KO'OLANI

Most of us got our PEX re-pipe packet in the mail today and are asking what do I do now? What payment plan? What is opt out involve? What is my start date?

Here is the short version many of you will find interesting regarding the multiple choices available to us.

OPT OUT:

Am I (Kimo) going to opt out? NO probably not, why? Although it is possible I can cut my overhead by choosing a different contractor, it is clear that our Directors want me to use their contractor of choice, for example 1) a contractor has about 24 to bid my home and then get approved by our Directors. 2) a contractor must navigate through a 88 page contract to do business in the Ko`olani (click link to view contract) http://ekoolani.com/Documents/Re-Pipe%20Vender%20Contract.pdf  3) a contractor in addition to the 88 page contract must also submit the information on the opt out form included in your mailer 4) the Directors have added a $750 per day penalty if it takes YOU more then 5 days to complete your re-pipe (click link to view) http://ekoolani.com/DirectorsMeanBusiness.aspx 5) the Directors have informed me that the re-fund (if any) will only be what you pay, “so it doesn’t make cents to jump through hoops to save money” 6) with all of this, it makes it to risky to opt out (In my opinion)

Keep in mind the homeowner majority choosing the Directors preferred path (sageWater) it is scary enough with a lock smith standing by to break into your unit, with hourly fees and penalties if you forget to open your door or the tenants forget (click link to view) http://ekoolani.com/DirectorsMeanBusiness.aspx , I cannot imagine adding an additional opt stress on top of that stress!

PAYMENT PLAN

Sure it is confusing, many ask my opinion and what plan I am going to choose, I gotta be honest as much as I would like to pay it in full or pay the 4 payment plan, I think I will be going with the LOAN program at $75.00 a month.

LOAN PROGRAMS

The major question is do you believe we will get a settlement within 13 months? Do you trust the Directors and Certified to refund you in a timely matter? Do you think there is a possibility the Directors will re-direct some of the money to pay for other projects?

That being said, I think paying the $75.00 monthly fee limits my exposure and dependence on the Directors and Certified Management. Unfortunately there is one unknown fact how much of the $5000.00 Bank of Hawaii loan fee will I have to absorb? If I am the only one on the loan then I will have to pay the entire fee, in that case I will pay the four equal payments program.

TOWN HALL MEETING  

A town hall meeting is being held by Sagewater for floors 42 43 44 &45 ONLY this informative meeting will address what the owners can expect while the work is taking place. I hear other floors meeting will be held monthly on the 1^st Tuesday of every month.

MY OPINION

1)      DO NOT OPT OUT stick with SageWater

2)      Share the expense of the Bank of Hawaii loan the more that take the loan the lower the fee

3)      Keep an eye on the settlement and push the Directors to pay off the homeowners ASAP

4)      Make sure your realtor, caretaker or tenant is dependable and shows up to open the door for SageWater workers it will be costly if they don’t!

5)      Add Mike Souza’s (Ko`olani GM) name along with your representatives name to the apartment access form (click here for form) http://ekoolani.com/Documents/re-pipe%20final_2011_1_28_apartment_access_and_authorization_form.pdf this way if someone over sleeps, or has an unexpected emergency Mike has the right to open the door thus preventing added fees. Remember many of us won’t be re-piped until May, June or July and you don’t know what can happen in three months.

Settlement is scheduled to be handed down on March 18^th this will surly give the President a lot to talk about at the annual meeting on March 22nd, I suspect this annual meeting will be the largest ever, not necessarily to cast our votes for the new Board, but more to hear the outcome of our settlement.

“I hope the settlement is a good one for the Ko`olani because that may effect the re-election of our Directors”

www.eKoolani.com