MINUTES OF THE
BANANA BAY CONDOMINIUM ASSOCIATION, INC.
BOARD MEETING – BUDGET APPROVAL
TUESDAY, NOVEMBER 15, 2005
1) Call to Order:
The meeting was called to order at 5:45 pm in the clubhouse.
2) Establish Quorum of Directors:
Board members present: President Barbara Peterson, Vice President Clyde Hoover, Secretary/Treasurer Irene Nishimura and Directors Julia Black and Don Baumann. Attorney Neal McCulloh was also present. There were approximately 35 people in attendance.
3) Proof of Notice of Meeting:
Manager stated that the budget and agenda were mailed out and the agenda was posted on all bulletin boards 14 days before the meeting.
4) New Business – Vote on Proposed Budget:
Attorney McCulloh stated that the Board must pass a 100% funded budget. They have no right to pass anything else. Waiving or reducing reserves can only be done by a vote of membership.
Florida Statute 718.113 mandates that the Association repair or replace any needed items by either special assessment or by raising the budget if there are not enough funds to cover the cost. This is why a healthy reserve fund is so important. The attorney stated that he does not ever recommend partial reserves or waiving reserves. He stated that a community’s property values plummet if the common areas are not maintained.
With all the renovations occurring right now, this is the best time to build reserves again. With the longer life spans of new repaired structures just starting, a fully funded reserve budget is not as much as if all repairs needed to be done in the next 5 years. Every year, your estimates for replacement costs change and the needed funds to save also change.
BANK LOAN: Barb asked the Board to vote on whether to keep the bank loan in the budget and make payments on it or to use some of the insurance money received to pay it off in full, thus freeing up $32K in next year’s operating budget. After discussion and the input that the CPA recommends the loan be paid off, Don motioned to pay off the loan, which has a balance of approximately $69,000 in this year, to eliminate it from next year’s budget. Clyde seconded, all in favor.
INSURANCE: Two quotes were just received last night. In September we received a notice of non-renewal from Empire. Barry Ranew, Mel Shapanka of Acordia Insurance and Dave Siperek of Statewide were asked to quote all portions of insurance for Banana Bay. Dave checked with Lloyd’s of London, Hartford and others and none except Citizen’s would quote the property coverage.
Mel worked closely with Barb the last few months and his quote was competitive. The insurance appraisal came in showing that the common grounds and portions of the building to be insured by the Association were valued at $16 million dollars. Last year’s policies were based on $10 million dollar values. Obviously, there is quite a difference in costs between the years. The property portion, through Citizen’s insurance, is $130K per year. This coming Saturday November 19th, a new policy must be in place. The Board had to make a decision. All agreed to go with the Acordia quote and will send the paperwork and deposit to them tomorrow.
TERMITES: We have started the inspections of each townhome with Sunstate Pest Control. Some termites have been found, but we are awaiting the whole report before deciding on the next step. Tenting costs are approximately $4K per building and after that, the annual bond for re-treating costs $600 per building.
EMPLOYEE: Maintenance Employee Bob Szcerba has done a tremendous job of completing work orders since the 2004 hurricanes. There were only 16 work orders in August 2004 before these hurricanes, and the list increased to 700 in December 2004. We are now down to 134 work orders outstanding.
After this year’s Hurricane Wilma, he came in, on his vacation day off, to clean up and help. Barb motioned to approve a raise for him in January to $17.50 per hour. She also proposed a $10 per unit bonus for this years’ work. Clyde motioned to approve a $1500 bonus for Bob. Don seconded, all in favor.
LAWN FERTILIZATION: The fertilization and grounds pest control were being done by the grounds maintenance company, Southern Greens, and there were some issues about dollar weed and shrub fertilization. Pearce Pest Control bid to include palm, tree and shrub fertilization along with grass fertilization and pest control at a small savings. This was voted on at the last meeting and their services will begin January 1, 2006.
Discussion ensued about sending out minutes via e-mail instead of mailing to save postage. This may be discussed later, but all formal mailings must be sent by regular mail.
Barb stated that money will be reduced in the landscape line items so that a balanced budget can be maintained. This is a 14.9% increase with insurance costs.
Irene motioned to accept this operating budget as changed due to insurance.
Clyde seconded, all in favor.
5) Treasurer's Report: Irene stated that this meeting is going discuss the budget and that would suffice as the report for this meeting.
6) President's Report : Barb stated that she updated the 20 year matrix of work completed at Banana Bay. The matrix is kept in the office and is very helpful for seeing when repairs were done to each unit. Currently doors have started disintegrating and are a top repair priority.
7) New Business: Vote on insurance package - Irene motioned to accept the quote received from Mel Shapanka at Acordia Insurance Company. Clyde seconded, all in favor.
8) Owner Input:
A resident stated that Citizen’s insurance is going bankrupt and it is unwise to have them insuring our property. Another resident stated that she contacted the past agent and he said we could have kept the Empire account with only a 15% increase. Manager stated that last years’ premium was based on $10 million dollars worth of property and the appraisal that we received this year shows $16 million in assets. Last year’s premium for property coverage was $70K and for 2006 it will be $131,999, due to the increased value that we are insuring. Manager has been in contact with our past agent and he writes policies for many of her properties1.
There were questions about obtaining another bid and having another meeting, but the attorney stressed that the policy cancels this Saturday and a decision must be made. Although some in the audience were not happy with the carrier, after much discussion, the vote taken above stands and the policy will be written with Acordia.
9) Adjournment: There being no further business, the meeting adjourned at 6:39 p.m.
1Although the past agent did not supply us with a quote, manager called him the day after this meeting and when he understood the increased value, he stated that any quote he could have obtained would have been comparable to what we received from Acordia and Statewide.
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MINUTES OF THE
BANANA BAY CONDOMINIUM ASSOCIATION, INC.
MEMBERS’ MEETING – BUDGET APPROVAL
TUESDAY, NOVEMBER 15, 2005
1) Call To Order:
The meeting was called to order at 6:40 p.m.
2) Certify Quorum of Members:
Manager stated that seventy-three (73) owners were present; 30 in person and 43 by proxy.
Attorney Neal McCulloh stated that to reduce the amount of money saved for reserves, a majority of members at a noticed meeting must vote in favor of it.
3) Owner Input:
While the ballots were counted, the volunteers were thanked for their extensive landscaping work.
The dryer vent cleaning is progressing. Usually 4 units are completed per day.
The inspector is still checking for termites in all townhomes. Some have been found and will have to be tented but plenty of advance notice will be given to those residents who must leave.
A resident asked about the intentions of replanting the palms that were removed. Some smaller versions are being planted but none will be placed near the buildings again. Another asked about the large stumps being left. Trees are being cut and then he will come back to grind them.
