2007 Annual Owners Meeting

The 2007 General Annual Meeting was held at Unit 3D (Niko Spyridonos and Karen Howard). Ten owners were present representing eleven units.

Agenda

• State of the Association
• Financials and Budget Discussion
• Bicycles Complaint
• Hallways Project
• Basement Project
• Elevator Laws and Costs
• Management Company
• Elections

State of the Association

• Property needs improvements
• Property is Badly managed
• Rules need enforcement
• Assessments are behind
• In-need of professional management and planning

Financials and Budget

• Currently we have: $20,000
• Collected in 2006: $38,345
• Spent in 2006: $28,828
• Cash Increase in 2006: $10,517
• Receivable Assessments: $3,390
• Discuss Budget for Next year

Bicycles Complaint

• Received complaint yesterday 10/3/07 about bicycles parked on the street.
• MOTION: Association will issue notice but also feels that this is not a priority issue

Hallways and Stairwells

• They need to be improved.
• Setting a budget of $25,000
  - New Paint
  - New Carpet
  - New Lighting
• MOTION: Decided to move forward with soliciting proposals from qualified contractors. Niko Spyridonos will be in charge of this project.

Basement Renovation (next year)

• Needs Improvement
• Budget of $35,000
  - Individual Closets with doors
  - New floors, paint, buildout
  - New Lighting
  - We need financial planning to budget and finance this budget
• MOTION: Not enough money to perform this project. We need financial planning to make the project a reality in the foreseeable future.

Elevators

• Before 1/1/2009:
  Will need to install a phone, GFI outlet, ladder. Cost up to $5,000
• Before 1/1/2011:
  Need double bulkhead cylinders. Can cost up to $50,000
• Need to plan for this.
• Our building may not need to perform the above improvements.
• MOTION: Decided to wait to seek more information from our elevator maintenance company (Colley)

Management Company

• The building needs to be profesionally managed
• Cagan Management Group will cost $600/month.
  - Financial Planning
  - Assessment collections
  - Rule enforcement
  - Professional Management
• MOTION: Decided to move forward with gathering more information and voting on moving forward or not.

Elections

A new board of directors was elected as follows:

1. Niko Spyridonos (3D, 2H) - President
2. Michael Keating (2D) - Treasurer
3. Secretary
4. Board Member