(NOTE: The last post dated Aug. 27, 09, on this subject had an error. The 3" schedule 80 PVC pipe, is NOT test to a pressure of 150 psi. It is tested to 90 psi.)
On the last post, it was reported, that leaks occurred at the seams when Allen tested the line to a pressure of 90 psi. (NOTE: Dunedin City water pressure is 60 psi.) The cause of the leaks turned out to be a defective batch of glue. The manufacturer delivered a new batch of glue and Allen cut out all the old seam, and re-attached the pipe using the new batch of glue. The new line was pressurized to 90 psi for three day, and there were no leaks or lost of pressure. On Friday, a Dunedin inspector checked the line and the test result and approved the line to the West Tower and Clubhouse.
Allen is filling the pipe trench now and will start on the East Tower line shortly there after. They are planning of finishing that line sometime next week. Allen will then turn off the water to all buildings for a period of 8-12 hours, while they make the final connections, switch the water flow into the new lines and test everything. Everyone will be notified as soon as possible.
Monday, August 31, 2009
Sunday, August 30, 2009
Re: More rock for the Seawall
John Richardson wanted to cut down the erosion in the water, around the outflow pipe for the West Tower roof drain. He was able to convince Complete Property Services to help us out with some free rock. On Friday morning, a load of free rock was dropped off near the Clubhouse. Then John and his band of helpers (Carmen Walsh, Pat & Doreen Carson, and Jose #2) spent the rest of the day moving the rock from the parking lot and depositing it in the Sound, below the outflow pipe. It took a while and a lot of sweat, but they got it done and the area has been shored up nicely.
Congratulations and thanks to John, Carmen, Pat & Doreen, and Jose #2.
Congratulations and thanks to John, Carmen, Pat & Doreen, and Jose #2.
West Tower Walkway Warranty Work, Building Restoration Project
Island Towers Association, Inc.
Building Restoration Project
West Tower Walkway Warranty Work
Please remain off the walkways during the times posted. Re-work is costly and time consuming. Stairwell work will be completed during down times. Respect all cordened off areas.
Deck Coating Schedule West Tower
Tuesday, September 8th: All floors pressure washed. Be aware of workers’ locations, they may not see you. No floor closures necessary.
Wednesday, September 9th: All floors cut in with primer - where vertical and horizontal surfaces meet. No floor closures necessary. Keep your distance from wet areas.
Thursday, September 10th: Sealant rolled onto flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Friday, September 11th: Sealant rolled onto flat surface, floor closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rd floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
· 1st floor: 1:00pm – 5:00pm
Monday, September 14th: All floors cut in with color coat – where vertical surface meets horizontal surface. No floor closures necessary. Keep your distance from wet areas.
Tuesday, September 15th: Color coat rolled on flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Wednesday, September 16th: Color coat rolled onto flat surface, floors closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rd floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
· 1st floor: 1:00pm – 5:00pm
Thursday, September 17th: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 8th floor: 9:00am – 4:00pm
· 7th floor: 9:00am – 4:00pm
Friday, September 18th : Spatter coat and top coat applied to flat surface, floors closed as follows:
· 6th floor: 9:00am – 4:00pm
· 5th floor: 9:00pm – 4:00pm
Monday, September 21st: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 4th floor: 9:00am – 4:00pm
· 3rd floor: 9:00am – 4:00pm
Tuesday, September 22nd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 2nd floor: 9:00am – 4:00pm
· 1st floor: 9:00am – 4:00pm
Jodie Canon (102E)
Building Restoration Project
West Tower Walkway Warranty Work
Please remain off the walkways during the times posted. Re-work is costly and time consuming. Stairwell work will be completed during down times. Respect all cordened off areas.
Deck Coating Schedule West Tower
Tuesday, September 8th: All floors pressure washed. Be aware of workers’ locations, they may not see you. No floor closures necessary.
Wednesday, September 9th: All floors cut in with primer - where vertical and horizontal surfaces meet. No floor closures necessary. Keep your distance from wet areas.
Thursday, September 10th: Sealant rolled onto flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Friday, September 11th: Sealant rolled onto flat surface, floor closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rd floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
· 1st floor: 1:00pm – 5:00pm
Monday, September 14th: All floors cut in with color coat – where vertical surface meets horizontal surface. No floor closures necessary. Keep your distance from wet areas.
Tuesday, September 15th: Color coat rolled on flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Wednesday, September 16th: Color coat rolled onto flat surface, floors closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rd floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
· 1st floor: 1:00pm – 5:00pm
Thursday, September 17th: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 8th floor: 9:00am – 4:00pm
· 7th floor: 9:00am – 4:00pm
Friday, September 18th : Spatter coat and top coat applied to flat surface, floors closed as follows:
· 6th floor: 9:00am – 4:00pm
· 5th floor: 9:00pm – 4:00pm
Monday, September 21st: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 4th floor: 9:00am – 4:00pm
· 3rd floor: 9:00am – 4:00pm
Tuesday, September 22nd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 2nd floor: 9:00am – 4:00pm
· 1st floor: 9:00am – 4:00pm
Jodie Canon (102E)
Minutes of Aug 24, 09, Board Meeting.
