strata corporation lms4255 âmarinaside resortâ 193 aquarius mews ...
STRATA CORPORATION LMS4255 “MARINASIDE RESORT” 193 AQUARIUS MEWS, VANCOUVER 1077 & 1099 MARINASIDE CRESCENT, VANCOUVER MINUTES OF THE ANNUAL GENERAL MEETING OF THE OWNERS OF “MARINASIDE RESORT”, STRATA PLAN LMS4255, HELD IN THE CHEVALIER ROOM, IN THE ROSEDALE ON ROBSON, 838 HAMILTON STREET, VANCOUVER, BC ON TUESDAY, JANUARY 27TH, 2009 AT 7:00 P.M. IN ATTENDANCE: 69 Owners were represented at the meeting, either in person or represented by proxy. Representing Rancho Management Services (B.C.) Ltd.: Mr. Chris Sargent, General Manager Mr. Terry Li, Senior Property Manager
1.
CALL TO ORDER At 7:10 p.m., Mr. Sargent informed the General Membership that there was not yet a required quorum of Members present and as authorized by Bylaw #25, the assembled Owners are requested to stay until 7:30 p.m. when the meeting can start. At 7:30 p.m., Mr. Setty Pendakur, the Strata Council President, referred to Bylaw #25 and noted that as per the Bylaw, the Owners present constitute a quorum so that the meeting can commence. Bylaw #25 reads as follows: “If at the time appointed for a general meeting, a quorum is not present, the meeting shall stand adjourned for a period of thirty minutes whereupon the adjourned meeting shall be reconvened at the same place and the persons present in person or by proxy and entitled to vote, shall constitute a quorum.” Mr. Pendakur noted to the General Membership that Mr. Sargent will be assisting him in chairing portions of the meeting.
2.
CALLING THE ROLL AND CERTIFYING PROXIES Mr. Pendakur informed the Owners that a quorum existed as defined by Bylaw #25.
3.
PROOF OF NOTICE It was MOVED, SECONDED and CARRIED to file Proof of Notice of the Meeting, as distributed January 7th, 2009.
4.
A MOTION TO APPROVE THE JANUARY 21st, 2008 ANNUAL GENERAL MEETING MINUTES Mr. Pendakur informed the General Membership that a copy of the minutes from last year's Annual General Meeting was included in the agenda package for tonight’s meeting.
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 4.
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A MOTION TO APPROVE THE JANUARY 21st, 2008 ANNUAL GENERAL MEETING MINUTES – CONT’D There being no questions, it was MOVED, SECONDED and CARRIED to approve the January 21st, 2008 Annual General Meeting minutes.
5.
PRESIDENT’S REPORT Mr. Pendakur presented to the General Membership the President’s Report as follows: I am pleased to welcome you to this AGM. I will report on some of the highlights of the year. The budget and the financial details will be covered in the Treasurer’s report. Some of the management issues will be covered by Chris Sargent, General Manager of Rancho. The issues included in my report are: Insurance, Water Related Damages, Building Envelope Maintenance, Common Area Improvements and Security Awareness. Insurance: The insurance for the Strata Corporation has been renewed with BFL Insurance Services with a water damage deductible of $50,000, the same as the previous year. The annual premium has increased, due to past water damages and the overall insurance market. Despite numerous newsletters circulated, there are still a lot of Owners who have yet to obtain adequate insurance for their strata lot especially for water damages. Many Owners are unaware of the consequences of not having proper or adequate insurance coverage for their strata lot. Owners are urged again to cover their risk with insurance for any water damages not covered by the Strata insurance. Water Related Issues and Costs There were 3 water incidents this past year due to user error. Owners are asked to continue being diligent in this regard. Building Envelope Maintenance: The Finance Committee is chaired by the Treasurer, Larry Ruddell with Bryan Wall, Rick Salvador and me as members. This Committee monitors the finances of LMS4255, reviews long term maintenance of the three buildings and grounds and recommends to Strata Council appropriate actions. We have continued with the yearly building envelope maintenance program as recommended by RDH Maintenance Engineering (20 year plan). The building envelope maintenance program is done on an annual basis planned by both the Strata Council and the Finance Committee. The items addressed this year were all proactive maintenance items recommended by RDH Engineering such as balcony condition inspection and sealant repair.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 5.
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PRESIDENT’S REPORT – CONT’D Common Area Improvements: The Common Area Committee (CAC) is chaired by Grace Barrington-Foote with Laura Opsal and Stefanie Schenk as members. CAC worked hard over the past year to make various improvements throughout the common areas. The CAC conducts a monthly “walk-about” with the Building Supervisor and Property Manager to ensure common areas are up kept to the highest level. These areas include the ones which most of you see and experience as well as all the hidden maintenance and equipment rooms in each building. Some common area improvements this year include: • • • • •
•
The replacement of all elevator tiles. An elevator assessment was completed by KJA Consultants and Fujitec Elevators has been working to increase the overall efficiency of the elevators. Hydro flushing in the “N” tower. A new control was added in the pool area to help regulate steam consumption and humidity controls – this should lead to a reduction in the consumption of steam heat. A lighting retrofit project which saw all the ballasts in the parkade changed to more energy efficient ones has been completed and is already successful. This was undertaken as part of the Power Smart programme of BC Hydro. The average cost savings for energy consumption thus far has been $2,000 per month. A successful fire inspection with over 90% of units inspected.
