Message from the Board of Directors: 2025 Special Assessment

Dear Press Homeowners,

Thank you to everyone who participated in the 2025 Special Assessment Budget Ratification Meeting on December 17, 2025—whether in person, by proxy, or through review of the materials provided.

We are writing to formally share the outcome of the vote and to outline what this decision means for The Press moving forward.

Vote Results

Under Washington State law and the Association’s governing documents, a special assessment budget is ratified unless a majority of the ownership votes to reject it. Owners who do not attend or submit a proxy are counted as not voting to reject, which places them in the “YES / not rejected” category.

Based on ballots received and tabulated by percentage of ownership, the results are as follows:

NO – Reject Special Assessment: 55.39%

• Residential Ownership: 51.85%
• Commercial Ownership: 3.54%

YES / Not Rejected: 44.61%

• YES ballots submitted: 25.15%
• Ownership not represented (absent or no proxy): 19.46%
  (By statute, non-represented ownership is treated as not voting to reject.)

Total Ownership Accounted For: 100%

A quorum was achieved. Because more than 50% of the total ownership voted to reject, the proposed special assessment did not pass.

What This Means

The failure of the special assessment does not mean the building’s documented issues have been resolved or removed. The conditions identified through years of professional evaluation—including reports from Amento Group, Association Reserves, Sway Mechanica, and Kilburn Architects—remain in place.

The ramifications of this vote are significant:

1. No Approved Remediation Plan

• There is currently no funded or approved plan to address the building envelope, window failures, waterproofing deficiencies, roof anchor issues, or related life-safety concerns.
• Deferred maintenance continues without a defined path to repair.

2. Financing, Lender & Resale Impacts (Critical)

• This vote effectively assures The Press a non-warrantable status under current Fannie Mae and Freddie Mac condominium lending guidelines, due to documented deferred maintenance with no approved remediation plan.
• All Amento reports and presentations are now part of the Resale Certificate and must be reviewed by buyers and lenders.
• Without an approved plan to remediate the identified deficiencies, lenders must independently evaluate risk—most will decline conventional financing.
• As a result, cash buyers may be the only viable option for many sales.
• This issue has already arisen with every potential resale this year and is expected to continue.

3. Insurance & Risk Exposure

• Known, unaddressed deficiencies may affect future insurance renewals, premiums, deductibles, or coverage terms.
• Continued deferral increases exposure to water intrusion, structural damage, and liability.

4. Increasing Future Costs

• Construction costs continue to rise due to inflation and market conditions.
• Delaying remediation does not reduce cost—it increases it.
• Any future solution is likely to be more expensive than the proposal that was rejected.

5. Board’s Fiduciary Responsibility Continues

• The Board remains legally obligated to act in the best interest of the Association.
• We will continue consulting with legal counsel, engineers, and financial professionals regarding available paths forward.
• Any future options or actions will be communicated with appropriate notice and owner participation.

What Happens Next

At this time:

• The special assessment is not approved.
• No remediation work will move forward under the rejected proposal.
• The Board will assess next steps, which may include:
• Reevaluating scope or phasing alternatives
• Further professional consultation
• Legal and financial guidance on viable options

Any future action will require additional notice and owner communication.

Closing

We recognize this was a difficult and consequential decision. Regardless of individual votes, the Board remains committed to transparency, professionalism, and stewardship of The Press.

The building’s physical condition—and the financial and market consequences associated with it—remain unchanged. Our shared challenge now is determining how, and when, the Association chooses to address those realities.

Thank you for your engagement and participation.

Sincerely,
The Board of Directors
The Press Condominiums