East Channel East Bulkhead Replacement Project Vote Results

East Channel East Bulkhead

REPLACEMENT PROJECT VOTE RESULTS

By Kirk Wooldridge, General Manager

ON BEHALF OF THE TAHOE KEYS PROPERTY OWNERS ASSOCIATION (TKPOA) I would like to thank all the TKPOA members that submitted a ballot for the 2020 East Channel East Bulkhead Replacement Project Vote. A total of 621 ballots were returned representing over 40% of TKPOA members that were eligible to vote. To achieve a quorum for the vote we needed 509 valid ballots (33 1/3 of eligible owners), which was clearly achieved, and the minimum number of YES votes required was 256.

The TKPOA Board of Directors is proud to announce a “YES” vote has been achieved: 537 members voted “Yes”. Details of the ballot count are shown on the table below.

EAST CHANNEL EAST BULKHEAD REPLACEMENT PROJECT BALLOT COUNT 7/29/2020

Total TKPOA Members TKPOA Members Eligible to Vote as of 6/23/20 Total Ballots Received by 4:30 pm on 7/27/20 Total of Invalid Ballots Received Total of Valid Ballot Envelopes Received* Ballots Required for a Quorum (33 1/3 of Eligible Voters) Votes Required for a Majority (50% of Valid Ballots + 1) Count of Yes Votes Count of No Votes 1,529 1,519 621 11 610 509 256 537 73

Member approval was needed because our Bylaws prohibit the Board from entering into a contract in excess of $250,000 without approval of a majority of a quorum of the association membership by vote or written assent [TKPOA Bylaws Article IX, Section 2, subsection (a)]. The Board of Directors has authority to enter into a primary construction contract in an amount not to exceed $1,476,644 plus spending authority of up to an additional 10% for contingencies. No change in quarterly assessments will be required to fund this project during the remaining 2020 and 2021 fiscal years, and no special assessment is required for this project.

The TKPOA is obligated by court order (1991 Superior Court of California – Stipulation Agreement No: 1225) to perform such repair, maintenance, and replacement of the East Channel East Bulkhead as is reasonably required to keep it in good and serviceable condition. All reasonable costs the TKPOA incurs performing that duty are court ordered shared between TKPOA (30%), Tahoe Keys Beach and Harbor Association (TKB&HA) (30%), and the Tahoe Keys Marina and Yacht Club (TKM&YC) (40%). However, the judgment also obligates the TKPOA to first pay the costs of this work through to project completion and then, after rendering an accounting, we are entitled to obtain reimbursement from TKB&HA and TKM&YC for their respective share of the total reasonable costs the TKPOA incurred.

On behalf of TKPOA I would like to thank Tania Green – Notary Public, Inspector of Elections, who supervised the election and the tabulation of the result, as well as the election volunteers Lynett Elliot, Joanne Donmoyer, Liz Hansen, Renee Landau, Keiron McCammon, and Kerry McCammon, that donated their time on July 29th, 2020 to open and count ballots.

Additional information

Our website www.tkpoa.com is important communication tool for our membership. We will continue to post to our website important information concerning the project including Keys Breeze articles, informational meeting and field trip notices, cost, and technical information. Additional information on the East Cove East Bulkhead replacement project are available online at: www.tkpoa.com website Documents>> Ballots & Elections>> East Channel East Bulkhead Replacement Project.

Questions or Requests for Information

Also, any additional questions can be answered by contacting the TKPOA front desk at (530) 542-6444 Monday through Sunday 8:30 am–4:30 pm.

To achieve a quorum for the vote we needed 509 valid ballots (33 1/3 of eligible owners), which was clearly achieved, and the minimum number of YES votes required was 256.