ANNUAL MEETING NOTICE – The Landing Madison

ANNUAL MEETING

December 7, 2022
7:00 PM Breakwater

INTRODUCTION

2022, saw a number of improvements at the Landing. The parking lot was completely replaced, a new boiler was installed in Building 1, new furniture was added to the pool area, a new walkway to the bike path was added, and our signage was updated. These improvements help to maintain and enhance the value of your property and are funded by your hard-earned money. Thanks to the efforts of board members and many other unit owners who give of their time and talents to serve, we are a self-managed community.

The Landing turned 50 years old in 2022, and our buildings require the upkeep and maintenance that comes with age. We are challenged by increased costs and economic circumstances beyond our control. With that in mind, the Board of Directors has crafted a very lean budget for 2023, while still addressing the critical needs of our community.

ATTENDEES: PLEASE PLAN TO ATTEND YOUR ANNUAL MEETING

The annual meeting for the Landing Condominium Association will be held at the Breakwater Restaurant at 6308 Inland Way, Monona (just down the street from the Landing) at 7:00 PM on December 7, 2022. Your participation in the annual meeting and the election of board members is vitally important because a quorum of unit owners is required to elect board members and approve the Association’s budget for 2023.

AGENDA

Elect Board Members
Approve the 2023 Budget
Approve the 2023 Proposed Special Assessment

Board of Director Election

Three board members are running for three (3) 3-year terms on the Board of Directors. Please vote for three (3):

Steve Eiring unit 6439 – 204

Aaron Goldbin unit 6405 – 104

Patrick Ryan Bio 6439 – 202

VOTING PROCESS

We ask that you complete and return your electronic ballot before 6:00 PM on December 7, 2022. Alternatively, you may print, sign, and drop your ballot in the laundry room drop box before 5:00 PM on December 7, 2022. An email was sent to all unit owners with links to the voting process. Let us know if you didn’t receive it.

2023 Budget (see Budget Attachment)

Your condominium fees at the Landing include the following services and amenities:

Heat
Water
Laundry
Trash removal
Indoor heated parking
Internet & cable
Landscaping & snow removal
Building maintenance
Access to and use of the swimming pool

This chart shows how your condominium fees are used each month.

As everyone knows, everything costs more. With a very lean budget, the Board of Directors is recommending a 3% increase in monthly condominium fees for 2023. The largest changes in the budget are due to increased costs for natural gas and insurance. Additionally, the cost of cable and internet services is increasing to $66. The good news is that the Spectrum fees will remain the same until January, 2026.

In total, this year’s increase will cost between $20.89 and $24.52 per month, depending upon the size of your unit.

	Current Total	New Total	Monthly Increase

Size F (28 Units)	$ 337.58	$ 358.47	$ 20.89
Size Fx (4 Units)	$ 339.60	$ 360.56	$ 20.96
Size F+ (4 Units)	$ 349.77	$ 371.09	$ 21.32
Size G (4 Units)	$ 384.34	$ 406.87	$ 22.53
Size H (12 Units)	$ 400.59	$ 423.69	$ 23.10
Size J (12 units)	$ 441.26	$ 465.78	$ 24.52

2023 Proposed Special Assessment

Within the next five years we will need to begin replacing building roofs. The Board has solicited bids and the costs of doing so run about $200,000 per building in today’s dollars. Therefore, the Board is strongly recommending a multi-year special assessment, starting in 2023. We propose to raise $500,000 over the next 7 years. By taking action now we expect to avoid a catastrophically high special assessment within a couple of years. The amount of your annual assessment will depend on your percentage of ownership in the condominium. As in the past, assessments can be paid yearly, or over time with 10 monthly payments between February and November of 2023.

Unit Type	Annual Cost
Type F	$ 992.86
Type F+	$ 1,035.71
Type Fx	$ 1,000.00
Type G	$ 1,157.14
Type H	$ 1,214.29
Type J	$ 1,357.14

Questions? Attend a Virtual Information Session

The Board of Directors will host two virtual informational sessions about the proposed budget and special assessment. The sessions will be held at 7:00 PM on Monday, November 28, Link and at 5:00 PM, Sunday, December 6, Link to answer questions about the budget. If you would like to submit questions beforehand, please email the Board.