STEEPLE RIDGE CONDOMINIUM
PROPERTY OWNERS ASSOCIATION
BOARD OF DIRECTORS
QUARTERLY/PRE-BUDGET MEETING
MINUTES
July 29, 2006
I. CALL TO ORDER – President Terry Wolf called the meeting to order at
8:58 a.m. in the conference room of U.S. Resort Management, Inc. Board
members present were President Terry Wolf, Secretary Daniel Bluestone,
Treasurer Jim Eichelmann, and Vice President Vern Poenitske. Representatives
from U.S. Resort Management, Inc. (USRMI) were Bill Manson, Russell
Mitchell, Linda Fiers, and Matt Bentz.
II. APPROVAL OF MINUTES – Mr. Eichelmann made a motion to approve the
minutes from the April 15, 2006, Board of Directors Meeting. Mr. Poenitske
seconded the motion. The motion passed unanimously.
III. REPORTS
A. Property Management Report - Ms. Fiers presented the property management report, as follows:
1. The fountain pump and one small leak in the stream were repaired.
2. A large portion of a big tree in the entrance area fell during a storm and
was removed.
3. A groundhog hole behind building 1436 near the air conditioning units was filled in with concrete and gravel.
4. The asphalt sealing of the entrance drives was completed.
5. A leaking frost free water spigot at building 1580 was replaced.
6. A broken leg on the ping pong table in the pool house was repaired.
7. No parking/towing signs at both entrance areas were installed.
8. A private property sign was installed at the tennis court.
9. The damaged seawall at dock A was repaired.
10. The no wake buoy was repositioned.
11. At dock A, the small areas on the right side of the dock had boards resecured and/or replaced as needed.
12. The interior repairs to unit 1620, 2C were completed at a cost of $950.00 (previous bid received was in the amount of $1,300.00).
13. Building spot power washing was completed.
14. Gutters were cleaned out on building 1436.
15. Owner of unit 1436, 1C, stated they could not find where their dryer vent came out of the building in order to clean out the vent. The vent comes out below the building. However, when the insulation was placed under the buildings, this particular dryer vent was covered. U.S. Help uncovered and cleaned the vent.
16. Building 1580, Unit 1B, reported a sewer backup problem. The main drain underneath the building had to be cleaned out and repaired.
17. U.S. Help has completed the replacement of all rot per their previous estimate. There were some additional areas found and replaced. Ozark Building Maintenance will now replace the very tall support posts that are rotten, approximately 4-5.
18. Roof repairs were completed at building 1384, units 2A and 2C. Interior repairs will be completed following some rains to determine if the roof leaks are fully stopped.
19. AB Pest Control has treated several buildings for carpenter ants.
Mr. Eichelmann noted that the cement bases of support posts on the front of
the buildings are mostly covered with debris, such as gravel, and need to be
cleaned off. Ms. Fiers reported this work has been completed.
Mr. Wolf stated he had received a request from unit 1470, 2A, to expand some
of the docks to accommodate larger boats. Ms. Fiers and Mr. Eichelmann
both noted there is not enough water room to allow for further expansion of
the docks under the AmerenUE dock specifications and regulations.
Mr. Eichelmann said he felt the entrance drives should probably be sealed
again in 2007 since the new area added to the right side entrance could not be
sealed this year. Ms. Fiers noted the first coat of sealer that had been applied
to the drives soaked into the asphalt as the drives had not been sealed before.
B. Financial Report - Mr. Manson reviewed the June 30, 2006, financial statement noting the net income from total operations for the second quarter was a negative $5,112.15. Mr. Manson indicated that due to unexpected expenses this year, the $10,000.00 originally budgeted to pay back part of the line of credit will not be available.
Mr. Wolf reviewed the current debt through loans owed by the association, which are the five-year loan in the amount of $17,325.00, the special assessment loan in the amount of $5,464.79, and the line of credit in the amount of $20,500.00 (all balances are as of January 1, 2007). The five-year loan is being paid by owners through quarterly assessments as debt service and this loan is scheduled to be paid in full by the end of 2008. The special assessment loan is being paid by owners who chose to pay the assessment over a five-year period and is billed to them on their quarterly assessments. Funds to pay off the line of credit are not collected on the quarterly assessments.
Mr. Wolf reviewed the five-year plan provided to homeowners at the annual meeting in November, 2005. He noted the five-year plan indicated that some monies would be paid toward the line of credit, which did not happen in either 2005 or 2006 due to unexpected expenses. Discussion ensued regarding this matter. Mr. Bluestone made a motion to prepare an itemized list of unexpected expenses for the years 2005 and 2006 to date to provide to homeowners at the annual meeting in November, 2006. Mr. Eichelmann seconded the motion. The motion was passed unanimously.
