|Minutes of the
Meeting of the Board of Directors for the
VILLAGE SQUARE OF TITUSVILLE CONDOMINIUM
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
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.
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.
#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.
#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
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
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
Set Next Meeting Date:
The Board Meeting to approve the 2015 budget will be held on Friday, November
7th at noon.
being no further business to discuss, the meeting adjourned at 12:30 pm.
Michelle Davis, LCAM #17226