December 2020 - Ucol-shareholders

Reminder - UCOL meeting tonight
by Donald Shand 03 Dec '20

03 Dec '20

Kia ora. It's possible some may not have received Sander's earlier notice of meeting. Agenda here just in case. Agenda - UCOL meeting *3 December 2020 7.30-9.30pm* at Numberworks, 90 Crawford St, Dunedin and via Zoom - Meeting ID: 9016 25 9016 Password 25 25 25 https://otago.zoom.us/j/9016259016?pwd=ZGZQRnM2L2tsai90eENKRExQUEtJQT09 *Chair and note-taker: * Sander and Donald *Present:* *Apologies: *Jess & James, Gay 7.30 Appreciations: 7.35 Report back: Working Bees (Saturday and Tuesday) Rainer and others 7.40 Sale of A2 – see report copied below Min and others 8.10 Timeline update and review various - Kitchen, mailbox, resource consent action, … 8.30 Home loans Maria, Sander - status of BC rules 8.40 Appliances update Sara 8.50 Cohousing agreement (see also Roz’s email) Warren *Open Forum (if time)* *Reports included: A2 Working Group* *A2 Working Group - 28/11/2020 Meeting Report* Present: Cathering, Donald, Sander, Min *Kiwibank Requirements for A2 Sale Process - From Catherine's Conversation with Stephen Edge* That DCC purchase not be cancelled until we have a binding commitment from another buyer, and certainty that the buyer can complete the sale *Goal: * *Get commitment of unconditional sale from a purchaser for A2, with settlement date earlier than, or on the same day settlement is completed for all other units. * *DCC contract to be cancelled only when A2 sale to 3rd party is binding.* *If sale fails, then Kiwibank wants DCC to complete the purchase.* *Further requirements for Sale of A2 to Third Party* Deposit of at least 20% of sale price paid in advance, upon acceptance of agreement, to be held in trust by lawyer. Note that 30% is the current LVR for major banks *Plan to achieve sale of A2 within required timeframe* *Deadline Treaty / Deadline Sale seems to be the best option for the following reasons:* We can handle the selling process & receive offer documents ourselves, without requiring a lawyer to act as a go between, as in a tender Clear deadline. *13th of January 2021* suggested, in order to complete sale before our 5th Feb 2021 UCOL settlement date. Allows some negotiation after buyers submit their deadline offer, which tender does not. *Get ready all the documents prospective buyers will need to make an offer. * Set up a Dropbox folder for this, with a link from UCOL website - Sander Get a draft S&P agreement ready for buyers. *Catherine* will go through the UCOL S&P, and extract all the schedules that will be relevant to sell A2 ready for the lawyer. Approach UCOL lawyer, Simon Milne, with legal team member to draw up the draft S&P -* Sander & Alex (Donald?)* Body Corp Rules, Child Protection Policy *(Min),* A2 Floor Plans, Agreement to Cohousing Covenant, List of Chattels (from Maria?) 3D Flythrough. Photos of outside Baileys & Nidds appraisals as an indication of price range. We should not need to state a price range beyond distributing these appraisals. Offer conditions. *Cover letter*. "Tell us about yourself & your family", " What would you bring to the neighbourhood". "What are your intentions for A2 should your application be successful". Offer cannot be withdrawn for 5 working days. *Inform the DCC of decision to sell A2 privately. Inform everyone on waiting list & people who have been to induction & expressed interest in purchasing A2* *Catherine* with inform DCC & discuss process for cancelling the DCC S&P Can *Anne* inform others who have expressed interest in buying? Everyone who wishes to put in an offer will get access to the documents in the Dropbox. Dissolve waiting list and return $5000 - *Anne?* *Another Induction Day - Thursday, 10th December. 7pm - 9pm. Centre for Sustainability* The working group recommends another induction day to be held for those who missed the last one. This will hopefully increase our pool of prospective buyers. We should invite offers at the induction *Sander* will book the Centre for Sustainability room if we agree to this 1. Wait for offers to come in and select one. 2. 