4) New Business – Vote on Reserve Funding:
Of the 73 votes received, 17 voted to fully fund reserves, at $110,000 per year. 56 owners voted for partial reserves. Therefore $55,000 will be saved in the reserve line items detail, making the monthly assessment $350 per month per unit for 2006.
An owner asked why the members couldn’t vote on a lower amount to be reserved.
Neal explained again that Florida Statute 718.113 states that a Board has the “duty to maintain” - regardless of cost. There are no real limitations to that. Whatever it takes to properly maintain the common property MUST be spent. Tonight the members exercised their right to not fully fund reserves, but this was not a requirement. The Board allowed input from the owners but legally they do not have to ask. Their responsibility is to fully fund so that when replacements or repairs are needed, there is money to cover the cost.
The other rule in the statute, the “115% rule” states that if the increase in any budget exceeds the past year by more than 115%, membership has some rights. If the annual operating expenses exceed 15% of the last year the membership can petition for a revised budget, but reserves are not a part of that equation. Cable, utilities, insurance, contractors and employee costs usually don’t increase by more than 10 to 15% per year, so this rule rarely applies.
Florida Statute states that a proposed budget MAY (which the attorney means MUST) put funds away for roofing, painting, pavement resurfacing and anything else that would cost more than $10,000 to replace. It is this way at all condos and if properly funded, no one pays more than they should for repairs. If you receive 10 years worth of life out of a roof, you should pay your share of that use so that if a new roof is needed in 2 years, a new buyer at that time would not have to pay for 12 years of its life before using it.
An owner asked if reserves could be special assessed annually or quarterly to keep the monthly fee lower. Neal stated that Florida Statute rules over the condo’s declaration, the declaration of condominium supercedes the Articles of Incorporation and finally the Bylaws would come into play if not superceded by all the above. He doubts the documents would allow it.
A resident asked how many constituted a quorum of members. Neal stated that a homeowners association quorum is 30%, or less if the documents allow that, but that a condo must have at least 51%, or more if the documents allow that, to constitute a quorum.
5) Adjournment:
Motion to adjourn was made by Don Baumann, seconded by Drummond Mason, unit #2422. All in favor at 7:15 pm.
Respectfully submitted,
Michelle Dugan
Michelle Dugan, CMCA, LCAM #17226
Community Association Manager
Reconcilable Differences, Inc.
12/4/05
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MINUTES OF THE
BANANA BAY CONDOMINIUM ASSOCIATION, INC.
BOARD MEETING
held TUESDAY, October 18, 2005
1) Call to Order: The meeting was called to order at 5:35 pm.
2) Establish Quorum of Directors: Directors Present: President Barb Peterson, Treasurer Irene Nishimura and VP Clyde Hoover. Julia Black & Don Baumann could not attend. Attorney Neal McCulloh was in attendance. Ten residents also attended.
3) Approval of Minutes from September 20th: Julia requested a change to 5A Pool Repairs: “Julia presented the option to fund this pool repair by special assessment, approximately $200 per owner, in order to preserve funds received from the insurance claim for pending hurricane-related work. Michelle stated that her estimates showed enough funds to cover this expense after addressing hurricane-related items. Clyde moved to approve as published and amended, Irene seconded. All in favor.
4) Financial Report: Irene asked that this be part of the budget portion of the meeting.
5) Unfinished Business:
A) Above-Ground Termite Inspections -
Dave with Sunstate Pest Control stated that in April 2004, he was called out to inspect for termites. His company treats for subterranean but not drywood termites. At that time, he found 6 buildings with drywood damage. Barb stated that while installing new roofs, remedial work of replacing bad wood in soffit and fascia was done. Drywood or “above ground” termites swarm in June, July and August. Soil treatments don't stop them. Sunstate can do spot treatments, but only for isolated cases. Drywoods bore in and eat the heart of the wood, so although slow movers, they destroy from the inside out. Subterranean termites start at the end of a piece of wood, so their damage is seen more easily.
Because of extensive evidence of dry wood termites and because Sunstate does not fumigate, they contacted Aero Pest Control on the Association’s behalf.
Richard from Aero stated that fumigation is the only fool-proof way to treat. In a doorway, they can spot treat, but in multiple locations in one home, the only way to be assured of treatment is to fumigate. This lethal gas destroys drywood termites and any living organism. There is not residual life to the chemicals, so these could re-infest immediately, but his warranty covers any building he fumigates. Prep work is extensive before fumigation. All food must be thrown away, all plants, pets, fish, people must be moved out for 2 nights and 3 days. Dishes will not have to be washed after returning, but living items would not survive. The gas needs heat to work, so spring and summer are the best times to do the treatment.
Clyde stated that he never heard there were LARGE amounts of termites found, but only in scattered areas. Dave of SunState Pest Control, stated that the removal of wood that has been infested with termites as we have been doing is considered another form of spot treatment. The Board was not given a report from SunState regarding the extent nor the area of termite damage, only a proposal for cost of tenting one building. SunState rep said that his inspection service is at no fee, and he does annual inspections to keep up the subterranean bond anyway, so he will come out and inspect all buildings to give the Board a better idea of what is needed. He also said that when "wings" are found in the attic, this means there are problems.
The quote for fumigation is $4K per townhome building. Aero stated that we could see a 25% discount if all buildings needing the treatment are tented at once. Dave’s inspection will be coordinated with the dryer vent cleaning starting next month and the Board will re-address this issue at the next meeting.
B) Screen enclosures:
In the midrise units, two enclosures need complete replacement (2317 and 2323) and one enclosure needs the south side replaced (2418). Bids were received from Coastal Screens, Advanced Aluminum, and Budget Screens. None had glowing reports and manager stated that Paul Dupre, who is doing the pool work, is a general contractor and did replace all enclosures at a neighboring condo. Irene motioned to await a bid from Paul Dupre and if his price is in line with the other bids, to have him proceed. Clyde seconded, all in favor.
C) Carports:
Again, with two bids from only adequate companies, Barb motioned to request a bid from Paul Dupre and go forward with carport repairs predicated on a comparable price from Paul Dupre. Clyde seconded, all in favor. It was stressed that if the stanchions are still good, we only want roofs on those that blew away, which should be substantially less expensive.
D) Sidewalk Repair:
The sidewalk in front of the north pool is constantly under water and is cracked. The Board discussed a change in depth to keep the walkway above any rains. The attorney stated that this is a material alteration, which could also be a life & safety issue due to trip and sliding hazards. Therefore, for the health, safety and welfare of the members and to preserve and protect the property, Clyde motioned to bring the sidewalk back to it’s original design yet keep it from being underwater. Irene seconded, all in favor.
