Manors Board of Directors Meeting Minutes 10/17/2011

Minutes of the Oct. 17, 2011
Meeting of the Board of Directors of the
Manors at Central Park Condominium Association
2:00 PM Eastern Standard Time

1) Meeting began at 2:05 PM EST; Quorum was established with two of the three Board Members being present on the conference call. Board Members present: President Amanda Jacobson (Titanium), Secretary Mike Grobbel (Manors co-owner); Board Members absent: Casey Wendeln (Titanium). Also present: Ryan Dorner (Kramer-Triad property management)

2) The Board approved the proposed meeting agenda

3) The Board formally approved the April 19, 2011 meeting minutes

4) The Board awarded the 2011-2012 Snow Removal Contract to GM Landscaping

5) 2011 Budget - the Board discussed

a) performance through Sept. 30, 2011

b) pending and proposed legal actions to collect from delinquent co-owners

6) Proposed 2012 Annual Budget

a) The Board reviewed and discussed the proposed 2012 Budget, particularly

i) Expenses

(1) $11,700 for brick mortar joint repairs above the garage doors on (23) Units

(2) $83,717 estimated minimum cost for completion of final layer asphalt paving on all streets; final paving project is proposed as an add-on to the 2012 budget and will be funded separately; assumes entire amount of Sable’s paving completion bond held by Shelby Twp. will be applied to the project and that an Additional Assessment will be levied on all 166 Units to cover the shortfall; final decision of when and how to proceed will be the responsibility of the new Board that is elected at the Transition Meeting in Jan. 2012.

(3) Expenditures, including final paving project, total $326,481

ii) Income:

(1) $175 and $60 monthly Association fees remain the same for 2012

(2) $10,000 payment from the Carpenter Pension Trust Fund will be deposited in the Replacement Reserve Account at the time of Transition

(3) Final paving project funding:

(a) Approx. $29,600 from the paving completion letter of credit

(b) Approx. $58,100 from the final paving project Additional Assessment

(4) Revenues, including final paving project, total $329,220

b) The Board approved the proposed 2012 Budget as presented.

7) Transition Meeting

a) Transition Meeting and the 2012 Annual Meeting will be one and the same

b) proposed location: “Board Room” in the Shelby Twp. Municipal Building

c) proposed date: Wednesday, January 18, 2012 (Feb. 1^st alternate date)

d) proposed start time: 7:00 PM EST (sign-in beginning at 6:30 PM)

e) Replacement Reserve Account

i) $12,000 estimated balance as of Jan. 1, 2012

ii) $10,000 addition to Replacement Reserve Account will be received from the Carpenters Pension Trust Fund prior to Transition Meeting

iii) $22,000 estimated balance at time of Transition Meeting

8) Old Business - none

9) New Business - none

10) Next Board of Directors meeting

a) no need for a meeting prior to the Transition Meeting

b) next meeting will be called by the new Board of Directors

11) Meeting was adjourned at 3:08 PM EST