5th Feb 2021. A2 Settlement Date *Proposed plan for receiving Deadline offers & Selecting successful purchaser.* *Aim: Make selection by "fit" first, without influence of offer price. Decision to be made by Saturday, 16th Jan 2021 at latest.* 1. 13th Jan Offer Deadline. Catherine’s partner, Jeffrey, has kindly agreed to receive all the offers for us. Any offers below our agreed minimum sale price will be filtered out. The cover letters of the remaining offers will be scanned and passed on to the group. 1. 14th Jan Thursday Meeting. The group will *discuss and shortlist* offers based on "best fit" only, without knowing the offer prices. We will make use of the cover letters for this. The Group may make use of the STV to make the short list. After the shortlist is agreed, the offer prices of only those short listed will be made known to the group. Any conditions attached to offers will be made known together with the price. We will make a final decision with this information. We hope to reach consensus on selecting an offer by the end of the meeting 1. 16th Jan, Saturday supplementary meeting. If more time is required to come to a decision, the Group will meet again on Saturday, 16th January. The Group may make use of the STV to help make a final decision. 1. Inform the successful buyer, and conduct any further negotiations required to finalise the sale. *Liaise with DCC to proceed with their S&P cancellation.* *Things the Group Needs to Decide & Minute* 1. Do we agree to sell A2 ourselves, instead of allowing the DCC to buy it? 2. What is the minimum sale price we will consider for A2? This minimum price is needed to filter out offers that are too low. DCC price is $675,000 without GST (it is a GST neutral transaction). Therefore real cost is $776,000 incl. GST. Suggested price range $730-$800 from Bayleys / Nidds. Would we go as low as $700(GST inclusive) for the right family? 1. The original brief for the A2 working group was to come up with a proposal for selling A2. We have completed the brief. Does the group wish for us to continue with anything further? *Kitchen* Roz Wilson via king.net.nz 3:17 PM (30 minutes ago) to UCOL Rainer has cced costs for f and p stove and extractor. We won’t be at the meeting tonight but, like rainer, think it would be good to progress this. With the usual shutdown soon we will be still discussing this in January. Main thing I guess is to be clear if we can afford it. apart from contingency we do have the offer of loans of about $25,000 specifically for the kitchen if we get stuck. My ‘survey’ about the idea of loans had responses from only half the units. Current price from SH $43k approx. plus installation plus delivery above their allowance Rainer’s price about $6k (incl or excl of gst???) for domestic range and suitable extractor. Excluding installation etc Maybe some variation if the range means changes to bench A container of benches came in early November tho we have no idea what is left or when the next container will come SH did ask a local supplier for prices to make the benches, local price was about $3k more than imports Have asked SH to find out about difference in price for wooden benchtops for island and servery. Yet to hear Have asked SH for price of domestic range, bench changes etc. Yet to hear. The group seems keen to buy new, custom design if possible. Few options for second hand and would be wrong sizes etc. NB SH still adamant we should avoid wooden benches at all costs. Reasons: wear (they won’t wear well if we turn from oven and dump pots on the top, they need oiling regularly, allergies and cultural food restrictions. Recommendations: We put this to a ‘vote’ and decide if we can move on. Decide exactly what we want. How? SH plan/quote based on layout from a few years back. From dropbox. If we can afford it we finalise the domestic cooker/bench sizes/benchtops. Then to BCG to order? We would need to be able to be certain we could pay at least a deposit. Regds roz.

