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.