JANUARY 3, 2019
The Monthly Association “411”
We had a very busy 2018 year and 2019 will be no exception. The Board of Directors has decided to hold a board meeting every month, except for August and September. Many projects are taking shape and the one that is eminent is concrete restoration of the building and balconies. The membership has voted to have the existing railings painted in lieu of replacing them with glass railings. Shortly, a date will be set for the signing of the concrete restoration project contract with Metro Caulking and Waterproofing, LLC. Subsequently, a fourteen (14) day notice will be posted for the Concrete Restoration Special Assessment meeting. At this meeting, each unit owner will be given the assessment cost of his or her share of the Concrete Restoration project.
We were able to renew the building insurance at a savings this year. However, one component of the Association's insurance-- Director and Officers (D&0) coverage-- was not renewed by our current carrier because of claims experience. This coverage, among other things, indemnifies the association against legal fees for litigation. Since we have had three claims in recent years from litigation which totaled $50,000 in legal fees, the carrier would not renew our coverage. Our agent told us that this was common with condo associations. HUB International was able to find another carrier to provide this coverage for us, but the premium increased from $3,900 to $17,000 and the new carrier indemnifies us against losses only after the Association pays the first $50,000 in legal fees. This is a significant change for the Association. However, we were able to achieve overall savings with our total insurance package which more than absorbs the increase for this coverage.
The Annual Meeting will be held in the Rendezvous Room at 7 p.m. on Monday, March 20, 2019. The first notice will be mailed this month--at least 60 days prior to the meeting. This letter will request that you give written notice to the Association, either by certified mail or in person, of your intent to run for the Board.
Please welcome two new employees: Dane Buchanan in Security and Michelle Vale, working a dual role in Security and back-up help for Christine in the Office.
A friendly reminder: your 1st quarter maintenance is now due. The Office sent out maintenance statements prepared by our accountant, Sharma & Associates. If you have not received a maintenance statement, please contact the office. Please note that payment is due on the first, with a late charge assessed if not paid by the 15th of the month. Coupon books from Center State Bank will be mailed for the remaining three (3) quarterly maintenance fees.
Please call Comcast for the new Xfinity setup and Internet. The numbers to call to schedule your new service with Comcast are: (800) 934-6489 or (855) 510-1609. Comcast will honor the new install for your Internet until March 31, 2019. Please contact them now.
Again, our Concierge Plus website is: 1regencytower.com.