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more kitchen update
by Roz Wilson 03 Dec '20

03 Dec '20

Rainer has cced costs for f and p stove and extractor. We won't be at the meeting tonight but, like rainer, think it would be good to progress this. With the usual shutdown soon we will be still discussing this in January. Main thing I guess is to be clear if we can afford it. apart from contingency we do have the offer of loans of about $25,000 specifically for the kitchen if we get stuck. My 'survey' about the idea of loans had responses from only half the units. * Current price from SH $43k approx. plus installation plus delivery above their allowance * Rainer's price about $6k (incl or excl of gst???) for domestic range and suitable extractor. Excluding installation etc * Maybe some variation if the range means changes to bench * A container of benches came in early November tho we have no idea what is left or when the next container will come * SH did ask a local supplier for prices to make the benches, local price was about $3k more than imports * Have asked SH to find out about difference in price for wooden benchtops for island and servery. Yet to hear * Have asked SH for price of domestic range, bench changes etc. Yet to hear. * The group seems keen to buy new, custom design if possible. Few options for second hand and would be wrong sizes etc. NB SH still adamant we should avoid wooden benches at all costs. Reasons: wear (they won't wear well if we turn from oven and dump pots on the top, they need oiling regularly, allergies and cultural food restrictions. Recommendations: * We put this to a 'vote' and decide if we can move on. * Decide exactly what we want. How? SH plan/quote based on layout from a few years back. From dropbox. * If we can afford it we finalise the domestic cooker/bench sizes/benchtops. Then to BCG to order? * We would need to be able to be certain we could pay at least a deposit. Regds roz

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Private Variation CLAIM 02
by High St Cohousing 02 Dec '20

02 Dec '20

Hi all, We have received the second PRIVATE VARIATION CLAIM claim form SW. For all of you that have been included in the* WOOL carpet upgrade variation* please get ready to transfer your portion to the social account. The claim also includes a portion of the *paint variation* (money is already in the Social account). And claim for v*ariation 15 for changes to the M1 Kitchen unit *(Sara). I will follow with exact amounts over the weekend. Thanks, Maria -- *Maria Callau* *TOIORA* High Street Cohousing UCOL Member and Project Coordinator 0211847490

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should this be included in the cohousing agreement?
by Roz Wilson 02 Dec '20

02 Dec '20

Once before this was discussed and understood it had been earlier but was in the too hard basket. If it is going to be sorted maybe it should be done for the cohousing agreement? We are all paying lump sums (as part of our unit price) for a share and use of the common land, building and facilities. Plus we will be paying part of our body corporate fees for their repair and upkeep. We have been discussing how non unit owners should be allowed to share. If a supporter wants to come to a common meal now and then it sounds easy, they should pay the same as everyone else. but what if they want to participate in 'village' life and regularly share everything? Regds roz and michael

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UCOL meeting Thursday 3 December 2020
by Sander Zwanenburg 02 Dec '20

02 Dec '20

Kia ora koutou katoa, This Thursday we'll meet at 7:30pm in NumberWorks and on zoom. So far we have on the agenda: * Working bee reports (Saturday and Tuesday) * A2 sale (with a written report to come; Min Catherine Donald Sander) * Timeline update / review * E.g. kitchen, mailbox, resource consent action * Cohousing agreement (Warren) If you have reports, agenda items, or apologies, please send them to me and Donald before Thursday noon. A reminder: working bee tonight at 6pm to shift things out of the common house. Tim/Rainer to be there and organise access. Regards Sander

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From: Sander and Donald Re: UCOL Meeting Thursday 3rd December
by Miriam Frances 02 Dec '20

02 Dec '20

Kia ora koutou katoa, This Thursday we'll meet at 7.30pm in NumberWorks and on zoom. So far we have on the agenda: . Working bee reports (Saturday and Tuesday) . A2 sale (with written report to come; Min, Catherine, Donald and Sander) . Timeline update/review e.g. kitchen, mailbox, resource consent action . Cohousing Agreement (Warren) If you have reports, agenda items or apologies, please send them to Sander or Miriam (Donald's systems are down) before Thursday noon Regards Sander and Donald

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Fwd: Timing of Toiora Cohousing units settlement
by Alex King 01 Dec '20

