Reserved Parking Addendum

To clarify the existing policy pertaining to the six "reserved" parking spots an addendum was approved at the last board meeting. These six spots belong to the ITOA and are available for rent for $50 a month.


In order to rent one of the six reserved parking spaces from the association a unit owner must contact R+E and be put on the waiting list. The list is first come first serve. The fee is $50 per month and is in addition to association dues.

An owner may only rent one reserved spot at a time and may not be on the waiting list more than once, even if they have multiple units.

When a unit owner sells their unit the rented space is then assigned to the next person on the waiting list.

A unit owner must be living at Island Terrace in order to rent the space. If the owner decides to rent their unit, the space is then assigned to the next person on the waiting list.

Any current tenants who are renting a spot from their landlord (the unit owner) are grandfathered in and when they terminate their lease the spot will be assigned to the next person on the waiting list.

A unit owner must be in good standing in order to be placed on the waiting list. If they go more than 30 days out on condo dues or heating/cooling fees then they will be removed from the waiting list.

Failure to pay for the reserved spot will result in a $25 late fee being assessed after the 5th of the month. Failure to pay reserve fee and late fee by the 1st of the next month will result in forfeiture of the reserved space. If a unit owner fails to pay their condo fees, but sends in the $50 for their reserved spot, that money will be applied to the condo fee and their reserved spot will be subject to reassignment.

Any matter not specifically addressed by this policy will be brought before the ITOA Executive Board for a decision.