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VILLAS OF PINECREST

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					                         VILLAS OF PINECREST
                     BOARD OF DIRECTORS MEETING
                       WEDNESDAY, MAY 19, 2005
                          7:30 PM CLUBHOUSE
Members Present : Jay Bernkrant (hereinafter referred to as Jay) and Reza Farajzadeh (hereinafter referred to
as Reza).

Meeting was called to order at 7:30 pm by Jay.

Jay moved to approve the previous meeting’s minutes without reading them. Reza seconded the motion. All
voted in favor and the motion passed.

Reports :
Treasurer’s Report was read by Jay. As of May 18, 2005, we have the following in our treasury:

       $ 84,407.37 Operating Account
       $ 113,168.92 Reserve Account
       $ 119,776.29 Total

New Business :
- Xavier de Amenzola submitted his resignation as Property Manager for the Villas of Pinecrest. Jay accepts his
resignation and submits it to the Board. Reza is in favor and approves same.

Barbara Phillips subsequently submitted her resignation as Secretary/Treasurer for Board. Jay accepts her
resignation and submits it to the Board. Reza is in favor and approves same.

Jay submits Gloria Fernandez’s application as volunteer Secretary/Treasurer for the balance of the term. Reza
is in favor and moves to accept her application.

A special Board of Directors Meeting will be held on Monday, May 23, 2005 at 7:30pm. The specific purpose
shall be to hold an election on Gloria Fernandez’s application as volunteer Secretary/Treasurer for the
remainder of the term.

Issues :
There are numerous open issues which must be revolved. Examples of issues raised:

- Open invoices and bills to be paid. The Board will have the new management company take care of this
department.

The Board will continue to monitor, approve and reject any and all expenses and/or costs. The Board will
continue to have a “tight hold” on all money issues as it has done since its election.

- General Maintenance. We have begun to take care of the grounds. The pool area is in the process of being
cleaned up. Touch up painting has commenced.
The Board respectfully request that all unit owners stay involved with the Board and communicate all issues.
The Board is open for suggestions.

- General painting of all buildings. This issue has stayed as more information and funds are possibly needed.
Other issues have taken a priority over this one.

- Termites. There is a possible infestation of termites at the Villas. This issue is stayed until we are under
contract with the new management company.

- Communcation problems with Padron CPA - This issue is stayed until we are under contract with the new
management company.

- Pool Deck - The Board has obtained a quote from Tropic Surfaces in the amount of $16K with a 5 year
guarantee for textured spray decking.

Reza has obtained a quote from Pools by David in the amount of $24,900 for concrete pavers.

Barbie Blanco obtained a quote from Outdoor.

More information is needed and will be obtained in order to make a decision. This matter has been continued to
our next regularly scheduled meeting.

Immediate issues with deadlines:

Fire alarm :
2 of our Buildings have acceptable alarms but the remaining 5 have raised a possible citation with the Fire
Department.

The Board has investigated this issue and has found that this problem has existed for over 2 years. Jay has been
in contact with the Fire Department and they have informed him that have been lenient and patient with the
Villas for over 2 years now. They understand that we are now under new management, but they can no longer
be lenient or patient. The Fire Department has given us an extension of 1 week to be under contract to take care
of this matter or we will be fined. Therefore the Villas must make a decision and enter into a contract within 1
week.

The Board has met and obtained written quotes from various Alarm Companies, ADT in the amount of
$117,000, FAS in the amount of $118,000 and Siemens in the amount of $78,000. Reza will meet with the
companies once again and compare in detail the value of quote. He will immediately submit his findings to the
Board, a decision will be made, we will be in compliance with the Fire Department and an expensive fine will
be avoided (approximate numbers).

Catherine a Unit owner approves of the Board entering into contract with ADT but voices her concerns over
shady workmanship and/or unacceptable cosmetics.

A Motion for the 3 Alarm companies to be re-evaluated and for one to be chosen at the Boards discretion by
Friday, May 20, 2005 was raised and passed.
Leaking roofs : There remains approximately $365K to do the existing roof repair. More information is
needed and will be obtained in order to continue this project. This matter has been continued to our next
regularly scheduled meeting.

Insurance : No declarations sheets have been provided to the Board from the previous property manager after
numerous requests. The Board is now unilaterally in the process of obtaining coverage information, therefore
this matter has been continued to our next regularly scheduled meeting.

Bank Loan :
Upon information and belief the Board thought this matter was put to rest. Upon further investigation, the
Board found that there was a recent oversight made by our accounting firm and previous management company.
The original amount is no longer available we have been forced to accept a $500K loan with a 10 year
amortization at a rate of 6.8% with Colonial Bank. The bank has now given us a Commitment Letter and this
matter needs to be finalized in the very immediate future.

Employees on the payroll : Since we temporarily have no management company, there is a payroll,
employment tax and medical insurance issue regarding our maintenance workers and access control personnel.
This issue is stayed until we hire a new management company. At that time it will be decided what is in the
best interest of this personnel and the Villas.

Management :
The Board has met with various potential management companies and has come to a conclusion to hire
Continental Management Co. Continental offers the following benefits:

- 3 year contract with a 30 day cancellation with cause
- temporary on site employee-20 hours/wk-$800 per month for the first 90 days
- weekly/daily visits during duration of contract
- must submit 3 quotes for all work to be performed with the Board to approve same
- has no authority to sign contracts
- will handle all payable/receivable matters
- collection of association fees
- association fees information will be available on line for our unit owners
- financial statements
- communicative and attentive to our needs

Maria, a unit owner inquired if Bob Rosen was contacted for his opinion on the recommendation.

A unit owner expressed her concern that we do not switch the landscaping personnel.

Harry, Unit 1034 objected 3 times to the hiring of this management company.

Jay and Reza once again asked that the unit owners stay involved with this community.

Open Forum:

A unit owner wants someone to periodically check out the furthest northeast corner of the property because she
believes teenagers are drinking beer there - there is evidence of beer bottles thrown about
A unit owner is inquiring what is happening with the tearing down of trees - planting new trees and tree
trimming

A unit owner talked about the fact that he has a storage room and has never paid for it. The Board reassured
him that the new management company will address this issue.

A unit owner said that he has had his unit for 1 year now and has never been billed any association fees. The
Board reassured him that the new management company will address this issue.

New management company needs to address the job titles of the security guards.

A unit owner is asking for a status on the refurbishing of the balconies

A unit owner was inquiring about pursuing Xavier personally and corporately for his negligent performance to
the Villas. The Board informed her that the Villas will not pursue this matter but she is free to do so.

A unit owner inquired about owning the washer/dryer area and updating same.

Ed wants the community to acknowledge and thank the new Board for all the hard work that has taken place.

The Board once again expressed it’s gratitude for the cooperation it has received from many home
owners and reiterated that we must all stay involved so that we do not find ourselves in this negative
situation in the future.

                                   MEETING ADJOURNED AT 8:30 P.M.

				
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