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TRANSCRIPT
Windsor Court
Annual Owners’ Meeting
October 5, 2018
1
Call to Order and Introductions
2
Board of Directors
Dick Cruickshank
Rich Forlini
Bart Mitchell
Stephanie Reardon
Don Shassian
Annual Meeting Notice
3
September 6, 2018
Dear Windsor Court Owner,
The Annual Meeting of the Windsor Court Horizontal Property Regime Owners’ Association will be held at 2:00 p.m., Friday, October 5, 2018, at the Omni Hilton Head in Palmetto Dunes Plantation.
The purpose of this meeting will be to:
Elect Board members Review the current fiscal status and operation of Windsor Court VillasDiscuss the 2019 budgetOther business to come before the meeting
We urge you to attend in person if at all possible. A conference phone and bridge will be established to enable owners to listen in to the meeting and to ask questions at the appropriate time of the meeting. The dial-in instructions are:
Dial-in: 1-800-458-4121
Code: 5413209
Regardless of your plans to attend, we request that you complete the enclosed proxy card and return it as soon as possible to ensure a quorum for conducting the business of the Regime. Sending in your proxy does not rescind your right to attend and vote on any and all business. If you send in the proxy and then attend the meeting in person, the proxy will be voided.
Enclosed is a memorandum from your Board of Directors summarizing a number of matters including current finances, the 2019 proposed budget and an update on major projects.
There are two, 3-year Board positions up for election this year. These seats are currently held by Rich Forlini and Stephanie Reardon. Stephanie has expressed a willingness to stand for re-election. Rich will not be running and his position is open. Dave Mason has expressed an interest in serving on your board. Your board endorses the candidacy of both individuals. Resumes for both Stephanie and Dave are enclosed along with the ballot portion to be completed on the enclosed proxy.
There will be an Owners’ social gathering at the Windsor Court pool on Friday, October 5, 2018 starting at 6:00 p.m. Snacks, soft drinks, beer, and wine will be served.
Thank you in advance for returning the proxy. We look forward to seeing you at the social gathering and the meeting.
Determination of Quorum
Do we have a quorum to conduct business?
4
Minutes of Preceding Meeting
Motion to Approve
5
6
WelcomeDon Shassian
First order of Business: Today’s Key Issues
Timing of individual unit construction activities
Windowpane replacement process
7
2018 Initiatives
Mansard roof re-built with an open back – meets 142 mph code
Hired CPS to drive bidding, contracting and quality assurance
JRC selected to build open backed mansard
Very pleased with quality of work performed
100% warranty on both flat roof and mansard
Plan was to start November 1 and be complete by January 20.
February 9 was built into the contract as date tied to liquidated damages
Substantial completion was May 29
Liquidated damages penalty used to re-build 27 drains, 71 pipe vents and 25 overflow drains
Total cost of $1.8M was covered by insurance and reserves. 8
2018 Initiatives (cont.)
Hurricane Matthew Insurance Claim
Final settlement completed and final check received
Insurance covered 87% of our mansard expenditures
Negotiated final settlement balanced against litigation cost,
net of attorney fees --- same answer.
Result is NO ASSESSMENT and 2019 commences with
reserves of over $400,000.
9
Matthew Work Funding
Source of Funds:
Phase 1
Insurance proceeds…………………………… $2,727,800
Deductible paid by the regime………………… 121,500
Transfers from reserves…………………………… 138,800
2,988,100
Phase 2
Insurance proceeds………………………… 1,261,700
Transfers from reserves……………………… 501,700
1,763,400
Total Sources……………………………………………$4,751,500
Use of Funds:
Phase 1
Service Master initial mitigation, interior unit repairs,
mansard takedown, flat roof demolition, new
edge-to-edge flat TPO roof installed, garage
repairs and exterior repairs……………………………$2,988,100
Phase 2
Open backed mansard built …………………………. 1,763,400
Total Uses……………………………………………… $4,751,500
10
2018 Initiatives (cont.)
Elevators:
Assessment ($187,500) was used to replace all of the electrical and
mechanical systems.
