KOOTENAY COLUMBIA SENIORS HOUSING COOPERATIVE

 

MINUTES OF GENERAL MEETING 3600

Date: Sunday, December 16, 2007
Time: 07:00 P.M.
Location: Carpenters Hall, 2320 Columbia Avenue Castlegar, B.C.
Attendance: All members of KCSHC and the public
Agenda:  (Revised December 14, 2007 and again with JL comments)

 

3600:

Elmer congratulates chair committee for their fine planning. Also brief intro by Elmer recapping the last year, and looking forward to the coming year.

 

3601: Call to order

 

3602: Approve Agenda

M/S Ron/Harry, carried.

 

3603: Approve Minutes Meeting 3600 as distributed

EWV mentioned problem with emails not being received. Requested that people not receiving emails to let us know. M/S Cliff, Fred. Carried.

 

3604:  Treasurers Report  - Dorothy
1. Financial status.

  • All bills paid to end of 2007 except a few incidentals but nothing of consequence. (Billing for Marwest in December should be less than 100k).  
  • November invoices to residential.  
  • Treasurer’s report doesn’t show amounts we can’t use – interest on LoC account shouldn’t be touched as we need it to pay members their interest back; refundable deposits for CC are also not available for operating costs, so really with 157.5k we really have only about 130k available to us. We will be in decent shape (not as decent as before, mind you).

2. Other items:

  • Dorothy also solicited suggestions for financing for infrastructure expenses in Spring 2008.   
  • M/S that Treasurer’s Report be admitted. Dorothy/Don.
  • Question from floor re: sale of lots – will it help? Dorothy: uncommitted residential lots and uncommitted LL units are of concern.  Discussion on this further.  Motion carried.

 

3605: Status of project Membership
1.  Membership Applications 186    
2.  Life Leases are 59 total available

  • 37 taken
(no change for last couple of months)
  • Report on Pick #10 December 15, 2007
(no pickers at this time; same happened last year at this time)

3. Campus Care Complex Applications are 14
4. Residential Lots Loan Agreement II Commitments out of 51 available,

  • 32 taken
(no change here in last month or so either)

 

3606: Care Committee Report – Bev Onischak
1. Plan of Action to develop Care Complex (status)

  • Feasibility study preparations under way
    • Quantity Surveyor is being donated by member, Peter Rezansoff (Intertech Construction Ltd) value $20,000
This is basically a $20k grant from Intertech)
  • Invitation for Proposals from Architects for Conceptual Drawings to be tendered in January 2008
  • Search for Care-Giver Provider is underway
  • Funding for Feasibility Study (estimate $225,000):
    • Real Estate Foundation has invited an application ($50,000 requested)
    • Peter Chau Regional Manager of BC Housing is preparing assistance options
    • Debra Yip of Canada Mortgage and Housing has invited application for $20,000 assistance before December 31, 2007.
We didn’t know this before November, so we’re working hard to meet this deadline
  • Feasibility Study Application after for a maximum of $100k
  • Columbia Basin Trust studying category classification. May require meeting with Wally Penner
  • City of Castlegar has a new source of funding that is being investigated
No letter yet from CoC. Suggestion from floor that we attend City hall meetings more often (like tomorrow night). Letter has been sent to CoC requesting place on agenda for tomorrow night’s meeting – no response yet. Mel McMullen will attend; Mel also mentions that Question Period at end of meeting is the time to raise questions and whatnot.
  • Enquiry made to Kootenay Savings Foundation
  • Other sources are being investigated  
  • Members can assist by getting Support Letters from organizations that they belong to.
Every one of our members who belong to another organization – we all need to get a letter from that organization in support of KCSHC. We need the support.

2. Appeal for members sign up for Campus Care Complex

  • Application forms available
  • 14 members have signed up with $1,000 deposits received

 

3607: Engineered Drawings by WSAE
1. Retention / Detention Pond understanding reached with CoC
2. CoC agrees with Water Main sizes designed by our Engineer, WSAE

it took a year but we won this one!

