the waterworks yaletown ltd. edition landmark 33 strata ...
THE WATERWORKS YALETOWN LTD. EDITION LANDMARK 33 STRATA CORPORATION LMS2995 MINUTES OF THE ANNUAL GENERAL MEETING OF THE OWNERS OF MARINA POINTE, STRATA PLAN LMS2995, HELD IN THE LOUNGE AT CLUB H20, 1009 EXPO BOULEVARD, VANCOUVER, B.C., ON TUESDAY, JUNE 12TH , 2012 AT 6:30 P.M. IN ATTENDANCE Total of 147.3 Owners represented either in person or by proxy (71.3 in person, 76 by proxy, including the Residential and Commercial Sections)
STRATA CORPORATION LMS2995 COUNCIL MEMBERS Barry Ferguson Robert Paterson Kathy Hermanson
Mark Greenberg Lawrence Keenan Sarah McGrath
GUEST Tim Pettit, Pettit & Co.
REPRESENTING RANCHO MANAGEMENT SERVICES (B.C.) LTD. Gus Ramirez, Senior Strata Agent Patrick Frechette, Strata Agent
REGRETS Trevor Figueiredo 1.
CALL TO ORDER The Owners were informed that a quorum was not present. However, in accordance with Bylaw 28(2), the Owners could proceed with the meeting within half an hour from the time appointed:
"If within half an hour from the time appointed for an Annual General Meeting a quorum is not present, the persons entitled to vote shall be deemed to constitute a quorum." Therefore, the meeting was officially called to order by Mr. Barry Ferguson at 7:10 p.m. It was agreed that Barry Ferguson with the assistance of Gus Ramirez would chair the meeting.
2.
CALLING OF THE ROLL AND CERTIFICATION OF PROXIES It was confirmed at the beginning of the meeting that there were 147.3 Owners represented at the meeting either in person or by proxy (both for the Residential and Commercial Sections). Mr. Gus Ramirez informed the General Membership that the total amount of represented Owners did not constitute a quorum. However, the Owners present could proceed with the business at hand in accordance with Bylaw 28(2) of the Strata Corporations Bylaws.
AGM Minutes of the SttaIaOJrporation Marina Pointe (LMS2995) Held on Tuesday. June 12• •2
3.
2
FILING PROQF OF NOTICE OF MEETING It was MOVED, SECONDED, and CARRIED that the notice of the Annual General Meeting dated May 23rd. 2012, be deemed to have been received in compliance with the notice provisions of the Strata Property Act.
4.
APPROVAL OF PREVIOUS ANNUAL GENERAL MEETING MINUTES Mr. Gus Ramirez informed the Owners that a copy of the 2011 Annual General Meeting minutes was enclosed with the notice of tonight's meeting. He then asked if anyone in attendance noted any errors or omissions in the minutes. There being no further discussion, it was MOVED, SECONDED, and CARRIED to approve the Annual General Meeting minutes of June 27th, 2011 as distributed.
5.
PRESIDENT'S REPORT Mr. Barry Ferguson introduced the 201112012 Strata Council Members: • • • • • • •
Barry Ferguson Robert Paterson Kathy Hermanson Lawrence Keenan - Commercial Executive Mark Greenberg Sarah McGrath Trevor Figueiredo
He also introduced Gus Ramirez, the Senior Strata Agent of Rancho Management Services (B.C.) Ltd., and Patrick Frechette, Strata Agent of Rancho Management Services (B.C.) Ltd. Mr. Ferguson continued by introducing Mr. Tim Pettit, the legal representative for the Strata Corporation in their legal action against the Developer and some of its Sub-Contractors. The floor was given to Mr. Pettit for him to present a brief history of the 'Case and discuss the settlement that was recently offered to the Owners of LMS2995 (see Resolution "C"). Mter answering questions from the floor, Mr. Pettit was then thanked for all his hard work on the case and was excused from the meeting. Mr. Ferguson went on to complete his President's Report. 6.
FINANCIAL REPORT Mr. Gus Ramirez of Rancho Management reviewed the year-end financial statements (April 30th , 2012) including the withdrawals from the contingency fund with the General Membership. He noted that the Joint section ended the year with an operating surplus of $ 27,326, the Residential section with an operating surplus of $ 7,846, and the Commercial section with an operating deficit of $ 151. The values of the contingency funds for the three sections were as follows: • • •
Joint section: $ 156,048.37 Residential section: $ 656,535.75 Commercial section: $ 16,103.30
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS299S) Held on Tuesday, June 12, 2012
6.