Mechanics of several doors were also replaced.
Interior cab panels were also replaced.
Elevator lift noise partially addressed
Outstanding issue (remaining roll bars) to be addressed this winter with the
replacement of remaining door rollers
11
2018 Initiatives (cont.)
Significantly enhanced landscaping in the back of both buildings
Painted the pool fences, trellis, gazebo and pool house.
Painted the metal panels on the pool house, gazebo and entrance
gates same color as roof and railings
Total cost of $101,800 funded from reserves
12
Reserves
Replacement Insurance Hurricane Total
January 1, 2018 $157,000 $19,800 $214,000 $390,800
Regime fee transfers/insurance assessment 281,600 187,400 469,000
Insurance proceeds 2,700 1,438,900 1,441,600
Elevator assessment 187,500 187,500
Transfers 45,900 (45,900) 0
Draw from letter of credit 857,800 857,800
Spending
Elevator refurbishment (187,400) (187,400)
Pool complex painting (39,000) (39,000)
Landscaping upgrade (37,400) (37,400)
Elevator room A/C, repair frozen pipes,
Kiddie pool heater, door painting, reserve
Study update (26,400) (26,400)
Mansard re-build (contractor, consultant,
engineer and interest) (1,607,000) (1,607,000)
Paydown of letter of credit (857,800) (857,800)
Insurance premium and other ________ (169,000) (169,000)
Expected Dec. 31, 2018 $381,800 $40,900 $0 $422,700
13
Looking Forward – 2019
Replace remaining elevator door rolling bars/tracks
Repaint parking space lines and curbs
Re-surface the spa with tile
Paint hallway floors and stairs
Evaluating the following:
Expand reading deck
Re-build the pool fence
Strip and paint condo doors and frames
Purchase and install new hallway ceiling fixtures
Replacement of all walkways around the pool complex
Replacement of all bollards 14
Reserve Study
15
Performed another engineering study of the complex to update costs and timing of
necessary replacement activity
With $382,000 as the reserve balance at December 31, 2018, 5% annual increases in the
contribution to the reserve = adequate funds to cover the next elastomeric project in
2027.
Study lays out annual spending for hallway floors, elevator upgrades, etc.
Manager & Risk Management ReportKent Eddy & David Howard
16
Communications ReportStephanie Reardon
17
Building & Grounds ReportBart Mitchell
18
Hargray Triple Play
Will be installed after Windsor Place and Hampton
50Mbps/5Mbps upgraded to 100Mbps/10Mbps
Current video channel line-up will be expanded to 156 digital
channels and 90 in HD. Will include ESPN, Showtime, Epix and
The Movie Channel.
New numbering scheme
MUST install a set top box for EVERY TV in your unit
Monthly cost increases from $79 to $88.19
Windowpane Replacements
Our windows are an area of vulnerability
Tight exterior seals are critical
The board does not want to dictate who to use for
windowpane replacements but the board DOES want to
ensure that the exterior seal is tight.
New policy issued: windowpane replacements must be
done during the week of December 3 thru 8. MUST notify
Katie by November 5 of your intent to do so. This will enable
us to arrange a lift and contractor to check all new seals the
week of December 10 thru 15. 20
Treasurer’s ReportRich Forlini
3.7% Increase overall in regime fee
1.8% due to 5% increase in contribution to reserve fund
1.3% due to 11% Increase in triple play cost for higher speeds and more channels
0.6% due to increase in basic operating costs (pool maintenance, management company, maintenance and landscaping, elevator maintenance costs and R&M)
Operating regime fee is one of the lowest, while the replacement reserve portion is among the highest
21
Treasurer’s ReportRich Forlini
Discussion of the 2019 Budget
22
Old & New Business
23
Kent Eddy
David Howard
Katie Crosthwait
Election of Directors
Election of Inspectors of Election
Nominations
Dave Mason
Stephanie Reardon
Voting
Results
24
Any Additional Q & A
Any questions not addressed yet?
25
Adjournment
Thank you!
26