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Willamette Towers Board Meeting

Meeting Tuesday, September 19, 2023 @ 5:00 PM

Board Members: Alex, Clyde, Hal, David, Jesse

BMC Personnel: Diane Sollinger; Dave Saraceno

Owners: Rick Lowen, Bill Bomball, Tom Ferrer, John Rose, LaDonna Qualtieri

Call to order: 5:03 PM

Agenda Approval:

Motion: Alex; 2nd: Hal Unanimous

Previous Minutes Approval:

Motion: Alex; 2nd: Jesse; Unanimous

Treasurer’s Report: Month ending August 31, 2023

Operating Account Summary (aka Trust or Checking account)

Beginning Cash Balance [08/01/2023]: $40,211; prev: $57,467

Ending Cash Balance [08/31/2023]: $20,433; prev: $40,186

Budget–Comparative

Month-to-Date Details:

BUDGETED Total Operating Income: $21,565; prev: $21,565
ACTUAL Total Operating Income: $21,259; prev: $21,406

ACTUAL Total Operating Expense: ($13,371); prev: ($18,696)
BUDGETED Total Operating Expense: ($18,901); prev: ($18,901)

Year-to-Date Details:

BUDGETED Total Operating Income: $172,517; prev: $150,952
ACTUAL Total Operating Income: $169,617; prev: $148,050

ACTUAL Total Operating Expense: ($170,691); prev: ($157,320)
BUDGETED Total Operating Expense: ($171,212); prev: ($152,310)

Notable Expenditures:

$23,347 toward plumbing work paid this period. This is in addition to $19,074 the previous period.

Reserve Account Summary

Opening Balance [08/01/2023]: $573,474: prev: $552,458

Credits this Period: $19,681; prev: $19,681
Debits this Period: ($0); prev: $(0)
Change in Value this Period: $1,319; prev: $1,335

Closing Balance [08/31/2023]: $594,475; prev: $573,474

Notes about Reserves:

Primary Reserve balance: $110,793; prev: $98,858

Plumbing Reserve balance: $181,746; prev: $171,011

Goal of $300,000 in rotating CD funds:

CD #4 purchased, matures 10/11/2023
CD #5 purchased, matures 11/29/2023
CD #6 ordered, matures 12/21/2023

End of Treasurer’s Report

Treasurer’s Report Approval: Motion: Hal; 2nd: Jesse; Unanimous

Owner’s Forum:

John Rose pointed out that the cost of resealing the parking structure wear-layer every three years should be added to the Reserve Study. Diane said that she would add it. Also, John and Dave Saraceno will get together and work on an update to the Occupant Agreement Form.
LaDonna Qualtieri asked if individual unit owners need flood insurance. We are not sure. The HOA has flood insurance for the building.

Committee Reports:

MMRC:

Plumbing Project: Jesse reported that work on the “L” Riser will begin the week of 9/25. This riser feeds the ? bathroom in the “08 Stack”. This riser will be more challenging than the first two risers, but not as challenging as some of the other risers.

Safety Committee:

Fence Project: The new fence for the “alley” to the north of the parking structure will be installed in mid-October. We are waiting for the Eugene Permit Department to approve the fence.

Green Committee:

No report. The EV Charging Station Project is now under the purview of the MMRC.

Bennett MC:

No report

New Business:

The flood insurance annual payment is due next month. We approved this payment. It was noted that our two insurance companies have different valuations of our building.
Motion: Hal; 2nd: Clyde; Unanimous
New Way Electric will do a thorough inspection of our electrical system. They will also provide a bid to do the necessary work. We will be able to use their report to get bids from other companies.
We approved up to $3,000 dollars for this report.
Motion: Alex; 2nd: Hal; Unanimous
Exhaust fan for trash rooms: Dave says it is noisy, unreliable and needs to be replaced. This project will be turned over to the MMRC.
As per our conversation with our insurance agent, we voted to implement this new policy:
Motion: Hal; 2nd: Alex; Unanimous

Terrace and Balcony Safety Policy:
The presence of certain items on terraces and balconies poses a risk to the property and to residents, as acknowledged by insurance underwriting.

Open Flame:
No device, item, object, piece of equipment, or installation designed to produce or capable of producing open flame is permitted on any terrace or balcony. This prohibition includes but is not limited to popular devices such as barbecue grills, fireplaces, tiki torches, patio heaters, etc.
Furthermore, no propane tank or natural gas tank or fuel container of any size may be stored on any terrace or balcony.

Umbrellas and other coverings:
No umbrella or other covering, fabric or otherwise, may be erected, placed, or installed on any terrace or balcony without express written HOA Board approval.

End of policy statement

New Business Continued:

We are waiting for a response from our attorney regarding two questions:
a. Who will pay for the replacement of the Zinsco Electrical panels in residential units, the unit owner or the HOA?
b. Who owns and is therefore responsible for maintaining the terraces and balconies, the unit owner of the HOA?
Dave has asked for unit occupants to send him a photo of their breaker panel. Many have not responded. He has learned that there are many Zinsco panels remaining. He estimates possibly 30 to 40.

Unfinished Business:

New roofing at car-entry structure:
We authorized up to $7,000 for River Roofing to install a new TPO roof over the existing roof.
Motion: Hal; 2nd: Jesse; Unanimous
Chemical smells from perms in Mia Bella Salon: Clyde and Alex will talk with them and get more information.
Garage door to upper level: We authorized the repair. We have not decided if we will get the owner to reimburse the HOA.
Motion: Alex; 2nd: Clyde; Unanimous

Next Meeting:

Tuesday, October 24, 2023 @ 5:00 PM