Mr. Wolf suggested the association should consider a debt assessment special assessment for 2007, which would pay off the remaining balance of the
five-year loan and the line of credit, in the total amount of $37,826.00. This would require an assessment of $880.00 per unit. Mr. Wolf would like this amount rounded up to $1,000.00 per unit. The remaining funds from the special assessment after paying off the two loans would be used as the start of a reserve fund for the association. The current debt service quarterly assessment would then be used as a reserve quarterly assessment. This would generate $9,308.00 per year for the reserve fund. Discussion ensued regarding this matter. Mr. Wolf asked the other board members to review this matter and a decision will be reached at the next meeting, which will be the budget meeting.
IV. OLD BUSINESS - There was no old business to discuss at this time.
V.
NEW BUSINESS
A. Lakeside Decks – Ms. Fiers provided the board members pictures of the rot
damage to the lakeside decks at units 1436, 1B and 2B.
Maintenance, the vendor who performed the rot replacement work on these
decks, indicated there was no flashing installed on the decks at the juncture
where the deck meets the building. The lack of flashing is the main cause of
the rotting on these particular decks. Flashing was been installed during this
project.
Ms. Fiers stated Ozark Building Maintenance has suggested
all lakeside decks be inspected to determine if there are any other decks that
did not have flashing installed during original construction.
Discussion ensued regarding this matter.
Mr. Eichelmann made a motion to have all lakeside decks and support
posts for these decks inspected by
A.
2007 Budget
- Mr. Wolf said he met
with Mr. Manson, Ms. Hughes and Ms. Fiers prior to this meeting and line items
on the budget that are affected by fuel prices will need to be increased to
cover the costs. Two items directly
affected by fuel prices that will need to be increased are trash removal and
pool chemicals. Ms. Fiers noted the
water company had another rate increase this year, so that line item will need
to be increased, also.
Mr. Bentz informed the board members that USRMI is researching a new chlorination system for pools that uses salt instead of chlorine. This system would cut the chemical costs considerably. A representative from the manufacturer of this system will be holding an informational meeting at U.S. Help next week regarding the salt system. Mr. Bentz will provide the board with more information on costs, advantages, etc., as it is available.
B.
Building Painting Touchup
- Mr. Wolf noted there
are a couple of places on the roadside of building four near units 403 and 405
that need touched up. Mr. Eichelmann
stated these areas have been noted and will be touched up when the back side of
building seven is touched up this fall.
C. PWC Space Leases - Ms. Fiers stated leases for all PWC spaces were never completed. Also the PWC spaces were never numbered in any way. Ms. Fiers will be assigning numbers to the spaces and sending leases to all leaseholders who never completed a lease.
D. Building Address Numbering - Mr. Wolf showed the other board members samples of some wood numbers that could be used to replace the current building addressing. These numbers cost $5.00 each and there would be a cost for the painting of the numbers and the labor to install them. A suggestion was made to provide this information to the homeowners at the annual meeting in November.
E. Board Positions - Mr. Wolf stated the term of Mr. Bluestone is expiring at the annual meeting this year. Mr. Wolf said he would like to see Mr. Bluestone run again for this position. Mr. Eichelmann noted the term of Mr. Thomas Patterson, which expires in November needs to be filled due to Mr. Patterson’s resignation from the board due to the sale of his unit. Mr. Poenitske noted Mr. Craig Merrigan, unit 301, has expressed interest in serving on the board. Mr. Eichelmann made a motion to appoint Mr. Craig Merrigan to fulfill the remainder of the term of Mr. Patterson, which will expire in November. Mr. Merrigan would run for re-election in November. Mr. Poenitske seconded the motion. The motion was passed unanimously.
F. Sealer for Stairs and Landings - Mr. Eichelmann reported the set of stairs that go to the middle upper level at building one were very loose and a lot of the boards on the stairs and the first landing needed replacing. The repairs were completed by U.S. Help. Mr. Eichelmann stated that the stairways and landings that never had sealer applied (23) are showing a lot of dry rotting. Therefore, he feels sealer should be applied to these stairways and landings. Discussion ensued regarding this matter. A suggestion was made to perform this project during the next homeowners work weekend. The board reached a decision to discuss this issue at the annual homeowners meeting in November.
Mr. Bluestone stated there are some tree stumps near the entrance area that need to be removed. He noted they are very rotten and may be very easy to remove.
V. ADJOURN – With no further business to discuss, Mr. Poenitske made a motion
to adjourn the meeting. Mr. Eichelmann seconded the motion and the motion
passed unanimously. The meeting was adjourned at 11:10 a.m.
Respectfully submitted,
Linda Fiers, Property Coordinator Dan Bluestone, Secretary