Hi,
Please email me back with approval to spend an extra $26,000 on the build. (Or not)
The directors have been asked to approve a payment for some extra work involved in achieving passivehaus compliance that was not detailed on the plans.
The main issue (with details and extra taping required around the inter-tenancy walls) has been costed at just over $26,000 to rectify, and the contractors have already done the majority of the work, including some extra labour they did not charge us for.
We are getting low on contingency. (approximately $100,000) We can afford to pay the $26,000 now, but if other things come up that are essential to do in future it makes it more likely we will need to find further funds, beyond the price for the units you have signed up for.
I would appreciate people's approval for us to pay the extra $1000 per unit for work that was mostly completed already. Technically the directors require approval of shareholders to spend amounts more than $20,000 over budget.
The directors have only just become aware of this situation because the contractors were not strictly following the process for variations. It has already been raised with the contractors, and directors will insist that future variations are done correctly, so we get to approve this type of work before it is done.
If anyone responds that they don't want to approve this yet, we will delay paying that part of the contractor's invoice, and we will discuss it at our next meeting. They are doing a great job overall other than this issue.
Thanks, Alex