A very successful Christmas Social, thanks to Laura and the CAC, an opportunity to meet others who live in this Strata complex, was arranged in December 2008. A great time was had by all. Security Awareness: The Stop and Fob program has been operating quite successfully. The complex also participates in a neighbourhood bike patrol. This along with the 24 hours concierge staff continues to reduce crime in the complex. Please remember to stop after you enter the gate and wait for the gate to close before proceeding. These security procedures are very important and we thank you for your cooperation. Thanks: I would like to thank all the Council members for their hard work over the past year. This Council takes a very proactive approach in managing the complex to prevent and anticipate any problems. The Finance Committee oversees expenditures and was successful in balancing a 1.5 million dollar budget. The CAC conducts a monthly inspection of every common area room in the complex to ensure that maintenance is kept up to the highest level. AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 5.
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PRESIDENT’S REPORT – CONT’D I would also like to thank the concierge, building supervisors and our managers at Rancho, Terry Li and Chris Sargent. On behalf of the Strata Council, I would like to thank all the Residents of Marinaside Resort, for their continued cooperation.
6.
A MOTION TO APPROVE THE REVISED 2007/2008 YEAR END FINANCIAL STATEMENTS Mr. Pendakur, thanked the Strata Council Treasurer, Mr. Larry Ruddell for his hard work throughout the year and then, as Mr. Ruddell was unable to attend the meeting, Mr. Pendakur, with assistance from Mr. Sargent, presented to the Strata Corporation, the revised financial statements for the year 2007/2008. FINANCE COMMITTEE The Finance Committee, Larry Ruddell, Setty Pendakur, Bryan Wall, and Rick Salvador met three times during the year, with representatives of Rancho Management. The purposes of the meetings included review of current financial statements, review of expenditures for the building envelope and review and approval of the budget for the 2008-9 year. NOVEMBER 30, 2008 FINANCIAL STATEMENTS The accounting firm of Berris Mangan Elliot and Partners are the auditors for the Strata. Their fieldwork is scheduled to begin February 1. The financial statements for the year ended November 30, 2007 were audited by the same firm and their report was unqualified. 1) BALANCE SHEET a. The bank balances are reviewed on a current basis, to ensure that the interest on funds is maximized. Similarly, interest income on the Short Term Investments is maximized, keeping in mind the need to have the funds invested with a strong financial entity. In late fiscal 2007 and early 2008, the contingency fund investment was renewed, into one of $400,000 with a one year term and two of $100,000 cashable GICs. b. The accounts receivable are quite low, as the majority of owners are on preauthorized payments. c. The Owner Chargebacks relate to damages to units, in the process of being collected from the owners. It takes some time to collect, due to delays from the insurance carriers and other issues. In an attempt to improve recovery, Council introduced a 10% interest charge on unpaid amounts. There are currently two major chargebacks outstanding. d. The Contingency Fund ended the year at $674,541.00, up slightly from the previous year. The interest on the contingency fund is expected to go down in 2009 due to the current low interest rates. The following is a breakdown of the withdrawals in the amount of $121,138.00: • Building Envelope Maintenance - $32,901.00 • Fireplace Vents - $29,008.00 • Hydro Flushing and Repairs - $12,703.00
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 6.
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A MOTION TO APPROVE THE REVISED 2007/2008 YEAR END FINANCIAL STATEMENTS – CONT’D • • •
Pool DDC Upgrades (humidity control) - $9,483.00 Electrical Vault Air-Conditioning Vent Extensions (improve air flow for cooling) - $8,925.00 Miscellaneous Emergency/Insurance - $28,119.00
2) INCOME STATEMENT a. General Maintenance is approximately $6,000.00 over budget due to the new energy efficient ballasts and lights that were installed in the underground parking garage. This is the net cost of the work that was done. The total amount of expenditures was approximately $28,000.00 and the Strata is expected to receive a rebate from BC Hydro in excess of $21,000.00 for doing this work. Additionally, the Strata’s hydro expense will be reduced and it is estimated that the pay back for the net of the $6,000.00 expenditure is under six months. b. The Strata Corporation also entered into a two-year fixed gas contract with ultra gas at a fixed rate of $9.00 per gigajoule. Many thanks for Rick Salvador for his help in setting up this contract. Council spent a lot of time reviewing the utility category as it represents almost a third of the operating budget. Mr. Pendakur then took questions from the Owners. After discussion, it was MOVED, SECONDED, and CARRIED to approve the revised 2007/2008 year-end financial statements with thanks. 7.
A MOTION TO APPROVE THE PROPOSED REVISED 2008/2009 OPERATING BUDGET Mr. Sargent submitted the following report on the revised 2008/2009 operating budget. FISCAL 2008/2009 OPERATING BUDGET The proposed budget indicates a strata fee increase of 3.3%, compared to an increase of 4.9% last fiscal period. Mr. Sargent then reviewed other categories on the budget. Mr. Sargent then answered questions from the General Membership pertaining to the budget. After discussion, it was MOVED, SECONDED and CARRIED to approve the revised 2008/2009 operating budget.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 8.
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¾ VOTE RESOLUTIONS a)
Resolution “A”: A ¾ Vote Resolution to authorize the Strata Council, acting on behalf of the Strata Corporation, to commence legal action against owners in arrears of $ 4,000.00 or more with their strata fees. The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously.
b)
Resolution “B”: A ¾ Vote Resolution to adopt the attached proposed Bylaws to be effective after the January 27th, 2009 Annual General Meeting. i)
Proposed New Bylaw 37(9): 37(9) Each resident will be allowed to be trained by one personal trainer at any one given time and trainers are not allowed to train more than one person at a time. The ¾ Resolution for Bylaw 37(9) was MOVED and SECONDED and the floor was opened for discussion. An Owner made a motion to amend the bylaw to read:
37(9) Each resident will be allowed to be trained by one personal trainer at any one given time and trainers are not allowed to train more than two residents at a time. Trainers are only allowed to train residents of Strata Plan LMS4255. The amendment was MOVED, SECONDED and CARRIED. After discussion, it was agreed to vote on the 3/4 resolution for Bylaw 37(9) as presented and amended and it CARRIED. ii)
Proposed New Bylaw 40(13): 40(13) Owners assessed a chargeback against their strata lot due to damages sustained from their strata lot must pay the chargeback amount within 14 days.
