1. CALL TO ORDER The Property Manager advised that a quorum had been achieved and the meeting was called to order at 6:30 pm.

Transcription

1 Minutes of the Annual General Meeting of the Shareholders THE BELLEVUE Held on Thursday, June 4 th, 2015 In the West Vancouver Community Center Arts Studio 2121 Marine Drive, West Vancouver, BC In Attendance: Total: Nineteen (19) Shareholders represented in Person 101, 102, 103, 204, 205, 301, 304, 305, 405, 501, 502, 602, 702, 705, 801, 802, 803, 804, 901 Seven (7) Shareholders represented by Proxy 203, 303, 404, 503, 605, 701, 703 Twenty-six (26) Shareholders Represented Property Manager: Kelly Hannah, Peterson Residential 1. CALL TO ORDER The Property Manager advised that a quorum had been achieved and the meeting was called to order at 6:30 pm. 2. ELECTION OF CHAIRPERSON The meeting was chaired by Farshad Mortazavi, Chairman of The Bellevue Management Committee. 3. PROOF OF NOTICE The Owners acknowledged the Notice of Meeting dated May 15 th, 2015 was distributed in accordance within the provisions of the Bellevue Owner s Agreement. INTRODUCTORY REMARKS FROM THE CHAIRMAN The Chairman introduced Kelly Hannah and David Parsons, the Representatives from Peterson Residential Management, which were retained by the Management Committee to provide management services to The Bellevue after consideration of proposals from 4 management companies. He also explained that Dong Russell Company Inc. (Certified General Accountants) has been engaged to audit the financial statements of The Bellevue for the fiscal year. The report from the auditors should be ready by September and will be made available to the Owners upon completion. Finally he notified the Owners that Mr. Jansen is helping with the transition to the new management company by continuing to be involved with building operations until a suitable building caretaker is found and a job description for the position established. Owners were asked to only contact Peterson for any building matter. Page 1 of 4

2 4. APPROVAL OF AGENDA It was MOVED/SECONDED (801/303) to approve the Agenda as presented. After a protracted discussion about the agenda, during which a motion was proposed and then withdrawn, The motion was CARRIED UNANIMOUSLY. 5. APPROVAL OF THE MINUTES OF THE PREVIOUS GENERAL MEETING It was MOVED/SECONDED (801/901) to approve the minutes of the AGM held June 17, 2014 as distributed. The motion was CARRIED (one opposed, no abstentions). 6. INSURANCE COVERAGE REPORT A summary of insurance coverages was attached to the Notice of Meeting. The Property Manager briefly reviewed this document and asked the Owners to refer to it when renewing their personal homeowners policies. Owners were also reminded to obtain specific coverage for risks related to Personal Property, Additional Living Expenses, Deductible Chargebacks, Suite Upgrades (Alterations or Betterment & Improvements), and Loss of Rental Income (for rental units). 7. RESOLUTION A INSURANCE PAYMENT FINANCING Resolution A was then placed on the floor for consideration as follows: PREAMBLE: The insurance cost for The Bellevue is typically more than $22,000. When faced with payment of a large invoice, corporations such as The Bellevue have the option to finance the payment of the insurance over several months. The option to finance also comes with the added cost of interest. Mature buildings with savings usually finance their insurance payment by borrowing the cost from the savings and paying this back in monthly installments, therefore avoiding payment of interest to an outside third party. WHEREAS the primary role of the Company is the day to day running of the lands and apartment building it owns at 2150 Bellevue Avenue, West Vancouver, BC (the Lands and Building ), the Company must place insurance on the building in accordance Part 11 of The Owner s Agreement; BE IT THEREFORE RESOLVED AS A SPECIAL RESOLUTION that approval is granted to The Committee to borrow funds from the tax savings account for payment of the annual insurance policy; BE IT FURTHER RESOLVED that any funds borrowed will be reinstated, in equal monthly payments, to the tax savings account. After some discussion tie was MOVED/SECONDED (303/102) to approve the resolution as proposed. MOTION CARRIED (23 for, 3 opposed, no abstentions) Page 2 of 4

3 8. RESOLUTION B ENTRY RAMP AND LANDSCAPING ALTERATIONS Resolution B was then moved onto the floor for consideration as follows: PREAMBLE: For accessibility reasons, the Management Committee has investigated the costs associated with the installation of a handicap accessible ramp at the front of The Bellevue. The design for proposed ramp also includes garden landscaping changes, including removal of a concrete block wall and vine. WHEREAS for the safety and accessibility of the front door of The Bellevue, the Management Committee is proposing the installation of a ramp and the redesign of portions of the garden landscaping; BE IT THEREFORE RESOLVED AS A SPECIAL RESOLUTION that approval is granted by the Shareholders for the undertaking of the above noted project, in an amount not to exceed $27,800, to be funded by the Improvements categories of the Annual Operating Budget. It was MOVED/SECONDED (801/301) that the resolution proposed above be approved. The motion carried BUT it was subsequently remarked by several owners that there had been confusion about what the vote was about. Some owners thought they were voting to approve the project but not the means of expensing it (from operating funds). So it was decided to have the vote taken again in three parts. First a vote would be held to see if the resolution would indeed pass as proposed on the understanding that if it failed a second vote would follow to see if the resolution would carry if the source of funding was changed and money for the project raised by a levy. If the second vote were to pass the schedule of payments for the levy would be decided by a third vote. 1. It was then put to the meeting, as moved above, to approve the resolution as initially proposed. This motion was DEFEATED (16 for, 10 against, 0 abstentions) 2. It was then MOVED/SECONDED (303/301) to amend the resolution to read that the project be funded by means of a levy. The amendment was CARRIED (24 for, 0 opposed, 2 abstentions). 3. It was then finally MOVED/SECONDED (303/301) that the resolution, as amended to fund the improvements by means of a levy, require payment in one lump sum due on July 1 st, 2015 and so amended be approved. CARRIED (21 for, 3 opposed, 2 abstentions). ATTACHED TO THESE MINUTES YOU WILL FIND THE SPECIAL LEVY PAYMENT SCHEDULE. LEVY PAYMENTS ARE DUE JULY 1 ST, PLEASE SUBMIT THIS PAYMENT BY CHEQUE TO THE PETERSON OFFICES. 9. APPROVAL OF OPERATING BUDGET The Committee President reviewed some aspects of the proposed Operating Budget after which it was MOVED/SECONDED (502/705) to approve the Operating Budget as proposed, (with the cost of the ramp and related landscaping improvements removed now that they are funded by levy). The motion was CARRIED (24 for, 1 against, 1 abstention). Page 3 of 4