E) Documents Revisions:
The Attorney presented a letter that was requested by Julia regarding insurance requirements for the Association versus owner responsibility for repair. He then presented that to the Board. Basically, if insurance proceeds are sufficient to cover the costs, the Association can replace drywall when needed. If no insurance proceeds are received, owners will have to take care of these interior repairs themselves.
F) Non-residents using common property:
Last month (September), the Board voted to post “No Trespassing” signs on the dock. A concerned owner has requested locks on the gates to the pool. Discussion ensued about taking a straw vote at the Annual Meeting about locks. Some want them, others do not. At this time, the Board encouraged owners to allow only residents and their true guests to use the facilities; not friends who live nearby. The attorney stated that unaccompanied non-residents are trespassing and they could be arrested.
6. New Business:
Budget Workshop
Proposed budgets were presented to Board members, with actual fully-funded reserves shown. There was much discussion about paying off the loan taken out in 1999 and having a contingency fund for the same cost, in case needed and if not, this could be deposited in Deferred Maintenance Reserves at the end of the year. The attorney recommended adding a bad debt line item. This would augment the repair and operating fund for those units that have fee delinquencies, especially if we will have to foreclose on the unit before payment is received. Insurance was another very large increase. Empire is not renewing beach properties and the only option is Citizen's. One preliminary bid received for all needed insurance totaled $132,578. We were told that only half the garages were insured for flood in the past and that the Directors and Officer’s insurance is not adequate. On October 30th we should have another bid, but it will be close to this cost.
Management was asked to obtain new landscaping quotes. Both bids, from Nick’s Landscaping at $4895, and GroundTec at $4870, were more than double the cost that Southern Greens charges. Barb felt that for now, volunteers are willing to weed and help to keep the costs down. We will try to work with Southern Greens to get the property looking better.
As for fertilization and pest control, Southern Greens also does this work but many seemed unhappy with overrunning dollar weeds, poor shrub health and sloppy weed control spraying, which killed grass and shrubs around the weeds. Pearce Power Spraying bid $12,545 to control weeds, fertilize grass and shrubs, and inject palms with manganese. Irene motioned to use the services of Pearce Power Spraying as of January 1, 2006. Barb seconded, all in favor.
The attorney stated that the 115% rule under Florida Statute only applies to operating expenses, and excludes any increases for reserves. He stated that an attorney only looks at running a fiscally responsible community, so he could not recommend anything except fully funding. A resident asked about keeping the monthly assessment low and special assessing for funding reserves. If the Board wanted to allow it, the documents might be able to allow payments quarterly for reserves, but he did not recommend that. For risk avoidance, he recommends not reducing reserves.
Clyde motioned that with the budget modifications discussed this evening with regard to pest control and reserves be mailed to all owners for consideration. In addition, the Board will consider proposing an alternate budget to the membership, with only 50% of needed reserve funding budgeted. Irene seconded, all in favor.
7. Manager’s Report: Work in Progress / Status:
A. Pool Repairs – north pool: Paul Dupre’s crew is doing a fine job and Don seems happy with the quality of their work. It should be completed within 2 weeks, barring weather.
B. Pool Electrical – North Pool: These repairs will be done in conjunction with the work on the pool. As for the lighting between the townhomes and the 2300 building, a cost of $1671 was received from SunKraft. Irene motioned to protect the owners from foreseeable harm by accepting this work for completion. Clyde seconded, all in favor.
C. Bathroom Interior Repairs-North Pool: KM Home Repair has ordered the materials. He recommended not using White Formica and recommended Natural Sand. This was agreed and the work should start within a month.
D. Soffit, 4th Floor, 2300 Building: KM Home Repair has ordered the materials and should start on November 1st.
E. Small Flat Roofs over Bathroom and Electrical Rooms: Rock Homes has done the work, but Don is less than happy with the appearance/quality. We did try to get another contractor to follow specs which included using tar, but none would bid the project. At this time, the buildings repaired are water-tight and not leaking.
F. Clubhouse Flat Repair: No leaks have been noticed, so this is put on hold until the need arises.
G. Tile Repair 2300 Building: Management was told that the work was completed, but did not have confirmation from Rock yet.
H. Garage Fascia 2300 Building: Many differing bids have been received and none of the contractors felt the same thing should be done. It was decided that when Dave Westner gets on property, that they will ask him for his ideas.
I. Walkway Repairs and Painting – midrises: Bob touched up the areas needing paint. We will put this work off until the spring and will ask Paul Dupre for a bid as well.
J. Unit Door Replacements: Unit #1601 was installed today. Others will be ongoing. We have a long list of owners needing doors.
K. Townhome Soffit Repairs: These were tabled until the carpenter gets finished with the sheds.
L. Sheds / Gates / Fences: Dave Westner was called to begin work as soon as possible, but he is booked until December. In the meantime, Mike the current carpenter bid this work. If he can obtain a building permit, Clyde motioned to have him start these repairs. Irene seconded, all in favor.
M. Dryer Vent Cleaning: This work will start early November, and the termite inspection will be set up to go with him.
N. Insurance Appraisal: It should be received soon. This will help the Association know if they are insured properly.
O. Letter to Home Owners: Selective owners are receiving a newsletter from a group that doesn’t communicate with the Board on issues and therefore has some incorrect information in their letters. These inaccuracies try to undermine the credibility of the Board. It was requested that if you have any questions, ask a Board member or management for accurate answers.
8. Announcements:
A. Garage Sale: The Association’s Garage Sale will be held Saturday, November 5th. An ad will be placed in Florida Today, and garages in the midrises (not the clubhouse) will be used.
B. Space Coast Condo Assn: Will hold a “Meet Your Legislators” morning, Saturday, October 28th from 9 to 11 a.m.
C. CAI Class: A free class, paid for with the $4 per unit sent to the state every year by each condo, will be held at the Cocoa Beach Library on November 28th on Conflict Resolution.
9) Owner Input:
The owners of #1601 requested the ability to install tile on their balcony. Discussion ensued about the need to preserve and protect the planking and the need to slope the tile away from the building. The owner was willing to take on all responsibility for maintenance of anything connected with this install. However, after discussion with the attorney, it was decided that an engineer would be asked to approve this drawing or something similar that could be used for any townhome owner interested in doing this type of work. The manager will send this information to a structural engineer she has worked with. The attorney recommended that the unit owners vote on this as a material change.
10) Set Next Meeting Date: The budget meeting and subsequent members’ meeting to vote on an alternate budget will be held November 15th at 5:30 p.m.
11) Adjournment: There being no further discussion, the meeting adjourned at 9:00 p.m.
Respectfully Submitted,
Michelle Dugan
Michelle Dugan, CMCA, LCAM #17226
Community Association Manager
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MINUTES OF THE
BANANA BAY CONDOMINIUM ASSOCIATION, INC.
