2013 Annual Meeting Highlights

I.          Election of Five Board of Directors Members

            By acclamation 5 Board of Directors members were selected

 

 

                  Stephen Wilson           President

                  Don Anderson              Chairman of the Board

                  Joe Durham                 Vice President

                  Wayne Nesbit              Secretary

                  Danny Williams             Treasurer

  
II.         Insurance Update from Mercer Ferguson (Rutherfoord Insurance)
A.Mr. Mercer Ferguson from Rutherfoord Insurance spoke to the Board regarding the Associations Insurance policy.  He indicated that the policy covers 100% of any damages and replace the original furnishings and appliances.  If the claim is caused by a particular resident, the $5000 deductible will be shared by all of the residents who had damage to their units. He recommends that all residents carry an additional Loss Assessment Endorsement that will help to cover the deductible and replacement cost for upgraded items in the unit. It is inexpensive and will save you a lot of money should a loss occur in your unit.
 
ACTION ITEM:  Community Manager will publish this information in the next newsletter and on the website so that all residents know about obtaining the Loss Assessment Endorsement.
The Community Manager will also encourage all of the owners who have not gotten their toilet parts replace to do so as soon as possible. She will keep the information on the website, in the newsletter, and send emails to affected Condo Owners.

III. 2013 Annual Meeting Slideshow
A.Robbie Lawson (Outgoing COA President) presented a slideshow of information about the Plaza Condo. Gloria Caracciolo (Community Manager) helped to present the slides and communicated information to residents.
 
IV. Questions Submitted by Residents

A.Update on Fannie Mae Approval

Recent changes to the Fannie Mae regulations have prompted concern by resident and the COA Board because The Plaza does not meet some of the new requirements such as less than 50% commercial. Currently, the condos are not Fannie Mae Approved.

 
ACTION ITEM:  The Board will be working with Terry Barrett at Wells Fargo to seek Fannie Mae re-certification of the Condos.  The Community Manager submitted the completed 921 form so they could evaluate the Plaza ability to meet the guidelines. There are several institutions making Non-Warrantable loans for potential buyers. They include…

 

Coastal Federal CU
State Employees CU
New Bridge Bank
Capital Bank

 
All four will lend at above-market rates and require higher down payments and an ARM instead of 30-year fixed.  So, we have a few options for really well-qualified buyers. 

B.Transition from Dominion to CAS, Inc.

There is some concern from The Board, CAS, Inc. and residents regarding the financial information that was turned over to CAS from Dominion Partners. Several of the owner’s accounts were incorrect, as well as the pre-paid accounts and other areas in the financial reports seemed incomplete.  We have gotten little or no response to date from Dominion staff regarding some of the questions that have been presented.

 
John Stone from CAS, Inc responded to questions from concerned owners. He discussed the options for correcting these financial issues such as write-offs, corrections to accounts by Dominion, or paying CAS an additional fee to assign additional staff to resolve these issues.
ACTION ITEM: The Board will send a formal letter to Dominion Partners requesting that all financial issues be resolved.

C.P6 Bike Storage Area/Key Fob to P6 door

The light fixture has been replaced and is working in the bike storage area on P6. A resident has also left a tire air pump in the area for residents to use.

Management has contact the DAR coordinator for the Food Truck Rodeo to ask that spectators not be allowed to sit in front of the entrance to The Plaza because it creates a safety and security issue.

A resident had a complaint regarding problems with their AT&T phone reception. They were encouraged to purchase a booster for their unit to help with them problem because the COA has no plans to resolve this issue.

There was some concerned expressed by residents about the Condo elevators. They complained that they are frequently broken making it difficult for residents to get to their units. Management reported that adjustment to the doors have helped to decrease the amount of down time.  A resident mentioned that there was another elevator shaft and the Board should look into adding another elevator. Residents were encouraged to use the buttons to operate the doors and not to use their hands to hold the doors open.

 
ACTION ITEM: Management will look into the feasibility and cost of adding another elevator if possible. However, we do not believe the elevator shaft still exists because that is where the trash rooms are not located.

G.Smoking Policy

Residents are concerned about the smoking policy in the Condo. Smoking is not allowed in the common areas however smoking inside the units and on the balcony is allowed.  Some residents will be working with the new Board to make the Plaza a smoke-free Condo.

A resident submitted a question about decreasing the percentage of rental units allowed in the building. He is concerned that it will affect the Condo re-certification efforts, put more of a strain on the elevators, and decrease the property values.

An investor that was present responded to this request stating that when he purchased his units he was told that 40% could be leased and he planned to lease until he could sales his condos for what he paid for them.

 
ACTION ITEM: The Board will discuss this option at the next Board Meeting.

 

I.Toilet Overflow Issue

Management expressed the importance of changing the faulty toilet parts if they have not been repaired to date.  Chris Neese will fix the toilet for $40 each. Unit owners who have not complied will be contacted individually to schedule the repair between now and the end of the year.