Back to Whitley BayBack to RDI

Minutes of the
Whitley Bay Condominium Association, Inc.
 Board Meeting

Minutes of the Special Assessment Board Meeting
Whitley Bay Condominium Association, Inc.
MONDAY, MAY 15, 2017

Call to Order: Stan Bowers called the meeting to order at 7:10 pm.

Establish Quorum of Directors: Board members in attendance: President Stan Bowers, VP Margherita Ramsay, Treasurer Bob Schrader, Secretary Frank Sullivan, and Director Richard Isom. Michelle Davis from Reconcilable Differences and forty-one owners also attended.

Approval of Minutes from April 13, 2017: Bob motioned to approve these minutes as written and posted on the website. Richard seconded, all in favor.

Financial Report: Bob reported that the association is 5% under budget year to date and finances look good. He motioned to use $1,785 from Machinery / Electric Reserves for the board interface on the roof. Richard seconded, all in favor.

Speaker: Kevin Barfield attended to answer owner questions about the metal tile options for the roof replacement, as well as timelines and other details. He was thanked for his time and he left.

Discussion re: Details of Costs: Kevin provided the board with two contracts; one for the tile roof replacements and one for the flat roof replacement. The owners had approved the change in material from tile to metal, and the cost for those roofs is now $420,184. The flat roof will be completed last, and that contract is $239,330. Noble Engineering Group has been retained to sign and stamp the drawings and oversee the work, for a cost of $10,500, which insurance has agreed to pay for.

The pool liner, which was cut by flying tile in Hurricane Matthew, is being replaced at a cost of $18,500. Bob made a motion to use $8,500 of Pool Reserves to install steps into the pool. Stan seconded that, all in favor.

The hurricane also caused damage to doors people doors and a garage door, for a cost of $2,611.

Lights and emergency exit lights were damaged in the storm and those replacements are $730. Initial clean up and ongoing leak repairs from that storm have cost $6,932 to date, and trees and shrubs broken or destroyed by the hurricane cost $3,028 to replace. Lastly, the cost to repair nicks and re-paint the deck on the 3rd floor from falling tile will cost $11,781.

The total costs known to date equal $713,596.00.

Insurance has paid $153,410 and we expect the $10,500 for the engineer, for a total $163,910 reimbursement after the large hurricane deductible. This brings the total needed funds to $549,686, or $8589 per unit.

Owner Questions: Owners asked about using reserves. Some owners felt the whole roof reserves saved to date, approximately $73,000, should be used to offset the Special Assessment, since the new tile roofs hold a 20 year labor and material warranty. The board did not feel comfortable using all those reserves, in case a non-warranty repair might be needed. After all owners were able to discuss their concerns and recommendations, Frank motioned to use $32,000 from Roof Reserves towards the cost. Richard seconded, all in favor. This brings the total needed Special Assessment to $517,686, or $8,089, rounded up to $8,100.00.

Approval of SPECIAL ASSESSMENT: Bob motioned to approve a Hurricane Special Assessment of $8,100 per suite. Frank seconded, all in favor.

Approval of Payment Due Dates: Frank motioned to have half due in 30 days and the other half in 60 days. Therefore $4,050 would be due June 15th, and $4,050 would be due July 16th. Bob seconded that motioned, all in favor.

Other Unfinished Business: It was requested that the maintenance men prep and paint 3 doors that have not been done, as well as paint the shutter boxes that need it, and that they check the garbage chutes on a regular basis.

Adjournment: There being no further business to transact, the meeting adjourned at 8:02 pm.

Respectfully Submitted,

Michelle Davis, CAM, CMCA, AMS