Hi All,
We had a site visit/meeting with Stephen Edge today. Stefan Box was also there. We talked about all aspects of the building/process.
It was a good meeting, here is a summary. He was interested in the following:
*- Our relation with the builders. * I mentioned our relation with the builders and that we felt there was good communication and clarified our process of Site meetings and PCG meetings and group meetings.
*- Progress on site* Overall we discuss all aspects of the build. He was happy with what he saw. Some units are close to completion, others are underway, etc. We talked about the units, the site works, laundry, landscape, driveway, retaining walls, balustrades, street angle parking, heritage fence, etc.
*- Timeline update* I had to say something! So I did, I said that it is likely that the building will finish by the end of february considering the extension of time requested for the paint. Our current loan with Kiwibank is about to expire so we will need an extension. We agreed on extending it to the end of february 2020.
*- Money * He wanted to have an update on current loans to work on projected drawdown until February. He wants to see an updated spreadsheet for loans: which shareholders have put in more money as loans to UCOL? Are we expecting more loans to come in in the coming weeks months?
*- DCC Resource Consent requirements* He wanted to know if we had all in place to comply with our Resource Consent Requirements. In particular related to the heritage fence and site works. We dont want to get to the end and find that we have missed something... I mentioned that Code of compliance usually takes 4 weeks but we are having conversations with the DCC to potentially speed this step.
*- Highlights of potential areas that might cause delays* Any variation related to site work, which we dont expect but must address asap if it happens. He asked about our intentions of finalising the common house and he was aware and understood that the kitchen was not part of the deal and was only possible if some contingency was left which we will assess at the end of the year. I mentioned that plumbing and electricity are all in place for the common kitchen.
*- If Ucol shareholders were happy with their units* Hopefully I am right, I said we were all very happy.
*- If we are still getting along as a group* Yes, very much so, meeting and progressing. And we are all very much ready to move. He asked if we are all ready to settle or if there is anything he needs to know. I didn't mention about the people that will not be moving in as I understand they will settle and either sell or rent later. I mentioned about the few shareholders that have sold their houses in the past months and the two that are currently on the market. I also said that most people will not need a home loan but some will need one and that these people are currently talking with the banks.
*- Unit title limeline / lawyers input in this process and for settlement.* I mentioned that the surveyors are underway with the unit title / working with the lawyers. And that the lawyers will be ready to work on settlement documents as soon as we can. That they said that that can take around one week. I didn't mention our ideas of potentially moving in before settlement. I thought we'd better have a better idea from our lawyers before mentioning this to the bank.
It Feels like a diary! Hope it makes sense and that I was fair/clear with my comments. Overall, he was very happy with progress on the project.
Have a good rest of the day. Maria