Elevator
Thresholds:April 19, 2005
Cherokee Room, Activity Center
Present: Tom Schill, Sharon Luria, Donna Federico, Barry Stuart, Mike Ferrato and Cathy Bell of Goldsmith
Absent:
Guests: Ivor Rich, Todd Latiff and Martin Phillips
I. Call to Order:
The meeting was called to order at 9:02 AM by Mr. Schill.
II. Introduction of Guests:
Tom Schill introduced Ivor Rich the KKPOA Board Liaison for the condo associations, and Todd Latiff of Carolina First Bank.
III. Review of Loan Package and Signing of Contract:
Todd Latiff reviewed the terms of the loan package. The loan is in the amount of $400,000, and the term is for 7 years with a fixed interest rate of 6.5 % with no origination fee, no penalties for prepayment. Following a brief presentation and question and answer session the contract was signed.
IV. Martin Phillips Presentation:
Tom Schill then introduced Martin Phillips of Construction Science and Engineering, Inc. who gave a presentation on his company’s qualifications as specialists in the area of construction defects and litigation. He would be attempting to document the contractors work from the architectural drawings, and will review current building codes as to the appropriate fix for stucco. The Board questioned him as to costs of their services and what contract options were available.
ÿ Motion: The Board authorizes Goldsmith to enter into an agreement with Construction Science and Engineering, Inc. for their services. Compensation will be on a time and travel basis
Moved: Mike Ferrato
Seconded: Sharon Luria
Unanimous
01.04.05
V. Approval of Minutes:
With the minutes of the March 15th meeting having been distributed to the board for comment one correction was noted.
ÿ Motion: The minutes of the March 15, 2004 meeting are approved as amended.
Moved: Mike Ferrato
Seconded: Roy Reese
Unanimous
02.04.05
VI. Motions approved by e-mail:
After reviewing the proposals Goldsmith had obtained for financing our repair program, the Board agreed to the terms of Carolina First Bank. This is the same loan as referenced in the Paragraph III above.
ÿ Motion: The Board approves entering into an agreement with Carolina First Bank for a loan in the amount of $400,000, and the term is for 7 years with a fixed interest rate of 6.5 % with no origination fee, no penalties for prepayment.
Moved: Sharon Luria
Seconded: Barry Stuart
Unanimous
03.04.05E
Goldsmith received another invoice from Elmore & Wall for legal services done on our behalf. The invoice is in the amount of $1,077.
ÿ Motion: The Board authorizes Goldsmith to pay the Elmore & Wall invoice in the amount $1,077.
Moved: Mike Ferrato
Seconded: Barry Stuart
Unanimous
04.04.05E
VII. Officer/Committee Reports:
A. Treasurers Report:
INCOME/EXPENSE STATEMENT: Legal fees continue to outpace the budgeted amount. The amount paid to Carolina Copy Service for $1185.88 for copies seemed a little high. Electricity continues to run higher than budgeted. As does Grounds Improvement, but this is due to the purchase and planting of trees in front of Sq. Rigger and the removal of a tree and stump at Cutter. Non-contract Elevator Repairs are ahead of budget because of the needed updates to our elevator floors and ceilings. We are ahead of budget on Entrance Fee Income. We have already collected 50% of the budgeted amount.
FINANCIAL FUTURE: We will sign the loan on April 19, 2005 for $400,000 @ 6.5% interest for 7 years with no prepayment penalty and no origination fee with Carolina First.
RESERVE FUNDS: Although our current balance in the Reserve is low, that will be reversed as we reimburse the reserve for the structural repairs. So far 7 units have transferred this year. Currently there are either 4 or 5 units for sale.
W
DELINQUENCY REPORT: We literally have 0% delinquency.
WORK ORDER STATUS: 63% of the work orders pertain to the stucco or window problems. However there are a record number of 46 outstanding work orders.
We need to let the owners who have outstanding work orders know that the issues are being addressed and work is progressing.
B. Planning Committee Liaison:
There is little new to report. Ivor Rich said the 1% entrance fee is dead, but an entrance fee of some kind is being considered.
C. Social Committee:
Barry Stuart reported that in spite of a cold windy afternoon, 15 people showed up for shuffleboard and/or hot dogs. The next event is the Kentucky Derby Party at the Marina Activity Center on Saturday, May 7. There will also be a Cocktail Party at the picnic area beside Clipper on Wednesday, June 1.
D. Tall Ship Repair Program:
1. Building Ends & Bow Windows:
The first bow window project will begin this week at the 117 stack in Clipper. Because of the building layout we may find it necessary to do the 118 stack also even though we have no work orders for leaks in that stack. Tom Schill will go into the units in that stack and make sure there are no leaks.
2. Stucco Inspection Discussion:
Martin Phillips said, following his inspection last week that all the work is basically sound.