IMPORTANT NOTE: WHILE PROOF READING THIS POST, I STARTED EDITING AND ADDING POINTS THAT I THOUGHT HAD BEEN MISSED. CONSEQUENTLY THIS IS NOT A EXACT COPY OF THE MINUTES. WHERE MAJOR ADDITIONS WERE MADE I TRIED TO NOTE THAT THIS WAS AN ADDITION & NOT IN THE ORIGINAL MINUTES. MISS-SPELLINGS AND GRAMMATICAL CHANGES WERE MADE WITHOUT ANY SPECIAL NOTES.
l. ESTABLISH A QUORUM/ROLL CALL: Drago Kahanu (501W), President/Treasurer, Millie Kelley (402E), Director, Robert Klamo (602W), Director, Joseph Martucci (405W), Vice President and
Carmen Walsh (705W), Secretary.
2. CALL TO ORDER: Meeting was called to order at 6:05 P.M.
3. APPROVAL OF THE AUGUST 7, 2009 MEETING MINUTES: Motion to waive reading made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously. Motion to approve minutes made by Millie Kelley and seconded by Joseph Matucci. Motion carried unanimously.
4. FINANCIAL REPORT: Drago Kahanu
a. The July, 2009 financial statements: are complete and available. Master, East and West accounts are under budget for the month and year. The balance in the operational accounts as of the end of July 2009, was: Master -$ 28,167.00 East - $24,630.00 West - $22,085.00 Total - $74882.
If you would like a copy, contact Client Services 727-573-9300 or E-Mail (info@condominiumassociates.com). You can also go to www.condominiumassociates.com and download a copy.
b. Colonial Bank Update: Kahanu stated that for the record he wanted to updated the Board on the history of how ITC’s funds were moved to Schwab, what the current disposition of funds is and what the final disposition of funds will be. Kahanu stated that from Thursday, Aug. 6, 09, to Friday, Aug 7, 09, the information on Colonial’s viability went from bad to terrible. Colonial had lost their prospective buyer, the feds were investigating their mortgage subsidiary for fraud, and they had inform the SEC that they would not be able to file their quarterly financial reports. On Friday, Aug. 7, 09, it was reported that Colonial would have to cease operations as soon as Wednesday, Aug. 12, 09. During the weekend of Aug. 8-9, 09, the Board and Finance Committee were advised of the situation and the need to move ITC’s funds out of Colonial, as quickly as possible. On Sunday, Aug. 9, 09, Condominium Associates (CA) was notified to be ready to transfer funds from Colonial to Charles Schwab, the target date for the transfer was set the Monday, Aug. 10, 09. (NOTE: Kahanu picked Schwab because it was the only financial institute he knew well and felt comfortable with. The Kahanu’s had accounts with Schwab since late 1970’s. Schwab has excellent 24/7 customer service support. Charles Schwab had personally come out of semi-retirement to run the company, and in that process stopped Schwab from getting into the real estate mortgage/derivative market.) On Monday, Schwab establish thirteen new accounts for ITC ( one for every account ITC had at Colonial). Additionally, based on input from CA it was decided NOT to transfer all the funds on Monday. (NOTE: CA was concerned about the following: first, ITC would pay around $780, in CDAR cancellation penalties, CA recommended that ITC let the CDARS mature and then transfer the funds to Schwab. CA stated that the CDARS guaranteed the funds, and therefore there was no risk. Secondly, CA was very concerned about disrupting the maintenance fee payment system, which used coupons and a lock box at Colonial. Finally, they were concerned about the disruption of money transfers between the lock box and the operational accounts. If there was a problem here, ITC’s ability to pay bills might be hampered. Based on CA’s input it was decided to transfer as much of the funds as possible without disturbing the CDARS, or the flow of funds from maintenance fees through the Colonial’s lockbox, & into the ITC’s operational accounts at Colonial.) On Tuesday, approximately, 45% of ITC’s funds actually transferred over to Schwab. The CDARS & the lockbox were not disturbed, and enough money was left in the operational accounts to pay the weekly bills. This left approximately 55% of ITC’s funds at Colonial. Also, on Wednesday, it was announced that the Feds had gotten BB&T to buy Colonial. (NOTE: Per Richardson, 701W, who had been researching banks for the Board, BB&T was the most financially sound bank he had reviewed.) Colonial/BB&T is a viable bank and the pressure to move all ITC’s fund had been minimized. On Thursday, Aug. 13, 09, ITC’s fund disposition was as follows: Colonial/BB&T, 55%, Schwab, 45%, and there were instruction in place to continue to the orderly transfer funds (from matured CDARS) as they became available. The question now became, what does ITC do now that BB&T has purchased Colonial? The answer is a modified plan for the future is as follows:
1) ITC’s funds continue to be diversified between two financial institutes. Currently, this will be Colonial/BB&T, and Charles Schwab. This will spread the risk and reduce the fund exposure at either account. The Colonial funds will be insured by the FDIC for up to $250,000. The Schwab funds will be insured by the SPIC for up to $500,000 ($100,000, cash, and $400,000, securities).