Where an owner fails to pay the chargeback within 14 days, the outstanding chargeback amount will be subject to an interest charge of 10% per annum, compounded annually. The ¾ Resolution for bylaw 40(13) was MOVED and SECONDED and the floor was opened for discussion. AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 8.
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¾ VOTE RESOLUTIONS – CONT’D b)
Resolution “B” – Cont’d: ii)
Proposed New Bylaw 40(13) – Cont’d: An Owner made a motion to amend the bylaw to read:
40(13) Owners assessed a chargeback against their strata lot due to damages sustained from their strata lot must pay the chargeback amount within 30 days. Where an owner fails to pay the chargeback within 30 days, the outstanding chargeback amount will be subject to an interest charge of 10% per annum, compounded annually. The amendment was MOVED, SECONDED and CARRIED. After discussion, it was agreed to vote on the ¾ Resolution for bylaw 40(13) as presented and amended and it CARRIED. c)
Resolution “C”: A ¾ Vote Resolution to approve of depositing the remaining monies from the fireplace vent special levy ($5,841) into the contingency fund.
The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously. d)
Resolution “D”: A ¾ Vote Resolution to authorize the transfer of up to $77,600.00 from the contingency fund in the 2009 fiscal period to pay for the building envelope maintenance items as recommended by RDH Engineering for the year 2009.
The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. Mr. Sargent noted that the recommended maintenance by RDH is done on an annual basis. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously. e)
Resolution “E”: A ¾ Vote Resolution to approve of the conversion of the existing pool to that of a salt water system at a cost of $8,000 to be taken from the contingency fund in the 2009 fiscal period.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 8.
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¾ VOTE RESOLUTIONS – CONT’D e)
Resolution “E” – Cont’: The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. Mr. Sargent informed Owners that a salt water system will improve the water quality for pool users and use less chemicals. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously.
9.
INSURANCE REPORT Mr. Sargent reviewed the insurance coverage of the Strata Corporation. Mr. Sargent advised Owners that they should have their own in-suite insurance coverage for their personal possessions as well as improvement or betterment coverage for any upgrades that have been completed to their units. In the event of an insurance claim, the Strata’s policy will cover the replacement/repair of the condominium back to its original state. Any Owners who have questions regarding the Strata’s insurance policy should contact BFL Stewarts Insurance Services directly. Please be reminded that the Strata’s policy only covers the original fixtures installed in the Strata lot by the Developer (ie. hardwood floors installed by the Developers are covered by the Strata’s insurance policy, but hardwood floors installed by an Owner after the time of purchase are not covered by the Strata’s insurance policy). As per the Act, Owners are required to have insurance for their contents, improvements and betterments, liability, and insurance deductible. Owners should consult an insurance agent to ensure that they have proper coverage. Mr. Sargent then answered questions from the General Membership. It was MOVED, SECONDED and CARRIED unanimously to approve the insurance report, as presented.
10.
ELECTION OF 2008/2009 STRATA COUNCIL As per terms of the Bylaws of the Strata Corporation, Mr. Sargent informed Owners present that Members serving on the end of their two-year term are required to resign at tonight’s meeting. The Members are as follows: Ms. Laura Opsal Mr. Bryan Wall Ms. Grace Barrington-Foote All three members volunteered to serve on the 2008/2009 Council.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 10.
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ELECTION OF 2008/2009 STRATA COUNCIL – CONT’D It was MOVED, SECONDED and CARRIED to elect the above noted Owners to the 2008/2009 Strata Council. The following Owners are on the second term of their two year term: Mr. Setty Pendakur Mr. Larry Ruddell Ms. Stefanie Schenk Mr. Richard Salvador
11.
12.
ANY OTHER MATTERS a)
Bosch Dishwasher Recall: An Owner noted that she received a recall notice from Bosch pertaining to her dishwasher. Rancho will post this recall notice online and notify the residents.
b)
Hardwood Floor Noise: An Owner complained that the resident above her may have hardwood floor installed without proper sound underlay. The Owner was asked to contact the Strata Agent to follow up.
c)
Condo Insurance: An Owner inquired if there will be a group discount from BFL Insurance Services for insuite insurance. Rancho was instructed to inquire further.
NEXT MEETING The next meeting is a Strata Council Meeting. It has been scheduled for Tuesday, February 24th, 2009 at 6:30 p.m. in the third floor board room at 193 Aquarius Mews. (For Council Members only)
13.
TERMINATION There being no other items for discussion, it was MOVED, SECONDED and CARRIED to terminate the Annual General Meeting at 8:30 p.m.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009
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Respectfully Submitted,
Terry Li, Senior Property Manager Rancho Management Services (B.C.) Ltd. Agents for Strata Plan LMS4255 701-1190 Hornby Street, Vancouver, B.C., V6Z 2K5 Phone: (604) 684-4508 (24 HOUR EMERGENCY SERVICES) Direct Line: (604) 331-4267 Email: [email protected]
SECURITY For the security of everyone, residents are reminded to NOT let strangers into the building. This helps to prevent vandalism and helps keep the building security at its highest level.
