OLDE CANAL VILLAGE CONDO TRUST
MINUTES OF CONDO BOARD GENERAL MEETING

June 14, 2011

The meeting was opened by Andy Habe at 7:00 P.M.

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

Andy welcomed all to the general meeting and then introduced the members of the board who are seeking reelection, Romeo Berthiaume and Tom Fermi..

Romeo thanked all who voted for him and explained the reason for his running for office. He said Olde Canal Village was a wonderful place to live. He and his wife, Diane, were happy to be living here and he wanted to continue on the board because he was willing to give his time to work for the continued success of the complex.

Tom said he knew we had just been through a difficult year because of the snow storms. He said that Olde Canal Village has been a part of his life for the last eight years . He believes in self-management, he has learned a lot about irrigation, roofs, and so on. He does not want to disrupt a well-oiled machine. He then thanked everyone who voted for him.

Tom and Romeo were then declared winners by 87% of the Beneficial Interest.

Andy read the State of the Trust.

Andy then asked for comments by the members of the board.

Tom passed out a sheet listing the savings recognized from self-management. There was a savings of over $70,000 because of prudent negotiations with various vendors in order to get the lowest price yet great quality of service.

Marianne explained the state of the financial affairs by referring to the report written by Dawn Kay, CPA, which states that we have a deficiency of revenues over expenses. She pointed out that it is necessary to generate more income to accommodate the increasing expenses due to the state of the economy. She said that she has met with the members of the finance committee and they have made some suggestions for cutting expenses and not just raising condo fees. Most of the suggestion have been or are being implemented by the board. She will meet with the finance committee again after the board has a chance to discuss their suggestions. A resident raised a question concerning the role of HUD and FHA in determining our budget or spending practices. Marianne and Andy explained that our ability to maintain a good credit rating is necessary in order for our residents to refinance or to seek any financial change. If the complex as a whole is deemed financially insecure, the individual homeowner will be denied any application for financial change. HUD rules dictate that we must at least 10% of our budget invested in a reserve fund. The rules also say that we must have $2500 above the 10% as a separate line item in the reserve fund. This money is set aside as an assurance that we have $2500 for our insurance deductible in case we have an insurance claim on the Olde Canal Village property.

Roger explained the need for maintaining the roads even though this will incur a big expense. Taking care of the roads now will save having to increase spending when the roads take a turn for the worst because of neglect. Roger then explained the current concerns of Wilson and what he was doing to maintain the complex. Some of his duties include spraying for ants, small jobs with siding, reattach shingles when necessary, and repair sprinkler heads along with the many other small jobs that come up.

Romeo talked about the trees and shrubs he planted and maintains. He asked that any resident that need shrubs trimmed notify him and he will be happy to help them out. He then reminded residents that October, fire prevention month, will be here soon and he will contact the building representatives regarding testing of the alarms. He reminded the residents that he often takes a ride around at night to check security lights.

Tom discussed the new sensors that are used to schedule the irrigation of the lawns. He explained that hot, dry weather will automatically increase the time of sprinkling and cooler weather will decrease it.. He explained that last summer, because the system was new, the setting were off and therefore increased the use of water resulting in a high water bill. He has decreased the used of water this year and rescheduled the sprinkling to three days a week rather that every other day.

Andy thanked everyone for coming and invited all to have some coffee and sweets before they left.

Meeting adjourned at 8:30 P.M.

Respectively submitted by Marianne Williams


OLDE CANAL VILLAGE CONDO TRUST
MINUTES OF CONDO BOARD GENERAL MEETING

June 14, 2011

The meeting was opened by Andy Habe at 8:45 P.M.

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

  1. The cash flow report for the month of May was approved. The bill payment record was approved and signed. Marianne reported that seven residents were late in their payment of condo fees. Marianne reminded the board that the change in the grace period for late payers takes effect in July.

  2. Roof leaks: Tom recommended to the board that Scott Chase be chosen as the contractor who will repair the roofs damaged due to ice dams. The cost will be in the vicinity of $1350 per roof- some less and others more depending on the damage. This estimate includes disposal of waste material( shingles, etc) which can be costly because of disposal fees. Scott is willing to start on the repair of the roofs as soon as next week. In the general meeting, a resident suggested we contact the insurance company to determine if we have a claim because the damage appears to be from the ice dams. Marianne said she would follow up on the suggestion and call the insurance company.

  3. One of the condo units was recently repaired when it was discovered by an inspector to have serious water damage in the basement. The contractor indicated that the leak and damage appears to have been an ongoing problem perhaps from the time the unit was constructed. Andy suggested that Tom write a letter to the original contractor pointing out that the damage was due to poor workmanship when the building was being constructed. It is hoped that the contractor will provide some assistance in paying for the repairs of the building.

  4. A vote was taken to not add a "Lease Category" to the rules and regulations but rather to handle each case on an individual basis. The vote passed 5-0 to drop the category.

  5. Roger asked permission to purchase a weed- wacker so Wilson could cut the weeds in the retention pond and in other hard to reach places. He wants to buy a professional one but will wait until the budget will allow him to as it was not a line item. Permission granted.

  6. There is some erosion behind Williams/Powell residences due to runoff from the above condos. Roger and Tom will inspect the area and determine if there is a way to divert the water to prevent any more damage.



Meeting adjourned at 9:30 P.M.

Respectively submitted by Marianne Williams