Call to order:
A regular meeting for the board of directors of the association of unit owners of Lloyd Park Condominium. It was held in unit 301 on February 8, 2017 at 7:00pm.
Members in attendance:
Marie Harris, representing the Management Trust
Kiel Johnson, chairman
Kate Johnson, resident
Jose Oyague, secretary
Ashley Rogers, treasurer
Stefan Ostrach (sp?), unit owner
Doug Deaton, unit owner
Talk points:
Earthquake insurance
Marie, a representative from the Management Trust, gave us information on possible insurance policies.
We currently have a master policy that does not cover in the case of earthquakes. Two main companies for earthquake coverage were discussed -- ICAT and Lloyds of London. An option for individual coverage per unit was also discussed. This individual insurance “earthquake endorsement”, which would be in addition to our current owner’s insurance, would help by paying the deductible of the building insurance in the case of an earthquake. The deductible will be paid in full no matter what the level of damage.
The cost breaks down to +/- $150 a year for each owner -- would likely charge differently for one bedroom units versus studio units.
Group agreed that the deductible is very high. However, the cost per month/year seems worth while in the case of an earthquake. ICAT seems more appealing due to lower cost.
Plumbing
Kiel, chairman, informed the group about recent plumbing issues in the building. Several units are experiencing low water pressure when running hot water in their units. This may be due to sediment in the pipes as well as a build up in fixtures. Ashley also remarked that some residents reported a change in water pressure (less pressure) after new water heater was installed. One company gave an estimate of $10.000 per unit for fixing pipes. This is happening primarily in kitchens and bathroom sinks.
Doug, unit owner, will try to get a quote from plumbers that will charge per fixture. Should the HOA pay for this?
Bylaw changes
50% vote is needed to pass or change a bylaw (or 15 unit owners). The two changes we are looking to make would cost $600.
Currently, when there’s a change made to the building costing $2,500 or more, the change needs unanimous approval. Kiel suggested that we consider changing this to 75% or lower of returned ballots.
Short-term rentals were discussed. The HOA took turns discussing the pros and cons of allowing for short-term housing in the building. Stefan is opposed, stating that this change may make mortgages and insurance a challenge. Doug spoke about having a difficult time renting his unit -- making it a bad investment for him. He is in favor of changing the bylaw. Ashley is leaning toward the side of Stefan. She has reservations. Jose said that we have bad long term renters and said that even if we get a short term renter who is bad at least they are not here for long.
Approved:
Jose, Ashley, and Kiel all voted to purchase ICAT earthquake insurance.
Jose, Ashley, and Kiel all voted to send out a letter for residents to vote on allowing short-term rentals.
Meeting adjourned at 8:27pm.
