The Florida Administrative Code (FAC) Rule 61B-22.005 mandates that condominium associations must complete a reserve study, which must include a reserve schedule detailing the estimated remaining useful life of each structural component, the estimated cost of repair or replacement, and the amount of funds that must be reserved for these costs. This bill requires condominium/cooperative associations to conduct structural integrity reserve studies (SIRS). A SIRS evaluates the current condition and future maintenance needs of specific building structures in Florida, typically conducted by licensed engineers or architects and commonly used for condominiums, apartments, and other multi-unit residential and commercial buildings.

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There are two independent inspections required in this process: the milestone inspection and the independent reserve study.

The milestone inspection must be performed by a licensed architect or engineer and include an independent review of the property and a physical, non-invasive inspection. These inspections typically include a percentage of the units and common areas to identify deferred maintenance items or larger concerns in the structural integrity of the building(s). The results of this inspection may identify certain areas of deferred maintenance or, for properties showing significant signs of deterioration, a Phase II inspection may be recommended. Phase II would be a more comprehensive inspection of the building or units.

The second component of the SIRS process is a comprehensive reserve study, usually performed by an engineer, architect, or registered reserve specialist. The study includes all components required under the SIRS guidelines and a financial analysis of each component, including age, useful life, replacement costs, and mitigating factors for determining the timeframe for these replacements. This analysis also provides a basis for funding the reserves, which must be fully funded.

The new law includes the following requirements:

• SIRS must be commissioned by December 31, 2024.

• SIRS must be performed by a licensed engineer or architect.

• SIRS must be commissioned for all buildings 30 years of age or older with three stories or more. Any three-story or higher buildings within three miles of the coastline must have a SIRS completed for any buildings 25 years of age or older.

• All buildings subject to SIRS should have registered with the DBPR by January 1, 2023.

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For additional Reference:

Reserve Study Webinar with DBPR 

One section that could be useful for you with regards to the importance of not delaying events starts at 20:30. The section about SIRS starts at 50:25 and at 52:00 they discuss how companies have dealt with buildings in an association such as your garages.