View the official pdf version of the minutes
Board members: Clyde Horn, David Igl, Jesse Fittipaldi, Alex Howe
BMC Personnel: Diane Sollinger (in person), Dave Saraceno (via zoom)
Owners (in person): Linda Seymour, ?, Ken Guzowski, Hal Dillon, John Rose, Giny Landgreen
Owners (via Zoom): Dottie Kemp
Notification and a Zoom link was sent to all owners via multiple emails asking for their proxies or attendance either in person or by Zoom.
Proxy votes: 43
Total attendance: 49
Call to order: 6:11 PM
See addendum
During discussion, Diane supplied a 2/19/2026 email from Tracy Baier, our AmFam insurance agent, that said the insurance company underwriter said that our new roof was guaranteed to be covered at Total Replacement Cost for 20 yrs.
This should eliminate any future problems with FNMA-backed home loans.
See addendum
The Plumbing Riser Project is proceeding.
C&D risers will be next.
Riser coring is completed. Plan is to plumb the across-corridor baths by running pipe across the hallway above the ceiling tiles and then down into the wall space to connect with cutoff valves on either side accessible via a small door as seen in completed risers.
The risers will not be connected to interior unit fittings immediately but will be capped and shut off to prevent leaks as the lines are charged.
Interior work will be completed during remodels of either side of the shared wall space.
Complimented Dave S. for taking such good care of the new Hornbeam trees that replaced the removed dead elms.
The garbage/recycle service from Sanipac will be replaced by Apex since they will use local resources for disposal rather than wasteful trucking it all to Roseburg.
There will be more Lane County Transit adventures.
The board seats of Alex Howe, and David Igl were up for election. Both agreed to run for reelection and they ran unopposed. We had enough voters present and proxy votes to hold a vote.
Both were reelected.
Linda, Alex, & Jesse will explore future rooftop Solar options.
at 6:59pm
Delivered at 2026 Annual Meeting
Clyde Horn, President
Big trees dead or diseased - dealing with it.
Zinsco electrical panels all replaced so we could at least buy insurance this year.
This year’s Insurance (only for for building roof) didn’t meet FNMA loan standards, so nobody could sell their condo except for cash - worked most of the year to finally deal with that by re-doing our roof.
Fixed a few other things too.
Plumbing project has new plumbing contractor & demo/rebuild team.
Last plumber left active valve that caused flooding on 4 floors of the 02 stack - dealt with THAT.
January — Some maintenance tasks on our exit gate and replacing the two diseased elm trees that
were taken down by the city were performed.
Otis 5-year elevator maintenance contract was signed.
February — All the Zinsco electrical panels in the building were finally replaced, both in owner units and common area locations, building insurance coverage can now be purchased, follow up maintenance projects were completed.
All payments for common area panel replacements ($25k) and insurance package ($84k) were paid
March — Search for new plumbing contractor begins.
April — Some vehicle break-ins were reported in the garage lower deck.
Ken Guzowski & his “Paper Pushers” went through the filing cabinets full of old documents and recycled the very old and no longer relevant documents and also recovered & conserved the original building blueprints.
The two remaining tall Sycamore trees were also diagnosed as diseased and the City was consulted.
May — No May meeting due to lack of a quorum of Board members.
June — We discovered (in May) that our insurance policy (just on our roof) does not meet FNMA
requirements (TRC total replacement cost) for financing home loans and therefore no owner can sell their unit unless it is for cash.
Previous months’ sales went through because they were cash sales.
We immediately tried to get a separate policy to cover the roof.
July — Still trying to find a way to meet FNMA requirements & asking for roofing quotes from vendors. Waiting for their replies.
ADA striping was added to the north door loading area.
We voted to change our trash/recycle pickup company from SaniPac to Apex. We will give notice at the end of our current contract.
Our plumbing contractor failed to properly isolate the 02 kitchen stack after they replaced it with new by leaving an uncapped valve connected. The building manager opened the old valve to purge air from the stack as usual and flooded the 02 units on 4 floors as the old stack filled up as it drained into each 02 unit (and two commercial units) before he could shut it back off.
Remediation was started immediately.
Bills will be sent on to each owner’s insurance company for payment.
August — Still trying to find a method to insure just the roof. Taking bids from 3 roofing companies.