BOARD MEETING
held TUESDAY, September 20, 2005
1) Call to Order: The meeting was called to order at 5:30 pm.
2) Establish Quorum of Directors: Directors Present: President Barb Peterson, Treasurer Irene Nishimura, Secretary Don Bauman and Director Julia Black. VP Clyde Hoover could not attend. Attorney Neal McCulloh was in attendance. Twelve residents also attended.
3) Approval of Minutes from August 23rd and amendment to minutes from January 18, 2005: Julia asked that a change be made to the minutes of August in regard to the approval request for rolldown shutters actually being accordion shutters. With that change, Irene motioned to approve the August 23rd minutes. Don seconded, all in favor.
Julia delivered a different amended January minutes to avoid confusion and clarify the roofing decision. Irene motioned to accept her revised amended January minutes, Don seconded, all in favor.
4) Financial Report: Irene stated that the monthly expenses are meeting the budget. In the Insurance Fund, we have $159,794 and in the Special Assessment fund, we have $141,957 as of August 31st. Payments from those accounts have been made since then. The next meeting will be a budget workshop.
5) Unfinished Business:
Pool Repairs: Two repairs were made in the last 2 months, but 4 more leaks are still not repaired and that cost would be $4K and would not have any warranties. Paul Dupre, of Concrete Restorations, Inc, attended to answer questions about his bid for the north pool repairs. He would remove the north pool deck, make the needed plumbing repairs and add footers to tie the deck into the pool. His bid for this work is $25,440. Paul stated that he would remove the fence, and take out all the concrete deck to 16". He would repair, then pressure test the plumbing lines, compact the sand around the pool, install a new deck and texture coat it similar to current. Edges would be thicker and would be locked in to the pool so it could move without cracking the new deck. The deck coating will last 4 to 6 years before needing to be re-coated. Compaction tests were discussed and Board felt that this would be helpful in determining compaction needs. Paul was thanked and he left. Don motioned to use insurance funds of up to $26K to make this repair to the north pool and to have 2 compaction tests done. Irene seconded. Discussion: Julia wanted to special assess all owners $200 for this repair in order to preserve funds received from the insurance claim. Neal explained that when budgeting for the new year, the 115% of last year’s budget does not apply to reserves. The reserves need to be fully funded. For now, if you have the funds available, you should use them and then budget for future repairs correctly with money going back into the reserve funds. After much discussion, call for vote: All in favor to use existing funds.
Pool Electrical: Sunkraft Electrical bid all miscellaneous repairs on a time and material basis. Management has a good working relationship with them and has found their prices reasonable, so they will be asked to coordinate with Dupre on pool lighting and electrical repairs. Julia motioned to conditionally approve up to $1,000 for electrical and lighting repairs, from insurance funds. Irene seconded, all in favor.
Soffit at 4th floor of 2300 building: Last month, more information was required and another bid was obtained from KM Repairs. Management met him at site and he agreed that the right way to do the work would be to remove all the old aluminum soffit, add fir strips and "J" channel and replace the entire walkway ceiling with vinyl soffit, using stainless steel screws. His cost would be $2,550. Three companies bid this project, with costs ranging from $1,960 to $6,680. Julia motioned to use KM, with the money coming from Insurance proceeds to cover the cost. Irene seconded, all in favor.
Tile Repair 2300: Barb explained that this small repair is to the fascia only, with the company using our old tiles from the townhouse roof repair. Bob will paint to match the color of existing tiles. Currently the area is covered with plywood on the 2300 midrise. Irene motioned to approve Rock Homes to make this repair at $1,440. Barb seconded, all in favor.
Small Flat Roofs at midrises: Don Bauman met with Rock Homes and asked for many specifications. These were also submitted to two other companies to bid. So far, no bid with Don’s specifications has been received. Management requested that Board approve a "Not to Exceed" price so when we get the specs we want, we can proceed quickly, because one roof covers the pool bathrooms and one covers the electrical room, housing meters and all the new elevator and alarm system electronics. Julia conditionally motioned to spend up to $5,000 from insurance reserves, pending approval of the specifications by Don, to have this work done. Irene seconded, all in favor.
Bathroom Interior Repairs: Three bids were requested. Two written bids were received. Both seem to specify the same work to be accomplished and KM Home Repair’s lower bid of $3,603 also came with color swatches to choose from for the stall repairs. Irene motioned to approve this work to be done after the roof is installed, with white stall finish, to be paid from insurance reserves. Don seconded, all in favor.
Clubhouse Flat Roof: Two bids were received, but Barb stated that the repairs seem to have worked because there have been no leaks in the many recent rains. All discussed the need to do no more repairs, but install a new roof with warranty, when it is needed. This is the original roof with the building constructed nearly 25 years ago. Julia motioned to table this for now and try to find an estimated useful remaining life.
Unit Door Replacements: Two companies’ bids were received and in the past, Home Depot costs were discussed. At this time, at least 30 doors need to be replaced. A resident present stated that water is pouring in every time it rains and her door is also rusted. After much discussion, Irene motioned to hire KM Home Repair to install 30 doors and, where needed, jambs. His price for installation is $115 per door, $225 per door/jamb and stucco repair, and door prices of $195 to $225 each, money to come from reserves, and determination of units to be as Barb sees fit based on issues of safety, degree of disintegration and date of request. Don seconded. All in favor.
Walkway Crack Repairs and Painting: There are many cracks and non-painted areas in the midrise building walkways. Tech Systems quoted $10,375 to use Thorocoat deck coating, include all stairwells and give a 5 year warranty. Discussion found that Paul Dupre installed the original coating, so he will be asked for a quote when he is here doing the pool deck work. This discussion led to complaints about cracked tile in the first floor units of the 2400 building. Paul will be asked to look at this as well.
Sheds – Townhomes: Three companies quoted for labor only to make the complete shed and fence replacements as well as add hurricane clips and new roofs on a number of sheds. Prices ranged from $210 per shed for roof repairs to a lump sum $20,000 total for all shed roof repairs, hurricane clips and rebuilding 4 sheds made of plywood. One bidder has backed out, one has been difficult to work with, and one, Dave Westner, did much of the carpentry work in the past, but could not start any work until December. Material costs, based on 2002 actual work completed, come to $684 per shed. Barb had a spreadsheet of costs involved and stated that since we knew Dave’s work with detailed documentation, that he could complete the sheds more quickly and consistently than a new carpenter. Julia motioned to ask Dave to do this work, per his bid of no more than $20K. Don seconded, all in favor.
