Update after August 2019 informational meeting

[WTCA Board Email]

This update is being emailed to all owners, manager and residents for whom we have an email address. Members of the Google Groups forum may be receiving this a second time if their membership settings for the Google Group indicate that they want email updates of new posts. We apologize for any inconvenience.

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Hello. With some time now passed after the association's informational meeting of August 18, 2019, we have prepared a summary of the meeting and its results.

The meeting was convened at 5.00 PM by Josh Gardner, WTC Board President. Present were Ellen Evans, board member; and John Reinemann of Innhouse LLC, our manager. Board member Diane Hause was unable to attend. 21 other units owners attended, representing 18 units.

It was reported that when worked on the chimney chase removals was halted in July, 10 of our 40 chases (25%) had been removed. The chases removed were selected for removal because of observed leaks in the junctions between the chases and the roofs of the buildings that were address. Chases were removed from  the 545, 539, and 535 D'Onofrio buildings. 

In addition, leaks reported in spring 2019 would result in two more chases being removed from the 515 building. This work is now complete as well, and some repairs to gutters and related elements of the buildings have also been completed.

As of mid-July 2019 the association has spent $45,000 removing chases. Our financial statement for July 2019 showed the association with $77,279.75 on hand in all accounts; our statement for August 2019 (after the removals were paid for in July) shows $31,076.81 on hand in all accounts.

(Statements are available on our Google Groups site; see https://groups.google.com/forum/#!category-topic/west-towne-condos/basic-information-about-west-towne-condominiums/IJvZSnSZDME

Discussion was held of the special assessment planned for 2020. It was noted that while a special assessment in early 2020 is necessary based on our association bylaws and on projected needs for funding. 

Several of the unit owners present requested that the board alter its plan, however, to reduce the planned assessment to $3,000 but in addition to raise monthly condo fees from $175 per unit per month to $200 beginning in January 2020.

The board and its manager have reviewed anticipated expenses and have noted the clear preference for a lower assessment and an increase in dues. The board has after some consideration decided that this plan will work, and will better reflect the stated preferences of those unit owners who attended the meeting.

Based on this, the board has directed its manager to prepare an association budget for 2020 that reflects these changes to the planned assessment, and in addition includes a dues increase of $25 per unit per month beginning in January 2020.

The board will, as usual, present a draft budget in time for consideration at the annual association meeting in November. That budget will reflect a 2020 special assessment of $3,000 per unit, and a dues increase to $200 per unit per month beginning in January 2020.

The meeting also included discussion of the heating systems installed in most units, as well as a few other topics; these will be addressed in separate posts.

WTC Board