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• Meeting Minutes 2005

PLAZA EAST ASSOCIATION
MINUTES OF SPECIAL MEETING OF THE BOARD OF DIRECTORS
April 18, 2006

Mr. Richard Loarie, President called to order a duly constituted meeting of the Plaza East Board of Directors on Tuesday, April 18, 2006 at 7:30 p.m. in the Recreation Room for the purpose of levying an assessment to pay for the hurricane damages from Wilma, 2005.

Present were: Ismet Baker, James Brady, Richard Loarie, Charles Packard, Allen Pell, DiAnne Shumard, Tim Smith (arrived late), Alex Soufrine. Also present Willy Lopez, Manager and Helene Pasternak, Secretary.
Absent: Rafick Henein, Terry Marcum and John Toklucu.
A quorum was established.

There was much discussion concerning the damages in the building. Willy Lopez had compiled a list of all items in need of repair or replacement. Many items repaired in 2005 came from the operating budget and some items repaired in 2006 have come from the surplus of $140,000.00 from the 2005 operating budget. There is still $95,000.00 remaining in the surplus which will be used for repairs. Including what has already been paid, and what still needs to be done, Willy had a cost of $488,857.63 which includes a new generator for $75,000.00. Items that still need to be repaired/replaced total $412,750.00 less $95,154.63 (from 2005 surplus), leaves $317,595.37 to be assessed.

Tim Smith, who worked with Willy on this, felt there were some items not included and believed the total cost was around $526,000.00 and believed we need at least 20% more for price increases. Recreation Room: Windows were repaired but Mr. Smith believes that we need to replace the glass, as they will not withstand another hurricane as the connections to the windows are all damaged. Due to the increase in oil prices, carpet will be more expensive and the total needed is 730 yards, not 540 yards, as the carpet in the exercise room was damaged and is mildewed.

Tim Smith suggested that owners be kept informed of monthly expenditures where possible. They would like to know how and when the money is spent.

Mr. Loarie and Mr. Lopez explained that until items are actually purchased or repaired, we can not get firm prices. So many costs keep increasing; no one will give us prices for more than 30 days.

DiAnne Shumard suggested the generator not be part of this assessment as it was not damaged. If we want to purchase a new generator, that should be a separate assessment. Our current generator works perfectly, however it requires water for cooling. Unfortunately, during Hurricane Wilma, we lost our water supply. The Board members agreed.

James Brady made a motion, seconded by Tim Smith, to approve an assessment as set forth by Mr. Lopez’s report, less $75,000 for the generator, plus 30% contingencies due to Mr. Smith’s report and price increases.
An amendment to the motion was made by Alex Soufrine to exclude $7,200.00 for repair or replace 16 owners’ cabanas. These cabanas are personal property, and not part of the common area. Owners may go to their insurance companies for this. Mr. Brady and Mr. Smith agreed to the amendment.
An amendment to the motion was made by Alex Soufrine to add a little more for contingencies, and change the assessment from $306,013.50 to $325,000.00. Mr. Brady and Mr. Smith agreed to the amendment.
A vote was taken and all Board Members present voted aye, except for Mr. Pell, who voted Nay.

Calculations are as follows:
$ 412,750.00 (damaged items still needing repair or replacement)
- 95,143.63 (balance of surplus from 2005 operating budget)
- 75,000.00 (new generator)
- 7,200.00 (owner’s cabanas)
$ 235,395.37
+ 70,618.61 (30% for contingencies and price increases)
$ 306,013.50

Mr. Loarie made a motion seconded by Alex Soufrine to assess the $325,000.00 in two payments due May 15, 2006 and June 15, 2006. All Board Members voted aye.
**Secretary’s note: Assessment bills can not be mailed until April 21, 2006. Owner’s have 30 days to pay from date of invoice. Therefore, due dates will be: May 21, 2006 and June 21, 2006. (Only one invoice will be sent).

Since the building is responsible for replacement of windows lost during a hurricane (effective January 1, 2004, the Florida State Legislature enacted Senate Bill 592, Section 718.111 which made changes to the state statutes on how insurance coverage must be provided between condominium unit owners and their Association. The law concludes that the “Declaration of Condominium” no longer dictates the insuring responsibilities for the condominium associations or unit owners).
Mr. Packard questioned if 99% of lost windows did not have shutters, shouldn’t we require all owners to purchase shutters? This will have to be a future discussion.

Richard Loarie made a motion, seconded by Tim Smith to adjourn the meeting at 9:20 PM. All approved.

Respectfully submitted,


Helene Pasternak
Recording Secretary