0411 Residential Section 2011 AGM Minutes

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Residential Section LMS 1866 AGM Minutes MINUTES OF THE ANNUAL GENERAL MEETING OF THE RESIDENTIAL SECTION OF STRATA PLAN LMS 1866, HELD ON MONDAY, APRIL 11, 2011 AT 6:30 P.M., AT THE ELECTRA SOCIAL CLUB 989 NELSON STREET VANCOUVER, BC PRESENT:

61 Strata Lots present in person 24 Strata Lots represented by proxy Total 85 Strata Lots represented in person and by proxy

MANAGING AGENTS:

Kenneth Bro - ColyVan Pacific Real Estate Management Services Ltd.

GUEST – Mr. Steve Hansen, Senior Loss Adjuster of Cunningham Lindsey was present to give owners an overview of what happened and what is being done in regards to the evacuation in September of 2010. Steve was present prior to the start of the AGM. CERTIFICATION OF PROXIES, ISSUANCE OF VOTING CARDS Prior to the commencement of the meeting, all owners attending were registered, proxies certified and voting cards issued. The Property Manager confirmed there were 61 owners present in person and 24 represented by proxy for a total of 85 voting members. At 6:55 in accordance with the registered bylaws of LMS 1866 the meeting was called to order and the owners present, in person or represented by proxy, were deemed to be a quorum and the meeting was declared competent to proceed. PROOF OF NOTICE OF MEETING It was MOVED/SECONDED that the Notice of the Meeting was posted, in accordance with the provisions of the Strata Property Act, on March 22, 2011. APPROVAL OF AGENDA It was MOVED/SECONDED to approve the agenda as distributed.

CARRIED

APPROVAL OF PREVIOUS AGM MINUTES OF APRIL 21, 2010 It was MOVED/SECONDED to approve the minutes of the AGM of April 21, 2010 as distributed.

CARRIED

REPORT ON INSURANCE COVERAGE It was MOVED/SECONDED that the insurance coverage had been received.

CARRIED

The Agent advised the owners that they should take a copy of the insurance report along with a copy of the Bylaws of the Strata Corporation to their insurance agent. Owners should advise their agent that there are provisions in the Bylaws whereby the Strata Corporation has the ability to charge back to an owner costs related to actions of the owner or anyone the owner occasions on site. In addition there are also limitations in the Strata’s insurance that the owner may wish to be insured for separately. The exclusions in the Strata’s insurance include but are not limited to: betterments and improvements, replacements, living away expenses and losses of personal goods. An insurance professional is the best person to outline the full details of any and all limitations, upon reviewing both the Strata’s policy and the owner’s policy. It is recommended that owners submit a letter to their agent, with the previously noted information, and in the letter request that the agent contact the Strata’s insurer to ensure that the owner has seamless coverage from the Strata’s 202-5704 Balsam Street Vancouver BC V6M 4B9 Telephone: (604) 683-8399 Fax: (604) 683-7399

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policy through to their own policy. The level of coverage by each owner is that owner’s individual choice; each owner will choose the perils that they wish to be covered for and the deductible they are willing to accept. The owner’s letter to their agent should also request that their agent provide a letter back to them, as owners, confirming that they have provided the coverage for the owner as requested and have ensured that the policies for both the Strata and the owner have been reviewed on behalf of the owner and the requested coverage is in place. This due diligence process by the owners with their insurance professionals should reduce or eliminate the possibility of having an uninsured liability or loss. An outline letter format is included with these Minutes for the owners to use as a guide. It is also suggested that the owner provide their insurance professional with a copy of these Minutes. EXECUTIVE COUNCIL REPORTS Highlights of the Residential Executive Council, Building Committee, Operations Committee, Communications and Finance Committee Reports were presented. Questions were addressed by the appropriate members of the 2010 Residential Executive Council. The full reports were included in the AGM Notice of Meeting sent to all owners FINANCIAL REPORTS 1) Financial Statements To March 31, 2011 It was MOVED/SECONDED to accept the March 31, 2011 Operating Statement as included in the Notice of the Annual General Meeting, after a brief discussion the question was called and the statements were, CARRIED 2) Approval of 2011/12 LMS 1866 Residential Operating Budget It was MOVED/SECONDED to approve the 2011/12 LMS 1866 Residential Section operating budget effective April 1, 2011 as presented after a brief discussion the question was called and the budget was, CARRIED ¾ VOTE RESOLUTIONS ¾ VOTE RESOLUTION #1 – Special Assessment For A Complete Fire Alarm Replacement/Upgrade Rationale: WHEREAS the fire alarm system of LMS 1866 is coming to the end of its useful life The Owners, Strata Plan LMS 1866 Residential Section in conjunction with the Owners, Strata Plan LMS 1866 Commercial Section (together form the “Strata Corporation”); AND WHEREAS the owners of the Strata Corporation would like to remove and replace the existing Fire Alarm System; AND WHEREAS the quotes obtained by the Strata Corporation contemplate a Complete Fire Alarm Replacement/Upgrade: AND WHEREAS the Strata Corporation lacks sufficient funds to pay for a Complete Fire Alarm Replacement/Upgrade of LMS 1866 “Strata Corporation; BE IT RESOLVED AS A 3/4 VOTE RESOLUTION of The Owners, Strata Plan LMS 1866 Residential Section be authorized to: (a)

