Saturday, May 26, 2012

Board of Directors Meeting April 18, 2012



Board of Directors Meeting
April 18, 2012
Upcounty Regional Services Center, Room C
12900 Middlebrook Road, Germantown MD


I.                    Farouk Youssef called meeting to order at 7:05 PM. FY, Andrew Kim, Peter Franke and Kreg Williams were present for a quorum; Hinaya Jainoor arrived at 7:07 PM. The meeting had been announced by post card and sign. Motion to approve the minutes of the Mar 21, 2012 (FY, PF): 4 Aye, 0 Nay, 1 Abstention (absent at time of vote.)
II.                  Continuing business and management report (Elan Krueger)
a.      Motion to close at 8:30 PM to discuss delinquencies (FY, KW), 5 Aye, 0 Nay.
b.      EK reported that room A has been scheduled for meetings for rest of year. Possible claim against Assn due to leak from ice-maker ($6,600); discussion of master policy coverage and individual insurance coverage. 20608 DPP (5-505) owner requests Assn repair sidewalk in front of that unit (refer to owner to submit ACC request); inspect community for other concrete work. Side-wall heads: All have been replaced (removed siding). Re-grade of drainage, replacement of tree between TH Buildings 6 and 7 (behind 14 DPC): schedule. 20525 GCD iron banister: Repair requires a specific type of cement. Trees on Assn land behind the TH are in a conservation easement: Cannot touch them.
c.       FY reported the roofs are completed except for the drainage system and temporary flashings, so there is still risk regarding rain. Hope to complete the loan soon because we have almost exhausted the cash: $19K for engineer certification and $245K for construction. Need to question the contractor and engineer before we write any checks. Need the loan now for the remaining work and engineering cost. The siding project uses about 57.3% of the reserves, and we would like to delay roads and concrete (about 33%) until end of project. We met with a senior VP at Access National Bank and executed a letter with acceptable general terms and conditions with a check. We will restart work when loan completed. Contractor will be back to repair panel.
d.      Discussion regarding assignment of WTP invoices & other expenses and profits which are not common.  Community forum on delinquencies and refinancing.
e.      Wed advertiser was stopped because carrier not able to remove unwanted papers, EK will try to stop delivery of Gazette on GCD that are not picked up.
III.                New business
a.      EK will try to re-schedule the meeting now scheduled on Oct 17 2012 to Oct 24, 2012 for the Annual Meeting.
b.      Motion to pay SRG invoices #7432 and table #7431 until FY satisfied (FY, PF), 4 Aye, 0 Nay, 1 Abstention.
c.        Motion to pay Katchmark half ($125K) of Invoice #1 immediately and remainder on following Friday, after FY has answers to questions regarding mobilization costs and sheathing (FY, PF), 5 Aye, 0 Nay.
d.      Discussion of listings describing THs as Condos. The Property is subject to the Act and is divided into a Condominium.
e.      ACC: Correspondence sent to 13055B, not reopened at this time.
IV.                Closed discussion and adjournment
a.      Signatures requested; discussion of cases.
b.      Adjournment at 9 PM.
 

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