The Falcon Group acknowledges that the Milestone and Structural Integrity Reserve Study (SIRS) requirements have posed significant challenges for associations across Florida. In response, we have been dedicated to educating and sharing our expertise on this important issue. Recently, we collaborated with leading professionals from related fields to host a panel discussion addressing the complexities of the new legislation.
We are pleased to share a video recording of the Condo Symposium event that took place in May at the historic Rusty Pelican restaurant in Miami. The panel featured distinguished experts, including:
- Vicki L. Lopez, State Representative for Florida District 113
- Roberto C. Blanch, Shareholder at Siegfried Rivera Law Firm
- Sinisa Kolar, P.E., FRSE, Principal at The Falcon Group
- Derrick Karadi, Senior Vice President at Brown & Brown Insurance
- Ray Rodriguez, Co-Founder of Pro-Max Restoration and Paint
- Rebecca Prieto, Senior Vice President at Popular Bank
The event provided a comprehensive discussion on recent legislative updates from various perspectives, including state regulations, legal issues, engineering, insurance, restoration, and financing. Here is an overview of the topics covered by each panelist:
- Vicki L. Lopez, who was pivotal in creating the bill, provided insights on the SB-4D & SB-154 legislation, including the latest updates on Milestone and SIRS requirements, recent DBPR developments affecting board members, and the new MySafeFloridaCondo pilot program for owner grants.
- Roberto C. Blanch clarified aspects of the SIRS statute and shared legal perspectives on reserve strategies, lending options, and assessments for board members and condominium owners.
- Sinisa Kolar explored current issues and financial implications related to the Structural Integrity Reserve Study, differentiating between standard reserve studies and SIRS, and discussing how Milestone Inspections intersect with SIRS requirements.
- Derrick Karadi reviewed recent insurance updates, noting an increase in market competition and a more favorable outlook for the future. He addressed the heightened scrutiny from underwriters regarding SIRS and Milestone requirements and offered advice for board members navigating these challenges.
- Rebecca Prieto expanded on Derrick Karadi’s points by explaining changes in SIRS financing and its impact on condominium sales and association loans for Milestone and SIRS projects.
- Ray Rodriguez emphasized the importance of selecting the right contractor and engineer for Milestone and SIRS projects, discussing budget allocation, contingency planning, and the role of reserves in project management.
The panel discussion lasts 1 hour and 20 minutes and is a valuable resource for anyone seeking to understand the latest developments in these areas. We were fortunate to have these top experts share their knowledge, and we are excited to offer this resource to you.
If you would like to learn more about how The Falcon Group can support you with Milestone and SIRS state requirements, please contact us. We are here to assist you.
