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• Meeting Minutes 2005

PLAZA EAST ASSOCIATION
MINUTES OF SPECIAL MEETING OF THE BOARD OF DIRECTORS
June 21, 2006

Mr. Charles Packard, Vice President called to order a duly constituted special meeting of the Plaza East Board of Directors on Wednesday, June 21, 2006 at 7:35 p.m. in the Recreation Room for the purpose of levying an assessment to pay for the increase in insurance premium; for the Board to decide if they want to put before the membership a vote for mandatory shutters; and for the Board to decide if they want to put before the membership a vote to change our voting process to 75% of votes cast.

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

SPECIAL ASSESSMENT FOR INCREASE IN INSURANCE PREMIUMS
Our building insurance which includes wind insurance has been cancelled because our company will no longer insure our building since we do not have 100% coverage of shutters and/or impact windows throughout the building.
Therefore, in ordered to be covered, we have to go with Citizens Insurance. Citizens’ charges are much higher and have a 5% deductible instead of 3%. Also, we had a re-appraisal of the building and that has been increased from $41 million to $56 million.
Citizens’ demands full payment instead of quarterly payments.
Our budget for 2006 for insurance is $381,663.00. The new insurance including finance charge ($4180.50) and Doc Stamps ($1480.50) is $ 747,759.00. We are therefore unfunded by $366,096.00. In order to pay Citizen’s in one payment, our Insurance Broker is able to get us 3 months financing at a rate of 5.90%. This rate was 9.20%, but our Manager, Mr. Lopez was able to have this reduced to the current 5.90%.

James Brady made a motion seconded by Tim Smith to assess unit owners $366,096.00 to cover our shortfall in insurance premiums for fiscal 2006. All voted Aye.

James Brady made a motion seconded by Tim Smith to accept financing contract proposed with Premium Assignment Corporation at 5.90% and make assessment to unit owners over a 3 month period to cover shortfall of money due from the Association’s Insurance Budget of 2006. All voted aye.

After much discussion that the insurance must be paid as quickly as possible as we only have until the end of July, 2006 to pay the entire premium, and we must give owners 30 days notice for payment, Alex Soufrine made a motion, seconded by Tim Smith to amend previous motion and to change payment schedule from 3 equal payments to 2, and assessment to begin as soon as legally possible. (Secretary’s Note: Payments will be due July 26, 2006 and August 26, 2006. All voted Aye.

MANDATORY SHUTTERS/IMPACT GLASS WINDOWS
In accordance with Florida Statutes, Condominium Act 718.113 and 718.115, the Board may adopt hurricane shutter specifications for the Association which include color, style and other factors deemed relevant by the Board. All specifications adopted by the Board shall comply with the applicable building code. The Board may, subject to the provisions of s.718.3026 and the approval of a majority of the voting interests of the condominium (50% +1), install hurricane shutters and may maintain, repair, or replace such approved hurricane shutters in common areas and units. If a unit has high impact glass, no shutters are necessary. The expense of the above would be a common expense; however, if an owner has hurricane protection which complies with the applicable building code, they shall receive a credit equal to the pro rata portion of the

assessed installation cost assigned to each unit. However, all unit owners are responsible for the pro rata share of expenses for hurricane shutters installed on common elements.

The argument to require mandatory shutters would be to provide protection to all units, and to hopefully reduce our insurance costs for 2007. There is no doubt that insurance will be significantly higher in 2007, however, if we could have Accordia as our insurance company again, it will most likely be significantly less than if we have to be covered by Citizens. The Association would need to hire an engineer to determine if everyone with hurricane shutters complies with the building code, unless owners have proof of installation or a contract showing the shutters meet the building code.

James Brady made a motion, seconded by Tim Smith to make mandatory the installation of hurricane shutters in accordance with Florida Statute 718.113(5) in all units. All voted Aye.

James Brady made a motion, seconded by Tim Smith to refer mandatory hurricane shutters to the owners as per Florida Statute 718.113(5). All voted Aye.
At the regular Board meeting on June 28, 2006, the Board will chose a date for the vote and a date for when shutters must be installed. If owners do not do their own installation by that date, the Association may have the shutters installed and bill the owner.

CHANGE PLAZA EAST DOCUMENTS TO CHANGE VOTE TO 75% OF VOTES CAST
As previously discussed the Board again discussed changing Plaza East Declaration page 29 to XIII sub-paragraphs 1 and 2 vote on changing documents to 75% vote of those who cast votes with a minimum of a quorum.

The documents would be changed to read:
1. not less than 75% of the entire membership of the Board of Directors and by not less than 75% of the votes cast by the voting membership of the Association with a minimum of a quorum (50%+1).
2. the following would be deleted: not less than 80% of the votes of the entire membership of the Association; or

DiAnne Shumard made a motion, seconded by Alex Soufrine to adopt language to change Plaza East Declaration page 29 to XIII sub-paragraphs 1 and 2 to state that 75% of the votes cast by the voting membership with a minimum of a quorum. All voted Aye.

DiAnne Shumard made a motion, seconded by Alex Soufrine to submit to the ownership for a vote the proposal to change the voting declaration page from 75% of the entire membership to 75% of the votes cast by the voting membership with a minimum of a quorum. All except Ismet Baker voted Aye. Mr. Baker voted Nay.

Charles Packard made a motion, seconded by DiAnne Shumard to adjourn the meeting at 9:20 PM. All approved.

Respectfully submitted,


Helene Pasternak
Recording Secretary