OLDE CANAL VILLAGE CONDO TRUST
MINUTES OF CONDO TRUSTEE BOARD MEETING

Nov 8, 2011


The meeting was opened by Andy Habe at 3:00 P.M.

Members of the board present: Andy Habe, Tom Fermi, Roger Lange, Romeo Berthiaume, Marianne Williams

1. The cash flow was discussed and approved. The bill pay memorandum was signed. Marianne reported a problem with the condo fee payments for November. Leslie called to report that over ten residents had not sent in their fees and three were received late. Because the post stamp appeared smeared making it hard to determine date of mailing, Marianne told her not to attach the $20 late fee on the checks. Because there were so many late payers, Marianne asked the board to allow those payees to not be penalized as so many would indicate a post office problem somewhere. She would call Leslie in the morning to see if any had come in Wednesday's mail and they would determine what action would be taken. Marianne asked tom if the new residents were advised of the change in grace period and he said there was a notice in the new resident packet advising them of the new regulations.

2. Roof leaks- work is proceeding however, the workers are being called to work on emergency situations so repairs have be slowed down. Marianne passed out an updated sheet on the cost to date for the repairs. The figure for labor to Nov 4 is $36502.50.

Andy and Tom wrote a letter to Tony Marinella and he responded by suggesting a meeting for Nov 16. Andy and Tom will meet with him and show him the pictures and report by Scott Chase as to the condition of the roofs. The board gave Andy and Tom authority to decide on whatever proposals, if any, are put forth by Mr. Marinella. They will report back to the trustees regarding the events of the meeting.

3. Marianne sent the trustees a copy of the revised budget prior to the meeting. In speaking with Marianne regarding the future cost of insurance for the trust, Debbie advised Marianne to add 5% to the cost of the current premium as she did not have a specific figure to give for the new policy. This possible increase in the insurance will add almost $1000 per year on to the present cost. With this mind, along with other increases that will be added on, the budget had to be refigured. Marianne reported, that even with a $20 increase in condo fees, we will have to be careful of future spending. The first vote on the budget as presented passed.

4. Communication forms- Wilson caught up on work. There is a condo that has water leaking from the valley area of the roofs. The owners are concerned because this problem causes large icicles in the winter and it is very dangerous. Tom will have Scott Chase check it out..

Meeting adjourned at 6:15 P.M.

Respectively submitted by Marianne Williams