Above Ground Termite Inspections: With all that was under discussion tonight, the salesman was asked to attend next month’s meeting instead, to explain costs and needs. Terminix bid $2,981 for drywood protection and Aero bid tenting at $4600. This was tabled until next month.
6) New Business:
Dryer Vents: In 2002, Banana Bay allocated funds of $12,750 to clean out dryer vents in 88 town home units and 6 midrise units on east and west ends that vent to roof. The Board planned to clean the vents in 2005. We have recently found that there may be a problem with duct work not being hooked up to the roof vents properly after all the roofing repairs since the hurricanes. The issue of responsibility came into play. After getting the facts, the attorney stated that human safety has to come first and maintenance of the community property is second. Therefore, although an individual unit owner is responsible for maintaining their dryer vent ducts and clogs would be a fire hazard, the Association has the right and duty to ensure that they are maintained. Since we cannot demand or know who has taken care of their own cleaning, the Association will continue to cover this cost yearly. After much discussion, Julia motioned to initiate dryer vent cleaning, using insurance reserves, for the safety cleaning of dryer ducts and for discovery of incorrectly hooked up ducts. Irene seconded, all in favor. Fire Prevention Safety Company of Satellite Beach will do this cleaning and he will report back to maintenance if he finds ducts not hooked up to roof vents.
Parking Garage Wood Fascia Replacement: Three companies bid on this, but all had different ideas for repair, ranging from T-111 replacement of $1,842 to complete replacement with vinyl siding for $22,200 total. Don stated that he would put specifications together for re-bid, and this was tabled until next month.
Cleaning Company: Because some complaints had been received and because mailbox kiosk cleaning was not being done, management obtained bids and asked White Apron to re-bid with all required duties. Clean Serve bid $860 per month and also included garage door washing quarterly along with all other duties. White Apron increased to $210 per week with the extra duties. Most in the audience were happy with Conrad’s cleaning, so the company will be asked to meet the other price of $200 per week and type up a new contract to include it all. Members also asked that dumpsters be swept out weekly and the recycle bins be cleaned as needed.
Aluminum Carports: Townhomes: Management received one bid so far, of $16,500 per carport. She felt this was high, but Board members had been given higher prices in past years, with new hurricane standards now in place. The fascia replacement was unclear since one company stated that the T-111 fascia is too heavy to be approved by the city. Don will also look into the specifications for carports. In the meantime, we will clarify what type of trim was bid and get drawings or diagrams of what they intend to do.
Signs: The 2 "Do Not Enter" signs at the midrises are in poor shape. KM bid two 24" sandblasted signs at $155 each. Julia motioned to accept this bid. Irene seconded, all in favor. Owners then asked about people trespassing on common areas. Attorney gave opinion and after discussion, Don motioned to purchase 3 signs, for dock and 2 pools, which say "No Trespassing. Violators will be Prosecuted" to preserve and protect the common elements and for the safety of unit owners. Irene seconded, all in favor.
This led to discussion about a resident who was arrested for burglary and indecent exposure. He was taken to jail and is no longer living here, but his mother still owns the unit. After legal opinion and much discussion, Barb motioned to have the attorney send a letter to the perpetrator stating that any future presence at Banana Bay will be considered trespassing due to his perceived threat after the last incident. Irene seconded, all in favor.
Garage Sales: Irene motioned that the next Garage Sale be held Saturday, November 5th. Because many residents asked, this sale will be held in the midrise garages. Townhome owners can either set up a table in the clubhouse or borrow a garage. Don seconded, all in favor. It was stressed that each person is responsible for their own clean-up of non-sold items.
Lost & Found: Found were keys, a cell phone and sunglasses. Contact management with a description if you have lost something on the grounds.
Community Barbeque: Bea Byrnes has asked that a Community Pot Luck be held Sunday October 9th 1:00– 5:00PM. She will coordinate it. This is a Board approved function.
7) Owner Input:
Because Julia had asked for the attorney’s opinion on what damages the Association is responsible to repair inside units, Neal stated that Florida Statute 711.11 details what must be repaired and what should be repaired if insurance money is received. It is complicated and also must take into consideration the governing documents of the Association, so Julia motioned to have a legal opinion letter written to show to owners who ask for drywall replacements, repairs, popcorn repairs and painting of ceilings. Don seconded, all in favor.
8) Set Next Meeting Date:
The budget workshop will be held October 18th at 5:30 pm
9) Adjournment:
There being no further discussion, the meeting adjourned at 8:25 p.m.
Respectfully Submitted,
Michelle Dugan, CMCA, LCAM #17226
Community Association Manager
=================================================================
MINUTES OF THE
BANANA BAY CONDOMINIUM ASSOCIATION, INC.
BOARD MEETING
TUESDAY, August 23, 2005
1) Call to Order:
The meeting was called to order at 6:20 pm in the clubhouse.
2) Establish Quorum of Directors:
Board members present: Vice President Clyde Hoover, Secretary/Treasurer Irene Nishimura and Directors Julia Black and Don Baumann.
3) Presentation of New Attorney, Neal McCulloh:
Neal is a principal attorney in the firm of Clayton & McCulloh in Maitland. They have a local satellite office in Indian Harbor Beach. He has 15 years experience in Association law. Clyde stated that Neal’s specialty is helping membership and Boards iron out controversies.
4) Presentation of New Management Company, Reconcilable Differences, Inc:
Michelle Dugan, owner and licensed Community Association Manager, was introduced. The RDI office is in Cape Canaveral and they manage 8 properties with a total of 845 units. The company has been in business 3 years and Michelle has been a licensed manager for 11 years.
5) Board appointment
There have been some upheavals in the past few months. Don Bauman was asked to join the Board and Irene resigned as secretary so that he could fill that spot. Clyde motioned to appoint Don as secretary, Julia seconded, all in favor.
Barb Peterson resigned after the last Board meeting, but was asked by many people to re-consider. Irene motioned to reinstate Barb to the Board. Don seconded, all in favor.
Clyde motioned to appoint Barb as president. Irene seconded, all in favor.
6) Approval of Minutes from, April 26, 2005, June 16, 2005, and July 5, 2005 meeting. Amend minutes from Special Meeting, January 18, 2005.
A synopsis of the minutes was given by Irene. Regarding the April 26th minutes, Clyde motioned to approve as written, Don seconded, all in favor.
Regarding the June 16th minutes synopsized by Irene, the attorney stated that it is problematic to give back moneys and recommended looking at funding reserves instead if any insurance money is left after all damage is repaired. When an audience member asked, Neal reiterated that the Board must make the decisions for the Association and can decide, without member vote, how to use the insurance money after the Special Assessment money is expended. Clyde motioned to approve the minutes of June 16, Don seconded, all in favor.
