OWNERS - PLEASE SAVE THE DATE
Click here for MEETING NOTICE
You should have received your official meeting notice via email and/or mail on or after November 16.
The meeting will be virtual. See your meeting notice for attendance details.
Voting will be by written ballot (electronic or paper) BEFORE the meeting.
Click here for NOTICE OF WRITTEN BALLOT
Please be on the lookout for an email sent this week containing the link to the electronic written ballot and supporting material for the election. The email sender FROM address is: Westpark Condominiums Homeowners Association Inc <invitations@mail.electionbuddy.com>. If we have your mobile phone number, you may also receive a text message from 18772258712 with a link to the electronic written ballot.
If you desire to cast your vote using a paper ballot rather than electronic ballot, please contact Board member Dan Christoff at (919) 523-7005, or Deanna Zolfo at (919)815-4755, or email: board@westparkhoa.org.
Please note that you must vote BEFORE the meeting. Your vote must be received no later than 5 p.m. on Wednesday, December 16, 2020.
Check back here for updated meeting materials.
Please review this and the linked pages in preparation for our 2020 Substitute Annual and Special Meeting. This meeting will include votes for several special agenda items including a necessary significant increase in Annual Assessments and some amendments to our Bylaws. Both are related to funding for our capital reserves to allow us to begin necessary major repair projects (including critical safety issues).
Due to the COVID-19 State of Emergency, and pursuant to NC Executive Order #136 and it’s extensions (including Executive Order #161), the Association Board of Directors (“Board”) has determined that this meeting will be conducted by means of remote communication (virtual meeting) and actions (votes) will be taken by written ballot. You will receive the official meeting notice with details soon.
At the end of this information you will have the opportunity to complete a pre-meeting survey. The survey will offer you the opportunity to express your opinions and ask questions. Please complete the survey so that we can determine what additional information you may need to make an informed decision on the votes for the upcoming Special Agenda Items. You may also be contacted by a Board member to discuss
Please keep in mind that in a condominium association you are a full owner of your particular unit(s), AND you are a part owner of all the buildings and land in Westpark ("Condominium Common Property"). As a group of owners we are ALL responsible for funding the operation of the Association, including all repairs and improvements for the Condominium Common Property.
Here are the documents that define our legal responsibilities as a group of owners (the members of this Association).
Declaration of Condominium (Book 003504 Page 00457)
services.wakegov.com/booksweb/PDFView.aspx?DocID=487309&RecordDate=06/26/1985 (PDF)
services.wakegov.com/booksweb/DocView.aspx?DocID=487309&RecordDate=06/26/1985 (Image viewer)
Articles of Incorporation and Bylaws (Book 003504 Page 00487)
services.wakegov.com/booksweb/PDFView.aspx?DocID=933689&RecordDate=06/26/1985 (PDF)
services.wakegov.com/booksweb/DocView.aspx?DocID=933689&RecordDate=06/26/1985 (Image viewer)
Chapter 47A - Unit Ownership Act
www.ncleg.gov/Laws/GeneralStatuteSections/Chapter47A
Chapter 47C - North Carolina Condominium Act
www.ncleg.gov/Laws/GeneralStatuteSections/Chapter47C
Chapter 55A - North Carolina Nonprofit Corporation Act
www.ncleg.gov/Laws/GeneralStatuteSections/Chapter55A
As a condominium association, we should not try to fund major periodic expenses like roof replacement, paving, etc. on an as needed basis. Some of you from your experience here or with other homeowner associations may recall “special assessments” being levied for roof replacements and the like. This is like being asked to pay in advance for using something over time.
Let's take the example of roof replacement. Our roofs are likely the highest priority maintenance item we have in order to protect our investments in our units. Roofing shingles generally last for 20 years or so. The way our condominium association is structured, as soon as a roof replacement occurs, we should immediately begin collecting reserve fund contributions for the next replacement over the next 20 years. This allows funding to already be available in reserves when the next roof replacement is required. This is not only more financially responsible, but is far more fair to all owners. For instance, if you became an owner 2 years ago and are asked to pay a “special assessment” for roof replacement this year, and let’s say you sell in 2 years, you have “used” the roof for only 4 years, but have paid for 20 years of use.
We had a Professional Engineering firm do a reserve study back in 2018. The reserve study looked at the long term financial responsibilities of our Association for major necessary repairs and improvements. The study concluded that our current annual assessment level can not fund necessary major repairs and improvements without significant assessment increases.
Below is a link to the Reserve Study.
We used most aspects of this study along with some quotes we solicited from vendors to form the basis for a 10 year budget projection. That projection estimates that we need to collect and spend an ADDITIONAL (meaning over and above normal operating expenses) approximately $550,000 over the next 10 years for major repairs and improvements. Please also note that this amount includes only $25,000 for landscape and lighting improvement projects. And under some funding scenarios, those would likely not be possible until 2029 (and we could certainly use and benefit from them much sooner).
We have a number of critical current needs related to safety. These include malfunctioning and failing windows in many units, and decks which may have structural issues and/or whose surface boards are failing or have become very slippery due to lack of routine maintenance.
Among our intermediate term needs are pavement resurfacing, sidewalk repairs, vinyl trim repairs, new roofs in 2028, and landscaping improvements.
In a nutshell, past years annual assessments have not been increased enough to build our reserve fund to an adequate level. Since 2004 there have been 4 years where the annual assessment was not increased at all (0%), not even by the bare minimum Consumer Price Increase (CPI) allowance. There were 3 years where the increase was not to the maximum allowed CPI allowance. And there were 2 years where the annual assessments were actually reduced, one of those reductions was over 16 percent. These decisions may have seemed reasonable, and favorable to owners at the time. However, collectively and over time they have had a significant negative impact on the Association's financial position. If the annual assessments since 2004 had been increased each year only according to the available CPI increase allowance (which averaged only 2% per year over that period), the Association would have collected an additional $180,000 in income. To put this in perspective, if these minimal (about 2% annually) increases had been allowed to take place, the additional $180,000 would have been enough to fully fund the critical current needs mentioned above. Thus, we would either not be having this conversation, or having a very different one because we would be discussing a much smaller annual assessment increase.
Below is a graph that illustrates this history.
So these past actions are now requiring us to play catch up. Make no mistake, if we do not address these financial needs we will not be able to make necessary repairs or even replace the roofs when when they are due to be replaced in 2028.
In order to fund necessary major repairs and our operating budget over the next 10 years we will need to raise the annual assessment very significantly for 2021. The amount of this increase will determine several things, including how fast we can complete current critical major repairs, and the level of annual assessments that will be required for years 2022-2030.
For more information on some of the different funding options being considered, please refer to this link,
10 Year Budget Forecast Options.