01 Dec '20

Here is the response from our lawyer to the questions I sent. You don't necessarily need to read it all, but here are some of the key points: * If all goes well with the build we may be able to settle in early February, but it depends on everyone's lawyers (and banks if you are getting a mortgate) to work in with the timing. * If your solicitor or bank has been asking for the S&P agreement signed by UCOL, please get them to ask MacMillan directly for this. * Simon is advising against use of the units before settlement. This is something we may need to meet with him to discuss. -------- Forwarded Message -------- Subject: RE: Timing of Toiora Cohousing units settlement Date: Mon, 30 Nov 2020 01:16:01 +0000 From: Simon Milne <simon(a)mcmillanco.nz> To: Alex King <alex(a)king.net.nz> CC: UCOL Directors <ucol-directors(a)list.king.net.nz> Hi Alex, Thank you for your email below and plaese see my comments in blue below. Thanks Regards Simon Simon Milne PARTNER AND NOTARY PUBLIC McMillan&Co. LAWYERS ˑ MEDIATORS ˑ NOTARY PUBLIC Level 5, Forsyth Barr House, 165 Stuart Street, The Octagon , Dunedin 9016; PO Box 5547, Dunedin 9054 P *+64 3 477 2238* <tel:+64%203%20477%202238> | M *021 729324* <tel:021%20729324> | F *+64 3 474 5588* <fax:+64%203%20474%205588> | *simon(a)mcmillanco.nz* <mailto:simon@mcmillanco.nz> | *www.mcmillanco.nz* <http://www.mcmillanco.nz/> Disclaimer: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, please respect this and notify the sender immediately by telephone. Please also destroy this email. Thank you. CHRISTMAS HOURS McMillan&Co. will be closed for the Christmas period from Midday, Wednesday, 23 December 2020, with normal office hours resuming Monday, 18 January 2021. *From:*Alex King <alex(a)king.net.nz> *Sent:* Monday, 23 November 2020 11:21 AM *To:* Simon Milne <simon(a)mcmillanco.nz> *Cc:* UCOL Directors <ucol-directors(a)list.king.net.nz> *Subject:* Timing of Toiora Cohousing units settlement Dear Simon, I am writing to give you an idea of some of our current thinking regarding the project. I ask a few questions in my text below. Hopefully they are straightforward, but let us know if they are complex and a meeting would be a more efficient? Timing of settlement Our S&P agreements (clause 23 in further terms) state settlement will take place on the 10th working day after the later of notice of title and code of compliance are issued. But this may be varied by agreement. Contractually, the builders have until late February to complete the project, but indications from the build are that the work will be largely finished prior to Christmas. Should building be successfully completed then and Code of Compliance be issued without problems, we would like to be in a position to settle according to the following programme: * Buildings complete on 24th December. * Apply for Code of Compliance by 4th January * Draft a S&P amendment for a Friday, 5th February settlement date on 20th January * Confirm CoC and title are issued/available on 3rd of February * Settlement 5th February. Our project manager assures us that the documentation required for code compliance is relatively straightforward. We plan to have a followup meeting with our planner to refresh our understanding of our resource consent conditions, in case anything remains that may hold up subdivision approval. (We are meeting onsite at midday 25th November). We also plan to check with the surveyor to check progress on the subdivision. Assuming a successful build completion by December 24th and Code of compliance issued by 3rd February, is this a realistic timetable to enable issue of title and a 5th of February settlement? Yes this timetable is possibly realistic but it obviously depends upon timing of a number of different factors as you have noted above. Therefore at this stage we cannot give any guarantees around the timeframes you are suggesting. The reason for having a 10 day settlement timeframe after issue of the CCC and the Titles is to enable purchasers through their solicitors time to organise themselves for settlement which will usually also require obtaining loan documents from their bank etc. Some purchasers may be able to settle earlier than the 10 working day timeframe others may require all of that time. My suggestion is that once we are in a position to be able to give the 10 working day notice of settlement we then invite any purchasers via their solicitors to settle earlier if they are in a position to do so. Purchasers' issues raising mortgages Some of our purchasers' banks have raised the following points when approached for mortgages: * Title doesn't exist... we are assuring them it is well underway and title will be issued before the mortgage is required. Yes correct – as noted above once Titles issue that will enable purchasers to then provide their bank with a copy of the new Title and will enable their bank to issue loan instructions. All banks are aware of this process when it is a development/subdivision where new titles are to issue. * One bank (at least) is concerned about ongoing liability under shareholders' guarantee of the construction loan. It may be that we require some kind of release from this agreement at settlement, we will keep talking to the banks about this. Yes we would envisage that this guarantee could be released on settlement which is when the Kiwibank loan will be repaid ( from the sale proceeds of all 24 Units). * Purchasers' solicitors have noted they don't have copies of the S&P agreement signed by the vendor. Could you please arrange for these to be forwarded (this would be normal practice I expect?) Please note that most if not all of the purchasers solicitors should already be holding a signed copy of the Agreement. We have had a request from one solicitor for a copy of the signed Agreement which we have provided and if any other purchasers solicitors request a copy we can easily provide that. Use of development prior to settlement The directors and group are keen to allow prospective purchasers to use their units after building completion but prior to settlement for the following purposes: * Storage of household items * (for some people) renting/living in the units, and particularly if settlement is delayed beyond 8th February. We would require a legal agreement, perhaps a standard residential tenancy agreement, to set out expectations and particularly liability for damage. We would want the purchaser to agree that any damage occurring to the property as a result of the tenancy would not be a reason not to settle, and also if the purchaser fails to settle, they would be liable to fix any such damage. We don't need this drafted yet, but would instruct you next year should it be needed. We would also communicate with Kiwibank who have an interest in our property before letting it. I would not recommend allowing purchasers occupation prior to settlement being completed as this can be problematic. It can cause issues around insurance, will likely be an issue for Kiwibank, could be an issue for contractors who may need access to complete last minute works in order for the CCC to issue. If any purchaser was desperately requiring to move in or store items prior to settlement then yes this could be dealt with by way of a temporary residential tenancy but I would not recommend that as an option available to purchasers. It would be far cleaner if settlement ( and possession) is given on the settlement date which is when settlement funds are received. Insurance and timing of commencement of Body Corporate We require insurance from the date of building completion, when the building insurance lapses. Our broker indicates the insurance company will cover us from that date under the same policy that the body corporate will have once we move in. Yes correct and noted. Assuming the timeline above, what is the likely date of the deposit of plan under section 17 of the unit titles act, when the body corporate will come into existence? Is that likely before or after completion of the build? The plan will deposit prior to completion of the build. It will be a matter of you liaising with the builders and your insurer as to exactly when your insurance needs to be put into place and the building insurance lapses. If the body corporate is not formed before completion of the build, the company (UCOL) will take up the insurance in the first instance and transfer it to the body corporate at a later date. Yes correct and noted. Thank you for your consideration. Yours sincerely, Alex King, Director, UCOL

