There being 7 SC members and 4 PT members this was quite a big meeting. In the days before concerns were expressed that we take care to follow the letter of the Strata Act in this major piece of decision-making.
Following an initial summary of the scope of the project and the financing options, questions and concerns were raised and one by one dealt with so that a sense grew that this was an opportunity that the Strata should grasp, especially in view of the $48,000 (or 40%) support that has been secured. The actual operation of the Network was less of a concern and questions about it were relatively easily addressed. The more difficult issue was the method of financing. Following extensive discussion, the Team and the Committee agreed that this should be done by drawing on the Capital Works Fund plus a one year owners’ levy (four quarters at an average $320 per quarter) which would subsequently be reimbursed from the profits generated by the Network over its first five years of operation.
Although the CWF has built up to $100K+ at this point, the Committee had agreed to use $80K of this in 2019 to repair and seal brickwork and paint all timber features. The challenge was to pursue a both/and solution rather than either/or and the levy was the way to do this. Alex had worked diligently to demonstrate how we could manage the short-term cashflow. That confidence enabled the Strata Committee to vote unanimously to recommend to the Owners that the project be supported and financed by a levy with both proposals put to an Extraordinary General Meeting at 6 pm on Tuesday 18 December in Unit 3. The meeting ended on a very positive note.
Between them Alex and Neil then created and despatched the agreed Notice of Special General Meeting with its agenda and the Notice of Motions resolving to establish a Solar Energy Embedded Network and the means of financing it by increased levy for the Capital Works Fund. The next day the Strata Manager mailed these including Proxy Forms and a detailed descriptive document to all Owners thereby fulfilling the requirements under the Strata Act.