AGM MINUTES\2009LMS4255.AGM
STRATA CORPORATION LMS4255 “MARINASIDE RESORT RESIDENCES” 193 Aquarius Mews, Vancouver 1077 Marinaside Crescent, Vancouver 1099 Marinaside Crescent, Vancouver MINUTES OF THE STRATA COUNCIL MEETING OF THE OWNERS OF “MARINASIDE RESORT RESIDENCES”, STRATA PLAN LMS4255, HELD IN THE BOARDROOM, 3RD LEVEL, 193 AQUARIUS MEWS, VANCOUVER, B.C. ON TUESDAY, OCTOBER 27, 2009 AT 6:30 P.M. IN ATTENDANCE: Larry Ruddell, Treasurer Laura Opsal, Secretary
Stefanie Schenk Grace Barrington-Foote
REPRESENTING RANCHO MANAGEMENT SERVICES (BC) LTD.: Chris Sargent, General Manager Terry Li, Strata Agent REGRETS: Setty Pendakur, President Bryan Wall, Vice President
Rick Salvador
GUESTS: None 1.
CALL TO ORDER There being a quorum present, the Council Meeting was called to order by the Strata Council Treasurer, Mr. Larry Ruddell, at 6:30 p.m.
2.
REVIEW OF STRATA COUNCIL MINUTES MOVED, SECONDED and CARRIED to approve the September 29, 2009 Strata Council Meeting minutes as presented. There were also some minor amendments which will be made.
3.
TREASURER’S REPORT The Council Treasurer Mr. Ruddell reviewed the August and September 2009 financial statements and posed questions which Rancho answered. It was MOVED, SECONDED and CARRIED to accept the August and September 2009 financial statements. a)
Chargebacks: Rancho informed the Strata Council on situation regarding the chargebacks, and noted that a few Owners’ files have been handed over to legal representatives.
It was also MOVED, SECONDED, and CARRIED to access the Treasurer’s report with thanks.
Marinaside Resort Residences – Strata Plan LMS4255 Held on Tuesday, October 27, 2009
4.
Page 2
COMMON AREA COMMITTEE (CAC) The Chairperson of the CAC, Mrs. Grace Barrington-Foote, noted that there are no new issues noted for the month of October for the CAC Committee. It was MOVED, SECONDED, and CARRIED to accept the Common Area Committee report with thanks.
5.
BUSINESS ARISING FROM PREVIOUS MINUTES/MANAGEMENT REPORT a)
Unclaimed Bicycles: Rancho informed the Strata Council that there are currently forty-four (44) bicycles left that are unclaimed. The Strata Council noted that the bikes should be chained, as well as inventoried for the time being. In the meantime, Rancho obtained a quote from the storage locker fabrication company and will provide a full report and analysis to the Council at the next meeting as to what to do with the extra space created from reorganization of the bikes.
b)
Rental during the Olympics: The Strata Agent provided a detailed list of the rental procedures for the Owners who wish to rent-out their suites during the Olympics. It was noted that Owners who wish to rent-out their suites during the Olympics must have a permit from the City of Vancouver, and ensure that their tenants observe all the Bylaws and Rules and Regulations of the Strata Corporation. Rancho will distribute the rental procedures with the upcoming newsletter.
c)
Strata Agent’s Report: It was MOVED, SECONDED, and CARRIED to accept the Strata Agent’s report for the month of September. i)
Pool Ceiling: The Strata Agent updated the Strata Council on the pool ceiling repairs. The mechanical consultants have provided the final specifications for the work needed to be done to the pool ceiling. As of tonight’s meeting, the mechanical components are now in place and the closing of the ceiling will begin the week of November 2, 2009. Rancho was also asked to get more clarification from RDH pertaining to the timeline and costs. It appears that it will take approximately four (4) to five (5) weeks for the ceiling to be complete, and for the pool to be re-opened. The Strata Council and Rancho appreciate the owner’s patience on this project, and apologize for all the inconvenience it has caused.
ii)
Trees in Aquarius Mews: The Strata Agent noted that the consultant has finalized the report for the membrane replacement methodology for the two planters on Aquarius Mews. As the weather permits, the membrane will be applied. It was also noted that the landscaping company has also been awarded the contract for the planting of the trees. This is projected to be completed by the end of November 2009. Please note that this issue is the responsibility of another Strata Corporation.
09LMS4255.OCT.doc
Marinaside Resort Residences – Strata Plan LMS4255 Held on Tuesday, October 27, 2009
6.
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CORRESPONDENCE Owners are encouraged to write Strata Council, via Rancho Management Services, on any Strata related matter (i.e. suggestions, concerns, etc.). Correspondence can be sent to Rancho’s office at #701-1190 Hornby Street, Vancouver, B.C., V6Z 2K5, or by Fax to 684-1956 or by Email to [email protected]. Strata Council reviewed all correspondence and instructed Rancho on which units should be fined as per Section 135 of the Strata Property Act. Fines were issued for noise, illegal storage, damage to common property, etc. Various pieces of correspondence sent out included a request for payment, chargebacks, noise violations, damage to parkade membrane, and trees on the Aquarius Mews.
7.
NEW BUSINESS a)
8.
Strata Insurance: The Strata Agent informed the Council that the Strata policy has been changed to CMW Insurance services.
TERMINATION It was MOVED, SECONDED and CARRIED to terminate the Meeting at 8:00 p.m.
9.
NEXT MEETING The next Meeting of the Strata Council has been scheduled for Tuesday, November 24, 2009 at 6:30 p.m., in the third level boardroom at 193 Aquarius Mews, Vancouver, B.C. (for Strata Council Members only).
