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Board of Director’s Meeting Minutes

Call to Order 7:00 PM: Board President, Steve Brodie, VP Steve Winn, Treasurer Ed O'Brian, Secretary April Scott began the meeting. Director Clyde Hoover was unable to attend. 47 owners attended the meeting.

Financial Report:
Treasurer Ed O'Brian reported that as of February 28, 2018, the operating bank account has a balance of $13,026.64. With prepaid owner balances of $23,367, the Association currently has a negative $10,340.36 balance.

The insurance settlement for Hurricane Matthew will be paid soon and the operating account will be positive with excess. The various reserve accounts have a balance of $682,085.13. Year to date, expenses are $14,833.62, the budget is $16,059.00; so currently $1,225.38 under budget.

However, $12,172.08 has been spent year to date on landscape expenses and the budget year to date is $5,940.00 leaving us $6,232.08 over budget for year to date but still within budget for the year. Discussion about containing costs for landscape was held, and close monitoring of expenses will be implemented. Any further expenses for landscaping must be approved by the entire Board at scheduled meetings where owners are invited to attend and provide input.

Collections Update:
Collections balance is $59,289. Of that, $45,530 is owed by one unit. That account is in the initial stages of foreclosure by the collection agency. This past due amount has been in arrears for years. Board and owner discussion took place that entering a payment arrangement again would not be appropriate. If required when the legal eviction process begins, the Board will take a formal vote on this matter. There are 5 other accounts with balances above $500, all have payment arrangements that are being followed.

Pool Resurfacing Contract: A motion was made by April Scott to sign a contract for the resurfacing of the South Pool in the amount of $22,699, with 30 days daily follow up treatment with Sutton of an additional $700. The motion was seconded by Steve Winn. The vote to approve was unanimous. Work is to begin in June. Payment will come from the clubhouse/pool reserves and has been a scheduled item for several years.

Hurricane Matthew Insurance Claim Update
The insurance company made an offer of $657,349.49 to settle claims for Hurricane Matthew. In the posted but closed meeting with the attorney on March 9, 2018, a vote to sign the Policyholder Release was approved. As a result, the claim for Hurricane Matthew is complete. We do have two outstanding invoices as a result of the claims. One is for a public claims adjuster who assisted in finalizing the claim, and costs billed by an environmental company, SRP. The balance due to SRP is being negotiated by our attorney.

Approval to Pay Skyline, Public Adjuster: A motion was made by Steve Winn to approve the invoice from the Public Adjuster in the amount of $62,833.14; the motion was seconded by Ed O'Brian. The motion was unanimously approved

SRP Environmental Lien Update: SRP is a company that performed environmental assessments after Hurricane Matthew. Initially their work was to focus on mold, mildew, and moisture. The company chose to place a mechanics lien on Banana Bay. The lien is still active however, we are in negotiations to finalize disputed invoice amounts. Once payment is made from the insurance proceeds, the lien will be released. Specific details regarding amounts cannot be disclosed at this time per advice from our attorney since we are in negotiations, but all sales closings are able to pay their 1/136th of the debt and obtain clear title for the buyer.

New Business:

Concrete Restoration Inc: Contracts have been in negotiations for two years for the following and revised bids were just received:

  • Replace 4 carports: The one that completely blew away in Irma in Section 1, the first one to the right as you walk from the clubhouse to Section 4 parking, and the 2 carports in Section 3 on either side of the mailboxes. This cost is $124,130 plus engineering and permit fees of $4,500.
  • Additionally, on the balance of the carports, removing the mansard trim and replacing with gutters and modified white end caps to keep them from being damaged in high winds, plus small repairs where needed. This cost is $38,570.00
  • Reduce Drainage Issues in Area of Building 200/300: Install underground PVC piping and drains in front of units and drain away from Building, Connect all down spouts in the area between 200 & 300 to underground drain. This work should be no more than $1,500.00
  • Gutter Installation on North (front) Side of 2300 and 2400: $13,700.00
  • Concrete Repair Rear of 2300 Building. There is broken concrete on the edge of balcony, this will be repaired at same time as gutters are installed, while lift is on site.
Work is scheduled to begin the first week of April 2018. A motion was made by Steve Winn to approve the contract for carport repairs, replacements, drainage, and midrise gutters in an amount not to exceed $198,000; the motion was seconded by Ed O'Brian, the vote was approved unanimously.

New Committees: The Board discussed the creation of three ad-hoc, volunteer committees: Social, Landscaping, and Buildings. Committees are open to all residents, including renters. There was strong support for including renters to participate in committees and in attending monthly board meetings. Basic Information regarding the purpose of the committees and how to sign up for the meetings was handed out at the Board Meeting. That information is also posted on the Bulletin Boards. Note: Banana Bay will be developing a Hurricane/Disaster Plan; the Building Committee will be responsible for the development and implementation. Also, there was Board and Owner discussion regarding the implementation of Bingo and the game 50/50. The Social Committee will be responsible for developing and presenting recommendations to the Board for approval.

A motion was made by Steve Brodie to approve the creation of three advisory, ad-hoc Committees, reporting to the Board: Social, Buildings and Landscaping. The motion was seconded by April Scott and unanimously approved.

Proposed Projects for 2018: The following projects were reviewed which have approved or pending contracts: carport repairs, high water around 200/300, gutter installation on north side of 2300 and 2400, concrete repair 2300 bldg, and townhome deck repairs. Projects to be completed by Banana Bay Maintenance Staff: straightening of townhome courtyard fences and light poles. Project funded in the 2018 Budget but not approved yet: Repaving of all asphalt on the property.

The proposal to implement these projects was strongly supported by the owners present. The Board noted the difficulty in trying to project manage several large projects with a volunteer Board and very limited resources. The Board communicated that it will be necessary to have strong committee involvement in assisting with project and contractor management, and owner communication to be able to implement all of these projects in 2018 within the proposed budgets.

Board Meeting Schedule: Discussion was held regarding the frequency of meetings. Owners expressed their opinions that there is not ample opportunity for owner input to Board decisions and decision making is not as transparent as they desire. Additionally, the past history of providing the minimum legal notice of Board Meetings makes it difficult for owners to attend and participate. Discussion was held regarding holding monthly Board Meetings. There was discussion regarding meetings always being in the evening, or rotated between day time and evening meetings. A motion was made by Steve Brodie to schedule Board Meetings for the second Tuesday of each month at 7:00 PM for a trial 3-month period. The motion was seconded by Steve Winn and the motion passed unanimously. Notice of the monthly schedule has been posted on the bulletin board. This notice does not supersede or by-pass the notice required by the State that will be posted no later than 48 hours prior to a Board Meeting.

The Meeting was Adjourned at 9:05 PM