Board Meeting 12 2009

Parc On Summit Condominium Homeowner Special Meeting Minutes

Thursday, December 17, 6:30PM, Capitol Hill Public Library (425 Harvard Ave E)

I. Call To Order
a. Forrest Rode called to order the Homeowner Special meeting of the Parc on Summit Condominium at 6:30PM on Thursday, December 17, 2009 at the Capitol Hill Public Library at 425 Harvard Ave E.

II. Roll call
Present were:
Forrest Rode, President
Steve Wilson, Vice President
Pete Segall, Treasurer
Renee Fentress, Secretary
Brandon H., AKA Designs
Suzanne Heidema, Property Manager

III. Agenda/Discussion
a. Reserve Study presented by Brandon Hamilton

Brandon presented Parc On Summit Reserve Study to homeowners.
1. Big Ticket Items – Composite roof deck, asphalt shingles, siding, windows (most won’t pass current testing standards for air/water), deck coating/planter boxes, roof, carpet, garage walls/retaining walls not waterproofed.
2. Most immediate item – Plaza (deck). Bare bones for retaining walls $90K (2-month minimum project). Base repair for planter/plaza deck/siding is estimated around $380K (to include elastomeric, new siding, some new doors, windows).
3. Homeowners will be presented with options for the level of redesign (bare bones/some aesthetic improvements, etc).

Suzanne Heidema explained expected Financing Options
1. With a special assessment to cover the major repairs listed for 2009 and 2010, the homeowner dues increases for reserve contributions would be about $3,300 per year to build back the reserves for the improvements scheduled for 2015.
2. In order for homeowners to be able to get financing for their units, the Association needs to have a reasonable reserve fund. FHA and many banks want the reserves to be 60% fully funded. Therefore, a loan and special assessment is needed to pay for the major repairs to maintain the current reserve fund balance.
3. 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. Homeowners will be given the option of paying the special assessment in a lump sum or in installments over five or ten years at the interest rate determined by the bank loan.

**IV. i. Suzanne will make the Reserve Study available on CD/DVD to any inquiring homeowner. We will look into posting this on the website as well.

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

Minutes submitted by: Renee Fentress Date Submitted: February 16, 2010

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

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