2) ITC will continue to maintain the same number of mirror image accounts at Colonial/BB&T and Charles Schwab. This will allow ITC the flexibility to move funds between the two if we needed to.
3) The fund concentration at each institute will be base on the primary activity performed by each institute. Colonial/BB&T activity will focus around the lock box and operational accounts. All the bill paying and daily financial operations will be performed out of Colonial’s operational accounts. The Charles Schwab activity will focus around the reserves and special assessment accounts. Check writing out of these accounts will be on a minimal as needed basis. Most of the funds will be maintained in CD’s & Treasuries.
4) The current fund split of 45% Schwab, and 55% Colonial. However, this should change over time to 55% Schwab, and 45% Colonial. This is because there are Reserve account CDARS at Colonial. Once they mature, the funds will be transferred to Schwab, and that will cause the fund percentages to change.
Kipka (305E) asked what kind of interest rate we were getting? Kahanu stated that the interest rates in the money market accounts were very low, and CD’s were not much better. Kahanu reminded everyone that ITC was a non-profit entity. Consequently, the primary consideration was the protection of ITC’s principle, not making as high a return as possible. ITC’s funds were entrusted to the Board by the membership, and any risk to that principle was unacceptable. Therefore, the only place the funds should be invested is CD’s & treasuries. Kahanu also stated that the one concern about having Schwab Brokerage accounts was the vast range of available investment products and Schwab’s outstanding 24/7 customer support. These accounts are currently profiled as ultra conservative; however, sometime in the future, when the market is going up and up, a future Board thinking they were “smarter than the average bear” might try to make money for the Association, and put the principle into higher risk, less protected, investments. Klamo (602W) asked how the funds were insured? Kahanu stated the Colonial/BB&T was insured up to $250,000, by the FDIC, and Charles Schwab was insured up to $500,000, $100,000 in cash and $400,000 in securities, by the SPIC (NOTE: Schwab accounts are further insured by Lloyds of London.).
The Association has also received a letter from Rand McNeal, President, Condominium Associates, stating that BB&T Bank is a healthy financial institution.
c. The budget for year 2010: is currently being worked on. The budget must be completed by November, so it may be submitted for approval and maintenance coupon books sent to unit owners in December 2009.
5. PROPERTY MANAGEMENT'S REPORT: Steve Carpenter
a. Installation of the new 3” water main pipe: the project running behind because of problems with leaks. Allen Plumbing, the contractor, noticed leaks at the seams while conducting a pressure test. The system is rated to a water pressure of 150 psi. However, during testing the leaks occurred at around 90 psi. Allen keep the pressure at 90 psi overnight, and found that by morning the water pressure had leaked down to 30 psi. Allen has consulted with the manufacturers of the pipe and the glue. They think the problem is with the glue. Allen and the manufacturers are working on a solution. Someone asked who is paying for the lost water, and Steve said ITC was. Kahanu stated that ITC’s water bills have been higher than they should be, for a complex of ITC’s size, for as long as anyone can remember. Kahanu stated that when the emergency repairs were done on the old 3” pipe, and everyone got a look at the condition of the old pipe, both Allen Plumbing and the Dunedin water supervisor agreed that ITC was probably losing water from cracks all along the old 3” pipe line. Kahanu stated that there was a trough in the grass that parallels the old 3” line, and that is probably is the result of erosion from leaks along the line. Kipka (305E) stated that it was poor workmanship, and walked out. No one bothered to respond to his comment.
b. Landscaping update: Steve and Bob Beck (102W, Chairman of the Lawn Committee) met with landscape contractor (Summit Lawn Care) two weeks ago. Summit had just sent Steve a quote for $1020, to plant new hedges along the shuffle board area, re-mulch and add sod. The quote also include the removal of all the old plants and shrubs. Walsh (705W) asked if we were getting the right type of mulch, because it washes away so quickly around the first floor. Walsh wants us to research on putting in better mulch, and asked if anyone had looked into a mulch called “Never-Wash-Away” mulch? Beck (102W) stated that the product had been removed from the market because of environmental concerns, and that there really were not many options. Klamo (602W) asked about heavier types of mulch like crushed shells or stone. Carpenter stated that first floor problem was a different issue, and was the result of poor drainage on the south side of the first floor. Summit’s quote of $1, 020, was for work around the shuffleboard area where there wasn’t a drainage problem. He said that there should not be any problem with mulch washing away to the degree it does around the first floor units. Beck (102W) stated that the problem on the first floor was the result of poor drainage and settling of the buildings. He said this issue was also discussed with Summit and while there were some initial suggestions, such as building up a cement curb and the installation of more drainage pipe, they were still in the initial phases of looking for a solution. Kahanu stated that the first floor problem has been there for a long time and it would take time to find a solution if there was one at all. And asked that the Board focus on the first issues which was re-landscaping around the shuffleboard and the adjacent east side of the property. Walsh stated that if the mulch wasn’t a problem then she was ready to vote on Summit’s quote. A motion was made by Millie Kelley and seconded by Carmen Walsh to accept Summit Lawn Care's proposal. Motion was carried unanimously.