Considering different materials and warranties to find a method that we can afford and also meet insurance company needs to satisfy FNMA requirements.
September— Contacted Oregon State Insurance Commissioner and found that condo associations are all having difficulties getting affordable overage ever since the major widespread disasters that have occurred in the previous years caused the insurance companies to pay out large settlements.
Even self-funding an escrow account specifically for roof replacement will not be allowed without a State law permitting it and setting up a governmental agency to oversee it.(unlikely to impossible).
October — The Board approved unanimously waiving HOA dues on unit whose sale was stalled since April by roof insurance.
Sidewalk repairs were completed.
Questions remain unanswered by insurance underwriters.
Roofing contractor and accepted materials await the underwriter’s reply.
Flood insurance paid.
Finally got a decision from the underwriters so we selected River Roofing to do the job, film atop our existing film roofing will be installed. 20 year guarantee product although insurance company TRC coverage will likely not last that long.
November — New HOA budget approved and dues increase authorized.
Work on roof begins.
Paid lots of money for various projects.
December — Work on roof continues. (Finished in early February)
End of the FNMA/Insurance/Roof saga.
Willamette Towers HOA Annual Meeting [02/25/2026]
The Association has three primary lines of income: “Dues,” “Rent,” and “Other.”
There is also a small amount from “Interest” from keeping Reserves in a money market product.
Dues accounted for 79% of actual income, Rent for 15%, and Other for 6%.
The Association maintains a checking account into which these lines of income flow.
From the Checking Account, a fixed amount is transferred monthly into a Reserves Account held with Morgan Stanley.
The reserves are differentiated by the Association between “Primary Reserves” and “Plumbing Reserves,” but all reserve funds are held in a single Morgan Stanley account.
The deviation in 2026 from Budgeted versus Actual income was negative but unremarkable.
Plumbing Riser Work:
Checks totaling $70,576 were cut this year on plumbing riser work.
Additional costs associated with leaks also occurred.
Only one of two planned risers were completed due to cash flow pressure from Insurance, Roof, and a change in vendor.
Insurance:
The astronomical premiums have indeed become the new normal, as anticipated last year.
The budget has been updated to better reflect this new reality.
Roof:
Spent $130,636 ($32,659 cut in Nov. 2025, $97,977 cut in Jan. 2026).
This was largely accommodated without emergency dues assessment by limiting riser work, which is not sustainable.
Reserves Note:
We began 2025 with $318,473 and ended the year with $248,260.
In the 2026 budget, we continue targeting $200,000 as our floor.
This represents a higher risk tolerance than historically taken but allows us to limit dues increases.
Budget “clean-up”:
Owners’ dues are broken into three categories that correspond to our Operational budget, our general Reserves, and our Plumbing Reserves.
Plumbing work had been coming out of Primary rather than Plumbing reserves and a similar issue held true for covering the Operations deficit for insurance.
We shifted the 2026 budget around to better reflect these realities without substantially increasing the total dues burden to owners.
Primary Reserves: $143,480
Plumbing Reserves: $103,966
ACTUAL BUDGETED
Dues: $232,291 $233,610
Rent: $45,204 $48,887
Other (laundry, late fees, etc.) $16,508 $12,744
Total Operating Income: $294,003 $295,241
ACTUAL | BUDGETED
Gate Maintenance: $2,445 | $4,000
Storm Water: $3,173 | $3,125
Water: $15,806 | $14,922
Sewer: $13,158 | $14,495
Electricity: $17,379 | $21,215
Natural Gas: $9,516 | $10,35| $50,000
Backflow Testing: $485 | $0
General Maintenance: $1,958 | $2,200
Equipment Repair & Maintenanc| $6,000
Maintenance Contract: $4,650 | $2,555
Elevator Maintenance: $11,496 | $12,297
Garbage: $5,170 | $5,885
Telephone: $6,070 | $5,70| $72,000
Administrative Management: $28,143 | $28,143
Office & General Supplies: $4,249 | $3,000
Taxes & Licenses: $17,549 | $10,000
Additional Grounds Work: $2,176 | $500
Grounds Contract: $4,235| $7,000
Reserve Study Expenses: $1,000 | $1,000
Total Operating Expense: $343,692 | $295,241