- Ucol-shareholders - list.king.net.nz

Time to wind up the company
by Alex King 20 Sep '21

20 Sep '21

Dear neighbours, it's time to wind up the UCOL company. This email is about bringing the development to a finish and repaying the surplus funds to the shareholders as we previously agreed. Including money that is due to be paid to me as a shareholder, which I could do with sooner rather than later. I and 8 others started the company in 2013 to buy the land, and develop a cohousing development on the land. That has now been done successfully, albeit it took a little longer than we initially planned. We signed the UCOL agreement on the 3rd of July 2018, and the task was complete once we received our code compliance certificate, which happened (IIRC) on 31st May, 2021. The only task remaining for the company is to settle any outstanding bills and any unfinished work in relation to the construction of the units. The bulk of the outstanding work was minuted on the 3rd of June (https://minutes.king.net.nz/2021/ucol-minutes-2021-06-03/): *Minute: This meeting asks the Directors to write to all purchasers to state that UCOL undertakes to finish the site works, which remain unfinished on settlement day, at the earliest opportunity and in any case within 6 months of settlement. Specifically, we agree to finish* * *The fences between units in the back yards and on the boundary between private and shared areas around the common green as shown on the plans.* * *Pergolas in the back yards of A and H units as shown on the plans.* * *The earthworks outside M3 as that was priced by Halls recently.* * *A pergola in similar construction and size as the A and H unit ones outside M1 and M3* * *The boundary fence between M3 and Montpellier Street.* * *The High Street steps outside C1/C2* (I note we settled in June, so 6 months from settlement will be in December.) The work on the houses and most of the common house were done by the contractor, which is why the bulk of the outstanding work was landscaping. The three items not mentioned in the minute were the commonhouse kitchen, bike shed and the heritage fence. Of the outstanding work: * The fences between units are complete. * The Pergolas for A and H units are complete. * The works and fencing outside the M units (Gay, Sara and Roz and Mike's units) are progressing slowly or stalled (we decided not to have pergolas there). * The C1/C2 steps have a temporary solution, and the final solution is stalled on the heritage fence work. * The commonhouse kitchen is progressing well and on track to be finished by November. * The Bike shed is progressing slowly * The heritage fence is stalled because of contractor delays. There are costs to keeping the company running. We just paid a a $3000+GST bill for company insurance, for example. We pay $750 per month in accounting fees. Winding up the company will allow us to stop incurring these costs. But the main reason I want to do this is to bring this initial development phase to a timely close. I propose we set November 30th as the last day for completion of remaining work. We can then settle final bills in December, and wind up the company by the end of the year. Once the company is would up, the bulk of our profit of about $200,000 would be distributed as we agreed in sections 20 and 22 of the UCOL agreement. In short, it will be paid to shareholders pro-rata as interest payments on the loans to the company. We agreed repayment would be on the basis of lending to the company rather than shareholdings because loans by shareholders was the principal source of funding and risk aside from the development loan. As we have talked about, this doesn't include any payments to outside lenders who lent us money but aren't shareholders. I'm happy personally if these external lenders are paid out interest on the same basis as shareholders. Which would require the agreement of everyone. When I committed to this cohousing project in 2013, I invested all my assets in the project at no interest. I'm really happy with the resulting development which we are all enjoying. I'm happy that we agreed in 2018 that any surplus funds would be repaid to shareholders in recognition of the loans shareholders made. However I draw the line at continuing to fund further developments at Toiora out of that money. That money does not belong to Toiora. It's time now to close the company and repay the shareholders. Once the shareholders have been repaid, I'm sure the body corporate would welcome shareholders to re-donate those back to the development fund, if they choose to. Thanks, Alex

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Tenants Moving into Unit 20 tomorrow
by Dennis Chan 31 Aug '21

31 Aug '21

Hi everyone! It has taken a while to confirm due to the Level 4 lockdown, but many of you have probably already heard that I will be getting tenants into Unit 20. John and Hedvig will be moving in with their two daughters Maj and Alda. They have come from Sweden and will be spending 12 months in Dunedin for Hedvig's work at the hospital. The family come with lots of experience living in cohousing communities in Sweden, and I am sure they will be a wonderful addition to the community. The official tenancy starts tomorrow, Wednesday 1st September 2021. So there will be quite a bit of activity around the unit. The property managers will be about in the morning, and they will be handing over the keys to Hedvig and John in the early afternoon, as allowed under the Level 3 conditions. As tempting as it might be to help the new family out with the move and welcome them in person, I have been asked by the property managers to remind everyone to ensure there is sufficient social distancing for now. I have included both Hedvig and John in this email, and they have allowed me to share their details below. I would appreciate if everyone would be able help to welcome them to Toiora in COVID-safe ways and add them to the relevant email groups as well: John Olander 0212268337 john.olander84(a)gmail.com Hedvig Olander 02109137657 hedvig.emelie.olander(a)gmail.com Thanks! Kind regards, Dennis

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Comman house door codes
by Ngaire Tigeir 29 Aug '21

29 Aug '21

Kia ora koutou If you'd like a code for the comman house door, please make up a 5 digit number and email that to myself or Alex. We will set these up today. Ngā mihi Ngaire

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From Janet
by Jessica Shields 27 Aug '21

27 Aug '21

Kia ora koutou, Janet asked me to pass the following message on: ------------------------------- To Ucol Shareholders I’d like to thank you all for your kind welcomes. I am so pleased to be here - particularly in view of the circumstances we find ourselves in again. At the moment my tech connections (lack of)prevent me from joining in but after lockdown is over I will make a big effort to address my incompetence so I can be more useful. Thank you all - it is a great place to be! Janet Yiakmis -------------------------------- We're so happy to have you Janet!

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Draft meeting notes
by Anna 27 Aug '21

27 Aug '21

Morning all Here are the draft notes from last night’s Zoom meeting. Let me know of any changes needed. Anna

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Outreach Group Meeting Notes
by Jessica Shields 26 Aug '21

26 Aug '21

Kia ora koutou, Please find attached -meeting notes from last week's outreach group meeting -the suggested letter of gratitude to the tradies -the suggested joining in process, and memo to unit owners/agents documents We will be bringing the letter, the joining in process and memo documents to this week's meeting for discussion. Jess

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Agenda for tonight's meeting
by Anna 26 Aug '21

26 Aug '21

Morena everyone Here’s the final agenda and one further pre-reading document, from Gay about the proposed workshop. Anna

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apology for tonight meeting
by Rainer Beneke 26 Aug '21

26 Aug '21

I will not be attending tonight’s meeting. I have no news to report. I find these meetings at the moment unbearable, worst are the big silences. Recent developments at Toiora have saddened me greatly. Sincerely Rainer Please call me if you need an urgent reply. Rainer Beneke +64 21 144 7700 rainer.ucol(a)gmail.com

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Card for the 3rd time!
by Anthony Doesburg 26 Aug '21

26 Aug '21

Sorry All, The last attempt was the wrong file—try this one. Anthony

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Thank-you card
by Anthony Doesburg 26 Aug '21

26 Aug '21

Hi Everyone, Before we meet tonight, please take a look at the attached pdf. This is what the outreachers, inspired by Rainer and Maria with input from Catherine and Anne, are proposing to have printed on a postcard for mailing to those people we want to thank for working on the project. The total cost of printing and postage will be about $100 for 40 cards. Sending them out will require a person or persons unknown to address envelopes, stick on stamps and post them. Thanks, Anthony

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