3. Booster Pump and option Water Reservoir understanding reached with CoC
4. Working Drawings are required for Emerald Green PLR so EGD can start their work. WSAE is working on completing next week

 

3608: Report on Infrastructure Construction

Over 50% paid using our own cash

1. Sanitary sewers and Storm Sewer Construction substantially complete
2. Storm drainage at jtn Grandview Drive and 14th Avenue North being installed
3. Trunk line for Sanitary Sewer now being laid to Highway 22 connection
4. Water lines can be started ASA weather permits in Spring 2008

Go-ahead came last week

 

3609: Promotions Committee Report – Harry / Nora Jukes

Thanks to BettyAnn Mullen for posting minutes for 3500 online.

1. Dr. Gordon Turner article in Castlegar News last week

Page 5

2. Articles in Iskra and Dove

...and Pennywise, CoffeeMate, Western Star, Weekender.
The word is getting out but we need more volunteers to help write articles.

3. Articles in Castlegar News :

  • John Adams Ramp
A fun time had by all!
  • Xeriscaping by Helga Auld
Page 6

4. Weekly articles by each Committee are outstanding and required

  • We need this background info to help us write articles.
  • Betty Anne and Jim have a superb landscaping article waiting to be published.  
  • KBS interviewed Harry Jukes but no members appear to have heard the interview.

5. Cliff Paluck is helping put together a scrapbook – articles and photos. Photo gallery on website should be updated soon

6. Website cooperation with City of Castlegar committed

  • This will be done in January on next website update.

7. Need to continually remind CoC regarding 14th Ave S.
8. No city council members present at meeting 3600.
9. Grandview Heights T-Shirts will make great gifts - $15 only, limited supply!

 

3610: Building Committee Report – Peter Dergousoff
1. Housing Drawings available to Life Lease Applicants upon request
2. Tenders advertised for Housing Contractors open December 03, 2007 with closing January 18, 2008

  • Six (6) sets of documents taken
for tender
  • Report on Site meeting held with Tenderers at 1000 hours December 14, 2007.

3. Tenders will be reviewed with a recommendation in February 2008
4. Meetings will be held with Ground Floor Lessees
5. Recommendation to membership to proceed to construction at meeting 3900 at latest

  • That’s when a contractor should be in place and ready to go.

6. Question from floor regarding individual changes to units and how it will affect costs:

  • If the individual is willing to pay for a change, is that acceptable? Why would the cost go up for everybody if one person is willing to pay for a change?
    Because the contractor is making fewer identical houses. Minor changes like moving a door from one place to another no big deal; different countertop for example is fine, but moving a wall is a different matter. Structural changes are less likely to be acceptable, but things like nonstructural changes such as marble countertops will be up to the individual to fund.

7. Question from floor: Will members have the option to view materials?

Yes, demos will be available and people will be able to choose e.g. several different sizes of cabinets.

8. Question from floor: in the event of a non-structural interior wall variance?

No, this has been discussed already and there aren’t really any options except for the cookie-cutter.

9. The original question from the floor did not involve structural changes.  

Countertops, lights, styles, etc. are still fully available should the member want to pay for a slight variance provided it’s not structural.

10. The key point is that we’re building as a co-op and thus we have certain restrictions.

 

3611: Grants status – Irene Evanoff, Lori Woodhouse
1. Lori Woodhouse is only working member of the committee (any volunteers ?)
2. Optimism for success
3. See status under Care Complex

 

3612: Rules Committee – Chair - Fred Arishenkoff
1. Preliminary Disclosure Statement

Can be filed with the superintendent of real estate that may not necessarily need to contain the full amount of technical data that the final draft will contain.
  • Draft being prepared for Phase I
  • Will permit deposits to be taken
  • Actual Sales Agreements will be possible
  • Advertising can take place
Once preliminary disclosure statement has been filed; disclosing a minimum amount; we will then be able to advertise nationally if necessary

2. Rules, Disclosure and Life Lease Documents for Ground Floor Units

have been completed after many revisions – this was a truly cooperative effort.  People of varying backgrounds and professions but this diversity did not prevent reaching a consensus.
  • Draft submitted to John O’Fee for review and resubmission for approval by committee
before going back to the members for approval

