Approval Process

The co-op's shareholders voted in 2014 that a vote of the shareholders is required to sell air rights:

• Question: What is the precise approval process for selling the air rights? Answer: We are still trying to find that out;
• Question: How many shareholders have to vote for there to be a quorum?
  • Answer: Per SPHC by-laws, a quorum is 1/3 of the units represented (each unit, and NOT the shareholders, get one vote); there are about 1740 units, so a quorum is approximately 580 voters;
• Question: What percentage of voters have to vote for the sale to pass it?
  • Answer 1: Per the June 2014 Air Rights amendment, once there is a quorum, at least 2/3 of the voters (not shareholders) must approve the sale;
  • Answer 2: Some sample scenarios:
    • If there is the bare minimum for a quorum (~580 units), as few as 387 voters can approve the sale;
    • If ALL units vote (~1740), then it will require 1160 voters to approve;
    • There were 979 units that voted in the air rights amendment change in 2014; assuming that number of voters, it will require 653 voters to approve.
• Question: How and when will the election take place? Answer: June 12th at the Manny Cantor meeting room;
• Will absentee ballots and proxies be counted? Answer: Yes, you can vote either online or by proxy; if you give your proxy to someone, that person has to be present at the meeting.

Updated 6/7/2018