2023 Olmos Tower Ballot
2020 Special Capital Assessment
Owners may vote online or on paper.  
​All online ballots must be received by Gwen not later than noon, February 9, 2023.
​Paper Ballot - If you want to vote using a paper ballot see the doorman or check the mailroom counter after January 23, 2023.
Scroll down past ballot for vote background information.

    Olmos Tower
    Voting to move the 2020 Special Capital Assessment fee of $0.15 ($0.07 plus $0.08) into our Regular Capital Monthly fee, instead of maintaining them as a Special Capital Assessment fees that are scheduled to expire in 2023 and 2030.

    ​    Note:  A yes vote does not increase your current 2023 HOA monthly fee, it simply cancels the Special Assessment expiration.

    Fill in your name(s) and unit number(s).  
    Select YES or NO, then click on Submit Ballot.

Special Capital Assessment Loan Vote.

Note:  A YES vote does not increase your current 2023 HOA monthly fee, it simply cancels the Special Assessment expiration. 

Background: 
  • In July 2020, OT Owners voted to increase the monthly HOA fee by $0.15psf as a Special Capital Assessment. 
  • The additional assessment is used to pay off bank loans and fund Board approved infrastructure projects.
  • Per the 2020 vote, $0.07 of the $0.15 was to expire in September 2023 and $0.08 to expire in September 2030.
 
Current Status: 
  • As of January 1, 2023, the current bank loan total debt is $958,826. 
  • OT is on track to pay off the loan debt in 2030 as planned.
 
Area of Concern:   Increasing loan refinance rates and cost of infrastructure projects.
  • Our two largest loans, currently at 5% and 5.5%, are scheduled for refinance in July 2026. 
  • The loans will refinance at the Wall Street Journal prime rate, plus 1.5%.  
  • Due to the recent steep rise in interest rates, if our loans were refinanced today, that rate would be 9%.
  • In addition to the loan pay-off, the cost of capital projects (labor and goods) has increased dramatically over the past 2 years with increases likely to continue.   Maintaining the current HOA rate will offset the rising costs and continue to build our reserves. 
 
Benefits of Voting Yes:
  • Saves OT HOA an estimated $155,000 in bank interest by paying off the loans as soon as possible.
  • Increases the amount of capital funds available for future infrastructure requirements and builds our reserves to cover the rapidly increase of goods and services.
 
BALLOT:  Owners are asked to vote Yes or No. 
A YES vote moves the existing 2020 Special Capital Assessment fee of $0.15 ($0.07 plus $0.08) into our Regular Capital Monthly fee, instead of maintaining them as Special Capital Assessment fees that are scheduled to expire in 2023 and 2030.