3. Those who have committed to residential lots will be able to pick soon based on approval of DS

 

3613: Landscape Committee – Chair - Jim Mullen
1. Negotiations with City of Castlegar on Landscaping philosophy
2. City is prepared to consider park location as suggested by committee

Trails along bank

3. City is looking favorably at location of Tot Playground location

4. LC taking a break until January 11th or thereabouts

 

3614: Directors addition(s):
1. Ann Chursinoff in Mexico till march 2008
2. Peter Stoopnikoff leaving for Arizona in early January 2008 through to March
3. John Lebidoff is in

Round of applause for John

4. Possible Councilor representative from City of Castlegar under review by CoC

 

3615:  Discussion of “Bridge Financing” Options
1. Changes to total funding requirements for complete Infrastructure Construction that increases total

  • Booster Pump addition
  • Sewage Lift Station addition
($40k budgeted, City’s proposed design overbudget)
  • Storm Water Overflow line from Retention / Detention Pond addition
“swale” (engineer’s name for a fancy ditch, will cost a bit too)
  • Price increases on materials due to construction schedule extension
  • Other

2. Changes to total funding that decreases total funding

  • Emerald Green Developments decision to proceed will reduce cash flow requirements
  • This will still result in a net increase in total costs of infrastructure

3. Original cash Flow Plan still is to market all Phase I units

  • Need to market all 22 Ground Floor Life Leases ($880,000)
  • Need to market remaining 19 resident lots (19 x $86,500 = $1,643,500)
  • This will fund work if scope remained constant but now require contingency funds
  • Question, will all marketing be complete by June 2008 by infrastructure completion ?
  • With Preliminary Disclosure Statement filing with Superintendent of Real Estate,  aggressive sales advertising is possible
  • Possible Realtor options are open with DS filing

4. Possible Contingency Funding Income Addition to Phase I with additional lots

  • Directors are recommending the development of six (6) more Residential Lots at Jtn of Grandview Drive and 14th Avenue North because,storm,and sanitary sewers and grading will be part of the work necessary in already
  • Net income is a function of lot prices
  • Marketing of all this could meet contingency
  • Please note that there are 31 more residential lots that can be potentially developed as shown on the current site drawings. This will be a future decision.

5. Possible Funding from Campus Care Complex Applicants (also contigingency and working capital)

  • If Campus Care Complex feasibility is complete by June 2008
  • Then commitments at $30,000 from applicants could be available for Infrastructure Funding

6. “Bridge Financing” options if marketing objectives not complete by April, 2008

  • Conventional Credit Union Financing
    • Will want mortgage over entire property
    • Will want priority over members mortgages
    • Will require an Property Appraisal and cost associated with same
    • 1.5% Mortgage Fee plus legal fees
    • Likely 1.5% over prime financing
  • Special Member Financing
    • Directors suggest interest at 1% over prime
    • Term to be July 31, 2009 or earlier as lots sell
    • Security could be future residential lots that are not marketed at that time and ultimately registration expected in June 2008
    • Mortgage over 20 acre parcel of land
  • There may be a Cash Flow option from use of Member Funding required for Ground Floor Units in a similar security fashion as in item 3615.6.2 above
  • Other Options

7. Final financing decision required at Meeting 3700 or latest Meeting 3800 to augment sales funding

 

 

Residential lot names

  • Gunsite estates
  • Blueberry hill
  • Huckleberry hill
  • Eagle’s roost
  • Turkey heights
  • Something park
  • Grandview Park
  • Grandview estates

(point from floor: build on previous advertising with ‘grandview’)

 

Ground floor life lease name

  • Grandview heights – this is not negotiable!

 

Care complex name

  • Grandview meadows
  • Grandview manor
  • Grandview care center
  • Grandview ledge
  • Grandview haven
  • Grandview residence
  • Grandview Co-op Haven

 

We’ll put them on agenda for next meeting and on the website as well

 

3616: Adjourn

M/S Joe,Connie