Respectfully submitted,
Terry Li, Strata Agent Rancho Management Services (B.C.) Ltd. 701-1190 Hornby Street, Vancouver, B.C. V6Z 2K5 Agents for Strata Plan LMS4255 Phone: (604) 684-4508 (24-HR. EMERGENCY SERVICES) Direct Line: (604) 331-4267 Email: [email protected]
SECURITY For the security of everyone, residents are reminded to NOT let strangers into the building. This helps to prevent vandalism and helps keep the building security at its highest level.
09LMS4255.OCT.doc
1.
CALL TO ORDER At 7:10 p.m., Mr. Sargent informed the General Membership that there was not yet a required quorum of Members present and as authorized by Bylaw #25, the assembled Owners are requested to stay until 7:30 p.m. when the meeting can start. At 7:30 p.m., Mr. Setty Pendakur, the Strata Council President, referred to Bylaw #25 and noted that as per the Bylaw, the Owners present constitute a quorum so that the meeting can commence. Bylaw #25 reads as follows: “If at the time appointed for a general meeting, a quorum is not present, the meeting shall stand adjourned for a period of thirty minutes whereupon the adjourned meeting shall be reconvened at the same place and the persons present in person or by proxy and entitled to vote, shall constitute a quorum.” Mr. Pendakur noted to the General Membership that Mr. Sargent will be assisting him in chairing portions of the meeting.
2.
CALLING THE ROLL AND CERTIFYING PROXIES Mr. Pendakur informed the Owners that a quorum existed as defined by Bylaw #25.
3.
PROOF OF NOTICE It was MOVED, SECONDED and CARRIED to file Proof of Notice of the Meeting, as distributed January 7th, 2009.
4.
A MOTION TO APPROVE THE JANUARY 21st, 2008 ANNUAL GENERAL MEETING MINUTES Mr. Pendakur informed the General Membership that a copy of the minutes from last year's Annual General Meeting was included in the agenda package for tonight’s meeting.
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 4.
Page 2
A MOTION TO APPROVE THE JANUARY 21st, 2008 ANNUAL GENERAL MEETING MINUTES – CONT’D There being no questions, it was MOVED, SECONDED and CARRIED to approve the January 21st, 2008 Annual General Meeting minutes.
5.
PRESIDENT’S REPORT Mr. Pendakur presented to the General Membership the President’s Report as follows: I am pleased to welcome you to this AGM. I will report on some of the highlights of the year. The budget and the financial details will be covered in the Treasurer’s report. Some of the management issues will be covered by Chris Sargent, General Manager of Rancho. The issues included in my report are: Insurance, Water Related Damages, Building Envelope Maintenance, Common Area Improvements and Security Awareness. Insurance: The insurance for the Strata Corporation has been renewed with BFL Insurance Services with a water damage deductible of $50,000, the same as the previous year. The annual premium has increased, due to past water damages and the overall insurance market. Despite numerous newsletters circulated, there are still a lot of Owners who have yet to obtain adequate insurance for their strata lot especially for water damages. Many Owners are unaware of the consequences of not having proper or adequate insurance coverage for their strata lot. Owners are urged again to cover their risk with insurance for any water damages not covered by the Strata insurance. Water Related Issues and Costs There were 3 water incidents this past year due to user error. Owners are asked to continue being diligent in this regard. Building Envelope Maintenance: The Finance Committee is chaired by the Treasurer, Larry Ruddell with Bryan Wall, Rick Salvador and me as members. This Committee monitors the finances of LMS4255, reviews long term maintenance of the three buildings and grounds and recommends to Strata Council appropriate actions. We have continued with the yearly building envelope maintenance program as recommended by RDH Maintenance Engineering (20 year plan). The building envelope maintenance program is done on an annual basis planned by both the Strata Council and the Finance Committee. The items addressed this year were all proactive maintenance items recommended by RDH Engineering such as balcony condition inspection and sealant repair.
AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 5.
Page 3
PRESIDENT’S REPORT – CONT’D Common Area Improvements: The Common Area Committee (CAC) is chaired by Grace Barrington-Foote with Laura Opsal and Stefanie Schenk as members. CAC worked hard over the past year to make various improvements throughout the common areas. The CAC conducts a monthly “walk-about” with the Building Supervisor and Property Manager to ensure common areas are up kept to the highest level. These areas include the ones which most of you see and experience as well as all the hidden maintenance and equipment rooms in each building. Some common area improvements this year include: • • • • •
•
The replacement of all elevator tiles. An elevator assessment was completed by KJA Consultants and Fujitec Elevators has been working to increase the overall efficiency of the elevators. Hydro flushing in the “N” tower. A new control was added in the pool area to help regulate steam consumption and humidity controls – this should lead to a reduction in the consumption of steam heat. A lighting retrofit project which saw all the ballasts in the parkade changed to more energy efficient ones has been completed and is already successful. This was undertaken as part of the Power Smart programme of BC Hydro. The average cost savings for energy consumption thus far has been $2,000 per month. A successful fire inspection with over 90% of units inspected.
A very successful Christmas Social, thanks to Laura and the CAC, an opportunity to meet others who live in this Strata complex, was arranged in December 2008. A great time was had by all. Security Awareness: The Stop and Fob program has been operating quite successfully. The complex also participates in a neighbourhood bike patrol. This along with the 24 hours concierge staff continues to reduce crime in the complex. Please remember to stop after you enter the gate and wait for the gate to close before proceeding. These security procedures are very important and we thank you for your cooperation. Thanks: I would like to thank all the Council members for their hard work over the past year. This Council takes a very proactive approach in managing the complex to prevent and anticipate any problems. The Finance Committee oversees expenditures and was successful in balancing a 1.5 million dollar budget. The CAC conducts a monthly inspection of every common area room in the complex to ensure that maintenance is kept up to the highest level. AGM MINUTES\2009LMS4255.AGM
Minutes of “Marinaside Resort” Strata Corporation LMS4255 Held January 27th, 2009 5.
