Because there are several important developments happening quickly, we want to give you a summary of the November 15th board meeting before the draft minutes are sent out. This summary does not take the place of the official minutes, which should be read carefully by all owners.
1. For many reasons that will be detailed in the Treasurer's report appended to the minutes, we are forecasting a significant negative impact to our Reserve Fund which, (if we are to keep the balance from dropping below $100,000), could require a Special Assessment of several thousand dollars per owner by May 2019. This would be to cover not only the items below, but also excess costs due to roofing project surprises, outdoor lighting issues, irrigation damages, and any more unexpected but unavoidable spending that pops up before June 2019.
a. Some of this forecasted spending is roughly estimated, but it's clear that we should avoid non-essential spending for the next few months.
b. As we get monthly reports on actual spending from Karen, we will be improving these forecasts.
2. Ceiling repairs for 11 units suffering damage directly attributable to the roofing project:
a. The board has decided to contract with Bower Construction (Larry Bower) to repair those damages for about $36,000.
b. The amount that the Association will pay for the damage in each owner’s unit will depend on the specific damages suffered by those owners
c. The minutes of the Nov 15th board meeting will include the first rough estimates of what each owner's unit repairs should cost the Association.
3. Replacing 99th Avenue hedges with a combination of new hedges and new fencing:
a. The board voted to award two contracts:
(1) To Casa Bonita for about $16,000 for replacement hedge plantings
(2) To Advanced Irrigation for about $6000 to install drip zones for the new hedge
b. We will eventually invoice the City, who has initially offered us compensation of $15,000 for replacing hedges
4. Safety and Security
a. To deter trespassing, the board authorized a new expenditure of $3000 to proceed with installing signage by mid-January.
b. The Security Committee will make a formal proposal at the next Homeowners Meeting regarding driveway gates, a Lake Washington Drive pedestrian gate, security lighting, and other measures to further deter trespassers.
5. Garbage and Recycle
a. We're filling up more garbage and recycle carts than we have enclosed shelters for.
b. The board has tasked Robert Hsueh to propose a solution, with Cassie's assistance.
For now, please read the minutes when you get them, and feel free to contact any board members if you have questions or suggestions.
Your WCAA Board of Directors
As you know, we have two major projects planned for this spring and summer—re-roofing all of the Whalers Cove buildings and painting all exteriors. To fund these projects, a planned Special Assessment is needed to supplement our existing reserves. At its November 28, 2017 Board Meeting, the Board approved an assessment of $300,000, with the exact amount to be determined once costs of the roof and painting (and possible new planting along 99th Ave) were better understood.
At this time $300,000 appears to be adequate, but it is subject to issues discovered once the roofing project is started in early April and some existing tile is removed. We have contracted with Dan Everts to act as our owner’s representative, and we will receive weekly reports and advice from him about the condition of the roof and any changes to our current estimates for completion. By May 15th, we will finalize and notify Homeowners of the planned assessment amount.
We will also notify Condominium Management of individual homeowner amounts as calculated based on percentage of value/interest. On or about May 15 you will receive an invoice from Condominium Management for your portion of the planned assessment. Your prompt payment is appreciated as we will need these funds to complete both projects.
Board members are more than happy to discuss with you aspects of the projects and the planned assessment. You may also contact Treasurer Lonnie Pacelli at firstname.lastname@example.org for more details.
This is just a reminder that at our November 28th board meeting the board approved a planned assessment to support property improvements including roof replacement and painting. At this time, we expect the planned assessment to be roughly $12,500 per homeowner with the final amount to be determined after firmed estimates and an allocation based on percent of ownership.
We expect the planned assessment to be assessed in the March-April timeframe. Our property management firm, Condominium Management, will administer the planned assessment and as a benefit to homeowners, CM will provide the ability to put the assessment on a credit card to leverage your card’s rewards program. Mutual of Omaha charges about $14 to process a credit card payment, which may be well worth it if you get any reward points on your credit card.
We will work to give you as much notice as possible of the assessment due date to facilitate your planning. Thanks so much for working with us as we undertake these most important projects.
26 January 2018
HOT TOPICS FROM THE 2017 ANNUAL MEETING
In a “Town Hall” forum after the 2017 annual meeting adjourned, the board moderated a free exchange of questions and concerns from homeowners about these topics:
TRANSITION TO PROFESSIONAL MANAGEMENT AND PROFESSIONAL SERVICES
Owners expressed that we need more frequent cleaning of driveways and front door entryways, especially after windstorms drive debris into entryways; and that our Resident Custodian’s list of duties should include responding to such needs as they occur.
Owners expressed concerns about having enough parking for our needs after 99th is finished, urging the board to work with the city to remedy that.
The two dangerous precipices at our property line on 99th were discussed, as was the prospect of having to gate our driveway entrances after park completion.
Owners expressed interest in the selection of materials, like textured metal, and colors of the new roof. Board will invite owner participation in such selections with displays in the meeting room.
The topic was raised about whether homeowners are required by our Bylaws to formally vote to approve the roof replacement project, instead of only the board voting.
OTHER BIG PROJECTS
Fire Alarm System – owners were informed that if our original 1979 system fails and cannot be repaired, it could cost up to $300,000 to replace it under current fire code regulations.
Driveway replacement – scheduled for 2023, it could also cost $300,000, but could be delayed 5+ years if the board votes to do so and our Reserve Study consultants concur.
Exterior painting and caulking – paint has failed to weather as well as advertised and we may need a full or partial repainting sooner than hoped – could cost as much as $200,000.
RESERVE FUNDING - what is the right mix of DUES INCREASES & SPECIAL ASSESSMENTS? We discussed the pros and cons of dues increases vs. planned special assessments and seemed to agree that at the very least, we should try hard to avoid any surprise special assessment.
One owner observed that funding all these projects would take less than 4% of each home’s value.
26 September 2016
At a special homeowners meeting on June 17 this year, and again at the annual homeowners meeting on June 21, we shared our thoughts on the benefits and risks of fundamentally changing the way our property is managed and maintained. Many of you attended those meetings and agreed with the idea of contracting with professionally qualified firms, if it made financial and practical sense.
Your board unanimously determined that it does indeed make sense and developed a plan to implement such a change.
We began by investigating four full-service property management companies and formally interviewing two. We plan to engage one of them to provide administrative and financial services from October to the end of the year. If they perform well, we plan to expand their scope to full property management services in early 2017.
When the transition is complete, three types of firms will be providing our services:
We will also have a Resident Custodian living onsite to perform routine tasks not covered by these firms, such as weeding, mowing, and trimming; minor clean-up, repairs and maintenance; and homeowner-paid personal “concierge” services.
If our estimates are correct, the Association will experience no additional costs and benefit from both a wider range and improved quality of services.
If you have any questions, please direct them to me or any other member of the board.
As a reminder, we are meeting this Wednesday, September 28, at 7 PM.
Michael Burkhalter, President
Whalers Cove Association of Apartment Owners