3
FINANCIAL REPORT - CONT'D After a detailed review of the financial statements, the Strata Council and Rancho answered specific questions from the Owners present in regards to the financial statements. •
• •
7.
It was MOVED, SECONDED, and CARRIED to approve the Joint section of the financial statement for the period ending April 30th, 2012 as presented; It was MOVED, SECONDED, and CARRIED to approve the Residential section of the financial statement for the period ending April 30th, 2012 as presented; It was MOVED, SECONDED, and CARRIED to approve the Commercial section of the financial statement for the period ending April 30th, 2012 as presented;
PROPOSED OPERATING BUDGET Mr. Gus Ramirez informed the General Membership that the proposed Residential, Joint, and Commercial operating budget for 2012/2013 assume no increase in the overall Strata fees. After discussion: • • •
8.
~
a)
It was MOVED, SECONDED, and CARRIED to approve the proposed Residential section of the operating budget as presented; It was MOVED, SECONDED, and CARRIED to approve the proposed Joint section of the operating budget as presented; It was MOVED, SECONDED, and CARRIED to approve the proposed Commercial section of the operating budget as presented;
VOTE RESOLUTIONS Resolution "A": WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", wish to
ensure compliance with the most recent change in the Strata Property Act that requires all Strata Corporation to have a depreciation report to be made available to the Owners by December 13, 2013. As such, the Owners of "Marina Pointe Residences" wish to proceed with a Contingency Reserve Fund StUdy. BE IT THEREFORE RESOLVED, BY A 3,4 VOTE RESOLUTION that Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", that: 1. THAT the Owners, Strata Plan LMS2995 - "Marina Pointe Residences", do hereby
authorized Strata Council to proceed with performing the Contingency Reserve Fund Study and the cost will be paid from the Contingency Reserve Fund. The ~ vote as presented was MOVED and SECONDED, and the floor was opened for discussion. It was brought to the attention of the Ownership that the resolution did not include a specific amount. An Owner MOVED to amend the resolution to read as follow: "THAT the Owners, Strata Plan LMS2995 - "Marina Pointe Residences", do hereby authorized Strata Council to proceed with performing the Contingency Reserve Fund Study and the cost of up to $20,000 will be paid from the Contingency Reserve Fund."
12.LMS299S.AGM.MinUles
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12. 2012
8.
~
a)
4
VOTE RESOLUTIONS· CONT'D Resolution "A"· cont'd: The amendment was SECONDED and CARRIED. After further discussion the amended ~ vote resolution was MOVED, SECONDED and CARRIED.
b)
Resolution "B":
WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" has solicited quotes from several companies to replace all common area carpets. The estimated cost of the replacement is $220,000.00 BE IT mEREFORE RESOLVED, BY A ~ VOTE RESOLUTION that Owners, Strata Corporation LMS299S - "Marina Pointe Residences", that: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" approve a special levy in the amount of $220,000, payable in 1 installment (due and payable on August 1st, 2012), for the common area carpet replacement. In the event that a special levy is passed, it will be assessed immediately against all Strata Lot Owners on record as of tonight's meeting date. The special levy will be assessed in accordance with the schedule of unit entitlement (see attached). OR 2. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" approve the withdrawal of $110,000 from the Contingency Reserve Fund and approve a special levy in the amount of $110,000, payable in 1 installment (due and payable on August 1st, 2012), for the common area carpet replacement. The ~ vote, as presented, was then MOVED and SECONDED and the floor was opened for discussion. After further discussion, it was agreed to vote on with option number 2, which calls for $110,000 to be raised by way of Special Levy and $110,000 to be withdrawn from the Contingency Fund. The ~ vote resolution was put to a vote and it CARRIED. c)
Resolution "C": WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", approved to start a legal action against the Developer and certain of its Sub-Contractors, back at the June 29th, 2004 Annual General Meeting; this was Vancouver Action S051685 being the Owners of Strata Plan LMS 2995 vs. Concord Pacific Group Inc. et al. The parties involved reached an agreement on May 25 th , 2012 that is subject to approval by the Owners at the Annual General Meeting. The settlement is in the amount of $600,000 (Six Hundred Thousand Dollars) "allinclusive", which includes damages, legal costs, disbursements, and interest. The defendants to the action who are the party to the settlement must make the best efforts to pay the settlement amount within two (2) months of a ratification of the settlement at the June I i\ 2012 Annual General Meeting.