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PRESIDENT’S REPORT – CONT’D I would also like to thank the concierge, building supervisors and our managers at Rancho, Terry Li and Chris Sargent. On behalf of the Strata Council, I would like to thank all the Residents of Marinaside Resort, for their continued cooperation.
6.
A MOTION TO APPROVE THE REVISED 2007/2008 YEAR END FINANCIAL STATEMENTS Mr. Pendakur, thanked the Strata Council Treasurer, Mr. Larry Ruddell for his hard work throughout the year and then, as Mr. Ruddell was unable to attend the meeting, Mr. Pendakur, with assistance from Mr. Sargent, presented to the Strata Corporation, the revised financial statements for the year 2007/2008. FINANCE COMMITTEE The Finance Committee, Larry Ruddell, Setty Pendakur, Bryan Wall, and Rick Salvador met three times during the year, with representatives of Rancho Management. The purposes of the meetings included review of current financial statements, review of expenditures for the building envelope and review and approval of the budget for the 2008-9 year. NOVEMBER 30, 2008 FINANCIAL STATEMENTS The accounting firm of Berris Mangan Elliot and Partners are the auditors for the Strata. Their fieldwork is scheduled to begin February 1. The financial statements for the year ended November 30, 2007 were audited by the same firm and their report was unqualified. 1) BALANCE SHEET a. The bank balances are reviewed on a current basis, to ensure that the interest on funds is maximized. Similarly, interest income on the Short Term Investments is maximized, keeping in mind the need to have the funds invested with a strong financial entity. In late fiscal 2007 and early 2008, the contingency fund investment was renewed, into one of $400,000 with a one year term and two of $100,000 cashable GICs. b. The accounts receivable are quite low, as the majority of owners are on preauthorized payments. c. The Owner Chargebacks relate to damages to units, in the process of being collected from the owners. It takes some time to collect, due to delays from the insurance carriers and other issues. In an attempt to improve recovery, Council introduced a 10% interest charge on unpaid amounts. There are currently two major chargebacks outstanding. d. The Contingency Fund ended the year at $674,541.00, up slightly from the previous year. The interest on the contingency fund is expected to go down in 2009 due to the current low interest rates. The following is a breakdown of the withdrawals in the amount of $121,138.00: • Building Envelope Maintenance - $32,901.00 • Fireplace Vents - $29,008.00 • Hydro Flushing and Repairs - $12,703.00
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A MOTION TO APPROVE THE REVISED 2007/2008 YEAR END FINANCIAL STATEMENTS – CONT’D • • •
Pool DDC Upgrades (humidity control) - $9,483.00 Electrical Vault Air-Conditioning Vent Extensions (improve air flow for cooling) - $8,925.00 Miscellaneous Emergency/Insurance - $28,119.00
2) INCOME STATEMENT a. General Maintenance is approximately $6,000.00 over budget due to the new energy efficient ballasts and lights that were installed in the underground parking garage. This is the net cost of the work that was done. The total amount of expenditures was approximately $28,000.00 and the Strata is expected to receive a rebate from BC Hydro in excess of $21,000.00 for doing this work. Additionally, the Strata’s hydro expense will be reduced and it is estimated that the pay back for the net of the $6,000.00 expenditure is under six months. b. The Strata Corporation also entered into a two-year fixed gas contract with ultra gas at a fixed rate of $9.00 per gigajoule. Many thanks for Rick Salvador for his help in setting up this contract. Council spent a lot of time reviewing the utility category as it represents almost a third of the operating budget. Mr. Pendakur then took questions from the Owners. After discussion, it was MOVED, SECONDED, and CARRIED to approve the revised 2007/2008 year-end financial statements with thanks. 7.
A MOTION TO APPROVE THE PROPOSED REVISED 2008/2009 OPERATING BUDGET Mr. Sargent submitted the following report on the revised 2008/2009 operating budget. FISCAL 2008/2009 OPERATING BUDGET The proposed budget indicates a strata fee increase of 3.3%, compared to an increase of 4.9% last fiscal period. Mr. Sargent then reviewed other categories on the budget. Mr. Sargent then answered questions from the General Membership pertaining to the budget. After discussion, it was MOVED, SECONDED and CARRIED to approve the revised 2008/2009 operating budget.
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¾ VOTE RESOLUTIONS a)
Resolution “A”: A ¾ Vote Resolution to authorize the Strata Council, acting on behalf of the Strata Corporation, to commence legal action against owners in arrears of $ 4,000.00 or more with their strata fees. The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously.
b)
Resolution “B”: A ¾ Vote Resolution to adopt the attached proposed Bylaws to be effective after the January 27th, 2009 Annual General Meeting. i)
Proposed New Bylaw 37(9): 37(9) Each resident will be allowed to be trained by one personal trainer at any one given time and trainers are not allowed to train more than one person at a time. The ¾ Resolution for Bylaw 37(9) was MOVED and SECONDED and the floor was opened for discussion. An Owner made a motion to amend the bylaw to read:
37(9) Each resident will be allowed to be trained by one personal trainer at any one given time and trainers are not allowed to train more than two residents at a time. Trainers are only allowed to train residents of Strata Plan LMS4255. The amendment was MOVED, SECONDED and CARRIED. After discussion, it was agreed to vote on the 3/4 resolution for Bylaw 37(9) as presented and amended and it CARRIED. ii)
Proposed New Bylaw 40(13): 40(13) Owners assessed a chargeback against their strata lot due to damages sustained from their strata lot must pay the chargeback amount within 14 days.
