This past Wednesday, the HPTA finalized its settlement of the Minto 2016 AGI for residents at 111 Pacific Ave., 255 Glenlake Ave. and 66 Oakmount Rd. Below please find information about the settlement.
1. Reduction from 1.75% to 1.00%: Minto agreed to decrease the AGI from 1.75% to 1.00%. If you were not living at the property the entire 18 month period subject to the AGI, your AGI amount may be even lower than 1.00%, as determined by calculations performed by the Landlord and Tenant Board based on your move-in date.
2. Basis of Settlement: HPTA negotiated a settlement that effectively removed more than $1 million in costs from the 2016 AGI. Settlement was negotiated on the basis that tenants had already contributed to balcony costs at other Vertica buildings that are no longer owned and operated by Minto. By including more balcony costs in the 2016 AGI, tenants were in effect paying twice for balcony repairs.
3. Settlement of outstanding amounts: If you withheld payment of the rent increase, you will have 120 days from the issuance of the order by the Landlord and Tenant Board to pay the difference. If you paid the amount charged by Minto (based on the AGI increase), Minto will have 120 days from the issuance of the order to pay the difference back to you. The Landlord and Tenant Board usually issues its order about 30 days after the hearing date. Subject to the timing of the order, resettlement will likely be executed in or around early April 2019.