March 2026 Olmos Tower Ballot
Bundle Loans and Refinance or a Special Capital Assessment
Bundle Loans and Refinance or a Special Capital Assessment
Owners may vote online or paper.
All ballots, either online or paper, must be received not later than noon, Friday March 27, 2026.
All ballots, either online or paper, must be received not later than noon, Friday March 27, 2026.
Paper Ballot - If you want to vote using a paper ballot they are in the mailroom.
(Place paper ballots in Gwen's office door mail box.)
Any comments, or if you want to set up a special meeting to better understand, simply EMAIL the OT Board.
(Scroll down for Ballot.)
(Place paper ballots in Gwen's office door mail box.)
Any comments, or if you want to set up a special meeting to better understand, simply EMAIL the OT Board.
(Scroll down for Ballot.)
Owner Vote on Loans and Line of Credit Bundling. As discussed in the February 2026 Annual Meeting and the March 12, 2026 HOA Board Meeting Minutes, we have a total of 3 loans and 1 line of credit. The plan is to bundle all four this Spring (2026) and negotiate the best refinancing terms from numerous banks. If we do nothing by June 2026, then three of the four roll over to a Wall Street Prime (currently 6.75%) + 1.5%, fixed rate.
Over the past 8 years we have implemented $2 M worth of infrastructure and amenity projects with $1.4M from loans and $600,000 from HOA Capital Fees. Over the past few years we have paid down over $400,000 in loan debt.
Now, with just under $1.0M needing refinancing, as an HOA we are voting on the following two options:
Option 1. Bundle and Refinance all four (three loans and one line of credit.) When budgeting for 2026 we anticipated this Bundle and Refinance option and it did not require an increase in the HOA fees from 2025 to 2026; We still believe the decision to not raise the HOA fees is correct.
Option 2. Special Assessment. Eliminate entire OT debt by requiring Owners to pay a one-time Special Assessment. Each Owner would pay approximately $10 per sf of their Unit. For example, Owners with the following:
- 01/02 Units would pay approximately $17,300.
- 03/05 Units would pay approximately $13,300.
- 04 Units would pay approximately $7,880.
The Board strongly recommends Option 1 of continuing our practice of financing our Capital Projects by borrowing versus assessing Owners a large sum to pay for the projects. Owners attending the February 2026 Annual OT HOA meeting overwhelmingly expressed support of refinancing rather than any Special Assessment. Also, Realtors have repeatedly reported that never having a Special Assessment is a strong selling point.
Over the past 8 years we have implemented $2 M worth of infrastructure and amenity projects with $1.4M from loans and $600,000 from HOA Capital Fees. Over the past few years we have paid down over $400,000 in loan debt.
Now, with just under $1.0M needing refinancing, as an HOA we are voting on the following two options:
Option 1. Bundle and Refinance all four (three loans and one line of credit.) When budgeting for 2026 we anticipated this Bundle and Refinance option and it did not require an increase in the HOA fees from 2025 to 2026; We still believe the decision to not raise the HOA fees is correct.
Option 2. Special Assessment. Eliminate entire OT debt by requiring Owners to pay a one-time Special Assessment. Each Owner would pay approximately $10 per sf of their Unit. For example, Owners with the following:
- 01/02 Units would pay approximately $17,300.
- 03/05 Units would pay approximately $13,300.
- 04 Units would pay approximately $7,880.
The Board strongly recommends Option 1 of continuing our practice of financing our Capital Projects by borrowing versus assessing Owners a large sum to pay for the projects. Owners attending the February 2026 Annual OT HOA meeting overwhelmingly expressed support of refinancing rather than any Special Assessment. Also, Realtors have repeatedly reported that never having a Special Assessment is a strong selling point.