E. Marketing Committee:
Mike Ferrato reported that the new brochure is included in the current vote package. There were 42 Realtors that attended this year’s Realtors Breakfast. KEOWEE Key continues to be the largest marketer of properties in the area.
F. Electricity Usage:
We need to set up a meeting with people from Duke Power. They replaced a meter in Schooner and billed us for an estimated number of KWH.
VIII. Managers Report:
A. Project Status:
1. The repairs to the downspouts and louvers will be started. R&R has to rent a lift and wants to be sure everything is ready before doing so.
2. R&R will begin the repairs to the crawl space doors.
3. Home Depot will be installing the new carpet in the remaining six elevators.
4. R&R has quoted $10 per sign to install the new parking signs. Roy Reese and Mike Ferrato installed four signs themselves and question the amount quoted based on their experience.
5. The Maples on the bank between the Square Rigger and Yawl parking lots are in poor shape and we need to look at replacing them.
B. Bank Legal Fees:
The information on these fees will be here this week.
C. Duke/Pike Repairs at Frigate:
A meeting is scheduled this afternoon. Supposedly these repairs have been completed.
D. Irrigation:
Cathy Bell will be meeting with LDG to see the irrigation system running. They will discuss the possibility of installing a pressure regulator to try and cut down on the amount of leaks.
E. New Tree at Cutter:
Mulch will be put around this new tree.
F. Dead Shrubbery:
Phoenix will replace the shrubbery that did not survive the installation at Cutter. Also they will look at bush in front of Square Rigger.
IX. Unfinished Business:
A. Parking Space Signs:
As stated earlier, four have been installed in front of Square Rigger by Mike Ferrato and Roy Reese. A discussion ensued as too the replacement of recent owner purchased signs.
ÿ Motion: The Board authorizes Goldsmith to pay any cost of replacing signs less than two years old as of May 1, 2005 at the Association’s expense.
Moved: Sharon Luria
Seconded: Mike Ferrato
Unanimous
05.04.05
B. Gauthier Memorial Improvements:
There is nothing new.
C. Master Key System:
A proposed Master Key Policy was presented. It is attached to these minutes.
ÿ Motion: The Board adopts the proposed Master Key Policy as presented. Moved: Donna Federico
Seconded: Sharon Luria
5 Yes, 1 No - Adopted
06.04.05
A discussion followed as to how best to get the new policy out to the owners. In addition to the usual information outlets the Board authorized Goldsmith to mail a copy of the policy to each owner.
Donna Federico will draft a letter of explanation to be sent.
Donna Federico and Tom Schill will do a key survey and determine which master key fits the most doors to reduce as much as possible, costs to the owners. Security Services & Locksmithing (John Lockwood) has given Cathy Bell an approximate cost, but he is not interested in doing the entire job. Goldsmith will get competitive bids.
D. Foyer Floor Coating:
Roy Reese had e-mailed a proposal from Precision Epoxy Products covering only the Square Rigger floor to be used as a test. They will not give a guarantee as to the effectiveness of the cleaning.
Greenville Terrazzo who cleaned and resealed it before will also look at it for possible quoting.
E. Parking Lot Light Study:
This will be completed by the next meeting.
F. Elevator Lighting:
There is nothing new, Home Depot has not ordered the new egg carton panels.
G. Magistrates Court Information:
Sharon Luria reported that there is an $80.00 fee to file in Magistrates Court. She said the respondent has 30 days to respond.
X. New Business:
A. Beacon:
1. Articles to be included in the Beacon need to be in by May 15.
2. WiFi will not be an issue for the Board. Sharon Luria will ask Carlos to put together an article directed toward individuals getting together and doing this.
3. The new Master Key Policy will be included in the next issue.
4. Roy Reese will write an article giving his impressions as a new Board member.
5. A plea for owners to serve on the Board will be included.
B. Door Painting:
This project is on hold for the present. Cathy Bell will get quotes for painting or recoating the doors and painting the walkway floors.
C.
Elevator
Thresholds:
The cleaning has been completed and only needs to be checked.
XI. Resales:
Unit 205 Schooner Closing May 23, 2005
Unit 325 Cutter Closing May 12, 2005
Unit 227 Square Rigger Closing April 14, 2005
NOTE: Due to new privacy policies instituted by the South Carolina Real Estate Commission the selling prices cannot be divulged until after the sale has closed. Your Board will accept these policies but will keep the owners advised in some timely manner.
ÿ Motion: The Board waives its right of first option for these units.
Moved: Barry Stuart
Seconded: Sharon Luria
Unanimous
07.04.05
Attachment
Master Key Policy for Tall Ship Homeowner’s Association
The Board of Director’s adopted the following policy on 4/19/2005.