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12, 2012
8.
5
3,4 VOTE RESOLUTIONS - CONT'D
c)
Resolution "C" - cont'd: In consideration for the receipt of the above settlement proceeds, Strata Plan LMS 2995 - "Marina Pointe Residences" will also execute a consent dismissal order to bring the action to an end.
The settlement of the action herein does not affect Concord's action against Strata Plan LMS 2995 - "Marina Pointe Residences" in relation to property rights in respect of the Commercial Parking Lot and Roof Portions of the Common Property. In order to create a binding agreement, the settlement has to be ratified by the Owners, Strata Corporation LMS 2995 - "Marina Pointe Residences".
BE IT THEREFORE RESOLVED, BY A 3,4 VOTE RESOLUTION that Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", that: 1. THAT the Owners, Strata Plan LMS 2995 - "Marina Pointe Residences", do hereby accept the offer to settle in the amount of $600, 000 (Six Hundred Thousand Dollars).
The % vote, as presented, was then MOVED and SECONDED and the floor was opened for discussion. The % vote resolution was put to a vote and it CARRIED. 9.
REPORT ON INSURANCE Mr. Gus Ramirez reviewed the Strata Corporation's insurance policy with the Owners present. It was noted that the property is currently appraised at $142,630,000.00, with a $10,000,000.00 for general liability and $10,000,000.00 liability coverage for directors and officers. The deductibles are as follows: • • • • • • • •
10% for earthquakes $100 for glass $25,000 for flood $25,000 for water related damages $2,500 for all property risks $250 for lock and key $1,000 for boiler and machinery $25,000 for pollution liability
Mr. Gus Ramirez also reminded the Owners present that the Strata Corporation's insurance policy does not provide for individual contents, improvements or betterments (i.e. clothing, furniture, decorating, upgrading of carpets, flooring, etc.). Owners must carry their own tenant package insurance for such coverage, including any improvement and liability insurance. Also, investor Owners who are renting their units out must have rental insurance coverage in the event that their suite is not habitable and they are not able to obtain rental revenue for it. The Owners were finally reminded that the Strata Corporation's insurance policy only covers original fixtures inside the Strata lots which were installed by the Owner Developer (i.e. original carpets, original appliances, original cabinetry, etc.). There being no further discussion. it was MOVED, SECONDED. and CARRIED (unanimous) to accept the insurance report, as presented.
12.LMS299S.AGM.MinUles
AGM Minutes of the StnlfaCoqaation Marina Pointe (LMS2995) Held on Tuesday, June 12. at2
10.
6
RESIGNATION OF THOSE CURRENT STRATA COUNCIL MEMBERS WHOSE TERMS HAS EXPIRED AND THE ELECTION OF NEW STRATA COUNCIL MEMBERS FOR 2012-2013 The Owners thanked the current Strata Council Members with a round of applause for all of their efforts and hard work in maintaining and managing "Marina Pointe". Mr. Ramirez asked for a motion to open the floor for nominees and/or volunteers to serve on Council. It was then MOVED, SECONDED, and CARRIED (unanimous) to have the new Strata Council election done by way of volunteering. Three (3) Owners then volunteered to serve on the Strata Council. It was then MOVED, SECONDED, and CARRIED to close all nominations.
It was then MOVED, SECONDED, and CARRIED to elect the following Owners to the Strata Council: • • •
Sarah McGrath PaulCrema Joseph Kardum
Following the election of the new Strata Council, Strata Corporation LMS2995 Council Members currently elected to office are: • • • • • • •
11.
