QUAIL RUN CONDOMINIUM TRUST Meeting called to order at 5:00pm. Present at the meeting were J. Alpert (attending by telephone), R. Clarke, J. Deasy, and W. Howe, Trustees, N. Cahill representing APT, Inc. H. Tillman, Communications Committee also attended. October Minutes: Approved as presented. Procedural Note: In these minutes, action items are bold and italicized. Interim E-mail Approvals: The Trustees signed a resolution, previously approved by e-mail, relating to deck maintenance. N. Cahill will ask Attorney Perkins to record the resolution along with documents confirming W. Howe’s prior appointment as Trustee along with the Trustees appointed at the November 19 Annual Meeting. Upon receipt of the recorded items, Mr. Perkins will be paid $600 plus recording fees. Financial Matters: Our projected 2009 surplus should be in excess of $20,000, barring any last minute surprises. The surplus has restored liquidity that was diminished by prior deficits The 2010 budget, as previously approved by the Trustees, will be posted on the web site tomorrow. No increase in 2010 monthly condominium fees will be necessary. Maintenance Report: The October reports were reviewed previously by the Trustees on-line. The bulk of the Maintenance Supervisors time was spent rebuilding the JG trash structure and completing the landscaping for the 11 JG drainage project. Gutter cleaning will be done as soon as leaves are off the trees and the tennis court net will be removed, both expected on or about 11/15. Management ReportQuail Run Condominium Trust November 4, 2009 Delinquency Report: This report covers through October 30, 2009 collection of Condo fees. There are no delinquent accounts. Pre-paid condo fees: As of October 30, 2009, the Trust has $18,385 in prepaid condominium and parking fees.Money Market Reserve Balance: CitiBank Money Market Account Activity: October 30, 2009 Balance $62,641.18 Last month the Board of Trustees voted to invest $40,000 in a CD however the rates are better with a $50,000 CD. You are currently transferring $7,739 per month to the Reserve Money Market and there are no anticipated Reserve expenses until Spring 2010. If you invest in a $50,000 CD then in March you will have approximately $51,500 in the money market account. Currently the Citibank money market is paying $1.35% in interest The suggested options for $50,000 investment in CD: Danversbank: 9 or 12 Month 1.60% APY 18 Month 1.85% APY 30 Month 2.25% APY Community Association Banc is offer an 18 months CD which guarantees 2.13 % or 2.15 % APY but if prime goes up the CD rate will increase. Community Association Banc is not a brick and mortar bank however is FIDC insured. Annual Meeting Preparation: The formal letter to unit owners regarding the annual meeting was mailed on November 3rd. The letter informed residents that there is only one declared candidate for two open Trustee positions. Additional postings regarding the meeting were also at the mail house. In order to have the 2010 Budget numbers match the slides and the printed material the amount of Condo fees collected should reflect $456,456, which is the amount of money collected when the condo fees are rounded. The remaining 2010 budget numbers will not change. Tree and Shrub Treatments Nancy met with Roamie Lacefield of R & S Landscaping. In touring the property Mr. Lacefield pointed out existing conditions with the current plantings. Mr. Lacefield noticed evidence of scale on the dogwoods and crab apples and spider mites on the Alberta Spruce while Bartlett Tree treated for these problems this year, it is anticipated that the plants may need treatment again next year. The planned inspection and treatment program will insure that the existing plant material at Quail Run will remain healthy. The 7 inspections and treatments will cost $4,095 plus $700 for bronze birch borer and leaf miner for a total of $4,795. The proposal from Derek Binding proposes to treat for Winter Moth and Juniper needle blight for $3,500. Tree Pruning In addition to the previous list of tree pruning, there is a large pine tree in the rear of 12-13 KM that had a branch break and fall. There is no danger to any building or other landscape materials. The branch is too big for Rich DeFilippo to take care of. We need to include this in winter pruning for Derek Binding. Missing mums: The mums planted this fall were removed sometime between October 30th and November 1st. Joe Vanaria and crew deny removing the mums. This was not vandalism since the area was raked over after the removal. Water Heater Notices; Unit owners that had not updated their water heater information with APT were sent notices that their water heater was out of warranty. This information was sent with the annual meeting notice to save postage. Request to install additional venting: 11DG sent a request via the online work order system to install new venting for the existing cellar heating system. The piping for the existing exhaust vent does not meet current code and runs a distance the entire width of the living room. The unit owner is requesting to relocate the vent outlet to an area closer to the actual heating system. Nancy met with the unit owner and explained that the specific location of new exhaust vent needed to be given prior to Trustee approval. The contractor prefers to bring the vent out at the extreme left side (as it would appear in your picture) of my cellar. There is a setback of about 18" or so there and he would use the setback as an exit point. If this helps, my unit lies roughly east to west. The setback faces north towards my neighbor's garage. The north face is where he would like to exit. Management Report Meeting Updates: The Trustees approved the purchase of a $50,000 C/D at Community Association Bank with the expectation that reserve money market balances will be rebuilt by monthly reserve transfers before any significant reserve outlays are required. N. Cahill and H. Tillman will provide additional power point slides relating to Mass tax changes and the Mary Cummings Park presentation revisions with the goal of posting the final presentation on the web site tomorrow. R. Clarke will contact several possible candidates to assess interest in serving as Trustees. We have received two very different proposals for tree and shrub spraying next year. R. Clarke will review each proposal with the vendors and make a recommendation at our December meeting. R. Clarke will also discuss the “missing mum” situation with J. Vanaria to clarify procedures and encourage voluntary disclosure of such issues. H. Tillman will include publicity on providing water heater information to APT in the next Quail Runner and N. Cahill will research enforcement options. The Trustees approved the relocation of a furnace vent for 11 DG subject to written confirmation of the exact location and procurement of abutter approval. A new APT sign for the mail box area suggestion box is on order and expected shortly. Landscaping/ Special Landscaping: The Trustees signed the snow contract with Vanaria for the coming season and authorized APT to confirm in writing our intent to proceed with the subsequent landscaping contract, subject to negotiating more specific tree and shrub pruning specifications. It appears that any shipments of plantings from Arbor Day.com will not be received until next spring. The Trustees remain committed to a major perennial planting program. Annual Meeting Planning: R. Clarke and J. Alpert will collaborate on power point speaking assignments. New Business: N. Cahill will report back regarding the specifics of our CAI membership which will not be continued as there is little perceived value being provided. N. Cahill will also seek a proposal from Noblin for an updated assessment. H. Tillman and R. Clarke will coordinate disposal of our inventory of abandoned electronic items at the upcoming Woburn event scheduled for 11/21. . Next Trustees’ Meeting: December 2, 2009, 5:00pm at the garage office. Adjournment: The meeting was adjourned at 6:10 pm. |