Regarding the July 5th meeting to terminate B.P. Davis and hire Reconcilable Differences as of Aug 1st, Clyde motioned to approve the minutes, Don seconded, all in favor.
Regarding an Amendment to the Jan 18th minutes, the Association received 97 votes in Favor and 4 against the new roofing material at that meeting, as stated in the minutes. 101 votes were needed to pass with 75%. One vote from unit 1202 was by e-mail and not counted bringing it up to 98 at the time of the meeting. The remaining 3 signatures came in later before the 90 days were up. Technically, as we found out later, the board should have adjourned the meeting and reconvened the meeting with a final count.
The board and community went with Rock Homes and the new material they presented, because they could start immediately; the roofing material was an excellent product with the appearance of tile. Waiting for tiles could have taken up to a year for a start date with 22 roofs to be replaced. The board's intention was to secure the roofs (declared dilapidated by the insurance company's adjuster) before the next hurricane season. The board was also being told at this time that they would not reimburse Banana Bay for the roofing replacement until each roof was complete. The Association did not have official notice that this was indeed reversed until the final check for insurance was received June 16, 2005.
Attorney McCulloh asked for clarification about what was happening with the roofs at that time. There were many leaks into the townhome units and action was required. To preserve and protect the Common elements, this was an emergency requirement. Not only was replacement tile hard to find and roofers backed up, but because timely maintenance was required, the attorney stated that cost is irrelevant and not a basis for change, but to preserve and protect is a requirement of the Board. Florida Statute 718.113 requires that "duty to maintain" and to reasonably and timely maintain the roofs, a change in materials could be justified.
Neal reiterated that price can never be a consideration for a Board decision. The driving force in January was safety of homes and owners. Management was asked to re-draft the January minutes to re-state this and the approval of the minutes will be postponed until the next meeting with amendments.
7. Financial Report
Irene stated that the Balance sheet shows $159,947 in the Insurance fund and $239,279 in the Special Assessment account as of July 31, 2005. Many required checks have been written since then. A full accounting of where all Special Assessment and Insurance moneys were spent will be put together after all work is completed. We are still in the middle of re-construction.
Owners asked how much the roofs were costing. To complete the tile portion of the roofs will be over $638,000 and fascia damage and rotten wood replacement are extra. Fences and sheds must also be replaced.
Collections are a large consideration at this time. Ten owners are in various states of non-payment, with a total owed of over $35K. The old attorney has started the collection process and Neal recommended that if more than the original letter of intent to foreclose has been mailed, to keep these collection matters with Soileau. We hope to have an update on these accounts in collections for the next meeting. Although the Association pays the "up front" fees, all collection costs, interest and late fees are added to the lien and the owner will be responsible to pay these costs or risk losing their home in foreclosure.
Neal stated that there is a limitation on what the Board can disclose. The Board cannot use a public forum to embarrass people into paying. On the other hand, the Board serves at the pleasure of the owners. All owners can request a list of owners in arrears. This request should be in writing to management.
Reserves are a critical issue. There is only $30,607.57 in reserves and this must change. Julia reminded everyone that the new roofs have a 50 year pro-rated warranty. When damage occurs, money will be needed for portions of the replacement cost. There are many common elements of this community and there must be money set aside to cover portions of the cost. Neal gave an overview of fully-funded reserves. If a roof costs $100K and will last 10 years, and you have no money in savings towards the cost, you must put $10K per year into the reserve fund in order to be "fully-funded". Once all the upgrades and repairs have been completed, The Board will make provisions for a reserve analysis to be conducted.
Neal said that it is clearly stated in the statute that the Board cannot give back any money until all expenses are found and paid. It was again stated that when all work is complete, a complete accounting will be shown of how much money was paid to whom.
8) Unfinished Business:
A. Recall Results: The board solicited input from the community regarding a recall for Banana Bay board members. A group had petitioned for recall of Barb, Clyde and Irene. They were asked to submit the proper number of signatures for this to be voted on. Edna Maloney was present at this meeting and stated that the recall was started because of frustrations. She stated that the petition did not garner enough votes, but 45 people expressed dissatisfaction with Banana Bay’s handling of affairs. She stated that management had been the first concern and that has been taken care of. Secondly, the opportunity to ask questions and make suggestions was requested. These people said they wanted to relieve the Board’s burden and help; and lastly, they asked for a change in meeting times and thanked us for this later meeting.
B. Townhome Roof & Hurricane Repairs Update: There are only four more roofs left to complete. 19 of 22 roofs are completed. All roofs should be complete by early September. The association has taken steps to secure our property to prevent further damage from rain and wind.
C. Leaning Canary Island Date Palm:
Some residents were worried about the leaning palm tree between the two mid-rise buildings. Management had a certified Arborist inspect and write a letter regarding it. His opinion was that this tree is not going to fall. It has a wide web of roots that will keep it standing. Management also obtained information from the insurance agent stating that if the tree falls, the tree itself will not be covered, but any damage caused by the tree to common elements would be, and personal items would be covered under personal insurance policies. Don Bauman stated that the governing documents require any tree that dies to be replaced. Neal stated that the DBPR does not view landscaping as a material alteration, but if the governing documents are more stringent, you must follow those.
Julia asked about the mulch and spraying line items. They are much over budget. Management thought this might have been due to an unreasonable budget amount because there are a lot of areas that are being mulched, but this will be investigated.
D. Above Ground Termite Inspection
Termite damage was observed last summer when Dave Westner was replacing rotted eaves on the 1200 building. He removed all damaged wood. Apex was called. They found no remaining sign of the termites. It was recommend that we tent the 1200 building and the cost was put into the special assessment ($4,000). It has been recommended that we inspect all units, have an above ground termite bond/insurance, and spot treat any signs of the termites. This would save the owner from having to move out of the unit at their personal expense for tenting and may be as effective. Management is receiving conflicting stories about what is required and covered. The board asked that this item be tabled and discussed at the next meeting upon which management will present data and if applicable, recommendations on the issue for the board’s decision.
9) New Business:
A. Maintenance Proposals
a) Soffit at 4th floor of 2300 building:
This is an issue that must be attended to, as it was damage from last year’s hurricanes. Three bids were received. One, from a company management had not heard of, was $4,160 to $6,680 based on install details. Steve Anthony, who has done the fence carpentry work, bid 3 ways: aluminum soffit as was already there at $1,960; or two versions with a plywood base and vinyl, these costs ranging about $3,800. Lastly, KM Home Repair bid replace with same at $575. After discussion, management was asked to have KM re-look at this area and the wood that is supposedly rotten on the ceiling. To preserve and protect the Association’s investment, we will have to use the best materials for the job.
