Laserfiche WebLink
BILL: CS/SB 1178 <br />Page 26 <br />The amount to be reserved must be computed using a formula based upon the estimated <br />remaining useful life and estimated replacement cost or deferred maintenance expense of each <br />reserve item. Replacement reserve assessments may be adjusted annually to take into account <br />any changes in estimates or extension of the useful life of a reserve item caused by deferred <br />maintenance. 70 <br />A "structural integrity reserve study" (SIRS) is a study of the reserve funds required for future <br />major repairs and replacement of the common elements based on a visual inspection. A SIRS is <br />required for condominium buildings that are three or more stories in height-" <br />Regarding the funding of reserves for the continued maintenance and repair of condominium and <br />cooperative buildings, ss. 718.112(2)(f) and 719.106(l)(j), F.S., relating to condominium and <br />cooperative associations, respectively, associations that are required to have a SIRS may not <br />waive reserves for the SIRS items or use such reserves for other purposes. <br />Regarding the SIRS, ss. 718.112(2)(g) and 719.106(1)(k), F.S., relating to condominium and <br />cooperative associations, respectively: <br />• Require condominium associations and cooperative associations to complete a structural <br />integrity reserve study every 10 years for each building in an association that is three stories <br />or higher in height, as determined by the Florida building code. <br />• Require associations existing on or before July 1, 2022, that are controlled by non -developer <br />unit owners, to have a structural integrity reserve study completed by December 31, 2024. <br />• Require that the study include a visual inspection, and state the estimated remaining useful <br />life and the estimated replacement cost of the following items (structural integrity items): <br />roof, structure, fireproofing and fire protection systems, plumbing, electrical systems, <br />waterproofing, windows and exterior doors, and any item with a deferred maintenance or <br />replacement cost that exceeds $10,000. <br />Require the visual inspection be performed or verified by a person licensed as an engineer, an <br />architect, reserve specialist, or professional reserve analyst certified by the Community <br />Associations Institute or the Association of Professional Reserve Analysts. However, any <br />qualified person or entity may perform the other components of a SIRS. <br />Provide that the SIRS may recommend that reserves do not need to be maintained for any <br />item for which an estimate of useful life and an estimate of replacement cost or deferred <br />maintenance expense cannot be determined or for which the estimate of useful life is greater <br />than 25 years, but the study may recommend a deferred maintenance amount for such items; <br />Exempt from the SIRS requirement: <br />o Buildings less than three stories in height; <br />o Single-family, two-family, or three-family dwellings with three or fewer habitable stories <br />above ground; and <br />o Any portion or component of a building that has not been submitted to the condominium <br />or cooperative form of ownership; or any portion or component of a building that is <br />maintained by a party other than the condominium or cooperative association. <br />70 Id. <br />71 See s. 718.112(2)(g) and 719.106(1)(k), F.S., relating to SIRS requirements for condominium and cooperative associations, <br />respectively <br />336 <br />