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					                   KINGSPOINTE OF NAPERVILLE CONDOMINIUM ASSOCIATION
                           MINUTES OF THE BOARD OF DIRECTORS’ MEETING
                                                   July 6, 2011

A regular meeting of the Board of Directors of the Kingspointe of Naperville Condominium Association was
held at 7:31 PM July 6, 2011 at the Naperville Municipal Center.
Present at the meeting:
                                Bob Ruoti
                                Johnny Walker
                                Judy Stepien
                                Daniela Kole
                                Steve Elmore - EPI Management


Absent                          Sunil Contractor
                                Christine Geraci
I.       CALL TO ORDER
         Meeting was called to order at 7:35 PM by S. Elmore (EPI). Roll Call was taken and it was determined
         that there was a quorum of the Board of Directors.

II.      APPROVAL OF THE MINUTES
         Motion – J. Walker moved to approve the minutes of May 2, 2011, as written. J. Stepien seconded.
         Unanimously approved as presented.

III.     RULE APPEALS
         There were no Rule Appeals presented to the Board.
IV.      GUESTS\MEMBERS –
         There were no scheduled guests.
V.       TREASURER’S REPORT –
         S. Elmore presented the financial report for the period ending March 31, 2011.
                Assets -                                      $271 656.83
                Liabilities -                                 $ 58,124.18
                Homeowners Equity -                           $213,532.65
                Total Liabilities/Equity -                    $271,656.83
         Mr. Elmore reviewed the May 31, 2011 statements with the Board and noted the following items:
Minutes                        Kingspointe of Naperville Condominium                                  2

             Budgeted Income was 182,584 versus actual income of $197,323.00. The main cause of the
              variance was due to rental income in the amount of $5582.00 for units the Association took
              possession of.
             Professional Services – Actual was 9779.00 versus budget of $11,100.
             Outside Services – Actual was $55,662 versus a budget of $67,738.
             Office Expenses – Actual was $1466 versus a budget of 2797.
             Insurance – Actual was $9859 versus a budget of $14,291.
             Misc. Repairs – Actual was $12,194 versus a budget of $11,583.
             Utility Expense – Actual was 22,322.39 versus a budget of $36,212.
             Reserves – It was noted that the Reserves were under-funded due to the summer operating
              expenses such as plant material replacement and the re-mulching of the property.


VI.   MANAGEMENT REPORT
             No Lease Amendment – Mr. Elmore reported that there had been no change in the totals votes
              for and against the No Lease Amendment.
             Landworks Landscaping – Mr. Elmore reported that a copy of the Landworks landscaping
              contract was attached to the report for the 2011 season. It was also noted that the mulching had
              been completed per the contract terms but that some of the common area planter beds were not
              mulched as more mulch was used in the planter beds. The Board approved to have the common
              area beds mulched later on in the summer when the funds were available.
              It was also noted that Landworks had postponed some of the plant material replacement due to the
              hot weather.
             Illinois Department of Transportation – Mr. Elmore reviewed the correspondence between the
              Illinois Dept. of Transportation and Keay & Costello regarding the sound barrier that the State
              was proposing to install along the expansion area of Route 59 on the west side of the property.
              The Board agreed to accept of the Dept. of Transportation’s proposal for the two separate parcels
              that would be taken in the amount of $205,000 and $74,000 but wanted to wait for a response
              from the State regarding the sound barrier.
             Emerald Ash Borer – Mr. Elmore reported that a copy of the contract for treating the Ash Borer
              was included in the management report with Autumn Tree that would involve injections into
              those ash trees that were diagnosed by the City of Naperville as having been infected. The work
              was schedule to be done in August 2011.

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Minutes                         Kingspointe of Naperville Condominium                               3

             City of Naperville – Mr. Elmore presented correspondence from the City of Naperville showing
              the Association’s cost of the perimeter concrete repair at a cost of $2743.26.
      Motion – J. Stepien moved to approve payment in the amount of $2743.26 to the City of Naperville for
      the Association’s share of the perimeter sidewalk repair. Seconded by R. Ruoti. Unanimously
      approved.
             Driveway Replacement - Mr. Elmore reviewed the two proposals for the replacement of the 7
              driveway areas that were included in the bid specs.
      Motion – J. Walker moved to approve the bid proposal from Wallace Paving in the amount of
      $14,042.00. Seconded by D. Kole. Unanimously approved.
             Concrete Raising – The Board reviewed the concrete raising proposals for the interior sidewalks
              located in the inspection report.
      Motion – J. Walker moved to accept the concrete raising proposal from Amazing Concrete in the
      amount of $5100.00. Seconded by D. Kole. Unanimously approved.


VII. INSPECTION REPORT
             Mr. Elmore reviewed the Inspection Report with the board which include a review of the
              perimeter sidewalk concrete replacement by the City of Naperville. It was noted that the report
              included maintenance items to be done on the buildings and numerous rule violations involving
              satellite dish installations, dog damage issues, siding repairs, etc.

VIII. ADJOURNMENT
      Motion to adjourn at 8:21 p.m. . Unanimously approved.


      There was no Executive Meeting held.


      Respectfully Submitted:
      EPI Management Co. LLC




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