December 22, 2014
Maintenance Fee Increase. At the special Board meeting on Friday, 12/19/14, the Board of Directors approved the budget for 2015. In order to fund the replacement of our emergency fire panels, the budget includes a maintenance fee increase, effective February 1, 2015, from $400 to $460 a month.
This is a significant increase that is driven by several factors: the recent building spall repair project went over-budget; the fire emergency panels apparently can’t be routinely repaired and must be replaced; we are required by Hawai‘i Revised Statutes to maintain a 20-year fully-funded reserve plan.
2015 Annual Meeting. The 2015 Annual Meeting of the Association is scheduled for Friday, February 27, at the Hilton Waikiki Beach Hotel, with sign in starting at 6:30pm. The Hilton Waikiki Beach is directly across Ohua Avenue from the Banyan.
We must have a quorum to have an Annual Meeting; if we do not have sufficient proxies to constitute a quorum for the scheduled 2/27/15 meeting, then we will have to adjourn the meeting and reconvene at a later date, thereby incurring additional expenses. Please return your proxy to us as soon as you can.
Drain Line Replacement. We are nearing completion of the Tower 2 03-stack and work is proceeding on schedule. Barring any major unforeseen events, we expect to start work on the Tower 1 04-stack of units on January 8, with prep work in 604-1 and 704-1. We project the entire 04-1 stack will take us through April.
As has been the case on the 03-2 stack, we will inform owners if Maintenance discovers any problems with a unit’s drain lines or toilet flanges. Actual drain line replacement and necessary water shut offs will continue to be on Tuesdays.