January 13, 2025

 

Victoria Village Atrium Association Board of Directors’ Meeting Monday October 9, 2023

Board members present: Sarah Wise, president; Larry Sagstetter, vice president; Margie St. Jacques, treasure Hank French, secretary.

Also present: Mike Severson, building manager. 14 Homeowners present.

1. Call to Order: The meeting was called to order at 6:30 p.m.

2. Secretary’s Report: Moved, seconded, and voted to approve the minutes

   for the August 2023 board meeting as written.

3. Treasurer’s Report:

   1. For September 2023, the opening balance was $407,671.42 and the closing balance was $419,336.69. This represents a increase from the opening balance of $11,665.27. As of the end of September, we had $40,542.66 in our operating checking account, and $378.794.03 in reserve accounts. (Note: The reserve accounts are two operating CDs with North American Bank, a money market account with Premier Bank, a Premier CD, an NAB CD, a savings account with Royal Credit Union, and a CD with Royal Credit Union.) Moved, seconded, and voted to approve the Treasurer’s Report.

   2. It was moved, voted and approved to reinvest a matured North American Bank operating CD ($20,352.88) in a Royal Credit Union CD at a 5.4 % interest rate.

   3. It was moved, voted and approved to take $75,000 from Premier Money Market account and invest it in a Royal Credit Union CD at a 5.4% interest rate.

   4. The above two actions will increase the return on our operating fund and reserve fund investments.

4. Committee Reports:

a. Welcoming Committee:

i. Since the last Board meeting, one new resident has moved into the Atrium—Paxton Chase in Unit 317. We warmly welcome Paxton into the Atrium community.

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ii. It was noted that Sarah Wise will convene a meeting of the Welcoming Committee before the next Board meeting to discuss the responsibilities and resources of the Welcoming Committee—particularly about what materials should be on hand to orient new homeowners to life in the Atrium.

b. RecreationCommittee:ThecommitteehasplannedanOctoberfest Party for October 14th in the common area, with German-themed food and live music. Twenty-nine people have signed up to attend. The Board and homeowners present at the meeting expressed their gratitude for the hard work of the committee.

V. Management Report:
a. As reported in the July and August minutes, there was a pinhole leak in

a water heater pipe in the utility room. The leak was patched; however, although the patch should outlast the pipe, the remainder of the pipe will likely spring leaks in new places. Mike has been looking for a longer-term solution, i.e., replacing the pipe in question, however, two of the plumbing vendors that we have used in the past informed him that they are no longer providing plumbing services to large businesses such as Victoria Village. Mike is in conversation with Hugo Plumbing who has agreed to come and assess the situation. Depending on how that works out, Mike will explore with Hugo Plumbing whether or not they are willing to become our go to plumber.

VI. Old Business:

1. Mike has been in a productive conversation with a potential part-time

   handyman/custodian for the Atrium. He will arrange a meeting

   between this individual and the Board in the near future.

2. Unit #118 damaged door and door frame: It was moved, voted and

   approved that Keller will arrange for the damaged door and door frame to be replaced and will assess the cost of replacement to the unit’s owner.

3. Board member replacement: It was moved, voted and approved to defer the replacement of a Board member who recently resigned to the Annual Meeting in December when new Board members are routinely elected.

4. Broken pipe follow-up: A letter was sent to the owners of Unit 301 informing them that the cost of repairing a damaged pipe in their garage stall is being assessed to them.

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e. Discussion of the Reserve Study Report:

1. Mike Severson led a discussion about the Reserve Study Report.

   (The Report had previously been sent to all homeowners via email. If anyone was unable to access the report due to not having email, please contact the Board Secretary, Hank French, and he will ensure that you get one.) The report projects what capital expenditures will be needed over the next 30 years beginning in 2024, with the caveat that the report should be updated every three years due to changing conditions and repair/replacement cost increases over time.

2. Mike noted that the largest anticipated cost in the next three years will be roof and skylight replacement. The report projects that this work will need to be done in 2026 and that our current reserve accounts will not be sufficient to cover the cost. Methods of building our reserve accounts, e.g. a special assessment of all Association members, increases in the monthly HOA fee, or a combination of both, will be on the agenda for the next Board meeting. The Board will be discussing (1) the appropriate amount of any Association wide special assessment and/or HOA fee increases (2) the terms of any proposed special assessment or HOA fee increases and (3) how to conduct a vote on any proposed special assessment (Special assessments need the approval of the majority of homeowners voting. Second Amended and Restated Declaration Section 6. 6.3.)

3. The Board encourages all Association members to carefully study the Reserve Study Report so that you fully appreciate the Associations reserve fund needs going forward and will be in a position to understand the Boards recommendations to the Association for meeting those needs

VII. New Business:

1. Exterior Light Fixtures: It was noted that to exterior lamp poles were

   leaning and in danger of collapsing and that one globe was broken.

   Mike will explore costs for replacing the light poles and report

   back to the Board.

2. Garage Rules: The Board President reminded us that, according to the Association Rules and Regulations III. A. 5, “Storage is NOT permitted in the garage stall or garage area, except in the storage cabinets or as

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approved by the Board.” Currently the only items approved by the Board for storage in the garage stalls are non-motorized bicycles and medically necessary items such as walkers. When other personal items are stored in garage stalls outside of the storage lockers it creates an unsightly appearance and creates nesting areas for mice. If a homeowner has other items that they want to store at the head of their garage stall, they should request approval of the Board.

8. Homeowner comments:

   1. A homeowner reported that several residents had signed up for

      furnace inspections, which were to be done in the beginning of September, but they had not been contacted for an appointment by our HVAC vendor and the inspection has not been done. The Board Secretary will contact the vendor for an explanation of the delay.

   2. It was mentioned that on occasion packages have been left in the mailroom by delivery persons for people who do not live in the Atrium. It was suggested that a sign might be placed in the mailroom asking delivery people to double check the addresses of packages being delivered to ensure that the recipient lives in the Atrium. The Board will consider this at a future meeting.

9. The meeting was adjourned at 7:35 p.m.

10. The Annual Meeting of the Association will be held on December 4th at the

    Shoreview Community Center. Anyone needing a ride to the Community Center should contact Sarah Wise, President of the Association. Anyone willing to provide a ride to a homeowner needing one, please let Sarah know of your willingness.

11. The next Board meeting will be on November 13th at 6:30 p.m. It will be a Board members only meeting.

    Respectfully Submitted Hank French, Board Secretary

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