Barry Ferguson (Last Year of 2-year term) Robert Paterson (Last Year of 2-year term) Mark Greenberg (Last Year of 2-year term) Sarah McGrath (2 year term) Paul Crema (2 year term) Joseph Kardum (2 year term) Lawrence Keenan - Commercial Executive
ANY OTHER MATTER a)
Skateboarders: An Owner brought to the attention of the General Membership that the skateboarders are using common property to perform their activity and it might cause damages. This will be for the new Strata Council to review.
b)
Garage Gates: A couple of Owners suggested to the General Membership that all the gates should have a "Gate Limiter" device and also that one of the gate sensor needs to be adjusted or repositioned. This will be for the new Strata Council to review.
c)
Hand Sanitizer: An Owner suggested to the General Membership for Hand Sanitizers to be installed in the recycle and garbage areas. This will be for the new Strata Council to review.
d)
Odors traveling from unit to unit: An Owner brought to the attention of the General Membership that they have been experiencing strong odors seeping from their neighbor intn their unit and it has created a nuisance. This will be for the new Strata Council to review.
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12,2012
11.
12.
7
ANY OTHER MATTER - CONT'D e)
Additional No Smoking signs: An Owner brought to the attention of the General Membership that many people continue to smoke too close to the building entrances and that more signage is necessary. This will be for the new Strata Council to review.
f)
Rental Bylaw: An Owner brought to the attention of the General Membership that tenant turnover in the building creates excessive wear and tear and as such that the Owners should consider a bylaw that would restrict the number of tenant in the building. This will be for the new Strata Council to review.
NEXT MEETING The next meeting will be a Strata Council Meeting and will be held in the meeting room at 1009 Expo Boulevard, Vancouver, BC has been scheduled for Tuesday, July 17th , 2011, at 6:30 p.m. (Strata Council Members only).
13. (
TERMINATION OF MEETING There being no further business, it was MOVED, SECONDED, and CARRIED to terminate the Annual General Meeting at 9:20 p.m.
\
Patrick Frecn te, Strata ~gent Rancho Management Services (B.C.) Ltd. Agents for Strata Plan LMS2995 600 - 1190 Hornby Street, Vancouver, BC, V6Z 2K5 Phone: (604) 684-4508 (24 HOUR EMERGENCY SERVICES) Direct Line: (604) 331-4262
RANCHO'S INTERNET SITE Rancho's website contains lots of features such as accessing minutes and bylaws online. We invite you to check us out at http://www.ranchovan.com. The log in for Marina Pointe is LMS2995, and the password is marina5050. Any questions and comments can be forwarded to us by email at: [email protected] or by calling us at: (604) 684-4508.
J 2.LMS299S.AGM .Minutes
STRATA CORPORATION LMS2995 COUNCIL MEMBERS Barry Ferguson Robert Paterson Kathy Hermanson
Mark Greenberg Lawrence Keenan Sarah McGrath
GUEST Tim Pettit, Pettit & Co.
REPRESENTING RANCHO MANAGEMENT SERVICES (B.C.) LTD. Gus Ramirez, Senior Strata Agent Patrick Frechette, Strata Agent
REGRETS Trevor Figueiredo 1.
CALL TO ORDER The Owners were informed that a quorum was not present. However, in accordance with Bylaw 28(2), the Owners could proceed with the meeting within half an hour from the time appointed:
"If within half an hour from the time appointed for an Annual General Meeting a quorum is not present, the persons entitled to vote shall be deemed to constitute a quorum." Therefore, the meeting was officially called to order by Mr. Barry Ferguson at 7:10 p.m. It was agreed that Barry Ferguson with the assistance of Gus Ramirez would chair the meeting.
2.
CALLING OF THE ROLL AND CERTIFICATION OF PROXIES It was confirmed at the beginning of the meeting that there were 147.3 Owners represented at the meeting either in person or by proxy (both for the Residential and Commercial Sections). Mr. Gus Ramirez informed the General Membership that the total amount of represented Owners did not constitute a quorum. However, the Owners present could proceed with the business at hand in accordance with Bylaw 28(2) of the Strata Corporations Bylaws.
AGM Minutes of the SttaIaOJrporation Marina Pointe (LMS2995) Held on Tuesday. June 12• •2
3.
2
FILING PROQF OF NOTICE OF MEETING It was MOVED, SECONDED, and CARRIED that the notice of the Annual General Meeting dated May 23rd. 2012, be deemed to have been received in compliance with the notice provisions of the Strata Property Act.
4.
