KOOTENAY COLUMBIA SENIORS HOUSING COOPERATIVE

 

MINUTES FOR GENERAL MEETING 3700

Date: Sunday, January 20, 2008
Time: 07:00 P.M.
Location: Carpenters Hall, 2320 Columbia Avenue Castlegar, B.C.
Attendance: All members of KCSHC and the public

 

Agenda:

 

3701: Call to order

  • Dorothy opened the meeting with a Blessing.
  • John Adams extended his thanks to the members for their help with his ramp and the food donations

 

 

3702: Approve Agenda

Cliff/Don

 

 

3703: Approve Minutes Meeting 3600 as distributed

Cliff/Joe

 

 

3704: Treasurers Report - Dorothy
1. Financial status

  • Dorothy gave her report and explained that we are coming to our year end.
  • We will need  additional funding.  
  • Dorothy moved her report be accepted as read sec Ron Johnson.

 

 

3705: Status of project Membership
1. Membership Applications:  187  
2. Life Leases:  59 total available

  • 37 taken
  • Report on Pick #11 February 16, 2008
It was thought that there could be more interest in a pick after the Building Committee presents the contractor pricing.

3. Campus Care Complex Applications: 15
4. Residential Lots Loan Agreement II Commitments out of 57 available

  • 32 taken

 

 

3706: Care Committee Report – Bev Onischak
1. Plan of Action to develop Care Complex (status)

  • Feasibility study preparations under way
  • Funding for Feasibility Study (estimate $225,000):
    • Grants Committee has two (2) grants already applied for a total of $70,000
    • Others are being prepared
    • Members have done a great job on Support Letters with many already sent in and others promised

2. Appeal for members sign up for Campus Care Complex

...and members to give input on various aspects of the care facility

 

 

3707: Engineered Drawings by WSAE
1. Final set of Construction Drawings being reviewd by Contractors for a final construction budget
2. Working Drawings for Emerald Green PLR now submitted so EGD can start their work.
3. Storm Management Drawings for EGD being reviewed by CoC Engineers

 

 

3708: Report on Infrastructure Construction
1. Construction is on hold
2. Water lines will be started ASA weather permits in Spring 2008

 

 

3709: Promotions Committee Report – Harry Jukes

  • Harry gave a good report and explained that the Directors were recommending the name changes of the various phases of the project. Harry moved the names be accepted seconded by John Adams-carried.
  • Other good suggestions were made by Mel McMullen such as Grandview Living, but Harry mentioned Grandview Housing was the website and it may be too confusing to change it now. John Adams agreed. Bev spoke in favour of the motion stating that we have various named sections of town eg. Kinberry, Twin Rivers.
  • John Rennie suggested new billboards to show the different phases of the project and trying to promote the GV Estates.
  • He also said our brochure should put more emphasis on the Estate lots in order to sell them for funding.  

1. Weekly articles by each Committee are outstanding and required
2. Website cooperation with City of Castlegar committed

 

 

3710: Building Committee Report – Peter Dergousoff
1. Six (6) Housing Contractors expected with revised closing January 22, 2008

  • When the bids close there will be a meeting with the B.C. on Tuesday to look over bids.
  • Peter thinks they will have something to present to the membership the Feb. 17 meeting.

2. Tenders will be reviewed with a recommendation in February 2008

  • and a clerk of works will then be chosen
  • Elmer spoke up saying he is hopeful the contractors will be hungry at this time of the year and their prices will be good.
  • He also answered Mr. Binette’s question about a Life Lease.

3. Meetings will be held with Ground Floor Lessees
4. Recommendation to membership to proceed to construction at meeting 3900 at latest

 

 

3711: Grants status – Irene Evanoff, Lori Woodhouse
1. Lori Woodhouse is only working member

  • and has been working extensively.
  • Special knowledge is required to write grants and a lot of time is required. We are grateful to Lori.

 

 

3712: Rules Committee – Chair - Fred Arishenkoff

  • Fred told the membership that “When the going gets tough, the tough get going” and in his opinion, we are going strong now.
  • John O’Fee has worked quickly this last week to have the Rules and Regulations ready for legal terms.
  • The disclosure statement and the Life Lease documents will follow.
  • It is crucial to have these documents in order by April 2 so more time will be required by the membership to finalize them.

1. Preliminary Disclosure Statement

  • John O’Fee draft status report

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

  • John O’Fee status report

 

 

3713: Landscape Committee – Chair - Jim Mullen

Jim Mullen Absent from tonight’s meeting but nothing new to report.

 

 

3714:  Directors addition(s):

  • Liaison representative from City of Castlegar apprtoved by CoC
  • Irene reported Mayor Chernoff will be our liaison. The Directors are very happy with this news.
  • Two Real Estate agents met with some of the Directors to discuss promoting Grandview Housing. We need Disclosure statement in order to have this happen.

 

 

3715:  Discussion of “Bridge Financing” Options

Financial Institution/membership funding with worthwhile interest rates.

1. Changes to total funding requirements for complete Infrastructure Construction will increase budget (see Agenda 3600)

 

2. Changes to total funding that decreases total funding (see agenda 3600)
3. Original cash Flow Plan still is to market all Phase I units (see agenda 3600)

  • Report on meeting with Realtors January 23, 2008.
  • Subject to filing of Disclosure Statement

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

  • Six (6) more Residential Lots at Jtn of Grandview Drive
  • Net income is a function of lot prices
  • 31 more future decision on residential lots for potential development.

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 (see Agenda 3600)
  • Special Member Financing (see agenda 3600)
  • 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. More discussion at Meeting 3700 with decision latest Meeting 3800 to augment sales funding

 

 

3716: Adjourn

9:00pm Christine/Peter D.