6. UNFINISHED BUSINESS:
a. Smoke Detector Installation:
McGee Electric is still trying to secure the permits from the City. The person needed to be contacted is still unavailable. He is scheduled to return this week. They will try again.
b. Curbing Installation:
Two issues: one is add curbing in the parking lot, and filling the post with cement. The second was the handicap ramp near the Clubhouse and pool area. The issue had been tabled until a study could be conducted on the impact of cutting the hedges back. Klamo believes that if we cut the hedges back people will be able to park closer to the curb than they currently do, and this will increase the open space in the parking lot and help improve the turning radius. Klamo wants to wait and award the total contract after we get the results of the study. Kahanu asked the Board to consider splitting the quote into two parts, and if the contractor will do the handicapped ramp at the quoted price to go ahead with that part of the quote. Always Reliable Concrete, Inc. submitted a proposal to restore the concrete curbs around the carports at a cost of $1800.00. A handicap ramp $500.00. Fill PVC posts with concrete $800.00. A price of $2800.00 if all is completed at the same time. It was agreed the Handicap ramp should be installed and the other items put on hold for further study. A motion was made by Drago Kahanu and seconded by Millie Kelley to install the Handicap ramps. Motion carried 4-1. Robert Klamo dissents.
c. Unit Baseboard Repair:
Klamo had found a contractor who would do the job for $60/unit, it was based on doing 1-3 at a time. Kahanu asked if there was any chance of getting the contractor to do it for $50/unit. Klamo said no, and re-iterated that $60/unit, for 1-3 at a time was a very good price. Kahanu asked Steve to double check with Blue Chip to see if they’d be will to do 1-3 unit at a time for $50/unit. L. Bradlow (403W) asked if we knew how many more units needed to be repaired. Kahanu said no one knew, and that once we decided on a vendor, we’d have to send out a survey letter to the membership. D. Carson (603W) asked if we could change the name of this issue from “Unit Molding Repair”, to “Unit Baseboard Repair”, so owners wouldn’t think there was a mold problem. The Board agreed to make the change.
d. Sidewalk Repair:
Steve needs guidance on how to proceed with the sidewalk. There seems to be two different plans. One plan shows the side walk next to the seawall and another plan shows a side walk going partway through the grass about equal distance from the seawall and the towers. Phillips (105E) said she sent overhead photos that show the sidewalk running along the seawall. Carmen stated that there was a brochure that showed the sidewalk running through the grass for a short distance. Kahanu stated that the side walk along the seawall was not original, but installed by an older board without approval of the membership. They installed it in response to a threat of a suit by a wheel chair bound owner. Klamo asked if Steve could collect all the information available on the issue and present it at the next meeting of the Board. The rest of the Board agreed that was the way to proceed
7. NEW BUSINESS:
a. Stair Maintenance Proposal:
Complete Property Services, Inc. submitted a proposal to maintain stairs at a cost of $1906.00. This would be an annual event. To replace the stairs would cost an estimated $235,000. It was recommended Complete Property Services, Inc. be hired to perform services during the dry season, March or April, 2010, if they will do so at the price quoted.
b. Downspout Box Proposal:
Tabled until next meeting.
c. East Tower Door Repair Proposal:
Affordable Security Solutions submitted a proposal to repair inside door at a cost of $577.93. Motion was made by Drago Kahanu and seconded by Millie Kelley to hire Affordable Security Solutions. Motion was carried unanimously.
d. Shuffleboard and Horseshoe Court Repair Cost:
Kahanu stated that at the last meeting it was decided to put the matter of restoring the shuffleboard area to a vote of the membership.(because of the $13,000-14,000 price tag for full restoration). Kahanu asked the Board to re-consider the issue and vote for restoring the shuffleboard playing surface this go around and leave the issue of restoring the roof and lights for a later date. T. Mickey McGee Electric Service submitted a proposal to repair the court. Part of the proposal was to paint each court $500.00 - total $1,000.00. A motion was made by Drago Kahanu and seconded by Millie Kelley to paint the courts. Motion was carried unanimously.
It was suggested that light posts around shuffleboard court be removed.
e. Pool Fence:
It was recommended that the fence around the pool be replaced. It was suggested a wrought iron fence, six feet tall, not black, be installed. Steve Carpenter was requested to check code, etc. to insure compliance.
f. 105W Patio:
Patio was inspected and found to be in compliance.
g. 803W Cabinets:
The Board reviewed the problem with the kitchen cabinets being out of alignment. The Board unanimously agreed that there is no evidence to indicate that the alignment problem was the direct result of the work done on the roof. The Board also acknowledged that the roofing contractor did everything they were suppose to do in accordance with the contract. The Board felt that it would be a nice good will gesture to hire someone to attempt to realign the cabinets. However, before this work is done Walsh felt that we should get something in writing, from the owners, recognizing that the Association is only doing this on a best effort basis and if it doesn’t work, or the cost goes beyond $100 dollars, the Association will cease being involved. Carmen felt that we should not proceed until we receive written acknowledgement from the owner that our effort is a good will gesture and should in no way be interpreted as some kind of admission of guilt.
h. Patio Landscaping:
Letter sent to Ben Rabin for legality of planting on Island Towers Property.
