Signant Two Holdings Ltd. Special Meeting Via Zoom, Link:

https://us06web.zoom.us/j/81963996737?pwd=UEhKNEVnK1JaMU92bmp6cTV6NXhSUT09

Tuesday, May 3, 2022

7:30 MST

Minutes

Attendees:  Sharyn, Vic, Duane, Cody, Carson, Sheila, Mike, Joel, Stephen, and Ron

1.  a)   Chairing by Sheila, timekeeping by Duane, Zoom link by Vic

     b)   Acceptance of Agenda

Duane moves to accept the agenda, Sharyn seconds

     c)   Review Minutes from Feb 6, 2022 (Part II of 2021 AGM)

           (Document shared by Cody via email March 20, 2022)

           (Revision, if needed, followed by a vote to accept)

Duane moves to accept the minutes, Sheila seconds, all in favour

     d)    Length of Meeting

Length is agreed to be one hour, aiming to end at 8:40

     e)    Announcement

Reminder that all family members present are most welcome to share their ideas during discussions. We are especially interested in input from the next generation. Shareholders vote.

         

2.  Financial Report (Sheila)

     a)  Bank Account Funds Available

     b)  Projected User Fee Revenue (Revised, See attached)

Vic: Asks if we can clarify whether Melanie’s user free exemption extends for the whole year?

Duane: His understanding was that for Jennifer and Melanie the exemption applied to their summertime booking and that the exemption did not apply to out of summer bookings. We need to find ways to generate revenue so we may need to re-evaluate when the exemptions apply.

Sheila: Notes that until quite recently the cabin has mainly been used during the summer and this has not been an issue, so we should discuss and clarify.

Duane: Agrees, and suggests we should revisit this in the upcoming June meeting.

Sheila: Clarifies she thinks that we’re currently breaking even on user fees vs. expenses (as opposed to losing ground).

It was noted that the Projected User Fee Revenue April to Dec 2022, of $6,480, can be used for projects this season including solving the escaping propane problem, replacement of underground main water valve & replacement of faulty water valves under cabin (by Wayne Watson) and possibly the new furnace, if decided.

     c)  Anticipated Cabin Expenses from April 19, 2022 to Dec 31, 2022

Noted that present bank funds will cover anticipated cabin expenses to end of December 2022 and that the May 31, 2022 installments of annual levy will cover the June 2023 property taxes, with a surplus of approximately $600 to $800 in funds, depending on the tax amount.

3.  Contingency Fund Planning

     a)  High Propane Consumption Mystery (Superior Propane)

• History from 2014 AGM notes (Nov 23, 2014):

In 2014, Dale arranged for CanWest Propane to replace the old propane tank with a new smaller tank. They used the existing line from the tank to the house, installed a pressure reducing valve at the (West) side of the house, outside the back bedroom, and then replaced the line going from there to the furnace. A gas fitter ensured that all was up to code.  

• Recent Background:

Tank filled three times Nov 2021 to Apr 2022 – Invoices:

Nov 22/21 ($894.25), Jan 25/22 ($1,029.88), Apr 11/22 ($704.95)

Superior Propane was asked by Vic to check for leaks around the tank.

Vic: Superior Propane was supposed to send someone out to check on the tank this past Monday and Vic hasn’t heard back from them. All of the shareholder names are on the contract, so anyone can follow up with them on the check.

Vic negotiated a lower rate on a two year contract (we were on a floating rate and we are now on a fixed rate). The new contract termination date is two years from April (April 2024; we must give notice 6 months prior if switching providers)

Vic: The furnace is low efficiency because it’s so old, which might be why we’re using so much propane.

Sheila: The other time we left the furnace on over the winter we didn’t need to refill the tank this many times.

Mike: Asks where the thermostat for the furnace is?

Sheila: It’s inside the cabin next to the main bathroom door.

Mike: Clarifies the furnace is heating the whole cabin as well as the crawlspace.

Cody: Clarifies we decided to leave the furnace on because we didn’t trust the condition of the main water valve.

Duane: States that regardless of whether the furnace is heating the whole cabin it’s still using more propane that you would expect.

Vic: Suggests we install a damper on the vent leading to the storage area or properly insulate the walls of the storage and floor of the cabin to help improve efficiency.

Mike: Asks whether the ceiling/roof of the cabin was insulated when the cabin was built because if it’s uninsulated that would also contribute to the inefficiency.

Sheila: Asks whether we can check to confirm. Vic: Responds that we would have to go through the roof.

Mike: Notes we could check in a few spots where there are electrical boxes.

Cody: States we need to clarify whether we’re burning extra propane because the furnace is inefficient and the cabin is poorly insulated, or if there is potentially a leak in the line.

Duane: Notes the cabin has been poorly insulated for years and the furnace is burning much more propane than we would expect.

Carson: Outlines how he and his friend checked all of the fittings with the exception of the parts of the line which travel underground. The line is not buried very deep, so there could have been a puncture there if someone drove over it. We could shut the furnace down and check to see whether the propane volume goes down as a test.

Duane: Agrees this would be a good test.

Carson: Notes Melanie is going to the cabin next Wednesday. Carson will drive to the cabin tomorrow and shut the propane off at the tank and take a picture of the gauge and get Melanie to take another picture when she goes out.

• Discussion and Conclusions
• Action :  _________________

• Revisit Need for Supply Quotes from Companies other

than Superior Propane

(Vic has spent a lot of time communicating with them to date and asks that someone else take this on. Note that if we opt for heat pump with furnace, some propane suppliers are registered for a $2000 rebate. Note: Any change in supplier must be completed prior to Oct 1/22.)

