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CASA DEL SOL CONDOMINIUM
ANNUAL MEETING, SATURDAY, MAY 17, 2003
The annual meeting was called to order at 1:30 PM in St. Paul’s By The Sea, by association president, Tom Chmiola. Roll call was taken via a sign in sheet. Twenty-seven (27) owners were in attendance and five (5) proxies were recorded for a total of thirty-two units being represented. A quorum was declared.
The minutes of the annual meeting held on Sunday, May 19, 2002 were approved as presented.
FINANCIAL:
Buck reported the account balances per 5/14/03:
Checking - $ 121,998.58
Savings - $ 69,037.87
Accounts Receivable - $ 16,348.98
Buck reviewed an IRS required resolution (in meeting package) for the disposition of excess operating funds, if any, at the end of the year that stated excess monies would be used for capital improvement projects. Motion was made, seconded, and unanimously approved.
INSURANCE:
The insurance coverage being carried by the association was reviewed per a summary prepared by Geraldine Littleton, Vice President of Hanna, Kremer & Tilghman, the insurance agent for Casa Del Sol Condominium. Buck pointed out that the insurance rates are increasing by as much as 20 to 70% due to the 9/11 disaster and other problems in the industry. Mrs. Littleton explained that in case of disaster the master policy will cover everything that was in the original building plans by Maryland Condominium Act, which ensures that the building will be rebuild like it was sold, or to be sold again. The average cost, a building to be rebuild, per square foot is between $65 and $85, and Casa Del Sol’s insurance covers $70 per square foot. She suggested that the association should go for a higher rate, preferably $80 per square foot. Due to upgrading and updating some of the items in the original “as build plans”, adjustments will be made to determine the amount of payment in case of a disaster. Mrs. Littleton reminded everyone that they should have their own individual policies reviewed to ensure that they are adequately covered in areas where the master policy does not cover. She suggested that if there were questions by owner’s agents, they should contact Hanna, Kremer & Tilghman and discuss coverage problems with them.
BUSINESS OF THE CONDOMINIUM:
1. Canal Side Renovation Project – Review by Frank Dean
Due to the age of the building (over 26 years old) the location and the weather
factor, a large part of the structure of the building is rotten or is beginning
to rot. Bob Siskind stated that the job couldn’t start last September
due to insufficient funds. Mr. Dean reminded that last years proposed special
assessment for renovation of the buildings was defeated, thus the board had
to increase the budget in the frame that Maryland Condominium Law allows (up
to 15%). He stated that as of today there are no known termite problems at any
of the buildings.
700 Building – Major rot has been uncovered in some of the supports for
the second floor balcony decks. Frank warned that more than two or three people
on these decks at the same time could cause a safety issue. The first floor
T1-11 was in satisfactory condition on the first two units, but the second and
third floor had major rot. Major rot was also found in the inside corners on
the exterior part of the building, as well as under the windows and doors on
the canal side of the building. Therefore, something had to be done immediately.
C/W Builders Services were hired by the Board of Directors to do the renovation,
which started in February. Due to unbearable weather conditions the work is
six weeks behind. George, Miles & Buhr, an engineering company from Salisbury,
was also hired by the Board of Directors to observe the job performed by C/W
Builders and suggested alternate solutions and improvements where needed. As
of today, it was agreed between the BOD, the Engineering Company, George, Miles
& Buhr, and the Contractor, C/W Builders, that the work is progressing in
the right direction. The first five units will be renovated by mid- June. The
Board of Directors made a decision that the renovation project is to continue
through the summer. The estimate for finishing the renovation on the 700 Building
is December of this year.
600 Building – Weather permitting, renovation on the 600 Building will
start in January of 2004.
The project is under budget right now, but a special assessment might be considered
in order to collect funds. The biggest savings came from buying with a bulk
rate the windows and doors, approximately $800 dollars per unit. It was mentioned
that if anyone wants to replace the windows and doors on the street side, they
could place an order with C/W Building Services and get them for a bulk rate
price. Note: C/W Builders will not be available to perform the installation
of street side windows or doors until work on the canal side is completed.
2. Rules & Regulations – Gene Miesse reviewed the
existing Rules & Regulations.
It was pointed out that if somebody is disobeying the Rules & Regulation,
a written or e-mail notice must be forwarded to Mann Properties, who will follow
up with the BOD to determine what action, if any, should be taken. The letter
of complaint must specify the date and time of the rules infraction, a brief
description and the unit owner(s) name and unit number. The board will not act
on telephone calls or hearsay information. If safety is an issue or if Ocean
City law is being broken then the police should be called. Most of us don’t
like the role of enforcer, but it’s a necessary evil in order to keep
Casa Del Sol one of the finest residential condominiums in Ocean City. Owners
should provide their rental agent with a copy of the Rules & Regulations,
as well as posting them in the unit itself. For repeat offences, the fine process
is as follows: 1) The BOD will review the complaint and if appropriate levy
a minimum $250.00 fine, 2) Subsequent complaints against the unit will be reviewed
and up to a maximum $500.00 fine will be levied for each occurrence if appropriate.
Fines are treated as assessments and are subject to the same collection rules.
Under Maryland Condo Law the owner has the right to appeal. At the request of
the membership it was agreed that the Rules & Regulation are to be re-mailed
again to every owner.
New Business - It was decided that the association should get a higher quote for BOD fidelity bond, preferably up to $100,000.
ELECTION TO THE BOARD OF DIRECTORS
Frank Dean’s term expires today. For that three-year term there were two nominees: Frank Dean and Thomas Bell. Thomas Bell declined his nomination. There were no nominations from the floor. Frank Dean was re-elected unanimously.
Meeting adjourned at 3:30 PM.
Immediately following the annual meeting, the Directors met and elected officers for the coming year:
President - Frank Dean
Vice-President - Louis Napoli
Secretary - Gene Miesse
Treasurer - Robert Siskind