Tabled until next meeting.
i. 2010 Board of Directors:
In 2008, Florida law changed the term of board directors to one year. Consequently, a new board must be elected every January, at the General Membership Meeting. The 2009 Board has only four(4) months left. At least three (3) board members (Kahanu, Carmen, & Martucci) will not serve another year. [NOTE NOT INCLUDED IN MINUTES: One member (Kelly ) is uncertain. Only one member (Klamo) wants to serve for a third year.] Kahanu asked that all unit owners, especially our newer owners, to consider serving on the board. [NOTE NOT INCLUDED IN MINUTES: He further stated that all the big projects will have been completed, and Condominium Associates will be in full control of day to day maintenance, contractual, financial operations. The function of the Board will be to provide advice, guidence, review, and consent to Condominium Associates. It was stated that a director does not have to live at ITC year round to be an effective board member, since most the association's business is now conducted by email, and Condominium Associates does all the work. Carmen finally stated that if there are not enough volunteers for the board the state will take over. Kahanu stated that if the state takes over two things will happen: first, the state will appoint a caretaker (usually a lawyer at $275-300/hour), and second, the caretaker will immediately move to fully fund the reserves (the maintenance fees would probably increase 2 to 2.5 times the current level, to $900-1,200/month).]
8. UNIT OWNERS LETTERS AND CONCERNS:
a. Hattie Bradlow, 403W: congratulated Drago Kahanu, President, for outstanding work transferring our funds and keeping them safe.
b. Klamo and Duffy (301W), review of pool heating options: they are reviewing all the possible option for heating the poof, and should be ready to make a presentation at the next meeting.
9. Adjournment:
Motion was made by Drago Kahanu and seconded by Joseph Martucci. Motion carried unanimously. Adjournment was at 7:45 P.M.
The meeting was not taped due to a malfunction of the recording machine.
Respectifully submitted
Carmen Walsh
Secretary
l. ESTABLISH A QUORUM/ROLL CALL: Drago Kahanu (501W), President/Treasurer, Millie Kelley (402E), Director, Robert Klamo (602W), Director, Joseph Martucci (405W), Vice President and
Carmen Walsh (705W), Secretary.
2. CALL TO ORDER: Meeting was called to order at 6:05 P.M.
3. APPROVAL OF THE AUGUST 7, 2009 MEETING MINUTES: Motion to waive reading made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously. Motion to approve minutes made by Millie Kelley and seconded by Joseph Matucci. Motion carried unanimously.
4. FINANCIAL REPORT: Drago Kahanu
a. The July, 2009 financial statements: are complete and available. Master, East and West accounts are under budget for the month and year. The balance in the operational accounts as of the end of July 2009, was: Master -$ 28,167.00 East - $24,630.00 West - $22,085.00 Total - $74882.
If you would like a copy, contact Client Services 727-573-9300 or E-Mail (info@condominiumassociates.com). You can also go to www.condominiumassociates.com and download a copy.
b. Colonial Bank Update: Kahanu stated that for the record he wanted to updated the Board on the history of how ITC’s funds were moved to Schwab, what the current disposition of funds is and what the final disposition of funds will be. Kahanu stated that from Thursday, Aug. 6, 09, to Friday, Aug 7, 09, the information on Colonial’s viability went from bad to terrible. Colonial had lost their prospective buyer, the feds were investigating their mortgage subsidiary for fraud, and they had inform the SEC that they would not be able to file their quarterly financial reports. On Friday, Aug. 7, 09, it was reported that Colonial would have to cease operations as soon as Wednesday, Aug. 12, 09. During the weekend of Aug. 8-9, 09, the Board and Finance Committee were advised of the situation and the need to move ITC’s funds out of Colonial, as quickly as possible. On Sunday, Aug. 9, 09, Condominium Associates (CA) was notified to be ready to transfer funds from Colonial to Charles Schwab, the target date for the transfer was set the Monday, Aug. 10, 09. (NOTE: Kahanu picked Schwab because it was the only financial institute he knew well and felt comfortable with. The Kahanu’s had accounts with Schwab since late 1970’s. Schwab has excellent 24/7 customer service support. Charles Schwab had personally come out of semi-retirement to run the company, and in that process stopped Schwab from getting into the real estate mortgage/derivative market.) On Monday, Schwab establish thirteen new accounts for ITC ( one for every account ITC had at Colonial). Additionally, based on input from CA it was decided NOT to transfer all the funds on Monday. (NOTE: CA was concerned about the following: first, ITC would pay around $780, in CDAR cancellation penalties, CA recommended that ITC let the CDARS mature and then transfer the funds to Schwab. CA stated that the CDARS guaranteed the funds, and therefore there was no risk. Secondly, CA was very concerned about disrupting the maintenance fee payment system, which used coupons and a lock box at Colonial. Finally, they were concerned about the disruption of money transfers between the lock box and the operational accounts. If there was a problem here, ITC’s ability to pay bills might be hampered. Based on CA’s input it was decided to transfer as much of the funds as possible without disturbing the CDARS, or