It is hard to believe that summer is almost over and that fall is fast approaching. With the lazy days of summer behind us, and back to school days are foremost in a lot of households, it seems like a good time to provide members with an update on the status of our Home Owner Association (HOA).
At the Annual General Meeting held in March 2017 a motion was tabled to dissolve the HOA. To allow the members to make an informed decision on this matter the newly elected Board committed to investigate what this would entail, the process the HOA would be required to follow, and most importantly the benefits and consequences of this decision. We agreed to gather the facts and share them with the WHOA members.
Legal counsel was engaged and the following is a brief summary of the steps required:
- A meeting would need to be called specifically to address the motion to dissolve. All WRHOA members, approximately 1800 members, would be invited;
- In order to vote each member must be in good standing, that is all HOA dues paid in full.
- In order to put the matter to a vote a minimum of 75 % of the WRHO membership would need to be in attendance at this meeting, approximately 1350 members or greater;
- The motion to dissolve the WRHOA would be presented; and
- To pass the motion 75 % of the WHROA must vote in favour of the matter, approximately 1350 members.
Should the majority vote be in favour of dissolution the following would then be required:
- All WRHOA households (approximately 1800) and each respective party and mortgage company would need to be served legal papers to have encumbrances removed from the title;
- Management for the WHROA would need to be engaged to oversee affairs for 6 years after dissolution; and
- All associated costs, estimated at between 500 thousand to a million dollars, would be the responsibility of the WRHOA, with any balance of funds to be donated to charity at the end of the 6 year period.
The Board has reviewed, and carefully considered this information. Given that we are already more than half way through the year, the necessary logistics involved, as well as the additional administrative costs required to call an all member meeting prior to year end, we have concluded it would be in best interest of all the members to further discuss and address this issue at the next annual meeting scheduled for March 2018.
We look forward to seeing you at that meeting and in the interim remain committed to keeping you informed on the progress we have made on other areas within the WRHOA responsibility.
Please check our website for regular updates.