FAQs for Special Assessments
FAQs for Special Assessments — Bay Scene Condominiums
Where will the funds come from to pay for special projects, such as the Window Curtain Wall Replacement and the Underground Waterproofing Repairs?
There is not enough money in Bay Scene’s reserves to fund these projects. Therefore, the Board is proposing a special assessment. The Board will be providing additional information in the future concerning various options for financing the special assessment.
What is a special assessment?
Per paragraph 4.4 of the CC&Rs, the Board may levy a special assessment for the purpose of defraying, in whole or part, the cost of extraordinary expenses to be incurred by the Association for the repair/replacement of Common Area improvements.
What is required to pass a special assessment?
Per paragraph 4.6 of the CC&Rs, a majority of a super quorum of homeowners must approve the special assessment in a duly held election. For Bay Scene and its 85 units, a super quorum is established if 57 units vote in the election.
Has there ever been a special assessment at Bay Scene?
One special assessment was conducted at Bay Scene approximately 15 years ago. $20,000 was assessed from each homeowner for various repairs to common areas, including replacement of major components to our eight elevators, new mailboxes in the lobby, new fire-rated doors at the entrance to each unit, and the renovation of common area hallways flooring, wall covering, and lighting. Homeowners were able to pay for the special project over a one plus year period during the construction period of the project.
When would the homeowner vote on a special assessment occur?
Currently, a special assessment vote is planned to coincide with Bay Scene’s March 8, 2023 Annual Meeting.