expend a sum of money not exceeding 60% of the total cost of $225,000.00 for the purpose of a Complete Fire Alarm Replacement/Upgrade for a cost of $135,000.00; and

(b)

to impose a levy on the strata lots comprising the The Owners, Strata Plan LMS 1866 Residential Section in proportion to unit entitlement of each strata lot and in amounts shown opposite each strata lot in Schedule “A” (attached hereto and forming part of this resolution), the aggregate sum of $135,000 (the “Levy”) for the Complete Fire Alarm Replacement/Upgrade of LMS 1866 “Strata Corporation.

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Be it further resolved as a 3/4 vote resolution that each strata lot’s share of the Levy is due and payable immediately and in full upon passage of this Resolution by the owners of record on the date of passage. However, for the convenience only of owners, an owner may pay their contribution to special levy no later than May 1, 2011. Pursuant to Section 108(5) and 108(6) of the Strata Property Act, if any owner is entitled to receive a refund of over $100.00 from any unused portion of this special levy, a refund will be issued to the current owner(s) at the time of the refund. In the event of a sale, strata lot owners are responsible to make their own private arrangements with the purchaser with regards to the disposition of any refund. Any special levy outstanding after 60 days shall be assessed a fine of $200.00 and a subsequent fine on the first of each month following until paid in full. The Strata Corporation may, under Section 116(1) of the Strata Property Act, register a Certificate of Lien against the owner’s strata lot for any unpaid special levy. END OF RESOLUTION It was MOVED/SECONDED to approve the ¾ Resolution for a Special Assessment as presented after a brief discussion the question was called and the resolution was, CARRIED ¾ VOTE RESOLUTION #2 – Cost Share Of The BC Hydro Antenna Rationale WHEREAS the Strata Corporation, the Owners Strata Plan LMS 1866 is a strata corporation duly formed and registered by deposit of the strata plan with the Land Title Office pursuant to s. 2 of the Strata Property Act (the “Strata Corporation”); WHEREAS the Strata Corporation is a strata in sections pursuant to part 11 of the Strata Property Act; WHEREAS the Strata Corporation section made up of Commercial owners, (the “Commercial Section”) had a Section AGM in April 2010; AND WHEREAS the Commercial Section of the Strata Corporation passed at that AGM the following Resolution: Whereas 70% of the cost of the project is charged to Commercial and 30% is charged to Residential. BE IT RESOLVED, with a 3/4 vote of THE OWNERS’ OF STRATA CORPORATION LMS 1866 Residential that the Strata Corporation shall grant a Statutory Right of Way for the commercial penthouse room, common wall, cabling and access to BC Hydro for the sum of $183,120 over 120 months. (“Resolution A”) WHEREAS Resolution A, with appropriate amendments, was forwarded to the Strata Corporation section made up of the Residential owners (the “Residential Section”) for approval at the 2010 Residential Section AGM; AND WHEREAS by inadvertence, Resolution A as amended, was missed from the Agenda of the 2010 Residential Section AGM; AND WHEREAS, BC Hydro will continue with the contract previously entered into by the Strata Corporation and BC Hydro, only if the approval for the continued use of the roof space - both common property and commercial common property is authorized and granted the necessary Statutory Right of Way by both the Residential and Commercial Sections of the Strata Corporation; AND WHEREAS such authorization has already been provided by the Commercial Section through Resolution A;

