Board Meeting March 14th 2011

Present Members:
Niko Spyridonos
Mike Keating
Julia Perisot

The Board of Directors met at 6pm at Unit 2H to review and discuss the contracts by Cagan and Connected Management. The Board unanimously decided to interview Connected Management representatives at its next board meeting on Monday March 21st at 6pm at Unit 2H.

Niko Spyridonos will request a few contract changes from Connected and request to have a new contract for review before March 21st.

General Meeting - March 7th, 2011

Our Treasurer Mike Keating organized our 2011 General Meeting to allow the Association to decide whether to hire Cagan Management Group to manage our property or choose another property management company.

18 Units were represented at the meeting (4 with proxy votes).

Amanda Klepitsch from Cagan Management Group was present to address all our concerns and answer questions for the first 35 minutes of the session. Amanda left with a few questions that could not be answered.
a) Pending lawsuits to Cagan
b) Member of BBB
c) Fees to owners for collecting assessments if we do not use Banco Popular

General Meeting

• 30-minute debate about the topic of  transferring our management to Cagan or other comparable management company.
• Owners voted 12 YES and 6 NO (66.7%). The Association elected to use Cagan Management Group or another management company for no more than $615/month and per final contract review and fee structure. The regulations state that in order to transfer to a management company a 2/3 of the vote is needed. The voting result was sufficient to elect to switch to a management company.
• It must be noted that the Association will continue having an active board that will manage the relationship with the Management company and will fire the management company if there is general dissatisfaction with their services.
• Mike Keating will request a comparable contract from Connected Property Management, LLC to compare with Cagan and decide between the two companies. The Board of Directors shall decide which company to use in an upcoming special Board meeting.
• The Association elected a new Board of Directors unanimously as follows:
  - Niko Spyridonos (3D) - President
  - Mike Keating (2D) - Treasurer
  - Julia Perisot (3F) - Secretary
  - Phil Geib (1F) - Member

This was a very good and constructive meeting and it shows that the State of Our Association is still strong and we all share the same goals and vision for the future of our property.

Congratulations to our Association for thinking forward and embracing challenges of the future.

17 Reasons why we should hire a management company

1. As of today we are owed $10,284 from owners that do not pay. The management company will put processes in place to collect the money.
2. Manage the wear and tear of the building by forecasting maintenance projects. This protects our building and unit values.
3. They provide automatic payment options for assessments.
4. They manage our bills and pay them on time. They simplify things for us.
5. They negotiate with vendors on our behalf so we can save money.
6. They advise on long term projects and provide accurate budgeting.
7. They advise us on legal matters and provide us options to cover ourselves legally.
8. They negotiate insurance claims and insurance costs on our behalf.
9. They seek competitive bids for projects and hire contractors on our behalf to our specifications.
10. They file our taxes and provide accountant services.
11. They file for garbage disposal rebates with the City every year so we don’t have to do it.
12. They deposit our money to our account on a timely manner.
13. Lower maintenance and repair costs. They manage the property and catch problems early. This causes us to spend less on maintenance and repairs.
14. 24-hour emergency service to provide less stress for us. Less to worry about, only a phone call away.
15. For those that live away from the property they will have the peace of mind that the property will be managed well.
16. They provide tenant screening for renters. They can manage safety.
17. They provide financial and legal information to mortgage companies when owners are selling units or refinancing. This is a very time consuming process.

We can afford it: $615/month. We do have the money, no need to raise assessments to cover the cost.