BANANA BAY CONDOMINIUM ASSOCIATION Board Meeting
WEDNESDAY, FEBRUARY 1, 2017
to Order: The meeting began at 10:00 am in the clubhouse.
Appointment of New Board Member: Jim Miller passed away last Sunday, and while we so appreciate him and will miss him, the board has a lot of decisions to make, so Barb motioned to amend the agenda to appoint a new board member. Carole seconded, all in favor.
Clyde moved to appoint Tim Sparks to finish up Jimís term. Carol seconded, all in favor. The Board welcomed Tim Sparks, #2201. He works for Apollo Realty and brings expertise and knowledge of associations. He said he has been here 4 years, and in the area 20 years. He said it is not easy to be a board member. They have to research and decipher information and make the best decisions to protect and preserve the community.
Approve Minutes of Last Board Meeting: Barb read the minutes and they are also posted on the website. It was the budget meeting, so there was discussion about the hurricane and all costs involved, and there was discussion about a future special assessment. This meeting also provided the proper owner vote to pool reserves and ďopt outĒ of fire sprinklers in all units. That certificate was mailed to all owners for their future use.
There was also an owner vote to remove the fire pump. That also passed and the pump will be removed soon. They will also remove the fire hoses, and these will be kept and re-used in some landscaping areas. Clyde motioned to approve the minutes of the November 17, 2016 meeting as written and summarized. Carole seconded, all in favor.
Bank Loan to Aid in Covering Loan Discussion: Knowing that the costs have escalated and we are still waiting on possible insurance proceeds, we researched and obtained offers for loans. FL Community Bank offered a 5-year term at 4.97% with $1,500 in fees. With amortized costs and interest, a 90 month term would cost a total of $721,500.00. While the board does not want the loan to go that long, that cost divided by the 136 units would be $5,305.00. The attorney has written his opinion that the board has the right to procure this loan on behalf of the community.
Michelle noted that personal condo insurance will cover $2,000 of the unitís special assessment cost under their loss assessment coverage. It was also noted that the last hurricane special assessment in 2004 was $3,600 per unit for townhome roof replacements.
It was stated that this is not a Special Assessment meeting. We have to pay these repair costs but are still waiting for final insurance proceeds, which will have an impact on the final special assessment.
The Annual Meeting will be on March 7th and there will be a potluck.
The fence pickets at Publix will be repaired as soon as they can get to it.
Columns on the midrises will be sand blasted and sealed by Mikeís Masonry. The last time this was done was 2002. Dave Westner has designed a prototype for the covering; currently on the east side of the 2300 building.
As soon as the column work is completed the midrise floors will be painted.
Carole motioned to approve the $600,000 loan with Florida Community Bank. This was seconded by Clyde. There will be no pre-payment penalty on this loan. All in favor.
Adjournment: There being no further business to transact, Carol motioned to adjourned at 10:54am