Roll Call -The roll call showed the following Board Members present: Iris Anastasi, Eric Berkowitz, Louise Collins, Fern McBride, Dott Nicholson-Brown, Bill Tennenbaum and Pablo Verol.
Financial Report -Treasurer Bill Tennenbaum gave a detailed report reflecting the Association’s financial position as of June 13, 2005. (Reported financial details are available to Regency Tower owners in our newsletter, the “Regency Tower Times”. - editor)
There are two (2) delinquent accounts at this time. A motion was made by Fern McBride to accept the Treasurer’s Report; seconded by Pablo Verol, unanimously approved.
Committee Reports -No Committee Reports were solicited during this meeting.
New Business -President Nicholson-Brown then called for New Business. Click Here to read the New Business.
Announcements -Mrs. Simonne Morahan (904) passed away a few days ago. We have no other information at this time. Rafael Alleguez congratulated the Board of Directors on the fine job being done on the numerous projects being worked on.
Adjournment -A motion was made by Iris Anastasi and seconded by Eric Berkowitz to adjourn the meeting at 11:30 A.M.; unanimously approved.
No Committee Reports Solicited at Special Board Meeting
Motion to Clarify Garage Space Sales
Board Action -Bill Tennenbaum seconded the motion; unanimously approved.
Requirement for 10% Deposit on Unit Sales
The Secretary read the following memo dated June 13, 2005 addressed to All Owners from The Board of Directors, said memo being prepared by our Attorney: As you may know, Article XXVI of our Declaration of Condominium, as amended, requires that any offer to purchase a unit within the Building must be accompanied by a down payment of at least ten (10%) percent of the purchase price in order to be considered for approval by the Association. It has come to the attention of the Board of Directors that applications for the purchase of units have been submitted without the required ten (10%) percent down payment, in violation of Article XXVI, and that the Association has approved such applications. The Board has decided that the continuation of allowing this violation would not be in the best interest of the Community. The Board intends to again enforce this restriction and the purpose of this Memo is to notify all Owners of that intent. As such, pursuant to Article XXVI of the Declaration, no application for the purchase of a unit within the Regency Tower will be considered complete unless such application (i.e. contract for purchase) is accompanied by an earnest money deposit in an amount equal to at least ten (10%) percent of the purchase price.
Effective immediately, the Board will begin enforcing Article XXVI of the Declaration precluding a prospective purchaser from having their application for approval considered unless a sufficient down payment for the purchase of the unit is noted on the application/contract for purchase. Any application for purchase of a unit submitted after the date of this memorandum which does not meet all of the requirements set forth in Article XXVI of the Declaration, including, but not limited to, proof of the required down payment, shall be considered incomplete and the owner of the unit shall be notified that their applicant for purchase does not qualify under the Declaration.
Thank you for your anticipated cooperation.
Board Action -Pablo Verol moved that the Policy Statement read by the Secretary requiring a ten (10%) deposit on all unit purchases be accepted. Louise Collins seconded the motion; unanimously approved.
Update on Hurricane Windows
Glass America, the installer for Group 3 members, expects to start receiving the bulk of their order this week. The windows are being delivered in preparation for commencing installations by the week of June 20th (next week). Since the members of this group were the last to request participation in this voluntary program, they are most vulnerable to the impending threat heralded by the onset of the Hurricane Season. To expedite installation of their impact windows, we have made provisions for the company to store a certain number of windows on the premises. By allowing them to maintain - in house - the windows for the following week’s projected installation, their progress will be substantially enhanced as compared to storing and delivering each unit’s windows individually. Glass America anticipates completion of the overall project by August... with a disclaimer. The weather is now the main “wild card”. Whenever they face rain or high winds, Glass America will make a determination about each unit’s prospect for a safe and successful installation and act accordingly.
Last year, several building residents voluntarily reacted to dozens of emergencies during the storms. We collected shutter panels, windows, balcony doors and other artifacts that were ripped from the building. To save the contents of our neighbors’ homes, many old windows were temporarily reattached or replaced with a patch during the event. While the 4 hurricanes suffered last season caught all of us by surprise, this year we know what to expect. We have been given the opportunity to take steps to protect our homes. Do not expect those volunteers to again risk their own safety to protect your property. If one or more of your old windows blows out, your unit will likely sustain substantial expensive damage. If an owner falls victim to this unfortunate dilemma, the adjunctive liability may extend to other areas. Should the infiltrated unit become the flashpoint for additional damage to adjoining units or common areas, the overall liability could be retraced and assigned to that first unit owner’s inadequate windows. While insurance may shield the owner from the initial repair expenses prior to subrogation, rest assured that the final costs will find their way into the unprotected unit owner’s future premiums.
Fortunately, it is not too late. You can still sign up to receive the impact windows. The confusion stemming from the delivery delays and the storage dispensation that the building is providing to Glass America has served to delay the company’s demand for a price increase. Because manufacturer IWC is temporarily absorbing the increased price of materials, Glass America has agreed to pass the savings to any owner who signs up during this hiatus. They’ve assented to allow latecomers to sign up for installations at the old price. This “price bubble” is extremely tenuous. Within the next few days, the price will increase as possible installation dates are forced deeper into the Hurricane Season.
The storms won’t care about anyone’s beliefs, opinions or circumstances. Your windows will either protect your home or they won’t. You know what installing the windows will cost. They are among the few purchasable assets that unquestionably enhance the value of your investment. Please ask yourself whether or not you can afford the devastation threatened by inadequate hurricane protection. Those that continue to procrastinate will face late August or early September installations. Please don’t postpone consideration of this decision until circumstances deprive you of a choice! Thank you for your kind attention.
Update on A/C Risers
A/C for the stack being worked on will be off. The contractor has temporary A/C units for rent; $250 for the time the A/C is off. Reserve these units by calling Southeast directly. Discussion included age/condition of a/c units and water heater and possible need for replacement, closing of holes in wall of a/c closets, removal of shelves, etc. from a/c closets. (Click Here to access a projected timetable for the riser installations on the Special Updates page.
The Secretary read a memo dated June 13, 2005 to All Residents from The Board of Directors regarding Hurricane Policy, Procedure and Preparation (distributed to residents).
Board Action -Louise Collins moved that the official Association Hurricane Policy include both the Hurricane Policy Memo dated June 13, 2005 and the Emergency Hurricane Procedures Manual updated in 2005. The motion was seconded by Iris Anastasi and unanimously approved.
Floor Decorating Policy
The decorating policy is that the floors are to be redecorated every ten years. This was to be done the first part of 2005 but due to the A/C Riser Project this will not occur until the project is completed. Since work done for the A/C Riser Project can sully the adjoining hallway, waiting until the project is complete will forego any damage to new hallway floor covering!
Board Action -A motion was made by Fern McBride that we amend the Floor Decorating Policy dated 9/18/03 to add that any owners who redecorated their common floor area within the past twenty-four (24) months from today will receive a credit toward the upcoming Decorating Assessment. Pablo Verol seconded the motion; unanimously approved.