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Willamette Towers

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Willamette Towers Annual Owner’s Meeting

Meeting Thursday, February 21st 2019, 7:00 pm

Board Members: Lauren Dame, Jean Kern, Clyde Horn, Rick Lowen, Jesse Fittipaldi

BMC Personnel: Tom Weaverling, Diane Sollinger

Owners: Roll and proxy count—completed Initial count of 40 proxies and 19 attending = 59 = quorum.

Call to order 7:03 PM

Proof of Meeting Notice –

Packets sent to absentee owners, email version of packet sent to all owners, multiple phone call/email solicitations of proxy completion and submission.

2018 Minutes Approval:

Supplied hard copies to attendees.

Moved to accept the minutes waiving a reading, seconded – unanimous.

Vote to have the Board approve the annual meeting minutes on the behalf of the owners so that an approved copy of the minutes can be sent to owners in a more timely manner. Passed unanimously.

President’s Report: The significant issues the HOA dealt with in 2018:

Physical Building

  • Plumbing Blow Down project
  • ADA-compliant auto door operators added to entrance doors
  • Upgrade of emergency lighting in stairwells
  • Replaced the lights on the garage light poles with high efficiency lights
  • Started work on planning for the garage repairs–getting bids, negotiating with contractors; work to start in early May 2019
  • Dealing with damage caused by water leak into the HOA-owned unit 206

Services/Policies/Livability

  • New Laundry equipment and agreement
  • Technology/Safety Committee created
  • FAQ added to web page
  • Efforts to enforce Smoke Free property
  • Change of garbage contractor to save money

Unresolved Problems/Items we are still working on

  • Window washing (attempted in March 2018, but vendor quit) – Beginning review of roof safety plan
  • Graffiti on back wall – need to address this coming year when weather improves
  • Effort to pass animal Bylaw amendment to allow Board to make rules restricting size and breed of dogs allowed.
  • Earthquake insurance: was discussed but not resolved; it is a very complex financial decision; committee formed to research cost/benefit options
  • Ad Hoc Plumbing Committee formed to study the many issues related to the building’s aging pipes

Financial Report:

[see added spreadsheets for more details]

2018 Budget Summary (spreadsheet #1)

Total income for 2018 was $358,831.44 vs budget $355,296 (line 8)

Total operating expense was $200,799.84 vs budget $216,720.00 (line 44)

Significant savings occurred in our Utilities budget (line 15) approx. $7,800

EWEB (line 10) approx $5,500 and Garbage (line 14) approx. $1,650

Additional savings occurred in our Maintenance budget (line 43) approx. $8,100

The net operating balance was $158,031.60 vs budget $138,576 (line 45)

$130,000.00 was transferred to Reserves Funds (line 46). In addition $33,471.25 was used to cover a portion of the $97,471.25 Reserve Plan Maintenance expenses (line 47).

The balance of Reserve Plan expenses was covered by a transfer of $64,000.00 from Reserve Funds (line 48).

The Net Balance from Operations was -$5,439.65 (line 49).

2018 Cash Flow (line 51)

The opening cash balance for 2018 was $2,783.33. The closing cash balance was $2,153.68.

2018 Reserve Funds Summary (Spreadsheet #2)

In 2018 it was possible to establish a Cash Reserves Fund in addition to the Maintenance Reserves Fund that we have funded for the past several years.

This summary has two sections: The maintenance reserves (line 3) and the cash reserves (line 19).

Maintenance Reserves

Cash Flow (line 4)

The opening balance was $176,324.59. Cash transfers from the operating budget were $120,000.

Withdrawals included $64,000 transferred to the operating budget to cover Reserve Plan expenses and $120 for Morgan Stanley account fees.

Income was $651.82.

The closing balance was $232,856.41.

The total Reserve Plan Maintenance expense was $98,159.50.

The Cash Reserves Funds was created in December 2018 with a $10,000 transfer from our operating budget. The Cash Reserves are currently allocated for the 2019 roof safety project.

2019 Budget (spreadsheet #3)

The 2019 Operating Budget was approved by the BOD 11/27/2018.

A copy of the approved 2019 budget was sent to owners along with the notice of increase of 2019 HOA assessments.

The Budget has a $36,860 surplus. The surplus was included to provide additional funds for the roof safety project as needed. Any of the surplus that is not used for this project would remain in our newly established cash reserves.

Committee Reports:

MMRC –

The projects this year have been discussed previously in the President’s and Financial reports.

The Garage renovation will be starting in May and will continue for approximately 6-9 weeks.

Architecture and Design -

Didn’t do anything last year because of budget constraints. We want to revive the Committee and start evaluation of possible projects needed.

Security & Technology -

We didn’t have any projects either due to budget constraints.

Our “wish list” for future projects:

  • Add new security door closures that incorporate fob access in the door closure rather than a separate plate. These will be easier and cheaper to maintain and administer. [in the works now]
  • Perimeter security system for the garage structure [after the garage project is completed] that is tied to the new LED lighting and cameras – be sure the lamp heads are positioned and shaded to reduce glare into units and maximize coverage of the structure. [Looks good so far]
  • Re-evaluate the security camera system and reposition and add/change cameras or lighting as needed to optimize coverage.
  • Research ways to discourage tagging of the exterior garage walls.
    1. Have periodic “Painting Parties” where the Association supplies the paint and tools as well as pizza and sodas to encourage volunteers.
    2. Consider commissioning a Kids Mural with City Art in Schools or other organization to get elementary age children participating in designing a single or a series of murals. Then add a clear coat to repel tagging. [Jefferson Westside Community Group may be a liaison or info source for this.]
    3. We should have enough spare custom color paint or use standard colors so we can repaint/touch-up as needed later.

Election of new Board Members [2 – 2 year terms]

Jesse Fittipaldi and Hal Dillon elected.

Rick thanked for his 10 year term on the Board with a commemorative mug.

Old Business:

Animal By-law Amendment vote. Failed due to lack of participation since it needs a super-majority to pass instead of just a quorum/majority. Not enough participation in the Meeting by proxy plus attendance to reach the necessary voting numbers.

New Business:

Roof Safety upgrade project needs owner approval to continue. Vote passed with 20 in- person Yea votes, none against.

It was also decided to vote on having the HOA financial records reviewed by a CPA as instructed by Oregon State Condo Law [instead of waiving it as usual] at a cost of $1000-$2000. 11 Ayes / 5 Nays. Passed.

Adjourned at 8:42PM

Addendum

The full 2019 Annual Meeting Packet, including agenda, budget spreadsheets, and other related items.