The Hallway Chat

Special Edition – Do The Math

🗣 The Talk of the Floor

By Adam Betzold

TL;DR: The board approved a $5.5M contract affecting owners — but refuses to share the full document. Now they’re trying to approve another $600K the same way. That’s not transparency.

That’s risk.

In December, the board approved a $5.5 million “change order” — contractor-speak for, “We need more money to do more work.” Those costs are now hitting owners directly as chargebacks.

The problem? Owners asked to see the contract and were only given a one-page sheet with signatures and a total amount.

No breakdown. No scope. No explanation.

Now they’re preparing to vote on another $600,000 change order the same way — rushed, undocumented, and without full disclosure.

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❗ This isn’t just bad process. It’s dangerous.

If these contracts are vague, duplicated, or conflict with prior agreements, the HOA could end up on the hook — legally and financially.

That risk lands on all of us, as members of this HOA.

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📜 Illinois law gives us the right to see these contracts.

Section 19 of the Condominium Act says owners can inspect any document that creates a financial obligation.

That includes full contracts — not just the signature page.

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❌ Without documentation, there’s no accountability.

Who’s responsible for in-unit work?

Why are we being billed for things we didn’t approve?

Why did we pay $34,000 for photography when BuildFix said they’d include it?

Transparency isn’t a favor. It’s a fiduciary duty.

Until the board takes that seriously, every contract they sign is a risk we all share.

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📊 Same Project. Two Paths. One Cost You More.

Let Me Show You the Math

The $47,428 Question: What Does This Loan Really Cost You?

By Adam Betzold

The board signed a $20 million loan, locked us into a 6% minimum interest rate, and added more than $6.6 million in interest — all without letting the community vote on it.

I calculated my share using my unit’s ownership percentage: 0.178%

• 🧾 A $20 million special assessment  would have cost me about $35,600
• 💸 The $26.6 million loan  over 10 years is costing me about $47,428

That’s a staggering $11,828 difference — mostly in interest.

📌 These are high-level estimates for illustration — actual costs may vary.

This isn’t to say a special would have worked for everyone.

Some owners may not have had affordable credit options. Others may have been able to borrow below 6% on their own.

But that’s exactly why a decision like this should be made with transparency, discussion, and a vote — not rushed behind closed doors.

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That $11,828 difference isn’t just math — it’s a reminder of what happens when decisions are made behind closed doors, without owner input or financial foresight.

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💬 We’ve seen what silence costs…

But we’ve also seen what happens when neighbors ask questions, share knowledge, and refuse to settle for “just trust us.”

I believe this building can be transparent, financially sound, and fair — not because of politics, but because of people like you who care enough to speak up.

If this message resonates with you, I hope you’ll take one small step that makes a big difference:

🗳️ Pledge your support:https://adambetzold.info/pledge-support

Let’s make the next decision one we’re proud of.

— Adam Betzold