APPROVAL OF PREVIOUS ANNUAL GENERAL MEETING MINUTES Mr. Gus Ramirez informed the Owners that a copy of the 2011 Annual General Meeting minutes was enclosed with the notice of tonight's meeting. He then asked if anyone in attendance noted any errors or omissions in the minutes. There being no further discussion, it was MOVED, SECONDED, and CARRIED to approve the Annual General Meeting minutes of June 27th, 2011 as distributed.
5.
PRESIDENT'S REPORT Mr. Barry Ferguson introduced the 201112012 Strata Council Members: • • • • • • •
Barry Ferguson Robert Paterson Kathy Hermanson Lawrence Keenan - Commercial Executive Mark Greenberg Sarah McGrath Trevor Figueiredo
He also introduced Gus Ramirez, the Senior Strata Agent of Rancho Management Services (B.C.) Ltd., and Patrick Frechette, Strata Agent of Rancho Management Services (B.C.) Ltd. Mr. Ferguson continued by introducing Mr. Tim Pettit, the legal representative for the Strata Corporation in their legal action against the Developer and some of its Sub-Contractors. The floor was given to Mr. Pettit for him to present a brief history of the 'Case and discuss the settlement that was recently offered to the Owners of LMS2995 (see Resolution "C"). Mter answering questions from the floor, Mr. Pettit was then thanked for all his hard work on the case and was excused from the meeting. Mr. Ferguson went on to complete his President's Report. 6.
FINANCIAL REPORT Mr. Gus Ramirez of Rancho Management reviewed the year-end financial statements (April 30th , 2012) including the withdrawals from the contingency fund with the General Membership. He noted that the Joint section ended the year with an operating surplus of $ 27,326, the Residential section with an operating surplus of $ 7,846, and the Commercial section with an operating deficit of $ 151. The values of the contingency funds for the three sections were as follows: • • •
Joint section: $ 156,048.37 Residential section: $ 656,535.75 Commercial section: $ 16,103.30
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS299S) Held on Tuesday, June 12, 2012
6.
3
FINANCIAL REPORT - CONT'D After a detailed review of the financial statements, the Strata Council and Rancho answered specific questions from the Owners present in regards to the financial statements. •
• •
7.
It was MOVED, SECONDED, and CARRIED to approve the Joint section of the financial statement for the period ending April 30th, 2012 as presented; It was MOVED, SECONDED, and CARRIED to approve the Residential section of the financial statement for the period ending April 30th, 2012 as presented; It was MOVED, SECONDED, and CARRIED to approve the Commercial section of the financial statement for the period ending April 30th, 2012 as presented;
PROPOSED OPERATING BUDGET Mr. Gus Ramirez informed the General Membership that the proposed Residential, Joint, and Commercial operating budget for 2012/2013 assume no increase in the overall Strata fees. After discussion: • • •
8.
~
a)
It was MOVED, SECONDED, and CARRIED to approve the proposed Residential section of the operating budget as presented; It was MOVED, SECONDED, and CARRIED to approve the proposed Joint section of the operating budget as presented; It was MOVED, SECONDED, and CARRIED to approve the proposed Commercial section of the operating budget as presented;
VOTE RESOLUTIONS Resolution "A": WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", wish to
ensure compliance with the most recent change in the Strata Property Act that requires all Strata Corporation to have a depreciation report to be made available to the Owners by December 13, 2013. As such, the Owners of "Marina Pointe Residences" wish to proceed with a Contingency Reserve Fund StUdy. BE IT THEREFORE RESOLVED, BY A 3,4 VOTE RESOLUTION that Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", that: 1. THAT the Owners, Strata Plan LMS2995 - "Marina Pointe Residences", do hereby
authorized Strata Council to proceed with performing the Contingency Reserve Fund Study and the cost will be paid from the Contingency Reserve Fund. The ~ vote as presented was MOVED and SECONDED, and the floor was opened for discussion. It was brought to the attention of the Ownership that the resolution did not include a specific amount. An Owner MOVED to amend the resolution to read as follow: "THAT the Owners, Strata Plan LMS2995 - "Marina Pointe Residences", do hereby authorized Strata Council to proceed with performing the Contingency Reserve Fund Study and the cost of up to $20,000 will be paid from the Contingency Reserve Fund."
12.LMS299S.AGM.MinUles
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12. 2012
8.
