The board provides oversight and
direction to the building manager.
Are there special requirements
for membership at Gramercy Park
Cooperative of Eagan?
One member per unit must be at least
55 years old, capable of Senior
living, and able to meet certain
financial criteria.
Do we have a waiting list?
Yes. We maintain a waiting list
which enables prospective members to
indicate the type of unit desired
and time they wish to be notified of
availability. Joining the waiting
list requires completing an
application and submitting it along
with an interest-bearing, refundable
$500 deposit.
What happens when I want to sell
my membership to the Cooperative?
The on-site housing manager prepares
the proper documents and handles the
transaction. You are selling a
membership in the cooperative, so
there is no real estate transaction.
COSTS
How much does it cost to buy at
Gramercy Park Cooperative of Eagan?
The value of a membership is largely
based on the size of the unit and
it's value in the market place,
which historically increases over
time.
Does the cost of my membership
investment earn equity?
Equity is based on a percentage of
the original construction cost.
Growth in equity is limited to a
fixed percentage to keep shares at
an affordable level.
What do monthly fees cover?
Monthly fees cover: real estate
taxes, your portion of the master
mortgage, lender required repair and
replacement reserve, professional
management, water, sewer, trash
removal, grounds upkeep, snow
removal, recycling, building
maintenance, security and basic
cable television. It is important to
note all the services covered by the
monthly fee when comparing
condominiums or other cooperatives.
Gramercy Park Cooperative of Eagan's
monthly fees cover everything but
your telephone bill.
How much are Gramercy's monthly
fees?
The monthly fees vary according to
operational costs required by the
building, i.e. taxes, insurance and
upkeep. Fees are divided evenly by
square feet no matter what floor you
live on or which direction you face,
so that all members are paying an
equal share in accordance with their
unit size.
Can I deduct real estate taxes
and interest on the mortgage on my
tax return?
Each year members receive notice of
the share of taxes and mortgage
interest and if they itemize
deductions on the income tax return
they use those figures.
Do I control the heating and
cooling in my own home?
Yes. Each unit has a combination
furnace/air conditioning unit
maintained by the Cooperative.
PARTICIPATION
Do I have to be on a committee if
I don't want to?
Cooperative living is distinct from
other housing types. Members act
collectively to achieve goals; one
of which is to reduce costs of
everyday management, maintenance and
repair. With over many different
committees, there is sure to be one
on which you would enjoy being a
volunteer. It is a great way to meet
members of the community. It is also
fun and rewarding.
What types of committees current
exist at Gramercy Park Cooperative
of Eagan?
There is a Finance Committee,
Building Committee, Grounds
Committee, Decorating Committee,
Marketing Committee, Social
Committee and many others. We
encourage members to take an active
interest in and join a committee.
BUILDING
Do you have accommodations for
large gatherings?
Yes! You can reserve the spacious
common room with full kitchen and
large deck at no cost.
Do you have accommodations for
Guests?
Yes! Two fully furnished guest
suites are available and you are
welcome to stay with us even before
you become a member. Our building
manager will be happy to make your
reservations. The cost is only $40 a
night Monday - Thursday and $25 a
night for weekend rates. These guest
suites are popular for entertaining
families of members.
What are the parking facilities?
There is one parking space per unit
at no cost in our underground heated
parking garage. Extra spaces can be
rented if available. If you choose
not to use your space, you can rent
it.
What contributes to the
cooperatives security?
It is a combination of our members'
vigilance and awareness, secure
entry and our video surveillance
system which allows members to view
building entrances on their own TV.
What appliances are furnished at
Gramercy Park Cooperative of Eagan?
Gramercy Park Cooperative of Eagan
furnishes and maintains a
self-defrosting, top-freezer, 21 cu.
ft. frost- free refrigerator, a
self-cleaning, electric range and a
dishwasher. A garbage disposal is
furnished in each unit. All of these
appliances are the property of the
cooperative and are repaired or
replaced by the cooperative as
needed. |