Where an owner fails to pay the chargeback within 14 days, the outstanding chargeback amount will be subject to an interest charge of 10% per annum, compounded annually. The ¾ Resolution for bylaw 40(13) was MOVED and SECONDED and the floor was opened for discussion. AGM MINUTES\2009LMS4255.AGM
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¾ VOTE RESOLUTIONS – CONT’D b)
Resolution “B” – Cont’d: ii)
Proposed New Bylaw 40(13) – Cont’d: An Owner made a motion to amend the bylaw to read:
40(13) Owners assessed a chargeback against their strata lot due to damages sustained from their strata lot must pay the chargeback amount within 30 days. Where an owner fails to pay the chargeback within 30 days, the outstanding chargeback amount will be subject to an interest charge of 10% per annum, compounded annually. The amendment was MOVED, SECONDED and CARRIED. After discussion, it was agreed to vote on the ¾ Resolution for bylaw 40(13) as presented and amended and it CARRIED. c)
Resolution “C”: A ¾ Vote Resolution to approve of depositing the remaining monies from the fireplace vent special levy ($5,841) into the contingency fund.
The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously. d)
Resolution “D”: A ¾ Vote Resolution to authorize the transfer of up to $77,600.00 from the contingency fund in the 2009 fiscal period to pay for the building envelope maintenance items as recommended by RDH Engineering for the year 2009.
The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. Mr. Sargent noted that the recommended maintenance by RDH is done on an annual basis. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously. e)
Resolution “E”: A ¾ Vote Resolution to approve of the conversion of the existing pool to that of a salt water system at a cost of $8,000 to be taken from the contingency fund in the 2009 fiscal period.
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¾ VOTE RESOLUTIONS – CONT’D e)
Resolution “E” – Cont’: The ¾ Resolution was MOVED and SECONDED and the floor was opened for discussion. Mr. Sargent informed Owners that a salt water system will improve the water quality for pool users and use less chemicals. After discussion, it was agreed to vote on the ¾ Resolution as presented and it CARRIED unanimously.
9.
INSURANCE REPORT Mr. Sargent reviewed the insurance coverage of the Strata Corporation. Mr. Sargent advised Owners that they should have their own in-suite insurance coverage for their personal possessions as well as improvement or betterment coverage for any upgrades that have been completed to their units. In the event of an insurance claim, the Strata’s policy will cover the replacement/repair of the condominium back to its original state. Any Owners who have questions regarding the Strata’s insurance policy should contact BFL Stewarts Insurance Services directly. Please be reminded that the Strata’s policy only covers the original fixtures installed in the Strata lot by the Developer (ie. hardwood floors installed by the Developers are covered by the Strata’s insurance policy, but hardwood floors installed by an Owner after the time of purchase are not covered by the Strata’s insurance policy). As per the Act, Owners are required to have insurance for their contents, improvements and betterments, liability, and insurance deductible. Owners should consult an insurance agent to ensure that they have proper coverage. Mr. Sargent then answered questions from the General Membership. It was MOVED, SECONDED and CARRIED unanimously to approve the insurance report, as presented.
10.
ELECTION OF 2008/2009 STRATA COUNCIL As per terms of the Bylaws of the Strata Corporation, Mr. Sargent informed Owners present that Members serving on the end of their two-year term are required to resign at tonight’s meeting. The Members are as follows: Ms. Laura Opsal Mr. Bryan Wall Ms. Grace Barrington-Foote All three members volunteered to serve on the 2008/2009 Council.
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ELECTION OF 2008/2009 STRATA COUNCIL – CONT’D It was MOVED, SECONDED and CARRIED to elect the above noted Owners to the 2008/2009 Strata Council. The following Owners are on the second term of their two year term: Mr. Setty Pendakur Mr. Larry Ruddell Ms. Stefanie Schenk Mr. Richard Salvador
11.
12.
ANY OTHER MATTERS a)
Bosch Dishwasher Recall: An Owner noted that she received a recall notice from Bosch pertaining to her dishwasher. Rancho will post this recall notice online and notify the residents.
b)
Hardwood Floor Noise: An Owner complained that the resident above her may have hardwood floor installed without proper sound underlay. The Owner was asked to contact the Strata Agent to follow up.
c)
Condo Insurance: An Owner inquired if there will be a group discount from BFL Insurance Services for insuite insurance. Rancho was instructed to inquire further.
NEXT MEETING The next meeting is a Strata Council Meeting. It has been scheduled for Tuesday, February 24th, 2009 at 6:30 p.m. in the third floor board room at 193 Aquarius Mews. (For Council Members only)
13.
TERMINATION There being no other items for discussion, it was MOVED, SECONDED and CARRIED to terminate the Annual General Meeting at 8:30 p.m.
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Respectfully Submitted,
Terry Li, Senior Property Manager Rancho Management Services (B.C.) Ltd. Agents for Strata Plan LMS4255 701-1190 Hornby Street, Vancouver, B.C., V6Z 2K5 Phone: (604) 684-4508 (24 HOUR EMERGENCY SERVICES) Direct Line: (604) 331-4267 Email: [email protected]
SECURITY For the security of everyone, residents are reminded to NOT let strangers into the building. This helps to prevent vandalism and helps keep the building security at its highest level.