~
a)
4
VOTE RESOLUTIONS· CONT'D Resolution "A"· cont'd: The amendment was SECONDED and CARRIED. After further discussion the amended ~ vote resolution was MOVED, SECONDED and CARRIED.
b)
Resolution "B":
WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" has solicited quotes from several companies to replace all common area carpets. The estimated cost of the replacement is $220,000.00 BE IT mEREFORE RESOLVED, BY A ~ VOTE RESOLUTION that Owners, Strata Corporation LMS299S - "Marina Pointe Residences", that: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" approve a special levy in the amount of $220,000, payable in 1 installment (due and payable on August 1st, 2012), for the common area carpet replacement. In the event that a special levy is passed, it will be assessed immediately against all Strata Lot Owners on record as of tonight's meeting date. The special levy will be assessed in accordance with the schedule of unit entitlement (see attached). OR 2. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences" approve the withdrawal of $110,000 from the Contingency Reserve Fund and approve a special levy in the amount of $110,000, payable in 1 installment (due and payable on August 1st, 2012), for the common area carpet replacement. The ~ vote, as presented, was then MOVED and SECONDED and the floor was opened for discussion. After further discussion, it was agreed to vote on with option number 2, which calls for $110,000 to be raised by way of Special Levy and $110,000 to be withdrawn from the Contingency Fund. The ~ vote resolution was put to a vote and it CARRIED. c)
Resolution "C": WHEREAS: 1. The Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", approved to start a legal action against the Developer and certain of its Sub-Contractors, back at the June 29th, 2004 Annual General Meeting; this was Vancouver Action S051685 being the Owners of Strata Plan LMS 2995 vs. Concord Pacific Group Inc. et al. The parties involved reached an agreement on May 25 th , 2012 that is subject to approval by the Owners at the Annual General Meeting. The settlement is in the amount of $600,000 (Six Hundred Thousand Dollars) "allinclusive", which includes damages, legal costs, disbursements, and interest. The defendants to the action who are the party to the settlement must make the best efforts to pay the settlement amount within two (2) months of a ratification of the settlement at the June I i\ 2012 Annual General Meeting.
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12, 2012
8.
5
3,4 VOTE RESOLUTIONS - CONT'D
c)
Resolution "C" - cont'd: In consideration for the receipt of the above settlement proceeds, Strata Plan LMS 2995 - "Marina Pointe Residences" will also execute a consent dismissal order to bring the action to an end.
The settlement of the action herein does not affect Concord's action against Strata Plan LMS 2995 - "Marina Pointe Residences" in relation to property rights in respect of the Commercial Parking Lot and Roof Portions of the Common Property. In order to create a binding agreement, the settlement has to be ratified by the Owners, Strata Corporation LMS 2995 - "Marina Pointe Residences".
BE IT THEREFORE RESOLVED, BY A 3,4 VOTE RESOLUTION that Owners, Strata Corporation LMS2995 - "Marina Pointe Residences", that: 1. THAT the Owners, Strata Plan LMS 2995 - "Marina Pointe Residences", do hereby accept the offer to settle in the amount of $600, 000 (Six Hundred Thousand Dollars).
The % vote, as presented, was then MOVED and SECONDED and the floor was opened for discussion. The % vote resolution was put to a vote and it CARRIED. 9.
REPORT ON INSURANCE Mr. Gus Ramirez reviewed the Strata Corporation's insurance policy with the Owners present. It was noted that the property is currently appraised at $142,630,000.00, with a $10,000,000.00 for general liability and $10,000,000.00 liability coverage for directors and officers. The deductibles are as follows: • • • • • • • •
10% for earthquakes $100 for glass $25,000 for flood $25,000 for water related damages $2,500 for all property risks $250 for lock and key $1,000 for boiler and machinery $25,000 for pollution liability
Mr. Gus Ramirez also reminded the Owners present that the Strata Corporation's insurance policy does not provide for individual contents, improvements or betterments (i.e. clothing, furniture, decorating, upgrading of carpets, flooring, etc.). Owners must carry their own tenant package insurance for such coverage, including any improvement and liability insurance. Also, investor Owners who are renting their units out must have rental insurance coverage in the event that their suite is not habitable and they are not able to obtain rental revenue for it. The Owners were finally reminded that the Strata Corporation's insurance policy only covers original fixtures inside the Strata lots which were installed by the Owner Developer (i.e. original carpets, original appliances, original cabinetry, etc.). There being no further discussion. it was MOVED, SECONDED. and CARRIED (unanimous) to accept the insurance report, as presented.
