A Seniors Life Lease Project.
Developed by ACORN Managed by MURDOCH
Thank you for your interest in the St. Vital Knights Villa, our new Non-Profit Seniors Housing Project.Phase II of our project has been be constructed adjacent to the existing river bank seniors facility at 537 St. Anne’s Road on the Seine River.
Phase II is a Life Lease project. This arrangement provides the benefits of renting with the privileges of ownership. The Life Lease concept is explained in detail later in this document.
All suites contain wall-to-wall carpeting, resilient kitchen and bathroom flooring, ceramic bathroom wall tiles, grab bars, in suite storage and an emergency call system. The Ensuite storage area is equipped to accommodate a washer and dryer. All spaces within the building; such as the lounge, entry and corridors and suites are supplied with heated or air conditioned fresh air. Additional suite air conditioning is optional although suites are provided with professionally installed and insulated through the wall air conditioning sleeves to allow future installation as required.
Parking for residents and guests is located beside the building at grade level.
The building is attached to the east of the existing first Phase which is located at 537 St. Anne’s’ Road between St. Anne’s’ Road and the River Seine. The grounds are fully landscaped and the City of Winnipeg has acquired river bank lands on the Seine River backing onto our site for the development of a park. Wildlife (deer, fox, birds, etc.) regularly forages on the acreage flanking the river bank wood lot.
The broader organization of the Knights of Columbus is well known for its commitment to local community projects. The Knights of Columbus organization at large, as an active community leader, has sponsored several of the finest Non-Profit seniors residential developments throughout the Province of Manitoba, as a service to the community.
The “St. Vital Knights Villa” project is owned by the St. Vital Knights Inc, a non-share capital corporation set up specifically to develop and operate this project. The Board of Directors comprises of volunteer representatives from the Knights of Columbus councils from the Parishes of St. Eugene, St. Emile, and Christ the King Church in St. Vital, Winnipeg.
The Knights are strong supporters of the idea that a “home” is more than simply a “shelter” and they continue to strive to develop facilities which provide independence to Seniors along with the communal space where recreational and social activities which promote a harmonious community can take place.
PROJECT AND PROGRAM
The St. Vital Knights Villa LIFE LEASE development provides the benefits of Non Profit housing to Seniors who are not eligible for subsidized rents. These are people, who through family changes or the burdens of house maintenance, no longer need or desire to live in a traditional single family home.
The Life Lease Program provides quality, affordable, market-style accommodation managed for the life of the project on a Not-For-Profit basis. Life Lease residents must purchase a Lease which may be terminated by the resident with notice. The money invested in the Life Lease is used to reduce the residents’ monthly operating costs.
The building houses house forty-eight one and two bedroom suites in a variety of sizes and designs. Wall-to-wall carpeting is provided in the bedrooms, living and dining areas; with high quality resilient flooring in the kitchen and bathrooms to assure ease of maintenance. Options for carpeting selections were available for first time residents prior to construction completion in order to accommodate individual colour schemes and tastes.
All suites have been designed to be accessible by wheelchairs and bathroom tubs will be fitted with grab bars for added safety.
The building provides forced air heat and air-conditioning with individual control of supplementary suite heat. All suites, hallways and lounges are equipped with the most modern of automatic smoke and fire detection and alarm equipment.
Hallways are positively pressurized to eliminate the migration of cooking odors into the public spaces of the building.
A spacious multi-purpose amenity space has been designed within the building for the sole use of the residents and includes kitchenette facilities, games room, lounge, meeting/library, hair care, work shop, common storage space and exercise room.
The grounds of the project are professionally landscaped complete with an area designed as “garden plots” to satisfy the horticultural pursuits of the residents (and our wildlife!).
Surface parking with electrical service has been provided and a second parking stall is available upon request for those households requiring an additional stall.
The St. Vital Knights Villa is owned and operated by the St. Vital Knights Inc., a non-profit organization set in place for this sole purpose by the Knights of Columbus of St. Vital.
The Not-for-Profit corporation administers the financial affairs of the building on a continuing non-profit basis throughout the life of the project.
A residents advisory committee plays an active role in the day-to-day operation of the building for such matters as social and recreational programming. Professional Management has been retained.
Residents of the Villa have an opportunity to participate at Board level by way of duly elected Resident Representatives.
The Board serves without remuneration of any sort.
Professional property management services are provided by Murdoch Management Inc.
The “Life Lease” strictly as a financial investment works for the tenant by reducing the tenant’s monthly operating costs. It may be compared to the way a down payment works for a home owner when purchasing a house. The greater the down payment, the less the capital borrowed by way of a mortgage, therefore, the less the monthly debt service or mortgage payment.
A “Minimum Entrance Fee” amount is required to pay the proportionate share of the buildings’ costs. An amount greater than the minimum amount can be invested to further reduce the operating costs of the Life Lease.
All entrance fees are 100% refundable upon termination of the lease.
How the SECOND SECURITY FUND works
This Project administers a SECOND SECURITY FUND
The leasee has the option of purchasing all or a portion of the balance of the capital cost of the suite.
The SECOND SECURITY FUND is invested by the Corporation in guaranteed securities.
The income generated is used to reduce the monthly operating costs of the participating Resident.
The SECOND SECURITY FUND enhances affordability and provides a further opportunity to lower operating costs.
CURRENT PROJECT COSTS (please call for current information).
The St. Vital Knights Villa rents include all of the operational costs associated with Heat, Light, Water, Property Taxes, Debt Service, Regular Building, Grounds and Appliance Maintenance, Live-in Building Custodian, Administration, Vacancy/Bad Debt Reserves and Capital Replacement Reserves. The cost of telephone service, cable television service and parking are additional.