Doc., apart from the significant matter of your Executive Committee and/or Owners Corporation being in breach of the NSW Strata Schemes Management Act, on the basis of the numbers of problems that I’ve read on FlatChat over the past 4 years it’s apparent that informal arrangements that rely upon peoples’ goodwill almost always end badly.
Such arrangements with Owners usually go pear-shaped when they sell, and with Tenants at the end of their Lease.
As was correctly observed by JGOWI (post #5), the provisions of Sect.65B only allow an O/C to grant a licence to Owners, and if the resident/s who are to be the beneficiaries of the storeroom are Owners, then a licence is the best way forward.
A Special Resolution that in addition to your suggested fee addresses matters such as the licence period, the maintenance of the area, and the safe custody of stored items (e.g covered by the O/C’s insurance?) is by no means a big deal, unless of course there’s significant opposition (i.e. ≥25%) – in which case it’s far better to let the matter end there as opposed to having some disgruntled non-beneficiary of the storeroom later seek the intervention of the Tribunal; where your O/C would certainly loose and could be fined!
Finally, an informal exclusive use arrangement is an even bigger minefield, as in addition to the problems already discussed, it has the additional challenges of accounting for the potential increase in the “value” of the Lot to which it (informally) applies where that’s not reflected in that Lot’s units of entitlement, or for the arrangement possibly transferring to a new Owner as an existing (but illegal) privilege.
So my advice is …. a licence only to Owner/s is legally compliant, its process is transparent and the most expedient way to go; so please do it right or don’t do it alt all!