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Fwd: Common House Items - left over to Trademe or a Good house.
by Juan Puricelli 01 Dec '20

01 Dec '20

Hi all (note that I would have send this to Chat list but I couldn't make it work) Excellent day yesterday although daunting as normally it is with getting rid/store Old things , but again another big tick for all of us. We managed to store a lot of things, so good on us!! I mentioned yesterday while we were storing / dumping stuff that I was going to share photos of things I will put on trademe just in case anyone wants it. 1- OLD ( apparently some will be or are discontinued) LIGHTING from the school & the exit sign 2- HOOKS/COAT HANGERS on a long piece of wood. there are 3-4 of these but the idea is to remove all hooks and keep them in case we need them later. Timber can be claimed for individuals if they are keen to use them. NOTE: we have already stored and kept 6-8 1m (+/-) long pieces with hooks for the common area. 3- Also there is some good timer from the old steps that I will try to keep it in my garage until we move to the cohousing, unless people say we don't want this. Contact me this week to arrange or otherwise it goes somewhere else (e.g trademe ) . Regards, Juan Puricelli Director cel. +64 (022) 6585021 ________________________________________ SUR ARCHITECTURE www.sur-architecture.com

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FYI
by High Street Cohousing 01 Dec '20

01 Dec '20

Notd on recent communication from our lawyers: *CHRISTMAS HOURS * McMillan&Co. will be closed for the Christmas period from *Midday, Wednesday, 23 December 2020*, with normal office hours resuming *Monday, 18 January 2021*.

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Toiora Agreement - delay
by Warren Hurley 01 Dec '20

01 Dec '20

Hi everyone, An important meeting has turned up for me on Thursday evening which means that I can't make it to our regular meeting, Can we please delay Toiora Agreement discussions for one week? TIA Warren

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Ucol-shareholders December 2020