in our prop lease (coop) it states, "as long as the sponsor owns any shares, the apt corp. may not impose on shareholders any assessment whatsoever except by vote of 100% of issued shares unless the reserve fund is under $15k or irrevocably committed to other improvements."
1) OK so does this mean that assessments to "meet operational expenses" that are imposed without such a vote of shareholders are illegal? our board has been imposing assessments for years for various purposes - without such a vote.
2) we have always had about 250k inthe reserve fund.
I have been told that every time there is a mntnc increase in a coop, your property value goes down slightly ( because your appeal to potential buyers decreases). A friend in a similar coop stated that , when they have (for example) an operational budget shortage for a given year, they do a temporary assessment to fill the gap instead of imposing a permanent mntnce increase. This seems like a very good strategy. comments?
Our building had a hardwired system installed, then we switched over to a wireless system only to uncover a huge number of technical difficulties (configuration/administration) and requirements (dedicated electrical, authentication, etc.). We called in a smart home company to assist us with the final tweaking but it costs us more than we anticipated. Are you storing to a computer hard disk? Are you accessing via the web or an internal network? Do you have a dedicated mechanical room or closet to securely store the equipment? If possible you should use IP style cameras, not wireless cameras.
I was recently elected to the role of President for our 100 unit co-op in Kew Gardens. In an effort to do things different than the previous prez, I'd like to enlist the services of a consultant to help make our board more effecient in handling issues; thereby making our shareholders happier through expanded communications, customer service, mgmt. comp. liasons, and new amenities.
Does a company like this exist, or do I have to do this in a piecemeal fashion by way of research, trial and error?
Hi BW - The site in question went down due to a major server problem. At the time, about 25 of our sites went down. It has been back up since then. Sorry for the confusion.
Some of our units have a chronic mouse problem. It turns out that with the change of management we have not had an exterminator in almost a year. And the mice are back. While the Board is going to have each unit detailed for mice, and then shareholders must adhere to the monthly schedule, some of the units have huge holes behind the dishwashers that the exterminators say they "do not fill." They suggested getting a contractor to take out dishwashers and close the holes in the walls that were left from the original renovation the sponsor did in 1987. Are individual shareholders in a co-op responsible for this sort of repair work hidden wall areas? There is no way to tell what else lurks behind the kitchen cabinetry, backspashes etc.
Would appreciate knowing how other co-ops handle the repair of walls and filling in holes to prevent mice from getting in.
two questions. we have "directo" voting (below) and nothing in our prop lease about how a person can get their name on to the election ballot to be a board member (director): 1) how can a person put themselves up for election on the rinted proxy that comes a few weeks before the election?
With direct voting each shareholder is permitted to vote his total number of shares for each open seat on the board. A shareholder with 1,000 shares in the co-op would be able to cast 1,000 shares for each open position.
Has anyone ever replaced aluminum windows with vinyl ones? Are Crystal Windows good ones? We have gotten estimates on Pella replacements and now getting some other quotes. Crystal was not 25% less than Pella but we are weighing if it is wise to go with a none national brand name. Any thoughts? Thanks,
that is an invasion of privacy - and this is illegal. They can merely ask the name of the roomate. nothing else at all. period.
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