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AND WHEREAS, the use of the roof space has been altered by BC Hydro to accommodate the Microwave dish to target the reciprocal receiving dish that the Microwave dish is designed to communicate with, such communication that had become blocked by new buildings; AND WHEREAS 70% of the revenue of the project is provided to the Commercial Section and 30% is provided to the Residential Section; END OF RESOLUTION It was MOVED/SECONDED to approve the ¾ Resolution for BC Hydro Antenna Revenue Sharing as presented after a brief discussion the question was called and the resolution was, CARRIED MAJORITY VOTE RESOLUTIONS Majority Vote Be it resolved by a Majority Vote – To transfer any surplus from the operating fund at the end of the 2009/2010 fiscal year to a capital fund, to pay for building systems renovation/upgrade projects, as recommended by the building committee. End of Resolution It was MOVED/SECONDED to approve the Majority Vote #1 Resolution as presented after a brief discussion the question was called and the resolution was, CARRIED ELECTION OF THE EXECUTIVE COUNCIL OF THE OWNERS, STRATA PLAN LMS 1866, RESIDENTIAL SECTION” (“EXECUTIVE COUNCIL”) The following owners submitted their names for the 2011- 2012 Executive Council. Residential Executive Ms. Tanya Paz President Mr. Ray Cousineau Vice President Mr. Gordie Forrest Treasurer Mr. Trevor R. Bourdeau Secretary Mr. Alexander Hui At Large Mr. Mehdi Tafti At Large It was MOVED/SECONDED by the owners present to re-elect a slate of 2010 residential executive members by acclamation as well as two new members who were nominated for the 2011 – 2012 year, CARRIED ADJOURNMENT The meeting was adjourned at 8:35 pm After the AGM adjournment the new Residential Executive Council held a brief meeting and elected the executive as noted above. CARRIED Kenneth Bro Property Manager, 604-683-8301 Ext. 232 - Email: [email protected] ATTENTION Please keep these Minutes on file as a permanent legal record of your Strata Corporation’s business. Replacement of either Minutes or Bylaws will be at the owner’s expense and not the Strata Corporation’s COUNCIL MEETING MINUTES Regular council meeting minutes will continue to be no longer printed/mailed to owners. Instead, these are available at www.theelectra.ca, by joining our email contact list, or by visiting the on-site office. Owners will continue to receive printed General Meeting notices and minutes. S:\PROPERTY\Rgroup\356\Minutes\AGM\AGM Minutes April 21 2010\356-AGM Minutes April1 11 2011.doc

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To My Insurance Professional: I am the owner of strata unit ________ in strata plan LMS 1866 Residential. I require a strata owner’s policy to protect my interests and liability with regard to the aforementioned strata lot. I also should advise you that I do/do not rent out my unit. The property manager has advised the owners that they should take a copy of the insurance report along with a copy of the bylaws of the Strata Corporation to their insurance agent. Owners have been advised that there are provisions in the bylaws whereby the Strata Corporation has the ability to charge back to an owner costs related to actions of the owner or any one the owner occasions on site. In addition there are limitations in the strata’s insurance that may be insured for separately. The exclusions in the strata’s insurance include but are not limited to; betterment’s and improvements, replacements, living away expenses and losses of personal goods. The property manager has advised that the full details of the limitations are best outlined by an insurance professional who reviews both the strata’s policy and the owner’s policy. The property manager recommended that owners submit a letter to their agent, with the previously noted information, and in the letter request that the agent contact the strata’s insurer to ensure that the owner has seamless coverage from the strata’s policy through to their own policy. The property manager advised that the level of coverage by each owner is that owner’s individual choice under the guidance of his or her insurance professional [each owner will choose the perils that they wish to be covered for and the deductible they are willing to accept]. The owners were further advised, that in the letter to their agent, they should request that their agent provide a letter back to them, confirming that their insurance professional has provided the coverage the owner has requested and that they have reviewed the policies for both the strata and the owner and the requested coverage is in place. Please review the information I have provided and advise me on the coverage needed to protect my interests and liabilities.