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Minutes of the Meeting of the Board of Directors for the
VILLAGE SQUARE OF TITUSVILLE CONDOMINIUM ASSOCIATION, INC.
October 10, 2014

Call to Order:  
The meeting was called to order at 12:02 pm by President Brenda Dowd. Three unit owners attended.  
 
Establish Quorum of Directors:  
Board members present: President Brenda Dowd, Vice President Evelyn Bourke, and Secretary Betty Conant. Director David Mark was present by speakerphone and Treasurer Dennis Filler was absent.  
 
Approval of Prior Minutes:  
As modified, Evelyn motioned to approve the minutes of the August 29, 2014 meeting, and post them on the website. Betty seconded, all in favor.   
 
Financial/Collections: Michelle reported that as of September 30th, the Association has $50,270 in the Operating account, and $221,434 in the various Reserve accounts. For the first nine months of 2014, the Association is $5,814 under budget. We have used $23,000 from reserves to paint, re-roof, repair balconies and repair plumbing lines. Accounts Receivable is at $49,446.39, but much of that will be completed by the end of the year. Unit #249 will be foreclosed by the bank in approximately February 2015. The Board agreed to try and find a tenant, at $600 per month. Many banks appreciate having a paying tenant in the unit when they take over, so any new tenant would have the ability to stay even longer. The Association will probably have to write off $12K of past due fees, based on the “Safe Harbor” laws that protect banks. Unit #226 is now owned by FNMA. It was a quick foreclosure but we are fighting for all the costs the Association had in making repairs to the plumbing. An estimate of $10K will have to be written off. Unit #155 will supposedly be foreclosed by FNMA in November 2014. We did have a tenant in there for the last year, so they kept the fee from going higher, but approximately $8K will have to be written off on that unit. Unit #255 was foreclosed by FNMA on June 7th. They are now negotiating their balance, and the Association will have a bad debt of approximately $3K, but we will have paying unit owners soon. The other balances due expect to be paid, but one only pays when he has a tenant and another is a chronic late payer. They both pay the late fees, but we would like to see consistent on time payments from everyone. 
 
OLD BUSINESS:

    Unit #249: As noted above, the single mother tenant has moved out and the Board agrees to rent the unit for $600 per month until the bank forecloses. 

    Unit #155: The current tenant understands that the bank will be foreclosing on the unit in November. Unfortunately, their October payment bounced. They did present cash to a Board member, but the bank fee will be billed to him. 

    Wood Repairs at #156:  Evelyn reported that non-pressure treated wood was used by the developer, so it seems that there was not termite damage, but just rotted wood. Luckily, there was no second floor damage, but tie beam nails have been found cut off, not just rotted, so Elite is having a hard time getting the work properly done. There will be a small extra cost for these unexpected surprises. The building inspector has approved the work and they will close it up next week, after a drywood termite treatment is done by Truly Nolan.

Approval to Mail Proposed Budget: The Board felt the draft budget was acceptable to mail to all owners so they can look it over and ask questions next month before the Board’s final approval. The $200 per month fee will not go up, based on this draft. Evelyn motioned to mail it out, Betty seconded, all in favor. It will be mailed out within a week. 
 
Termite, Pest Control & Lawn Fertilization Bids: Bids were obtained for Drywood Termite Treatment and Annual Inspections & Repair Bonds. Massey bid $9,300 for the initial treatment and $800 for the annual inspections. Truly Nolan bid $34,560 for initial treatment for both drywood and subterranean termites, with a $4,100 annual cost. Massey’s annual cost for subterranean inspection is $3,400.00. There was discussion about the need for drywood protection. Since this current wood issue turned out to NOT be termites and there is no money in the budget to cover initial treatment, the Board agreed to table this and not accept any bids. For pest control around the buildings and interior treatment if needed, Massey’s cost is $1,707.26 annually. Truly Nolan bid $2496. The Board felt Massey is doing an acceptable job so will stay with them. Regarding lawn and shrub fertilization and pest control, Massey’s annual cost for lawn treatment with 2 shrub treatments per year is $3642.30. Truly Nolan’s bid of $5160 included all needed treatments for both, but since Massey currently treats shrub problems when asked, the Board agreed to stay with them unless they stop helping with shrub treatments.

Owner Input: A resident asked if interior pest control was part of the monthly fee. It was confirmed that a resident just has to fill out an attention form and a Board member will ensure that the Massey tech knocks on their door when he is on site, to spray inside for roaches, ants and some spiders.

A resident asked if we could have the landscaper mow the lawn on Harrison completely, even though part of it is not our responsibility. Betty stated that the city is helpful in getting the owner to mow when needed. She will call the city to start this process.

Set Next Meeting Date: The Board Meeting to approve the 2015 budget will be held on Friday, November 7th at noon.   
 
Adjournment: There being no further business to discuss, the meeting adjourned at 12:30 pm.  
 
Respectfully Submitted, 
Michelle Davis, LCAM #17226