CALL TO ORDER
A regular meeting for the Board of Directors of the Association of Unit Owners of Lloyd Park Condominium, was held at the 1st floor lobby of 1509 NE 10th Ave, Portland, OR, 97232 on October 28th, 2009. The meeting convened at 6:30pm.
MEMBERS IN ATTENDANCE
President Carolyn Briggs, presiding
Kevin Southern, secretary
Lilli Szafranski, treasurer
APPROVAL OF MINUTES
Motion was made by Kevin Southern to approve the minutes of the September 30th meeting. Motion carried.
OFFICERS’ REPORTS
Carolyn Briggs reported that one outcome of last month’s fire inspection was that the fire extinguishers in the building are due for recharging. She will have them recharged. A new message from Northwest Community Management (NWCM) was received indicating that the building is due for an envelope inspection. All board members are to review the proposals for vendor selection at the next regular board meeting.
Lilli Szafranski, treasurer, reported that the HOA reserve account may be underfunded. Original dues and budgets were established based on a reserve study conducted by The Myhre Group, which indicated that the association would need $9,000 annually for building maintenance. Upon recommendation from NWCM, the board obtained an independent reserve study in 2008 by WSSC, which concluded that the association should reserve $30,000 annually for building maintenance. NWCM advised that this is a typical pattern in condominium conversions, since it is in the developer’s best interests to establish low HOA fees. The 2009 budget was not adjusted for the new $30,000 annual recommendation, but instead was kept in line with the $9,000 run rate. The board needs to carefully review the WSSC reserve study and properly fund the association reserves unless a compelling case can be made to reduce the recommended funds. Failure to do so will likely result in large assessments for building maintenance in the future.
BOARD AND COMMITTEE REPORTS
Pest Control Committee
Lilli Szafranski was present for the October 7th bed bug inspection. She reported that, based on the results of a prior inspection conducted by the homeowner, unit 100 has been found to have a heavy infestation of bed bugs. Units 101 and 200, both adjacent, do not have any signs of infestation. No owner was present in units 201 and 209. The storage units showed no signs of infestation.
The committee’s next steps will be the following:
• Inform owners of units 201 and 209, both adjacent to unit 100, that they must complete an inspection by a local pest control company and provide a summary report from that agency by the end of the year.
• Inform the owner(s) of unit 100 that they must complete a full treatment as recommended by HALT Pest Control to deal with the infestation there. A deadline will be set in accordance with the timelines recommended by HALT Pest Control.
Bike Rack Committee
There was no update from the bike rack committee this month.
UNFINISHED BUSINESS
None
NEW BUSINESS
2010 Budget and 2009 Reserve Study Review
Moved by Lilli Szafranski that…
All items shall be fully funded as recommended in the study, unless the board can build a reasonable argument based on professional opinions and data or clear common sense, that full funding should not be approved.
Moved by Lilli Szafranski that…
After reviewing all reserve study line items with both other board members, this motion be postponed to a certain time, namely November 10th at 7:00pm. Questionable items from the reserve study have been assigned for further investigation by each member of the board. At this November 10th meeting, the board shall discuss these reserve line items only, and with those conclusions, build a 2010 budget proposal.
By general consent, motion carried.
ADJOURNMENT
Carolyn Briggs moved that the meeting adjourn. By general consent, the motion carried. The meeting adjourned at 9:00pm. The next board meeting is scheduled for November 10, 2009 at 7:00pm. The main purpose for that meeting will be to review the 2009 reserve study and 2010 budget proposal.
