The Olmos Tower 2022 Annual HOA Meeting Minutes
Approved
Approved
OLMOS TOWER
CONDOMINIUM ASSOCIATION
2022 ANNUAL MEETING
February 17, 2022
MINUTES
OLMOS TOWER
CONDOMINIUM ASSOCIATION
2022 ANNUAL MEETING
February 17, 2022
MINUTES
1. The meeting was called to order on February 17, 2022 at 5:30 p.m.
2. Gwen Peterson reported there was a quorum of Owners.
3. Kate Badash read the approved minutes of the 2021 Annual Meeting.
4. Don Gray gave the President’s Report stating the projects that were completed in 2021 such as the pool renovation, new roof on main building, elevator modernization and the dual switch installation for the fire sprinklers.
5. Bill Kanyusik gave the Treasurer’s Report. It was divided into the following four sections:
a. Audit 2021. The 2021 Audit was summarized and as in the past years Olmos Tower received a positive report from the Auditors.
b. Budget. The end-of-year bank cash balances for both Operations and Capital are healthy and consistent with past years.
c. Loans. The status of the three loans were reviewed along with the payments of each loan along with the balances due.
d. HOA Fee Breakdown. Olmos Tower Owners pay monthly HOA fees of $0.81 per sq ft which are divide up into the following three accounts: Operations ($0.56) OT salaries, Securitas, utilities, maintenance, & insurance; Capital/Savings ($0.10) Ongoing capital improvements; Capital/Assessments ($0.15). Services the loan for special capital improvements such as the common area sprinklers, and misc.
6. Bill Kanyusik gave the Projects Report for the last 10 years. For additional project information see paragraph 12.
7. Don Gray gave the Projects Update Report. The report included projects that are ongoing or scheduled for 2022-2023. For additional project information see paragraph 12.
8. Updates.
b. Parking. The OT declaration states each unit is assigned one parking space. If a unit is sold that uses multiple parking spaces the additional parking spaces do not convey. We have two owners/residents on a waiting list for a second parking space.
9. Unfinished Business. There was no unfinished business.
10. New Business. There was no new business.
11. Election: Three positions were open. Don Gray, Kate Badash and Marque Allen were reelected to remain on the board.
12. Go to the following link to view the presentation deck and additional project information:
https://www.olmostower.com/2022-annual-mtg.html
The meeting was adjourned at approximately 6:15 p.m.
Meeting minute approval has been sent to all Owners who attended the February 17, 2022 meeting via email on February 22, 2022. The minutes have been approved.
2. Gwen Peterson reported there was a quorum of Owners.
3. Kate Badash read the approved minutes of the 2021 Annual Meeting.
4. Don Gray gave the President’s Report stating the projects that were completed in 2021 such as the pool renovation, new roof on main building, elevator modernization and the dual switch installation for the fire sprinklers.
5. Bill Kanyusik gave the Treasurer’s Report. It was divided into the following four sections:
a. Audit 2021. The 2021 Audit was summarized and as in the past years Olmos Tower received a positive report from the Auditors.
b. Budget. The end-of-year bank cash balances for both Operations and Capital are healthy and consistent with past years.
c. Loans. The status of the three loans were reviewed along with the payments of each loan along with the balances due.
d. HOA Fee Breakdown. Olmos Tower Owners pay monthly HOA fees of $0.81 per sq ft which are divide up into the following three accounts: Operations ($0.56) OT salaries, Securitas, utilities, maintenance, & insurance; Capital/Savings ($0.10) Ongoing capital improvements; Capital/Assessments ($0.15). Services the loan for special capital improvements such as the common area sprinklers, and misc.
6. Bill Kanyusik gave the Projects Report for the last 10 years. For additional project information see paragraph 12.
7. Don Gray gave the Projects Update Report. The report included projects that are ongoing or scheduled for 2022-2023. For additional project information see paragraph 12.
8. Updates.
- Rentals. In 2017 owners voted to cap the number of rentals in the building to six units and only one rental per owner. At this time, there is a max of six rentals. A unit is considered part of the rental pool after a signed lease has been submitted.
b. Parking. The OT declaration states each unit is assigned one parking space. If a unit is sold that uses multiple parking spaces the additional parking spaces do not convey. We have two owners/residents on a waiting list for a second parking space.
9. Unfinished Business. There was no unfinished business.
10. New Business. There was no new business.
11. Election: Three positions were open. Don Gray, Kate Badash and Marque Allen were reelected to remain on the board.
12. Go to the following link to view the presentation deck and additional project information:
https://www.olmostower.com/2022-annual-mtg.html
The meeting was adjourned at approximately 6:15 p.m.
Meeting minute approval has been sent to all Owners who attended the February 17, 2022 meeting via email on February 22, 2022. The minutes have been approved.