December 8, 2025 Annual Meeting Preliminary Minutes

Victoria Village Atrium Association Board of Directors’ Meeting Monday November 13, 2023

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

Board Member absent: Margie St. Jacques, treasurer. Also present: Mike Severson, building manager.

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 October 2023 board meeting as written.

3. Treasurer’s Report:

a. For October 2023, the opening balance was $419,336.69 and the closing balance was $427,074.54. This represents an increase from the opening balance of $7,737.85. As of the end of October, we had $38,724.40 in our operating checking account, and $388,350.14 in reserve accounts. (Note: The reserve accounts are one operating CD 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 three CDs with Royal Credit Union.) Moved, seconded, and voted to approve the Treasurer’s Report as corrected.

IV. Committee Reports:

1. Welcoming Committee:

   1. No new residents since the October board meeting.

   2. 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.

2. Recreation Committee: Margie St. Jacques who has served as Chairperson of the committee reported that she is resigning from that position. She reported that Kathy Lange has agreed to take over as Chairperson. The Board thanked Margie for her long-time faithful service on the committee and expressed their gratitude to Kathy for her willingness to chair the committee moving forward. The committee

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is planning a December Christmas dinner; date and details will be

forthcoming.

5. Management Report:

   1. Mike reported that Hugo Plumbing is willing to become our go to plumber.

   2. Mike also reported that a local handyman/custodian named Doug Copas is interested in doing small tasks for the Atrium as needed. It was moved, seconded, and voted to offer Mr. Copas the position of handyman/custodian at the Atrium. Mike will present the offer and negotiate terms with him. Mr. Copas will be an employee of Keller Properties.

6. Old Business:

   1. It was reported that Unit #118’s damaged door and door frame have

      been replaced.

   2. Discussion of the Reserve Study Report:

      1. As Mike noted in the October Board meeting, the largest anticipated cost in the next three years will be the replacement of the flat roof and skylight. The report projects that this work will most likely need to be done in 2026 and that our current reserve accounts will not be sufficient to cover the cost. The only two methods of building our reserve accounts to both cover the cost of the roof and skylights and to maintain enough in our reserve funds for any other repairs/replacements that might come up, is a combination of increases in the monthly HOA assessments and a special assessment of all Association members.

      2. Before we can come up with a reasonable projection of a per unit special assessment that will be needed, we need to get a detailed estimate of total costs if the work were to be done in 2025, 2026 or 2027. Mike is in contact with the contractor who consults with RCI, the company who conducted our reserve study, to get such an estimate of total costs to replace the roof. He is also reaching out to another contractor for an estimate of the total cost to replace the skylights.

      3. When these estimates have been received, the Board will be in a position to calculate how much of a per unit special assessment

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will be needed to get the work done and will communicate their

findings to all homeowners.

4. Special assessments need to be brought to all Association

   members for a vote to approve or not to approve. They require votes of approval from a majority of homeowners voting. (See Second Amended and Restated Declaration Section 6.6.3.)

5. The Board encourages all Association members to carefully read the Reserve Study Report so that you fully appreciate the Association’s reserve fund needs going forward and will be in a position to understand the Board’s recommendation regarding a special assessment for meeting those needs.

6. Anyone who needs a copy of the Reserve Study Report should contact Mike Severson at Keller Properties—651-777-0120.

VII. New Business:

1. Grocery Carts for the Garage: Bobbi French, who works at Kowalski’s,

   asked the store manager if he would be willing to donate a small black grocery cart to the Atrium. He graciously agreed to donate a cart and we now have three small black carts in the garage. A thank you letter was sent to the store manager.

2. 2024 Budget: Mike presented the 2024 proposed budget for the Atrium. After discussion, it was moved, seconded, and voted to approve the budget. It was noted that the budget calls for a 10% increase in the monthly HOA assessment which will bring the 2024 assessment to $438.00 per month. It was noted that by raising the monthly assessment by 10% we will be able to add $9,780 per month to our reserve funds compared to the $7,400 per month added to reserve funds in 2023. That will add $111,360 to our reserve funds in 2024. If anyone would like to see a copy of the 2024 budget, please contact Mike Severson at the above number.

3. Board Member Nominations:

   1. We will need to elect four Board members at the Annual

      Meeting—one person for a one-year term to replace a Board member who resigned this fall, and three for two-year terms to replace current Board members whose terms are expiring.

   2. In the Annual Meeting packet which you should receive during the week of November 13, you will find a form to nominate yourself to be a Board member. You will also have the

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opportunity to nominate someone else from the floor during the meeting. Voting will be done during the Annual Meeting and Board member terms will begin on January 1, 2024.

8. The meeting was adjourned at 8:02 p.m.

9. 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.

   Respectfully Submitted Hank French, Board Secretary

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