Tile Repair 2300:
Only Rock Homes was willing to bid this small project. Their bid was $1,440 but with no details. Management was asked to obtain details
Roof replacement at north pool bathrooms:
To date, only Rock Homes has submitted a bid and it is reasonable at $1,050 but again had no details. These will be sought.
Roof Replacement at 2300 Electrical room:
Again to date, only Rock Homes has bid, at $2,100. Details will be obtained.
Roof Replacement – Clubhouse:
Rock Homes bid $8,400 but with no details. Complete Building Services bid $2,450 for a 1 yr warranty to reseal and reflash all lap joints on a 50’x50’ area, including roof drains.
North pool bathroom repairs to walls and stalls:
We are still waiting on 3 quotes from local contractors. This was tabled for the next meeting.
Mailbox kiosk repairs (roofing/electrical/bulletin boards):
Only Rock Homes has quoted a price to-date, but for $2,800, they would re-roof the 4 kiosks, replacing rotten wood at a separate cost and installing the Gerard tiles on top. There was an issue about having the same pitch on each kiosk, and that has not been addressed. More info will be obtained by management. Clyde motioned to give conditional approval to have this work done upon receipt of additional information from the contractor. Irene seconded, all in favor.
Regarding the electrical side of it, 3 of the 4 kiosks have no lighting and this is a safety issue. Sunkraft Electric bid $1,281 to install electric conduit with fixtures at Association cost. For the other work we asked about, the cost would be $65 per hour. Clyde motioned to have this work done for the safety of the residents. Irene seconded, all in favor.
Bulletin Boards at the kiosks and in the mid-rises are dilapidated. There are already 2 new bulletin boards, so 4 more are required. Once installed, all locks will be keyed the same for Association business to be posted. These are $259 plus shipping, each. Clyde motioned to approve this purchase to make all boards consistent. Irene seconded, all in favor.
h) North Pool leak & electrical repairs & deck coating
The first leak detection company found 3 interior pool leaks and fixed those. Upon re-filling the pool, it was discovered that there must be broken pipes under the deck. We obtained quotes from other leak detection companies and Collins came out last week. He has so far found 5 breaks in different portions of the deck. His price is $1,000 per break. No one warranties under deck breaks for longer than 30 days and Don stated that we have had at least 5 other breaks in the last fifteen years. Don and management will discuss this with the contractors and have information at the next meeting. For now, the pool is usable, but we are using a lot of water to keep it filled.
Sunkraft Electric gave hourly rates to troubleshoot and repair the pool lights and corroded junction boxes at the pool.
j) Elevator Alarm Upgrades:
The Special Assessment included $9,150 towards upgrades to the 2300 building to meet new fire codes required when the elevators were updated. When CFS started doing the work, they found existing wires disintegrating and bells and chimes not able to be repaired. A new bid of $21,150 PER BUILDING was received from CFS to do the work properly. This is a requirement from the fire marshal. If another company were to bid and receive the job, CFS still does the quarterly maintenance and we would probably not receive the warranty we will by staying with the current company. Manager stated that CFS has been competitive and has good quality work on other projects. Clyde motioned to use insurance proceeds to cover the balance of the cost of these upgrades. Irene seconded, all in favor.
k) Pool Table Equipment:
Management ordered 3 new pool cues, balls, chalk and repair materials. The supplies left out in the past were broken and unusable. The new supplies will be left out until the first sign of vandalism.
l) Pool Bathrooms:
An owner asked the board about the pool bathrooms being locked. The board initiated discussion on the topic. The south pool bathrooms were vandalized three times this year, requiring a plumber’s visit. The bathrooms were then locked by maintenance when he left for the day. Weekend use was not available and a resident worried that this was a heath violation. As of this meeting, the bathrooms will remain unbolted and all residents are asked to watch for vandals. If proof of vandalism is provided, we will report the incident to police and charge the subject responsible for the cost to repair. The attorney stated that the Board and management cannot be expected to find the culprits; the entire community needs to be involved.
m) Landscaping - Palm Trimming:
A new company, Bob Slover Tree Trimming, recently trimmed the large Canary Island Date Palm. His price for all palms to be trimmed would be $3,640. He will be contracted in September to just trim those not cut in July.
Insurance Appraisal Proposals:
An insurance company we are obtaining quotes from asked that we have an insurance appraisal done. Allied charges $2,000 for all Association buildings to be appraised and offered "replacement cost to present building codes for an additional $200. When the board solicited the attorney and manager on the value for assessing replacement costs, they advised the benefit for such data is to ensure the property is adequately insured by evaluating the delta between specifications Banana Bay was built to (1980s) and current codes. IPA Appraisals bid $2,995. Clyde motioned to contract with Allied at $2200, to be taken from Insurance proceeds, to ensure that we are adequately insured in the future. Don seconded, all in favor.
C. Hurricane Shutter Approval
Mrs. Johannsen from unit #2002 requested permission to install roll-down shutters over her windows and sliders. Julia motioned to approve this installation, Clyde seconded, all in favor. Management will send a letter with installation requirements.
10) Owner Input:
Owners were requested to put any concerns in writing to the management office at least 10 days before the next meeting if they wish the Board to discuss it.
Items of concern for the next meeting were: key control (a time lock or Medico keys for the bathrooms and Publix gate), video camera installation, bathroom updates, vandalism updates and a disaster plan for any future needs.
Many owners thanked the Board for good communication at this meeting.
11) Set Next Meeting Date:
The next meeting will be held the 3rd Tuesday of the month, September 20th, at 6:00 p.m.
12) Adjournment
There being no further business, the meeting adjourned at 9:15 p.m.
Respectfully submitted,
Michelle Dugan, CMCA, LCAM #17226
Community Association Manager
Reconcilable Differences, Inc.
==========================================================================
Banana Bay Condominium
Special Meeting
July 5, 2005
In attendance were board members, President Barbara Peterson, Irene Nishimura and Clyde Hoover.
Meeting was called to order at 5:30 PM.
Proof of Notice
and Quorum
Motion made by Irene Nishimura to terminate the services of Management Company, BPDavis retroactive as of July 1, 2005, giving them the required 30 days notice of cancellation in writing and engaging the services of Management Company, Reconcilable Differences as of August 1, 2005. This motion was seconded by Clyde Hoover. The motion was approved by all Board members present.
Meeting adjoined.
Irene Nishimura, Secretary
========================================================================
Banana Bay Condominium Board of Directors Meeting
April 26, 2005
President Barbara Peterson called the meeting to order at 5:45 p.m. in the Clubhouse. Other Board members present - Irene Nishimura and Clyde Hoover. Also present association attorney John Soileau.
Disposition of Minutes – February 8th, March 3rd and March 1 Organizational Meeting
Motion by Clyde Hoover, seconded by Barb Peterson to accept the minutes as distributed. Motion passed unanimously.