12.LMS299S.AGM.MinUles
AGM Minutes of the StnlfaCoqaation Marina Pointe (LMS2995) Held on Tuesday, June 12. at2
10.
6
RESIGNATION OF THOSE CURRENT STRATA COUNCIL MEMBERS WHOSE TERMS HAS EXPIRED AND THE ELECTION OF NEW STRATA COUNCIL MEMBERS FOR 2012-2013 The Owners thanked the current Strata Council Members with a round of applause for all of their efforts and hard work in maintaining and managing "Marina Pointe". Mr. Ramirez asked for a motion to open the floor for nominees and/or volunteers to serve on Council. It was then MOVED, SECONDED, and CARRIED (unanimous) to have the new Strata Council election done by way of volunteering. Three (3) Owners then volunteered to serve on the Strata Council. It was then MOVED, SECONDED, and CARRIED to close all nominations.
It was then MOVED, SECONDED, and CARRIED to elect the following Owners to the Strata Council: • • •
Sarah McGrath PaulCrema Joseph Kardum
Following the election of the new Strata Council, Strata Corporation LMS2995 Council Members currently elected to office are: • • • • • • •
11.
Barry Ferguson (Last Year of 2-year term) Robert Paterson (Last Year of 2-year term) Mark Greenberg (Last Year of 2-year term) Sarah McGrath (2 year term) Paul Crema (2 year term) Joseph Kardum (2 year term) Lawrence Keenan - Commercial Executive
ANY OTHER MATTER a)
Skateboarders: An Owner brought to the attention of the General Membership that the skateboarders are using common property to perform their activity and it might cause damages. This will be for the new Strata Council to review.
b)
Garage Gates: A couple of Owners suggested to the General Membership that all the gates should have a "Gate Limiter" device and also that one of the gate sensor needs to be adjusted or repositioned. This will be for the new Strata Council to review.
c)
Hand Sanitizer: An Owner suggested to the General Membership for Hand Sanitizers to be installed in the recycle and garbage areas. This will be for the new Strata Council to review.
d)
Odors traveling from unit to unit: An Owner brought to the attention of the General Membership that they have been experiencing strong odors seeping from their neighbor intn their unit and it has created a nuisance. This will be for the new Strata Council to review.
12.LMS2995.AGM.Minutes
AGM Minutes of the Strata Corporation Marina Pointe (LMS2995) Held on Tuesday, June 12,2012
11.
12.
7
ANY OTHER MATTER - CONT'D e)
Additional No Smoking signs: An Owner brought to the attention of the General Membership that many people continue to smoke too close to the building entrances and that more signage is necessary. This will be for the new Strata Council to review.
f)
Rental Bylaw: An Owner brought to the attention of the General Membership that tenant turnover in the building creates excessive wear and tear and as such that the Owners should consider a bylaw that would restrict the number of tenant in the building. This will be for the new Strata Council to review.
NEXT MEETING The next meeting will be a Strata Council Meeting and will be held in the meeting room at 1009 Expo Boulevard, Vancouver, BC has been scheduled for Tuesday, July 17th , 2011, at 6:30 p.m. (Strata Council Members only).
13. (
TERMINATION OF MEETING There being no further business, it was MOVED, SECONDED, and CARRIED to terminate the Annual General Meeting at 9:20 p.m.
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Patrick Frecn te, Strata ~gent Rancho Management Services (B.C.) Ltd. Agents for Strata Plan LMS2995 600 - 1190 Hornby Street, Vancouver, BC, V6Z 2K5 Phone: (604) 684-4508 (24 HOUR EMERGENCY SERVICES) Direct Line: (604) 331-4262
RANCHO'S INTERNET SITE Rancho's website contains lots of features such as accessing minutes and bylaws online. We invite you to check us out at http://www.ranchovan.com. The log in for Marina Pointe is LMS2995, and the password is marina5050. Any questions and comments can be forwarded to us by email at: [email protected] or by calling us at: (604) 684-4508.
J 2.LMS299S.AGM .Minutes
