Hoa Meeting 02 2005

Homeowner’s Meeting Minutes 002.23.2005

Present: Jim Corbin, Scott Clawson, Dan Jacobs, Vadim Grouzimov, Eva Strenger
• Brett is to find bid for pan in parking garage
• Board voted to reinstate dog fines
• Brett is to find contractor for fence for north building
• Dan stated that all homeowners received a letter from the board with 2 options: Option A: fix or Option B: partially remove planter boxes, with cost estimates except for unforeseen circumstances. 75% of homeowners would have to vote yes to the partial removal.
• The association needs to take out a loan. If some homeowners would pay cash upfront the association would have to take out a smaller loan. Unfortunately, there is no saving for the homeowners if they pay upfront because of the way the management company’s accounting system is set up. However, the association would have to take out a smaller loan. The association can’t sign contract without financing confirmed by a bank.
Concerned homeowner stated that she had another plan and she was on the agenda. However, she left the meeting before presenting the plan.
Shouldn’t the insurance cover the planter box project?
No, the builder settled with the association long time ago and gave the manager’s unit to the association as part of the settlement.
Where do the homeowner dues go?
The dues cover operating costs and reserves.
What happens if there is dry rot in the wall as the bids are not based on that?
The general contractor will let the association know if that is the case, there is allowance in the bids in case the association has to fix dry rot.
What is the timeline of the project?
Once we sign the contract, it is scheduled to take 2 months. However, the start date depends on the contractor’s schedule. The start date is expected to be May or June.
What are the details of financing?
The association has to pay a fee of 2.5% of the loan upfront. There is no interest until we actually draw funds. The board expects to have 18 months to repay the loan after the line has been fully drawn. There was a suggestion to have an informal poll by e-mail to find out if there is enough interest in prepayment. Suggestion has been accepted.
Why is the default Option A?
The board can authorize only Option A - if there are not enough signatures (75%) the board can’t authorize removal of the planter boxes.
What are the advantages of the removal?
We will never have to deal with planter boxes which have been removed.
How long should the loan be stretched out?
No more than 18 months otherwise we can’t start other projects until the planter box project is paid for.
What are the rules about how long owners could get a home equity loan to pay for their share of the special assessment?
The board is not an expert on homeowner equity loans. It might take 3 months.
Why are the same landscaping costs in both Options A and B?
The board was counting on the most expensive landscaping scenario for both options. It does not mean that we have to spend that much.
What is the warranty on the project?
There is a 1-year warranty on labor which is the industry standard and a longer term warranty on materials.
Are there any plans to move air in the buildings hallways?
No, due to fire rules.

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