Volunteer :  ___________________

Note:  Since Vic renegotiated the rate with Superior Propane in order to secure a fixed rate, the new termination date is April 2024. We can revisit the question of an alternate supplier in the fall of 2023 and plan to decide by Nov 1, 2023 (6 months prior to termination of contract) whether or not to continue with Superior Propane.

   

 b)  Furnace Replacement with a/c Capacity, Ducting to Bedrooms

• Carson’s Apr 26/22 email, « Furnace Pricing Update » (attached below)
• Quote by « Knox Mechanical ,» $20,000 (Carson)
• Quote by Bertelsen’s Plumbing & Heating (May 2/22 – likely not available for this Zoom meeting)
• Third Quote (Carson will pursue ; however,  not many companies seem willing to travel to Fintry to provide quotes. Advise.)
• Discussion, including option of heat pump vs a/c

Sheila: Believes we do need to replace the furnace and that all of the families would benefit from being able to use the cabin in the fall and spring.

Duane: Notes he enjoyed reading Sheila’s proposal and states it’s not only a question of whether we do it (because it needs to be done), it’s a question of when do we do it. Considering the funds which will need to be budgeted for this, he thinks within the next two to three years would be more reasonable than the proposed timeframe of one to two years. This would give his family the time to budget and pay out their full share when the furnace is purchased.

Sheila:  Has no problem with changing the timeframe for furnace purchase to two to three years.

It was mentioned that prices may presently be artificially high due to COVID. We may see a decrease in costs in 2-3 years.

Duane: Provides his thoughts on increasing revenues: When Jim proposed quadrupling user fees we thought we would increase revenues, however this hasn’t been the case. We will need to think about out of summer levies and sort this out in June. Duane proposes we consider adding a $5-$10 per person per night levy to out of summer bookings to cover the costs of firewood and furnace use associated with the use of the cabin during the non summer months.

Mike: Agrees and was thinking the same thing.

Duane: Notes he believes it should be user pay.

Vic: Agrees an increased out of summer levy does make sense because there’s increased consumption. Whatever works for the majority of people works for him.

Cody: Asks whether if we track the propane issue back to an issue with the furnace itself do we consider accelerating the timetables for replacement?

Duane: Notes we didn’t always have a furnace, so we could potentially live without one for the short term. We might consider shutting off the furnace at a certain point in the fall for the entire winter season.

Sheila: States she likes Duane’s idea about shutting off the furnace in the interim in order to keep down the propane costs.

Duane: if someone goes out there when it’s really cold they can always start it up.

Vic: Regarding intense summer heat,Vic notes we could consider standalone a/c units for the bedrooms in the interim.

Duane: Adds we could get a big fan for the hallway to blow the cold air around. He is good with the a/c situation as is. We have a couple of years to fight through this until the furnace is replaced, and asks whether we want to incur the expense of a/c units in the interim?

Mike: Notes his family has a portable unit which they typically bring out in the summer.

Sheila: Proposes we go with Duane’s plan and invest in a couple of good, quiet fans until the furnace can be replaced.

Sharyn: Notes the ceiling fans work fine

Sheila: Adds the heat does get almost unbearable for some people at some points in the summer.

Duane: Notes The ceiling fans do work but he is proposing fans to circulate the air from the existing a/c unit in the living room.

Jim: Responds that if we use the ceiling fans the air from outside the room won’t go into the rooms.

Sheila: Suggests if a family feels the need for something to help alleviate the heat they could purchase a fan and bring it out themselves. We can revisit the question of standalone bedroom a/c units at the next Zoom Cabin Meeting.

• Action :  ________________

     c)  Contingency Fund Planning

4.  Other 2022 Projects

     

1. Replacement of Underground Main Water Valve (Wayne Watson to replace this spring/summer, $1,000-$1,500)
2. 2022 Bug Master  Applications (already paid in full)
3. Flooring – put on hold or pursue ?

Sheila: Notes we have named this as a priority and put it off for years.

Duane: Responds we had Ok’d the project and approved the budget in 2014 and taken the carpet out of the main bedroom. We should start the project, especially for the room with the carpet ripped out. Once we agree to a project we shouldn’t continue to keep it on hold.

Plan to be revisited at next Zoom Cabin Meeting.

5.  Reports (very brief)

1. Bugmaster Update (Sheila on behalf of Melanie)
2. April 9-16, 2022 Work Bee, Vic, Duane and Melanie

(see Vic’s April 15/22 email)

3. Google Drive (Cody is uploading important documents as needed)
4. Family Storage Bins for Boathouse (one per family, agreement that each family use only this bin and their locker for personal storage)

Duane: The boathouse is getting fuller and fuller and there are still lots of boxes and trunks and things. Each family will need to consolidate all of their belongings into their one locker and one bin.

Sheila: Agrees that each family should take this on this summer.

Duane: Notes he’s not making judgment on anyone, but we need to get better at keeping the clutter to a minimum.

Sheila: States the boathouse was completely cleaned out at one point by Vic, Duane and Melanie and we all benefited from those efforts. We want to continue to appreciate those efforts by keeping the clutter down.

5. Rattling Hot Water Pipe in Main Bathroom

Mike: Suggests there are accumulators which can take the hammering out of systems.

Duane: Asks whether Mike can look at it the next time he’s out at the cabin?

Mike: Agrees to do this.

6. Fuse Replacement for Oven

Melanie has potentially purchased a replacement fuse. Carson will follow up with her. There is a panel right above the elements which accommodates the fuses.

6.  Future Zoom Meeting

     a)  Priority — Suggestions

     b)  Date :  Possibly June  12, 2022 (not Father’s Day)

June 9 at 7:30. Vic to set up the Zoom link

Duane: I will make a motion (at the next meeting) that everyone pays for out of summer bookings and that a $5-$10 per person levy is applied for out of summer bookings.

7.  Close of Meeting (Sheila)