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STRATA CORPORATION LMS4255 “MARINASIDE RESORT RESIDENCES” 193 Aquarius Mews, Vancouver 1077 Marinaside Crescent, Vancouver 1099 Marinaside Crescent, Vancouver MINUTES OF THE STRATA COUNCIL MEETING OF THE OWNERS OF “MARINASIDE RESORT RESIDENCES”, STRATA PLAN LMS4255, HELD IN THE BOARDROOM, 3RD LEVEL, 193 AQUARIUS MEWS, VANCOUVER, B.C. ON TUESDAY, OCTOBER 27, 2009 AT 6:30 P.M. IN ATTENDANCE: Larry Ruddell, Treasurer Laura Opsal, Secretary
Stefanie Schenk Grace Barrington-Foote
REPRESENTING RANCHO MANAGEMENT SERVICES (BC) LTD.: Chris Sargent, General Manager Terry Li, Strata Agent REGRETS: Setty Pendakur, President Bryan Wall, Vice President
Rick Salvador
GUESTS: None 1.
CALL TO ORDER There being a quorum present, the Council Meeting was called to order by the Strata Council Treasurer, Mr. Larry Ruddell, at 6:30 p.m.
2.
REVIEW OF STRATA COUNCIL MINUTES MOVED, SECONDED and CARRIED to approve the September 29, 2009 Strata Council Meeting minutes as presented. There were also some minor amendments which will be made.
3.
TREASURER’S REPORT The Council Treasurer Mr. Ruddell reviewed the August and September 2009 financial statements and posed questions which Rancho answered. It was MOVED, SECONDED and CARRIED to accept the August and September 2009 financial statements. a)
Chargebacks: Rancho informed the Strata Council on situation regarding the chargebacks, and noted that a few Owners’ files have been handed over to legal representatives.
It was also MOVED, SECONDED, and CARRIED to access the Treasurer’s report with thanks.
Marinaside Resort Residences – Strata Plan LMS4255 Held on Tuesday, October 27, 2009
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COMMON AREA COMMITTEE (CAC) The Chairperson of the CAC, Mrs. Grace Barrington-Foote, noted that there are no new issues noted for the month of October for the CAC Committee. It was MOVED, SECONDED, and CARRIED to accept the Common Area Committee report with thanks.
5.
BUSINESS ARISING FROM PREVIOUS MINUTES/MANAGEMENT REPORT a)
Unclaimed Bicycles: Rancho informed the Strata Council that there are currently forty-four (44) bicycles left that are unclaimed. The Strata Council noted that the bikes should be chained, as well as inventoried for the time being. In the meantime, Rancho obtained a quote from the storage locker fabrication company and will provide a full report and analysis to the Council at the next meeting as to what to do with the extra space created from reorganization of the bikes.
b)
Rental during the Olympics: The Strata Agent provided a detailed list of the rental procedures for the Owners who wish to rent-out their suites during the Olympics. It was noted that Owners who wish to rent-out their suites during the Olympics must have a permit from the City of Vancouver, and ensure that their tenants observe all the Bylaws and Rules and Regulations of the Strata Corporation. Rancho will distribute the rental procedures with the upcoming newsletter.
c)
Strata Agent’s Report: It was MOVED, SECONDED, and CARRIED to accept the Strata Agent’s report for the month of September. i)
Pool Ceiling: The Strata Agent updated the Strata Council on the pool ceiling repairs. The mechanical consultants have provided the final specifications for the work needed to be done to the pool ceiling. As of tonight’s meeting, the mechanical components are now in place and the closing of the ceiling will begin the week of November 2, 2009. Rancho was also asked to get more clarification from RDH pertaining to the timeline and costs. It appears that it will take approximately four (4) to five (5) weeks for the ceiling to be complete, and for the pool to be re-opened. The Strata Council and Rancho appreciate the owner’s patience on this project, and apologize for all the inconvenience it has caused.
ii)
Trees in Aquarius Mews: The Strata Agent noted that the consultant has finalized the report for the membrane replacement methodology for the two planters on Aquarius Mews. As the weather permits, the membrane will be applied. It was also noted that the landscaping company has also been awarded the contract for the planting of the trees. This is projected to be completed by the end of November 2009. Please note that this issue is the responsibility of another Strata Corporation.
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Marinaside Resort Residences – Strata Plan LMS4255 Held on Tuesday, October 27, 2009
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CORRESPONDENCE Owners are encouraged to write Strata Council, via Rancho Management Services, on any Strata related matter (i.e. suggestions, concerns, etc.). Correspondence can be sent to Rancho’s office at #701-1190 Hornby Street, Vancouver, B.C., V6Z 2K5, or by Fax to 684-1956 or by Email to [email protected]. Strata Council reviewed all correspondence and instructed Rancho on which units should be fined as per Section 135 of the Strata Property Act. Fines were issued for noise, illegal storage, damage to common property, etc. Various pieces of correspondence sent out included a request for payment, chargebacks, noise violations, damage to parkade membrane, and trees on the Aquarius Mews.
7.
NEW BUSINESS a)
8.
Strata Insurance: The Strata Agent informed the Council that the Strata policy has been changed to CMW Insurance services.
TERMINATION It was MOVED, SECONDED and CARRIED to terminate the Meeting at 8:00 p.m.
9.
NEXT MEETING The next Meeting of the Strata Council has been scheduled for Tuesday, November 24, 2009 at 6:30 p.m., in the third level boardroom at 193 Aquarius Mews, Vancouver, B.C. (for Strata Council Members only).
Respectfully submitted,
Terry Li, Strata Agent Rancho Management Services (B.C.) Ltd. 701-1190 Hornby Street, Vancouver, B.C. V6Z 2K5 Agents for Strata Plan LMS4255 Phone: (604) 684-4508 (24-HR. EMERGENCY SERVICES) Direct Line: (604) 331-4267 Email: [email protected]
SECURITY For the security of everyone, residents are reminded to NOT let strangers into the building. This helps to prevent vandalism and helps keep the building security at its highest level.
09LMS4255.OCT.doc
