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Renewal
The replacement of an asset, typically in connection with the end of its useful life in the form of a capital project.

Renewal may either occur when an asset has either:

Attributes
Listed below are some of the key attributes of a capital project:
  • Typically require the services of a consultant.
  • Has a long lead time for procurement planning purposes.
  • Typically are subject to a competitive tender.
  • Involves significant logistics in the planning and organization of the project.
  • Typically funded from the reserve fund or by special assessment.


Examples
Listed below are some examples of renewal projects:

Renewal or replacement of worn out components of a building is a normal part of a building’s aging process. 

These renewal projects can be significant in terms of cost,

complexity, and the level of effort required to manage the process.

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Fig. Flat roof renewal.                Sealant renewal


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Fig. Sloped roof renewal.          Sand filter replacement.


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Fig. Polyurethane roof (12 year life) replaced with upgraded SBS roof (20 year life).


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Fig. Elevator relay controls replaced with elevator solid state controls.


Correlation of maintenance, repairs and renewals.
Fig. Correlation of maintenance, repairs and renewals.

Multi-year strategic planning associated with a capital project.
Fig. Multi-year strategic planning and lead period to a capital project (shown in "yellow").


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Fig. Left: Pool tank resurfacing; Right: hallway carpet renewal.


See also:


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Fig. Domestic re-piping project and siding board replacement.



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