Board Meeting 01 2010

Parc On Summit Condominium Board Meeting Minutes

Tuesday, January 19, 2010, 6:30PM, Capitol Hill Public Library (425 Harvard Ave E)

I. Call To Order
a. . Forrest Rode called to order the Board meeting of the Parc on Summit Condominium at 6:30PM on Tuesday, January 19, 2010 at the Capitol Hill Public Library at 425 Harvard Ave E.

II. Roll call
a. Forrest Rode conducted a roll call.

Present were:
Forrest Rode, President
Steve Wilson, Vice President
Pete Segall, Treasurer
Joe Whiting
Homeowners and other attendees
Suzanne Heidema, Property Manager
David Swanson, Resident Manager
Matt Ayers
Damian Stusser
Ellen Hutchinson

**III. Approval of November and December Minutes.
a. November Meeting Minutes were approved.
b. Approval of December Special Meeting minutes was postponed

IV. Agenda/Discussion
a. Agenda/Discussion
a. Homeowner issues
i. A homeowner asked the Board about the potential special assessment and how the resale certificates are stating the current status.
1. The board summarized what was discussed at the December 17th Special Meeting of Homeowners. The amount of any special assessment will be determined by the amount of the actual contracts to perform the work detailed in the Reserve Study for years 2009 and 2010. Resale certificates state that there are planned projects that will exceed 5% of the operating budget and that bids are being obtained to determine the actual costs.
2. The homeowner asked for a soft copy of the Reserve Study.

**b. Financial Report for December 2009 and Reserve Funds – Presented by Suzanne Heidema
i. Suzanne reviewed the financial statements for December 2009.
ii. There were 8 homeowners delinquent on dues at December 31, 2009. The 3 who were over 90 days made up 81% of the delinquent dues total. One of the delinquent homeowners paid his December 31, 2009 balance in January. See Financial Statements for details.
iii. Suzanne informed those present that she and Steve Wilson had been discussing financing of the Reserve Study projects with a few banks. Based on the current information, it appears that the Association may be able to finance the repairs with a five or ten year loan. At this time the loans are charging about 6% interest and the loan fees and legal costs would add an additional 1.5% to 2.0% to the cost of the projects. She is planning on talking to more financial institutions.
iv. Financial Statement approved by the Board.

c. Old Business
i. Deck repair project – we are still waiting for proof of insurance from the contractor for the excavation and consent from one neighbor on the east side of the building to access their property for the excavation.
ii. Brandon Hamilton and Rick Cramer investigated the moisture content behind the siding on the first level of the building. Some moisture was found just above the deck surface.

**d. . Bi-monthly Manager’s report – Dave presented Managers report.
1. The building had a brown out on Saturday night. It was an inconvenience but power was restored about 8 pm. Dave reset both elevators and fire alarms.
2. Ellen requested a new garbage dumpster for the north building because the old dumpster has a bad wheel.
3. Package notices from FedX and UPS are left on the front door. Ellen puts them on the units mail box or the bulletin board in the elevator lobby. If it is a final notice, she will put it on the homeowner’s unit door.
4. Roof top drains are not draining well. This should be addressed when the roof is repaired .

**e. Action Items
i. The board decided not to power wash the garage at this time.
ii. List of inspection items for printed forms – Dave to have two part forms printed and schedule the work so we can notify homeowners.
iii. Update of Rules and Regulations – they have been retyped with corrected wording and need to be reviewed by Suzanne before distribution to the Board.

**f. New Business
i. Brandon is in the process of a final walk around with the three final bidders for the projects. He will then ask for the final bids.

**g. Adjournment
i. The meeting was adjourned at 7:45PM.

Minutes submitted by: Suzanne Heidema Date Submitted: February 23, 2010

Minutes approved by: Board Date Approved: February 23, 2010

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