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MINUTES OF THE SPECIAL GENERAL MEETING
THE OWNERS STRATA PLAN LMS 195
CITYGATE 1
Held on November 30, 2010 at 7:00pm
Meeting Room, 1188 Quebec Street
Vancouver, B.C.
(Printer
version)
The meeting was held in the lobby of
Citygate 1 LMS195 1182 Quebec Street, Vancouver, B.C.
CALLING THE ROLL AND
CERTIFICATION OF PROXIES
It was reported at the commencement of the meeting that fifty-five (55)
Owners were present in person and twenty four (24) Proxies for a total
of seventy nine (79) Strata Lots represented.
The meeting was called to order at 7:00 p.m. by Olga Volkoff, President,
who acted as Chair for the meeting.
PROOF OF NOTICE
The Strata Property Act states that 14 day notice of every general
meeting, specifying the place, date, time and nature of the business
must be given. The Property Manager advised that the notices of the
Special General Meeting were mailed to all owners on November 10, 2010.
The chairperson declared that the notice requirements of the Strata
Property Act had been satisfied.
AGENDA
It was moved /seconded and CARRIED to accept the agenda, as presented.
INTRODUCTIONS
The Chairperson introduced Mark Hartman of City of Vancouver who
presented the following proposal:
Energy Efficiency Proposal for CityGate1.
Mark Hartman advised that City of Vancouver invited Citygate 1 to be
part of a pilot project to improve the energy efficiency of the building
and lower our overall costs.The program will assist Strata Corporations
in implementing systems to reduce gas and electrical use and help the
City meet its energy conservation targets. Because of estimated savings
in utility costs, Strata will be able to finance the cost of the new
systems through loans rather than an assessment. The savings are
expected to pay back the loans within five to seven years, after which
the savings will reduce Strata’s ongoing expenses in perpetuity.
Mark Hartman advised that the City of Vancouver, BC Hydro and Terasen
Gas engaged (and will pay for) PRISM Engineering to analyse the energy
use in CityGate I and identify economic energy efficiency upgrades, with
a mandate to identify all upgrades that will have a payback of less than
7 years.
The cost of the total package of upgrades, after likely government and
utility incentives, is estimated to be approximately $160,000. The City
of Vancouver is arranging with financial institutions to provide loans
to Stratas at attractive rates to cover this expense.
With the placement of this presentation before the meeting there were
numerous speakers both for and against the proposal. This was obviously
an important issue and that is why there was considerable time devoted
to the discussion before the vote was called.
¾ VOTE RESOLUTION
Olga Volkoff presented the proposed resolution as follows:
WHEREAS:
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THE OWNERS, STRATA PLAN LMS 195
(the “Strata Corporation”) wishes to participate in the City of
Vancouver Condo Retrofit Pilot (the “Pilot Project”) in order to
install “energy efficient upgrades” as defined by the City of
Vancouver;
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The Pilot Program allows the
Strata Corporation to borrow up to $200,000 at an interest rate not
to exceed 6.5% to pay for the energy efficient upgrades provided
certain mandatory requirements are met, including the following:
The energy saving calculations must be based on a detailed study
by an engineering firm and reviewed the City of Vancouver, BC Hydro
and Terasen Gas;
Each of the upgrades must be installed based on a fixed price
contract where the risk of cost overruns is the responsibility of
the contractor.
A third party hired by the City of Vancouver will review the
installation to confirm the installation is done in accordance with
best practice.
The upgrades must have a combined estimated simple payback of less
than seven years.
The upgrades must be financed in such a way that it will result in a
decrease in costs to the strata corporation during the financing
period (or “term of the loan”). In other words, the savings must be
greater than any loan payments.
After the loan has been repaid, and if all the recommended upgrades
are undertaken, the upgrades will result in a decrease in the strata
corporation’s costs of approximately $60,000 and a decrease in
strata fees by approximately 7% (based on 2010 strata unit
entitlement).
The Strata Council is required to seek to maximize incentives
available from utilities and the provincial and federal government.
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The Council wishes to proceed
with participating in the Pilot Project; and
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Pursuant to section 111 of the
Strata Property Act (the “SPA”), a strata corporation may borrow
money required by it in the exercise of its powers and performance
of its duties and may secure the repayment of money borrowed by it
and the payment of interest on that borrowed money by the granting
of security if first approved by a resolution passed by a 3/4 vote
at an annual or special general meeting.
BE IT RESOLVED by a 3/4 vote of THE
OWNERS, STRATA PLAN LMS 195 (the “Strata Corporation”) that:
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The Strata Corporation is
authorized to borrow a loan (the “Loan”) in the principal sum of up
to TWO HUNDRED THOUSAND ($200,000.00) DOLLARS from the City of
Vancouver, such Loan to bear an interest rate not to exceed 6.5% per
annum, all in accordance with the terms and conditions set by the
City of Vancouver:
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The Strata Corporation is
authorized to secure the repayment of the Loan, by granting to the
City of Vancouver, the security (the “Security”) the City of
Vancouver and the strata council of the Strata Corporation may agree
upon from time to time.
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The execution and delivery of
the loan documents and the Security granted by the Strata
Corporation in favor of the City of Vancouver are authorized and
approved.
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Two members of the strata
council of the Strata Corporation are authorized to execute and
deliver loan documents and the Security for and in the name of and
on behalf of the Strata Corporation with such alterations,
additions, and
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Amendments and deletions, as may
be approved by the person so executing (whose execution will be
conclusive evidence of such approval) and who shall seal and deliver
all such instruments and ratify and approve all such acts and deeds
as may be required to fulfill any of the obligations of the Strata
Corporation under the loan documents and, when so executed, shall be
valid and binding upon the Strata Corporation and, if any of the
loan documents has been previously executed, that such execution be
ratified and confirmed.
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Two members of the strata
council of the Strata Corporation are authorized to do all acts and
things and to execute, whether under the corporate seal of the
Strata Corporation or otherwise, and to deliver all such
certificates, promissory notes, deeds, transfers, assignments,
instruments, agreements and other documents as the sole member
considers necessary or desirable and as the City of Vancouver may
reasonably require to borrow the Loan, to grant the Security and to
give effect to the transactions contemplated by the loan documents.
END OF RESOLUTION
It was then Moved/ Seconded that the resolution is adopted as presented.
There being no further discussion the Chairperson called for the vote,
the result being 36 IN FAVOUR, 40 OPPOSED, 3 ABSTAINED. The motion was
DEFEATED.
There being no further business, the meeting was terminated at 8:30 p.m.
Please retain at least 24 months of Strata Council and General Meeting
minutes. Should you decide to sell or remortgage your suite, these minutes
will be required by the potential purchaser or lending institute. The
Property Management company has copies of the minutes however there would
be a charge for obtaining a copy of the minutes.
Gateway Property Management Corporation
Main Switchboard (604) 635-5000
400-11950-80th Avenue Fax (604) 635-5001
Delta, B.C. Property Manager (604) 635-5063
V4C 1Y2 Administrative Assistant(604) 635-5050
Property Manager: Anca Ciobanu
aciobanu@gatewaypm.com
Assistant: Jesse Sulaiman
jsulaiman@gatewaypm.com
24 Hour Emergency: (604) 777- 3890
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