QUAIL RUN CONDOMINIUM TRUST Meeting called to order at 5:00pm. Present at the meeting were R. Clarke, J. Deasy, D. Serieka and W. Howe, Trustees, N. Cahill and R. DeFilippo representing APT, Inc. H. Tillman, Communications Committee also attended. January Minutes: Approved. Procedural Note: In these minutes, action items are bold and italicized. Interim Approvals: The Trustees ratified the new heater venting installation at 13 MG, previously approved by e-mail vote. Financial Matters: Our final 2009 surplus was $23,000 subject to any audit adjustments. The Finance committee has not provided any recent spreadsheet analysis. N. Cahill will provide updated APT 2010 expense account numbers. The Trustees discussed the need for updating our Noblin Report and concluded that no action need be taken this year as we meet FHA reserve requirements and our accounting firm appears comfortable with our internal analysis as seen at the annual Meeting. Maintenance Report: The Trustees have reviewed weekly maintenance reports through January on-line, approved a 2010 work list and the revised maintenance Supervisor job description. The Work Plan includes the replacement of damaged siding throughout the complex but especially at VBW due to rust in the well water. The Trustees approved an expenditure of no more than $400 and asked R. DeFilippo to investigate a more permanent solution to the VBW rust problem. R. DeFilippo will meet with Bob Bushnell, a well regarded paving company CEO, who will prepare specs and preliminary cost estimates for our 2012 repaving project. He is willing to do this at no cost and with the understanding that at least two other qualified firms will bid using his specs. We hope to rectify a number of existing drainage problems as part of this effort and may begin some of the preliminary drainage remediation this year. R. Defilippo has completed the replacement of garage door trim at 5 units as previously approved. Cost per unit is $80 or less in some cases with the Trustees approving the repair of an additional 14 units. Total cost is expected to not exceed $1,500. R. Clarke will ask Tom Kent and his wife to help us select materials and color for the weather resistant deck rail cap boards for MG,KM, DG and possibly SMB. R. DeFilippo has gathered appropriate samples which are available in the garage office. The Trustees approved the expenditure of no more than $220 for a replacement desktop computer tower for the Maintenance Office. Management ReportQuail Run Condominium Trust February 3, 2010 Delinquency Report: This report covers through January 29, 2009 collection of Condo fees. There are no delinquent accounts. Pre-paid condo fees: As of January 29, 2009, the Trust has $20,111.14 in prepaid condominium and parking fees.Money Market Reserve: As of January 29, 2009 Citibank Money Market Balance: $37,972.11. Certificate of Deposit: On 1/14/10, $40,000 CD with Century Bank became due this was rolled over into a 20 month CD at 2.03% or 2.05% apy, the prior interest earned was withdrawn and will be deposited into the Citibank Money Market. This CD met the Board’s guidelines of a maturity date on or before March 2012, the best available rate and no more than $100,000 at one institution. Audit: The required financial information has been forwarded from APT to Patty Cobb for review. A draft audit will be prepared for the Board to review. FHA Loan Approval Process New regulations became effective on February 1, 2010. Federal Housing Authority (FHA) will no longer allow spot approvals the full project (Quail Run Condominium) must now gain approval. The FHA insures 30% of all mortgage loans nationwide. Once Quail Run receives project approval from the FHA it will remain valid for two years. Stephen Marcus writes: “ as underwriting requirements for conventional (Fannie Mae and Freddie Mac) loans have become more restrictive, buyers have been turning increasingly to the FHA.” Attorney Marcus also writes:” Communities lacking FHA approval will eliminate a large and growing pool of prospective condominium buyers.” The approval process should not be a burden on the first unit owner making a purchase at Quail Run. The cost for the approval process is approximately is $1,500 plus $750 for attorney’s letter. Below are the FHA requirements as they would pertain to Quail Run:
Utility Vehicle Rich DeFilippo located 3 utility vehicles that will meet Quail Run’s needs all having the following features: · Ability to transport brush, dirt, lumber, tools etc around the property · Rear bed has tipping feature for easy removal of dirt, gravel etc. · 800 pound capacity for hauling · Light duty pulling capacity The utility vehicles are available in new or used. A used vehicle only has a 90 day warranty versus a new vehicle has a 2 year warranty. Used: ST 350 for $5,286.25 or $5,231.25 with tax and delivery New: UMax G28A for $6,763.44 with tax and deliver. For the $1,532.19 difference between new and used it is recommended to purchase the new vehicle as it has the 2 year warranty. Chain Saw: Rich DeFilippo purchased a chain saw at Home Depot in New Hampshire for $99. Water Heater Notices: There still are 50 units that have not provided up to date information or changed their water heaters. A copy of the proposed letter was sent to the Trustees for input. Management Report Meeting Updates: R. Clarke will redraft a pending water heater notice and form to be e-mailed and posted no later than Monday, February 8. While substantial fines will be imposed for non-compliance, ample notice will be given with special provision for snowbirds without e-mail. The Trustees were made aware of a very poorly publicized FHA requirement, effective February 1, that Quail Run, as a community, must be certified by the FHA in order for any new individual mortgage applicants to be eligible for FHA coverage. The Trustees approved the expenditure of up to $2,300 to comply with the new requirements subject to R. Clarke confirming with banking sources that this enactment is not likely to be reversed or at least temporarily placed on hold. The Trustees clarified our policy on FDIC insured depositories so that interest may accrue on C/D’s and other deposits provided that the principal balance does not exceed $100,000. R. Clarke will ask Kathy DuBose to apply this change to a recently purchased C/D at Century Bank if possible. The Trustees approved the purchase of a UMAX (off the road) utility vehicle for $6,763.44. This purchase was discussed at the Annual Meeting as a pending capital expenditure out of reserve funds. Delivery is expected within 30 days, just in time for spring chores. N Cahill will examine our current insurance arrangements to confirm that we are adequately protected from theft, etc. Landscaping/ Special Landscaping: The scheduled meeting and signing of the seasonal contract with J. Vanaria was deferred to the March meeting when red mulch samples will be available. The Trustees reviewed plans and approved the expenditure of up to $400 by the Gardening committee for the purchase of perennials for the front entrance and east side of the roadway leading up to KM/MG. APT will procure a minimum of three bids for the removal of the DG planter box to be done in mid May after carpet juniper ground cover is relocated to JG. Old Business: N. Cahill reports that nothing has been paid to Atty. Perkins on his disputed charges which we agreed to pay at 50% provided that he was responsible for the proper recording and related expenses for our latest amendment and list of Trustees. We have asked our new attorney to do the recording and plan to deduct the cost from the pending Perkins payment. H. Tilman will provide the Trustees with an edited APT “Synopsis” for inclusion in the next Quail Runner. New Business: The Trustees approved a conditional request by the owner of 2 SMB to have Verizon dig up and replace a section of conduit in April if the spring thaw does not permit use of the existing conduit. This is further predicated on full remediation, all expenses being borne by Verizon with all work supervised by R. DeFilippo . Next Trustees’ Meeting; March 3, 2010, 5:00pm at the garage office. Executive Session: The Trustees discussed the present schedule of work hours for the Maintenance Supervisor. Adjournment: The meeting was adjourned at 7:00 pm. |