Tuesday, December 17, 2019

Response to Misleading Riverfront Letter Dec 17, 2019

Dear Fellow Unit Owners,
The following email was sent via email blast today from Allan Yepez,  manager Riverfront Master Association (RMA) Property Association  to all unit owners/renters. Sadly this letter excluded other pertinent details.

Here is our enlightened owners group response:

[email from RMA manager]
"It has come to the attention of the Master Association...that there is a group of individuals that are perpetuating misleading and inaccurate information with regards to the operation..."

All the information shared on this website is 100% accurate. More background information:

  1. In early discussions, the Riverfront Manager mentioned to the Ivy manager the increase would be 28%.
  2. After the Riverfront President Troy Taylor reviewed and finalized it, budget went up to 36% 

[continuation of Riverfront email]
"After multiple individual and group meetings with Condo Associations, homeowners, and Board members..the Master Association passed the budget"   This is very misleading.

The Facts are the following:
For the entire month Oct 26 (budget was issued) - Nov 26 (budget was passed)

  • The Riverfront Board members NEVER met individually
  • The Riverfront Board members NEVER met with their respective Condo Associations before the budget except for the Ivy Rep
  • The Riverfront Board members NEVER met as a board to discuss the budget

After much insistence from the Ivy Association to meet with Riverfront Board, the Riverfront President Troy Taylor sent Allan Yepez the manager to speak to Ivy association. As well documented in our post of December 14 2019, Allan could not answer many questions.

Riverfront Manager kept directing individuals to 
 "Ask Troy Taylor" 
"Ask the Riverfront Board"

Ivy Board and Ivy Rep requested a meeting with Troy Taylor and with the Riverfront Board.  
This was repeatedly ignored or refused.

Mint and Wind reps NEVER shared the breakdown of the budget with their owners before the budget.

[email continuation]
"Every project in the budget was reviewed and approved unanimously by 100% of the Master Association Board..." Very misleading again.

What the email also doesn't tell you is that voting on ONE issue (that of security with the largest increase) happened 3 MONTHS prior to the budget. While the Ivy rep voted on the 3 part security package back in August, she wanted to revisit these items for the budget and never had that opportunity.

There are many items in the budget.  Many budget items had no financial backing, projects with no bids, and significant "allowances" or padding.  All of this collectively raised red flags.

Significant Padding
Example:  If Item X has a hard cost of $1000 with known anticipated raise of 5%, why add additional 20%  padding on top of it?

This is throughout the budget and unnecessary.  This is not a slush fund. This is the budget of the Riverfront Association representing 1,500 unit owners.

Again the Issue is about Transparency & Ethical Practices
The issue is not about the amount of $28. The issue is about the process-transparency and ethical practices. Had Board members met to discuss the budget they would have gained resident feedback about one of the security features which they do not WANT and options to pass a lower maintenance. But the Ivy rep was repeatedly told  by Riverfront Manager "Troy would not go for that".

Board members must respect the process of fiduciary responsibility and recognize they are serving to represent their fellow unit owners and not their self interests. Example: The budget had an 80% increase in the water.  Owners connected the dots and soon learned that WE ARE PAYING the water and electricity for the yachts.  Who is assigned the slips?? Troy Taylor and Shahab Karmely --The Riverfront President and Developer.  Only because the Ivy Board caught this glaring increase, the Riverfront Master suddenly ordered a meter.

Board members must respect those members who have the right to ask questions, seek feedback and propose other solutions. In undermining this fiduciary process, Board members are ultimately working against the goals of the Association.

Remember it is $28 average + your HOA.  
So a 2 bedroom will end up paying approximately $60-$80 more.
We believe it could be much less. 

Would unit owners want a questionable $28-$60+ increase every year? Most likely not. This is why we are bringing this issue to your attention.  Rogue Board of Directors will continue until they are stopped.

Do not be mislead that the budget will be lowered next year. Do not buy into "pie in the sky" promises.  Had the Ivy Board and Ivy rep not alerted owners, this could have continued the following year.

from the time it was issued to the time it was voted upon.


For any owner that would like a complete breakdown of the budget please email OwnersRiverfrontCondos@gmail.com

No comments:

Post a Comment