January 2024 Updates

Unofficial Minutes by Community Member Elizabeth Chaponot

MANAGEMENT REPORT January 2024  

No questions from the board.

Minutes of the last meeting were approved.

Owner Occupancy

Owner occupancy 79% which is up compared to last year.   

UNFINISHED BUSINESS 

Governing Document Amendments/Policies 

Board is still working on documents. A draft was sent to attorneys and once the comments have been received by the board, there will be another board meeting to review and potentially make amendments.

Waterproofing Project 

California Consultants gave a proposal which was accepted by the board (all but one element that is still under review). All pieces that have been approved have been processed and the company has commenced some work in the electrical room.

Sewer Lateral Inspection 

Multiple bids have been requested. One bid included inspection and repair while the second only factored the initial inspection – still attempting to obtain a full second bid.

Elevated Walkway Coating Replacement 

Previous bids received were vastly different. Again need to have bids provide a more detailed scope of work to be able to make decisions. Focus is to ensure that whatever is provided includes skid resistance to make sure that what is done is safe for community members.

Monitoring Wells Clean-up Project 

The water resources board deemed that Green City Lofts is responsible for 5 wells that are underground and around our property.The wells were left over from the time the site was owned by the Dunn paint factory. The wells were built as a way to capture runoff from the factory. The city is requiring that Green city lofts fill the wells with cement or pay a multi-million dollar fine. The board has worked to get bids that include identification of each well, depth, cost to fill & any repairs to the road. There are potentially grants we can apply for to be reimbursed for the cost of clean-up.

NEW BUSINESS 

Electrical Vendor Contract Renewal 

Service fee is going to go up $300. The vendor is currently in the central valley and there is discussion about whether we are happy with the current vendor and whether or not we need to find a more local vendor. The contract is month to month so the decision is made to continue with the vendor as we continue to seek a more local vendor.

Bond Maturing

The board selects investment strategies to ensure that the community's reserves support the interests of the Green City HOA. Currently funds are placed using a laddered structure with parts of the community funds maturing on different cycles. Some bonds are coming to maturity and the investment opportunities are varied. Currently there are some interest rates that would be advantageous and the board needs to discuss strategy for where that piece of the reserve should be placed. Board to set a special meeting to discuss investment strategy.

Board moves to executive session at 6:51PM