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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 share 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 all utilities including heat, electric, updated WiFi, Internet and telephone. The co-op requires that members purchase an HO6 insurance policy to cover their personal property.

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

Party roomDo you have accommodations for large gatherings?
Yes! You can reserve the spacious common room with full kitchen and large deck at no cost.

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.

Guest roomDo 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.

1669 Yankee Doodle Road, Eagan, MN 55121
 Phone: (651) 994-6778  |  Fax: (651) 994-6975  |  Email:
gramercyateagan6@aol.com