the flow of funds from maintenance fees through the Colonial’s lockbox, & into the ITC’s operational accounts at Colonial.) On Tuesday, approximately, 45% of ITC’s funds actually transferred over to Schwab. The CDARS & the lockbox were not disturbed, and enough money was left in the operational accounts to pay the weekly bills. This left approximately 55% of ITC’s funds at Colonial. Also, on Wednesday, it was announced that the Feds had gotten BB&T to buy Colonial. (NOTE: Per Richardson, 701W, who had been researching banks for the Board, BB&T was the most financially sound bank he had reviewed.) Colonial/BB&T is a viable bank and the pressure to move all ITC’s fund had been minimized. On Thursday, Aug. 13, 09, ITC’s fund disposition was as follows: Colonial/BB&T, 55%, Schwab, 45%, and there were instruction in place to continue to the orderly transfer funds (from matured CDARS) as they became available. The question now became, what does ITC do now that BB&T has purchased Colonial? The answer is a modified plan for the future is as follows:
1) ITC’s funds continue to be diversified between two financial institutes. Currently, this will be Colonial/BB&T, and Charles Schwab. This will spread the risk and reduce the fund exposure at either account. The Colonial funds will be insured by the FDIC for up to $250,000. The Schwab funds will be insured by the SPIC for up to $500,000 ($100,000, cash, and $400,000, securities).
2) ITC will continue to maintain the same number of mirror image accounts at Colonial/BB&T and Charles Schwab. This will allow ITC the flexibility to move funds between the two if we needed to.
3) The fund concentration at each institute will be base on the primary activity performed by each institute. Colonial/BB&T activity will focus around the lock box and operational accounts. All the bill paying and daily financial operations will be performed out of Colonial’s operational accounts. The Charles Schwab activity will focus around the reserves and special assessment accounts. Check writing out of these accounts will be on a minimal as needed basis. Most of the funds will be maintained in CD’s & Treasuries.
4) The current fund split of 45% Schwab, and 55% Colonial. However, this should change over time to 55% Schwab, and 45% Colonial. This is because there are Reserve account CDARS at Colonial. Once they mature, the funds will be transferred to Schwab, and that will cause the fund percentages to change.
Kipka (305E) asked what kind of interest rate we were getting? Kahanu stated that the interest rates in the money market accounts were very low, and CD’s were not much better. Kahanu reminded everyone that ITC was a non-profit entity. Consequently, the primary consideration was the protection of ITC’s principle, not making as high a return as possible. ITC’s funds were entrusted to the Board by the membership, and any risk to that principle was unacceptable. Therefore, the only place the funds should be invested is CD’s & treasuries. Kahanu also stated that the one concern about having Schwab Brokerage accounts was the vast range of available investment products and Schwab’s outstanding 24/7 customer support. These accounts are currently profiled as ultra conservative; however, sometime in the future, when the market is going up and up, a future Board thinking they were “smarter than the average bear” might try to make money for the Association, and put the principle into higher risk, less protected, investments. Klamo (602W) asked how the funds were insured? Kahanu stated the Colonial/BB&T was insured up to $250,000, by the FDIC, and Charles Schwab was insured up to $500,000, $100,000 in cash and $400,000 in securities, by the SPIC (NOTE: Schwab accounts are further insured by Lloyds of London.).
The Association has also received a letter from Rand McNeal, President, Condominium Associates, stating that BB&T Bank is a healthy financial institution.
c. The budget for year 2010: is currently being worked on. The budget must be completed by November, so it may be submitted for approval and maintenance coupon books sent to unit owners in December 2009.
5. PROPERTY MANAGEMENT'S REPORT: Steve Carpenter
a. Installation of the new 3” water main pipe: the project running behind because of problems with leaks. Allen Plumbing, the contractor, noticed leaks at the seams while conducting a pressure test. The system is rated to a water pressure of 150 psi. However, during testing the leaks occurred at around 90 psi. Allen keep the pressure at 90 psi overnight, and found that by morning the water pressure had leaked down to 30 psi. Allen has consulted with the manufacturers of the pipe and the glue. They think the problem is with the glue. Allen and the manufacturers are working on a solution. Someone asked who is paying for the lost water, and Steve said ITC was. Kahanu stated that ITC’s water bills have been higher than they should be, for a complex of ITC’s size, for as long as anyone can remember. Kahanu stated that when the emergency repairs were done on the old 3” pipe, and everyone got a look at the condition of the old pipe, both Allen Plumbing and the Dunedin water supervisor agreed that ITC was probably losing water from cracks all along the old 3” pipe line. Kahanu stated that there was a trough in the grass that parallels the old 3” line, and that is probably is the result of erosion from leaks along the line. Kipka (305E) stated that it was poor workmanship, and walked out. No one bothered to respond to his comment.
