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Minutes of the Banana Bay Condominium Association
Board Meeting
Wednesday, October 26, 2016

Call to Order:  The meeting began at 10:04 am in the clubhouse. 

Establish Quorum: Board president Barbara Peterson, VP Clyde Hoover, Secretary Carol Langmesser, Treasurer April Scott and Director Jim Miller were present.   Michelle Davis, CAM, and Ted Manna, facilities oversight manager for Reconcilable Differences were also in attendance. Eight unit owners attended.

Approve Minutes of Last Board Meeting:  Clyde motioned to approve the minutes of the October 5, 2016 meeting as written. April seconded, all in favor. These minutes will be posted on the website today.

Financial Report: Michelle stated that through September 30, 2016, the Association has $46,094 in the operating bank account, less $19,970 in prepaid fees, leaving a net $26,124 in the operating account. The reserve accounts have a total of $674,727in the various bank accounts and accounts receivable are at $68,245, but the largest 2 accounts are making payments.   Year to date, the Association is $9,125 under budget.

New Business: 

2017 Budget Discussion: Some board members met with engineer Todd Foley, who put together a Reserve Analysis based on the “pooling method” of funding for all building components. He uses a software program that can keep track of all replacements to more accurately budget future repairs.

 The owners would have to vote to change to the “Pooling Method” of reserve funding, as opposed to the “straight line” method that has been used in the past. We prefer to have Todd at the budget meeting to discuss how the options affect the members. There are three budget options for owners to vote on; the first option is the mandatory “fully-funded reserves on the straight-line method” which would make the monthly fee $658. The second option is “partially-funding on the straight-line method”, which would keep the fees the same as last year, at $455, and the third option is with the pooling method – having one line item on the budget that is associated with a 50-page document showing expected needs and replacements over a 30-year period, and how much money is required each year to keep that “bottom line” from ever going to zero. That option would increase the monthly fee by $5, to $460 per month, but would be considered “fully-funded”, if owners vote for a pooling method to be used going forward. 

The budget approval meeting date was discussed and Board members agreed later to hold it on Thursday, November 17th at 6pm so that the most board members could attend. An overview of the voting choices will be mailed with the draft budget, agenda and proxy ballot. We also need all owners to complete the form with their choice of payment method for next year, because coupon books must be ordered soon for those who request them. 

Elevator Consultant:  Malcolm Daigle was used in the 2002 modernization of the elevators, and is still the main consultant used in Brevard County.  The concrete around the first floor door jamb in 2400 has crumbled and keeps the door from shutting properly. Plus, the pits need to be waterproofed because a lot of water gets into both. Lastly, there have been problems with getting work done that will allow us to obtain the new use permit, so both buildings are in violation right now. Malcolm’s cost is $6,800 with periodic payments after each step. Michelle said he will also charge for mileage and tolls, so the total cost may be as high as $8,000. But she also said that he usually finds maintenance issues that are the responsibility of the elevator company, so this may save us thousands in repairs that will be completed at no charge by Kone. Clyde motioned to hire Malcolm, April seconded, all in favor.

Midrise Roofs: Craig Winebrenner of Rock Roofing attended with an update. He rushed out to Banana Bay the day after Hurricane Matthew ended, and his men have been on the job almost every day since, including most weekends, to get the buildings watertight. Both roofs blew back and damaged all top floor units, and then rain storms in the days after the hurricane found other small areas to intrude and flood units even more. 
True water tightness was held up because A/C stands had been compromised and had to be removed and re-installed, and water flooded through pinhole openings. This has been a very stressful time for many, and the buildings are truly a “construction zone”, so roof nails and a lot of debris are still all over the grounds. They removed all insulation in the attics, and will “blow in” more after all the other work is completed.
Craig said the 2300 building is almost done. Power will be off today and tomorrow, to move the a/c units and hook them back up. He said that all electric and a/c lines are clumped together, and are rusted and exposed, so new electrical is being put in. This slowed down the process, but was desperately needed to ensure a/c power lines aren’t compromised in the future. These were 30-year old parts and needed replacement. 

The 2400 building should be water tight by the end of next week. 
Then, as soon as we confirm that there is no moisture or black mold in the units, the drywall company, JP Stevens, will be in to start their work. They must start with fire walls in the attics. They will need access into every top floor unit and go up through the porch ceiling to repair these. 
Then they will start drywall repairs. The Association will repair all compromised drywall, but is not responsible for texture or painting that drywall.

More than 20% of the tile roofs were also compromised, and cannot just be repaired, so the 30-year old tile will be replaced with the same metal barrel tile as the townhomes.
We are hoping that all repairs that are association responsibility will be completed before Thanksgiving.

Unfinished Business:
Gutters:  The work approved in a previous meeting began this week. The downspouts are being brought far out from the buildings to ensure water does not sit against the buildings and cause more rot. There was a concern about cutting a foot on the end of the aluminum, so the company is adding a plastic cover at the end.  It was confirmed that any current gutters that are not commercial grade and 6 inches will be replaced.

Owner Comments:
Garage doors: Four doors were damaged in the hurricane. The doors have been ordered and should be installed within 3 weeks.

Sliders: Some were damaged or compromised.  It was confirmed that windows and sliders are an owner responsibility and they will need to contact a vendor of their choice.

Pods: Some people are renting pods to store their property while the work is being done. They just need board approval on where to have it dropped. FYI, a pod costs $380 for a 30 day rental.

A resident wanted to thank Barb and Ted for their countless hours on site overseeing the work and answering questions. She said emotions were high, these two only wanted to help, and she apologized for her anger in the whole situation.

It was reiterated that once all hurricane costs are tabulated, and any insurance proceeds are received, the balance will be assessed to all owners equally. The good news is that unit owner personal H06 condo policies are required to cover at least $2,000 of any special assessment after a hurricane.

Adjournment:  There being no further business to transact, the meeting adjourned at 10:55 am.

Respectfully Submitted,
Michelle Davis, CMCA, AMS, LCAM #17226, Community Association Manager, Reconcilable Differences, Inc (11/6/16)