ASSOCIATION of PELICAN POINT Condominium Association
THURSDAY, DECEMBER 19, 2016
Call to Order: The meeting began at 12:57 pm in the clubhouse.
Establish Quorum: Board president Randy Malecha, VP Glen Farnum (arrived at 1:10 pm), Secretary Debbie Stanley, Treasurer Kathy Mocko. Director Jeanette Cullen could not attend. Michelle Davis, CAM manager with Reconcilable Differences was also in attendance. Over 50 people attended.
Approve Minutes of Last Board Meeting: Debbie motioned to approve the minutes of the November 17, 2016 meeting as written. Kathy seconded, all in favor. These minutes will be posted on the website and bulletin board.
Financial Report: Michelle stated that through November 30, 2016, the Association has $65,470.00 in the operating budget, less $12K in prepaid fees, leaving a net $53,500 in the operating account. The reserve accounts have a total of $314,240. We have had to use some of these funds to cover hurricane repairs. Accounts Receivable are at $32K, due to two units: B403 owes $30,000 and that will increase to cover the cost of impact-rated sliding glass doors, as required by the judge. The contractor will go in to measure and order the doors. Once in, we will bill for the doors and legal costs, and if not paid, we will then foreclose on the unit. Another unit, B302 has a balance since the owner’s death, but we were just served with a summons showing a large reverse mortgage owed. Year to date, even with hurricane repairs, the Association is $4,334 under budget.
Hurricane Damage & Repairs Update: Randy stated that the roof is 99% complete. Incidentals should be complete Wednesday, and the roof is 100% water tight now. Last Monday, the painter/caulker came out. He used the lift, cut out the cracked joint, opened it up and filled the joint with polyurethane caulk, to try to water tight the north wall issues.
The drywall company has been working. They are half complete with the work the Association is responsible to cover. The concrete light pole was replaced and an LED added, at a cost of $4,320. The tennis court, wall, and fence that was blown down have been repaired, and the emergency exit lighting was completed in-house, the patio beams on the clubhouse were also repaired in-house, and the damaged trees were removed and cleaned up. All a/c units damaged in the storm are now up and running. Three are being replaced, with the association covering part of the cost, as required in FL Statute.
Pool Renovations: We obtained bids for properly lighting the pool deck, but costs were over $8K, so with all the other damage, it isn’t affordable right now. The leak test was done and the pool seems to be 100% complete.
Owner Comments on Special Assessment:
Michelle was asked to go over the details:
The roof “dry in” cost $11K, the new roof cost $286K, and miscellaneous other items like drywall replacement, tree removal, light replacements, walls, fences, etc. came to $59,743.00, for a total cost of $356,743. The insurance deductible is $291,545, which is 5% of the value of “A” building. Walls, fences, lights, and trees received no insurance proceeds.
We assume we will receive approximately $148,000 in insurance proceeds, so the $208,000 balance must be divided among all 131 owners. That comes to $1,590.00 per unit. A member asked if there would be more costs, and at this time, Randy believes we have discussed the largest of the costs and he doesn’t foresee more large expenses.
A resident asked about A/C units. Florida Statute states that a/c units damaged in a catastrophe must be covered under the condominium insurance policy, so all units were repaired and are running again, but three owners wanted new units since they fell over in the hurricane, so the board agreed to pay for half the cost of these three that had been damaged, if the owners pay the contractor their share up front.
An owner asked if the new roof is as good as the others. Randy stated that the one being installed is actually stronger, but all three are engineer-approved roofs. The newest one has a 20-year warranty, up to 60 MPH winds, whereas the other two roofs have 15-year life warranties and were installed in 2009. The new roof also has a “peel and heat” underlayment- a secondary moisture barrier. It was agreed that a loose piece of fascia on “B” building will be repaired by the roofer before he leaves the site.
Board Approval of Special Assessment: Debbie motioned to approve a $1,590 Special Assessment per unit, with payment in full due before January 31, 2017. A detailed invoice will be hand delivered or mailed to owners so they can submit a claim under their “loss assessment” coverage. Glen seconded, all in favor. Some policies have $250 deductibles, but others will not have a deductible on this coverage.
While the funds are needed as soon as possible, the board will give until January 31, 2017 to pay in full for those who do not have insurance coverage. If any owners do not have insurance and cannot afford to pay in full by Jan 31, they will need to request an extension in writing. This will also be discussed at the Annual Meeting in case owners are having trouble obtaining payment from their insurance companies.
Debbie motioned to distribute the notice of special assessment as currently written by management, and then discuss more about payment progress at the annual meeting. Kathy seconded, all in favor.
It was noted that some owners
completed their own drywall repairs, so the board agreed to reimburse what
we would have been charged, after the Association receives insurance proceeds
and they pay their special assessments.
Set Next Meeting: If a meeting is needed before the Annual Meeting, it will be posted. Otherwise, the Annual Meeting will be held Wednesday, January 25th at 1 pm at the library.
Kathy Mocko acknowledged that this damage and rebuilding has been a terrible time for many; they had valuables ruined, a lot of noise during the roof replacement, and she wanted all to know we were sorry for their distress. She thanked all those who helped and said that Kathy & Randy Malecha did a lot to help. She said that Kathy Malecha was given a gift certificate for her Hurricane Matthew assistance, and that Randy was given a Christmas check for all his hours of checking units after the hurricane and overseeing all the work done in “A” building.
Adjournment: There being no further business to transact, the meeting adjourned at 1:35 pm
Michelle Davis, CMCA, AMS,