b. Landscaping update: Steve and Bob Beck (102W, Chairman of the Lawn Committee) met with landscape contractor (Summit Lawn Care) two weeks ago. Summit had just sent Steve a quote for $1020, to plant new hedges along the shuffle board area, re-mulch and add sod. The quote also include the removal of all the old plants and shrubs. Walsh (705W) asked if we were getting the right type of mulch, because it washes away so quickly around the first floor. Walsh wants us to research on putting in better mulch, and asked if anyone had looked into a mulch called “Never-Wash-Away” mulch? Beck (102W) stated that the product had been removed from the market because of environmental concerns, and that there really were not many options. Klamo (602W) asked about heavier types of mulch like crushed shells or stone. Carpenter stated that first floor problem was a different issue, and was the result of poor drainage on the south side of the first floor. Summit’s quote of $1, 020, was for work around the shuffleboard area where there wasn’t a drainage problem. He said that there should not be any problem with mulch washing away to the degree it does around the first floor units. Beck (102W) stated that the problem on the first floor was the result of poor drainage and settling of the buildings. He said this issue was also discussed with Summit and while there were some initial suggestions, such as building up a cement curb and the installation of more drainage pipe, they were still in the initial phases of looking for a solution. Kahanu stated that the first floor problem has been there for a long time and it would take time to find a solution if there was one at all. And asked that the Board focus on the first issues which was re-landscaping around the shuffleboard and the adjacent east side of the property. Walsh stated that if the mulch wasn’t a problem then she was ready to vote on Summit’s quote. A motion was made by Millie Kelley and seconded by Carmen Walsh to accept Summit Lawn Care's proposal. Motion was carried unanimously.
6. UNFINISHED BUSINESS:
a. Smoke Detector Installation:
McGee Electric is still trying to secure the permits from the City. The person needed to be contacted is still unavailable. He is scheduled to return this week. They will try again.
b. Curbing Installation:
Two issues: one is add curbing in the parking lot, and filling the post with cement. The second was the handicap ramp near the Clubhouse and pool area. The issue had been tabled until a study could be conducted on the impact of cutting the hedges back. Klamo believes that if we cut the hedges back people will be able to park closer to the curb than they currently do, and this will increase the open space in the parking lot and help improve the turning radius. Klamo wants to wait and award the total contract after we get the results of the study. Kahanu asked the Board to consider splitting the quote into two parts, and if the contractor will do the handicapped ramp at the quoted price to go ahead with that part of the quote. Always Reliable Concrete, Inc. submitted a proposal to restore the concrete curbs around the carports at a cost of $1800.00. A handicap ramp $500.00. Fill PVC posts with concrete $800.00. A price of $2800.00 if all is completed at the same time. It was agreed the Handicap ramp should be installed and the other items put on hold for further study. A motion was made by Drago Kahanu and seconded by Millie Kelley to install the Handicap ramps. Motion carried 4-1. Robert Klamo dissents.
c. Unit Baseboard Repair:
Klamo had found a contractor who would do the job for $60/unit, it was based on doing 1-3 at a time. Kahanu asked if there was any chance of getting the contractor to do it for $50/unit. Klamo said no, and re-iterated that $60/unit, for 1-3 at a time was a very good price. Kahanu asked Steve to double check with Blue Chip to see if they’d be will to do 1-3 unit at a time for $50/unit. L. Bradlow (403W) asked if we knew how many more units needed to be repaired. Kahanu said no one knew, and that once we decided on a vendor, we’d have to send out a survey letter to the membership. D. Carson (603W) asked if we could change the name of this issue from “Unit Molding Repair”, to “Unit Baseboard Repair”, so owners wouldn’t think there was a mold problem. The Board agreed to make the change.
d. Sidewalk Repair:
Steve needs guidance on how to proceed with the sidewalk. There seems to be two different plans. One plan shows the side walk next to the seawall and another plan shows a side walk going partway through the grass about equal distance from the seawall and the towers. Phillips (105E) said she sent overhead photos that show the sidewalk running along the seawall. Carmen stated that there was a brochure that showed the sidewalk running through the grass for a short distance. Kahanu stated that the side walk along the seawall was not original, but installed by an older board without approval of the membership. They installed it in response to a threat of a suit by a wheel chair bound owner. Klamo asked if Steve could collect all the information available on the issue and present it at the next meeting of the Board. The rest of the Board agreed that was the way to proceed
7. NEW BUSINESS:
a. Stair Maintenance Proposal:
Complete Property Services, Inc. submitted a proposal to maintain stairs at a cost of $1906.00. This would be an annual event. To replace the stairs would cost an estimated $235,000. It was recommended Complete Property Services, Inc. be hired to perform services during the dry season, March or April, 2010, if they will do so at the price quoted.