4 MONTHLY FEES HAVE CHANGED FOR OWNERS CURRENTLY SET UP FOR PRE-AUTHORIZED PAYMENTS DO NOT NEED TO TAKE ANY ACTION. OWNERS SUBMITTING POST DATED CHEQUES ARE REMINDED TO ENSURE THEIR PAYMENTS ARE CURRENT. 10. ELECTION OF 2015/16 MANGEMENT COMMITTEE The following Owners proceeded to submit their names for election; Farshad Mortazavi Unit 305 Jarmila Popisilik Unit 705 Frits de Vries Unit 501 Eugene Kanciar Unit 803 Gila Ahmadi Unit 502 Rashida Jaffer Unit 602 There being no further volunteers, the Chairman closed nominations. It was moved by the Chair to elect the Committee as nominated. MOTION CARRIED UNANIMOUSLY. 11. NEW BUSINESS An owner asked if, now that the Laundry Equipment paid for, its use will now be free. The Committee replied that it will not, the machines are now producing income counted on by the Corporation in its budget. The subject of a depreciation report was raised and discussed at length. The new Committee will consider this issue during its term and make a recommendation at the next AGM. The question of how to deal with owners who have not arranged mortgages in conformity with the Owner s Agreement was raised and discussed. Several owners asked that the next AGM be held in a different room as they had found hearing hard in the Art Studio. 12. TERMINATION There being no further business, it was MOVED/SECONDED (101/301) to terminate the meeting at 8:43 p.m. MOTION CARRIED ATTENTION Please keep these Minutes on file as a permanent legal record of your Corporation s business. Replacement of either Minutes or Bylaws will be at the Owner s expense and not at the expense of the Corporation. Property Manager: Kelly Hannah D E. KellyH@petersonbc.com Property Manager Assistant: Trudy Dong D E. TrudyD@petersonbc.com The Bellevue wishes to recognize Nathen Jansen for his years of service at building and thank him for his dedication and ongoing assistance with the transition in property management. Page 4 of 4

5 BELLEVUE WEST BUILDING MANAGEMENT LTD The Bellevue AGM Approved Budget MAY APRIL 2016 Year Months Year Year Year Approved 12 Months 12 Months BUDGET % Actual Actual ANNUAL -7.48% REVENUE Owners' Contribution 153, , , , Property Tax Recovery 54, , , , Laundry Income 5, , , , Move In Fees 1, Misc. Income Admin Fee (10.00) Subtotal 215, , , , EXPENSES General: Insurance 20, , , , Property Management Fees 19, , , , O&M (Facilities Operations & Maintenance 5, , , , Misc. Expenses 1, , , Bank Service Fees Subtotal 48, , , , Building: Improvements 5, , , R & M - Ground 7, , , , R & M - Elevator 5, , , , R & M - Fire Protection 6, , , , R & M - General 16, , , , Electricity 4, , , , Gas 26, , , , Caretaking & Window Cleaning 11, , , , Water & Sewer + Recycling 17, , , , Leased Equipment Garbage Removal 4, , , , Supplies Subtotal 106, , , , Other Expenses Property Tax 44, , , , Legal + Audit Fees , Improvements (2) 8, , , Subtotal 53, , , , Total Operating Expenses 208, , , , Reserve Funds Building Contingency 25% + (10,000.00) (10,000.00) (10,000.00) Tax Contingency 10% + 10% completed - - Excess Of Income Over Expenses 6, (533.93) (3,235.00) Operating Fund Opening 26, , , Operating Fund Surplus (Deficit) 23, ,

6 THE BELLEVUE MAY APRIL 2016 TOTAL ASSESSMENTS: 151, , TOTAL UNIT ENTITLEMENT: 10, , ASSESSMENT / ENTITLEMENT / 12MONTHS TOTAL PROPERTY TAX: 48, TOTAL UNIT ENTITLEMENT: 10, PROPERTY TAX / ENTITLEMENT / 12MONTHS 0.40 Suite # Unit Monthly Monthly Total Ramp Levy Credit Entitlement Assessment Property Tax Operating & Tax due July 1, 2015 Ramp Levy minus Credit Monthly Total Overpaid in May & June due July 1, 2015 Last Year(2014/15) , (79.30) 1, (38.84) (59.17) (37.41) (56.93) (59.37) (29.08) (38.84) (59.17) (56.93) (59.37) (29.08) (39.04) (59.17) (56.93) (59.37) (29.28) (39.04) (59.17) (56.93) (59.37) (29.28) (39.04) (59.17) (57.34) (59.98) (29.28) (39.04) (59.58) (57.34) (59.98) (29.28) (39.24) (59.58) (57.34) (59.98) (29.28) (39.24) (59.58) , (107.97) 1, , , , , , (2,033.33) 25, , TOTAL FOR 12 MONTHS: 199, , ,200.00