Continuing Business
Hurricane Insurance Update
We’ve received conflicting information from Zurich as to whether or not they will depreciate the roofs. The insurance company sent out a second crew of appraisers to inspect the roofs because they couldn’t believe the roofs were in as bad condition as initially reported. This added to the delays in getting the claim settled. Mr. Soileau explained that the insurance companies are under a mandate to settle outstanding claims and they will be subject to sanctions if they don’t. The state is going to be leaning on the insurance companies. The claim has been submitted for final approval. The insurance company was pleased with the way we’ve taken steps to mitigate the damage. Clyde addressed the large number of delinquent special assessment payments and reminded owners that roofs are still leaking. The hurricane season is coming up. The roofing company must be paid as the roofs are completed regardless. The Board has a fiduciary duty to make sure the roofing continues. Banana Bay had slightly over a million dollars in damage. To date, we’ve received $300,000 from insurance. We have a problem with cash flow and people who have not paid their special assessments. We have $45,000 in delinquent assessments, which the Board intends to handle in the normal manner. The association filed for a SBA loan through FEMA. FEMA has put the loan on hold until the insurance proceeds are determined. Barb reported that the association CPA advised against the SBA loan. It was his opinion that the Board should not act as a banker for owners and further encumbrances with interest payments. It was suggested that Mr. Soileau send a letter to the insurance company. Consensus of the Board members was that the insurance company has been responsive to their phone calls and that the insurance company has been acting in good faith. It was agreed that a special meeting would be called when we receive a check. If we don’t receive the funds in a week, the attorney will send a demand letter to the insurance company. Aside from accruing daily fines, there is not much incentive for the insurance companies to settle. Any litigation would take a minimum of 1-2 years.
The roof materials were paid in advance to avoid price increases. The cost of each roof is $28,819.
Banana Bay Web Page
Bob Szczerba has the Web page on CD. There are a lot of other things Barb would like to add prior to the hurricane season including things like insurance information that owners would need to know. Banana Bay forms, Handbook and documents are already scanned in. We’re looking for a site - Nsync is offering a Website free for 100 days, then there would be a charge of $100 every six months. Tabled until next meeting.
Parking Issues
The Board plans to send out a questionnaire on the parking needs of mid-rise residents. We are waiting for information from the City prior to making any decisions on amending the existing parking plan. Any amendments would have to be approved by the City.
Committees
Barb thanked the Ad Hoc Building Committee for picking the roof color. The committee was dissolved with thanks for a job well done. The new Board will appoint new committees on an ‘as needed’ basis.
Hurricane Shutter Specifications
The Board is working on updating the specs to allow for accordion shutters, which are less expensive to install and don’t require motors. Ivory shutters would be a better color to blend with the new building paint. The revised specs need to clarify the installation procedure and placement on the mid-rise buildings. We hope to have the revised specs ready for the June Board meeting. Owners should submit shutter requests to the Board.
Other
Maintenance & reserve funding – during the first 15 years of Banana Bay, almost all maintenance was deferred. Since 2000, we have been trying to catch up and trying to get back to the point where we can stop spending money out of the operating account for repairs and to be able to reserve for future maintenance. Each year the owners have voted not to fully fund reserves. In 2005, the total allocation to reserves is only $600. We plan to have a professional reserve analysis done this year.
Announcements
The audit of the 2004 financial records prepared by CPA Matt Burke will be mailed to owners this week.
The May 1st special assessment payment has been deferred until May 13th.
Adjournment
The meeting was adjourned at 7:00 pm.
Petey Davis
Property Manager
========================================================================
Banana Bay Condominium Special Board of Directors Meeting
March 3, 2005
President Barbara Peterson called the special meeting to reinstate the special assessment to order at 5:30 p.m. in the Clubhouse. Board member Clyde Hoover was also present. Irene Nishimura was absent.
Because of what the Board was led to believe would be a timely payment of insurance funds, the first payment of the special assessment, which was levied on December 21, 2004 for hurricane damage and other maintenance needs, was subsequently reduced to $425. Now close to ten weeks later, we have still not received any money from the insurance company. This week they have decided that they need to do another inspection of the property.
In the meantime, since we have units that are still leaking when it rains, the Board feels it has no choice but to reluctantly reinstate the special assessment that was passed back in December so we can proceed with the roof replacement project. There was a motion by Barb Peterson, seconded by Clyde Hoover to proceed with the special assessment with a payment of $1,500 per unit due on March 18, 2005. Motion passed unanimously.
We believe that there will be some relief from the insurance company at some point in time but until we have a check in hand, additional special assessment payments will be due as follows - $1,629 will be due on May 1, 2005 and $1,716 on June 15, 2005. This is a $73,032 reduction or $537 per unit reduction from the original assessment passed in December.
The meeting was adjourned at 5:50 pm.
Petey Davis
Property Manager
==========================================================================
Banana Bay Condominium Association, Inc.
2005 Annual Meeting
March 1, 2005
President Barbara Peterson called the meeting to order at 7:00 in the Clubhouse.
1. Calling of the roll and certifying proxies
Eighty units were represented either in person or by proxy.
2. Proof of Notice of Meeting or Waiver of Notice
Proof of Notice was read and placed on file.
3. Reading of minutes of 2004 Annual Meeting
Motion by Clyde Hoover, seconded by Julie Black to accept the minutes as read. Motion passed unanimously.
4. Reports of Officers
Julia Black reported on her efforts after the hurricanes to check unit keys. We’re following up on a number of units that the need to supply a key to their unit to the association does not have keys for. Access to units is very important in the event of situations like a hurricane when it is important that we get into units as soon as possible to check for damage. Julia was thanked for the pictures she took of damaged areas.
Barb Peterson reported that there was no more information on the insurance claim. They’ve elevated our claim to Catastrophic Team status and are going to send out another adjuster. We’ve been told that an advance check is coming several times. Once we have some insurance money, we can start on projects.
Barb commented that the complex looks great considering the damage and our insurance catastrophe status. and She thanked Bob Szcerba, Dave Westner and Tom Bean for all their efforts.
In response to a question on whether there will be additional special assessments, Barb responded that we will use the insurance money we receive and then the Board will evaluate the situation to determine if any additional funds are needed in the form of a special assessment to complete the work
Bob Szcerba is working on a Web page that will include documents, rules and regulations, notices, etc. This will be used to provide more information to unit owners.
Barb will be serving on the Space Coast Condominium Association Board of Directors this year. Notices for their meetings are posted on the bulletin boards. All owners are welcome to attend the monthly meetings.
The Garage Sale will be scheduled for a Saturday in April. Residents can rent tables for $5-$10. There is a donation table where proceeds go to the Clubhouse fund.