Special Assessment Meeting
While we apologize for the technical difficulties experienced on the conference call, I believe the board did hear the concerns by owners.
In particular, the concerns regarding the Coronavirus' impact on the economy. The motion approved by the board does allow this project to move forward, it also allows for it to suspend the project if the economy takes a serious hit which would impact our owners to meet this financial commitment.
With the C units currently under renovation, owners acknowledged the need to fund this work, but questioned funding going forward. The board will reassess before starting on any other units. This reassessment will be 4-6 months from now, hopefully plenty of time to determine any impacts on the economy.
This timeline allows for the first two quarters of this assessment to occur, providing funds for the C unit renovations and balcony repairs.
If the impact to the economy was to severe to our owners, the project could be paused, deferred, or cancelled. If the impact was not to severe, the project would stay on track.
This approach allows an out, if necessary. It also allows the project to continue, saving the expense of another special assessment meeting. Hopefully a win-win.
This special assessment provides two payment options; payment in full, or quarterly payments over 16 quarters. In addition, the association will work with any owner, on a case by case basis, to work out alternative payment plans.
This project is long overdue, many owners expressed their support and want the project to press on. There are also owners which have concerns for the possible downturn in the economy with this current pandemic. Our approach hopefully addresses both concerns, a way out if there is a serious downturn in the economy or continuation of the project if warranted.
We welcome owners input and again apologize for the technical problems experienced during the conference call. The number of participants overtaxed the system. This was a lesson learned for the board.