- 1 - Yellowknife Condominium Corporation No. 13. Extraordinary Meeting Minutes. November 17 th, 2013, 7:00pm

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1 - 1 - Extraordinary November 17 th, 2013, 7:00pm At The 7th Day Adventist Gym 5008 Forrest Drive, Yellowknife Unit Owners Present: Ambar Naveed Unit 4 Alana Kronstol Unit 5 Ian Henderson Unit 9 Michael Gannon Unit 10 Elizabeth Purchase Unit 11 Elizabeth Crewe Unit 12 Anne Lynagh Unit 13 Dawn Rybchynski Unit 14 Kelly Bourassa Unit 21 1) Call to order - Meeting was called to order at 7:14pm - Elizabeth Purchase acted as Secretary for the meeting - All members present gave brief introductions - The roles of the board were presented as follows: President: Dawn Rybchynski Vice President: Elizabeth Purchase Secretary: Peter Sheldon Treasurer: Elizabeth Crewe Board Members: Ambar Naveed & Michael Gannon, Kelly Bourassa 2) Attendance and Proxies - Attendance sheet was filled out and given to Elizabeth Purchase - 1 Proxy vote form was submitted by Lesleigh Grice Unit 15, for Dawn Rybchynski to vote on her behalf 3) Updates a. General - Dawn Rybchynski went over a brief general update of what the board has been up to since starting up again in June. After the AGM in August, the board has chosen its members and its roles. The main focus of the board is to get the condo corp. back on its feet through research and paperwork. There is not enough money in the bank account

2 - 2 - for the next property tax payment. The two immediate issues the board is addressing are; the by-law changes and the condo fees. b. Website - Elizabeth Purchase gave an update on the website. The goal of better communication between the condo members was addressed through website and address. The website is up and running now: As well, the board now has a working general ykcondocorp13@gmail.com. The board will be posting any new information, upcoming events/meetings and any publications from the condo corp to the website as well as sending s to unit owners through the board . As of this meeting you could find pictures from the lot clean up, the future possible development, past meeting agendas and minutes, the by-laws and the proposed by-law changes. As well as other documents and information. c. Clean up - Elizabeth Purchase gave an update on the lot clean up. The clean up for the lot went great. Two of the three abandon vehicles were taken away for free by the fire department for training. Almost everything else was taken to the dump by Elizabeth Crewe and Dale Johnson. All that is left is the red truck, the snowmobile, a trailer with sides and multiple oil drums. The snowmobile has a license on it, so hopefully with help from municipal enforcement we can find who it belongs to. The board hopes to continue the cleanup next summer and take what's left to the dump. 4) Bylaw Changes Vote We need 66 2/3 % of the unit share to pass each proposed change. That means 18 Yes votes out of a possible 26. In cases of a co-owned unit, only one member may vote at a time. At this meeting we only had 10 possible votes. The board will have to follow up with written votes from other condo members. Ian Henderson had a questions regarding proposed change #6 and its inclusion of "a chartered accountant" when talking about financial audits and why it is needed. There was clarification on what that section changes meant. The changes now give us a choice between an internal audit committee or an external auditor. There was a discussion about whether to include it at all or to change it to a less specific type of accountant. The condo members did not want to be stuck having to use a chartered accountant if it was decided to use outside auditor instead of an internal audit committee but still wanted an external auditor to be accredited as there are many different types of accountants.

3 - 3 - MOTION: to replace all instances of 'a chartered accountant' with 'an accredited accountant' was brought forward by Ian Henderson and seconded by Mike Gannon. The vote was unanimous in agreement. Before voting on the proposed bylaw changes an idea was brought forward by Dawn Rybchynski to have one vote to encompass all bylaw changes instead of 17 separate votes for each individual change. MOTION: to change from 17 separate votes to one vote encompassing all proposed bylaw changes was brought forward by Mike Gannon and seconded by Elizabeth Purchase. The vote was unanimous in agreement. VOTE: To pass all proposed bylaw changes: 10 votes for Yes. 8 more Yes votes needed to pass the proposed changes. 5) Financial Update: Condo Fees The condo fees were calculated using the following estimates for next year: Property taxes - $3500 Bank Fees - $150 (this is an older account and we were unable to find a new account that would have better bank fees) PO Box - $150 (this will be the official address for the Condo Corp, rather than having to go to a board members house and having to worry about changing if board members changed or were away. As well it is good to have an official address for if and when we have to deal with lawyers and other external people/business) Miscellaneous - $500 (this year it included dump fees ($170) we saved $300 not having to pay for the 2 vehicles, late fees for property taxes ($43, we are hoping not to have late fees in the future now that we have signing authorities), $30 for photocopying, $60 each time we rent the 7th Day Adventist Church for meetings. Next year we are estimating PO Box Key $15, and dump fees for finishing the lot clean up. Lawyer Fees - $1000 (As we may have to start looking at collecting money from people and thought it smart to continue to budget for possible lawyer expenses as was done in the past.)

4 - 4 - Emergency Fund - $2500 (We are aiming to take 3 years to build up an emergency fund of a year s amount of condo fees) As well the board has calculated the condo fees with a 30% contingency. This contingency is included specifically to make up for those who pay late or not at all. Long term we hope not to have a contingency. Now that the condo corp. is active again we will be sending out estoppel letters to real estate agents and real estate lawyers informing them that when they become aware of a sale happening in Forrest Drive they have to contact the board to find out if the owners are in good standing or if condo fees are owed. If condo fees are owed they would be paid through the sale of the house. Anne Lynagh brought forward the question as to whether the condo fees are as low as possible. Anne proposed approaching the city to find out if the property taxes are appropriate as well as finding a space to meet that is cheaper to rent out. She also asked whether a PO Box really is needed. Dawn Rybchynski confirmed that these are starting estimates and they will be reviewed annually. At this time it is our goal to try and keep the condo fees as low as possible while still collecting enough to have things covered. The board has been trying to save money everywhere they can and will continue to look into ways to save money. We now will look into whether there are cheaper places to rent to hold meetings for all members. As well, the board plans to research what can be done with lot in the future. There is possibility of renting out spots for recreational vehicles, selling/leasing the land, as well there is still the possibility of the city development behind us in the future. The Board has calculated 3 different possible condo fees depending on whether the proposed by-law changes pass. The present Board members held an internal vote at this meeting and unanimously voted to not include insurance (property and board) at this time and to have an internal audit committee rather than an accredited accountant. This means if the proposed by-law changes are voted in then the condo fees would likely be option #3. As well if the by-law changes pass, the board will offer Monthly, Quarterly or Annually condo fees with discounted contingency percentages attached to them. Monthly condo fees will have a 30% contingency. Quarterly condo fees will have a 20% contingency and Annually condo fees will have a 10% contingency. The below option summarizes the three options. Option #1: The summary of condo fees with chartered accountants doing the audit and insurance (property and board): If paying Monthly: $60

5 - 5 - If paying Quarterly: $164 If paying Annually: $602 Option #2: The summary of condo fees with internal audit committee and insurance (property and board): If paying Monthly: $40 If paying Quarterly: $111 If paying Annually: $404 Option #3: The summary of condo fees with internal audit committee and no insurance (neither property nor board): If paying Monthly: $30 If paying Quarterly: $83 If paying Annually: $303 An information sheet will be sent out to all condo members with a breakdown of how the condo fees are calculated, payment deadlines and the different payment methods, once the by-laws votes are all collected. This sheet will be sent out before the new year. Meeting adjourned at 8:06pm Moved by Ian Henderson