CHAIRMAN’S REPORT
The Chairman advised all present that all residents of the Konia Village 3 Complex [owners and tenants] had been invited to this meeting.
The primary purpose of the meeting is to advise all K3 residents of the possibility that the water and electricity supplies to the areas of common owners may be disconnected on or about 30th September 2016 as per the NOTICE issued to all owners and residents on 9th September 2016 by Artha Estates Ltd.
The chairman summarises events as follows:-
On the 19th April 2016 Artha Estates wrote to advise all owners that they would be terminating their management of the Konia Village 3 complex on 17th August 2016.
Immediately following this notice, the K3OG committee began a search for a property management company to replace Artha Estates Limited.
The K3OG concluded that the best value for money for owners would be gained by extending the existing maintenance contract that K3OG had signed with Lazydaze Limited in August 2010. During the six years that Lazydaze has been undertaking the maintenance of the complex [as a subcontractor of Artha Estates Ltd.] they have provided a good service at a reasonable price.
On the 17th August the Chairman K3OG [with the full knowledge and consent of the K3OG Committee] signed a new contract with Lazydaze Limited extending their services to include all management activities with the exception of the preparation and issuing of invoices and receipts for the management charges. This latter task will be undertaken by the K3OG Committee [free of charge] in order to keep the management costs down.
On the 17th August the responsibility for the management of Konia Village 3 passed from Artha Estates Limited to Lazydaze Limited.
On the 23rd August the K3OG Chairman visited the offices of the Electricity Authority of Cyprus with the engineer from Artha Estates Ltd. to arrange the transfer of the electricity meters. During that visit we learned that there are ten [10] meters serving the communal areas. Eight [8] more than we had previously been advised. This increased the security deposit required from €500 [which the committee had budgeted for] to €2’500 [for which the committee had not budgeted for.]
Having already prepared and issued owners with invoices to cover the management charges for the period 18Aug16 to 30Sep16, the K3OG committee had no way of immediately raising the additional €2’000 required to transfer the electricity meters from Artha Estates Limited. As a result it is possible that these meters may be disconnected on or about 30th September.
The Chairman advised that a meeting with Artha Estate Limited and Ladydaze Limited is planned for Friday 30th September at which time we will transfer as many meters as funds allow. If there are insufficient funds to transfer all meters the committee will have no choice but to allow some meters to be disconnected. The decision as to which meters will be cut will be based upon a health and safety assessment of the risks involved [particularly relating to unlit staircases and footpaths].
In an effort to try to avoid any disconnections, the Committee will be immediately issuing invoices to owners for the 4th quarter 2016 management charges in the hope that the “good” owners who pay promptly may help us to raise sufficient funds to enable all meters to be transferred without the need for any disconnections.
MATTERS ARISING [from the Chairman’s Report]
Elite Properties:
The representative of Elite properties advised that they manage a total of 7 rented properties on the complex, [on behalf of individual owners], but that they can only pay the management charges if their owners instruct them to do so. However in an effort to help the current situation Elite Properties will work with K3OG to secure early payment of all management invoices for both the 3rd and 4th quarters of 2016. It was agreed that the Chairman shall email Elite Properties a list of owners and the amounts due from them. POST MEETING NOTE:
List emailed to Elite Properties and payments received from 4 of their 7 owners.
Tenant No5:
The tenant of apartment 5 offered to loan €250 to K3OG if we agree to the electricity meter in Block 1 being added to the list of those to be transferred without disconnection. POST MEETING NOTE:
This cash loan has been received and credited to the K3OG account at Lazydaze. However the owner of No5 has still not paid any management charges for Q3 or Q4!
Insurance of Communal Areas:
It was agreed that the insurance policy covering the communal areas should be kept in force but that the Chairman should investigate the possibility of reducing the amount of the premiums due by reducing the insured value. Such a measure would be temporary and the level of cover returned to existing levels once the current cashflow crisis is resolved.
NEXT MEETING:
The date, time and location of the next meeting to be advised.
These minutes constitute an accurate record of the matters discussed at Committee
Meeting No21.