b. Downspout Box Proposal:
Tabled until next meeting.
c. East Tower Door Repair Proposal:
Affordable Security Solutions submitted a proposal to repair inside door at a cost of $577.93. Motion was made by Drago Kahanu and seconded by Millie Kelley to hire Affordable Security Solutions. Motion was carried unanimously.
d. Shuffleboard and Horseshoe Court Repair Cost:
Kahanu stated that at the last meeting it was decided to put the matter of restoring the shuffleboard area to a vote of the membership.(because of the $13,000-14,000 price tag for full restoration). Kahanu asked the Board to re-consider the issue and vote for restoring the shuffleboard playing surface this go around and leave the issue of restoring the roof and lights for a later date. T. Mickey McGee Electric Service submitted a proposal to repair the court. Part of the proposal was to paint each court $500.00 - total $1,000.00. A motion was made by Drago Kahanu and seconded by Millie Kelley to paint the courts. Motion was carried unanimously.
It was suggested that light posts around shuffleboard court be removed.
e. Pool Fence:
It was recommended that the fence around the pool be replaced. It was suggested a wrought iron fence, six feet tall, not black, be installed. Steve Carpenter was requested to check code, etc. to insure compliance.
f. 105W Patio:
Patio was inspected and found to be in compliance.
g. 803W Cabinets:
The Board reviewed the problem with the kitchen cabinets being out of alignment. The Board unanimously agreed that there is no evidence to indicate that the alignment problem was the direct result of the work done on the roof. The Board also acknowledged that the roofing contractor did everything they were suppose to do in accordance with the contract. The Board felt that it would be a nice good will gesture to hire someone to attempt to realign the cabinets. However, before this work is done Walsh felt that we should get something in writing, from the owners, recognizing that the Association is only doing this on a best effort basis and if it doesn’t work, or the cost goes beyond $100 dollars, the Association will cease being involved. Carmen felt that we should not proceed until we receive written acknowledgement from the owner that our effort is a good will gesture and should in no way be interpreted as some kind of admission of guilt.
h. Patio Landscaping:
Letter sent to Ben Rabin for legality of planting on Island Towers Property.
Tabled until next meeting.
i. 2010 Board of Directors:
In 2008, Florida law changed the term of board directors to one year. Consequently, a new board must be elected every January, at the General Membership Meeting. The 2009 Board has only four(4) months left. At least three (3) board members (Kahanu, Carmen, & Martucci) will not serve another year. [NOTE NOT INCLUDED IN MINUTES: One member (Kelly ) is uncertain. Only one member (Klamo) wants to serve for a third year.] Kahanu asked that all unit owners, especially our newer owners, to consider serving on the board. [NOTE NOT INCLUDED IN MINUTES: He further stated that all the big projects will have been completed, and Condominium Associates will be in full control of day to day maintenance, contractual, financial operations. The function of the Board will be to provide advice, guidence, review, and consent to Condominium Associates. It was stated that a director does not have to live at ITC year round to be an effective board member, since most the association's business is now conducted by email, and Condominium Associates does all the work. Carmen finally stated that if there are not enough volunteers for the board the state will take over. Kahanu stated that if the state takes over two things will happen: first, the state will appoint a caretaker (usually a lawyer at $275-300/hour), and second, the caretaker will immediately move to fully fund the reserves (the maintenance fees would probably increase 2 to 2.5 times the current level, to $900-1,200/month).]
8. UNIT OWNERS LETTERS AND CONCERNS:
a. Hattie Bradlow, 403W: congratulated Drago Kahanu, President, for outstanding work transferring our funds and keeping them safe.
b. Klamo and Duffy (301W), review of pool heating options: they are reviewing all the possible option for heating the poof, and should be ready to make a presentation at the next meeting.
9. Adjournment:
Motion was made by Drago Kahanu and seconded by Joseph Martucci. Motion carried unanimously. Adjournment was at 7:45 P.M.
The meeting was not taped due to a malfunction of the recording machine.
Respectifully submitted
Carmen Walsh
Secretary
SWIMMING POOL TEMPORARILY COSED
Sometime Saturday, Aug 29, 09, the water level in the pool went down about 6 inches. Rick's Pool Service was called in and determined that the pool pump had burned out and was no longer operating. The pump will have to be replaced. It is unlikely that this can be accomplished until Monday.
THE POOL IS TEMPORARILY CLOSED until a new pump can be installed. This is being done because of the potential for bacteria buildup while the pump is not working.
THE POOL IS TEMPORARILY CLOSED until a new pump can be installed. This is being done because of the potential for bacteria buildup while the pump is not working.
Thursday, August 27, 2009
Water ponding in front of the Clubhouse.
The water is ponding up in front of the Clubhouse during and after any heavy rains. The problem is that normally the water drains out of the parking lot through the front drive ways. Unfortunately, the installation of the new 3" water main line is preventing the normal flow of water. And, that is what is causing the ponding.
Delay encountered with the 3" water main pipe.
Allen Plumbing notice leaks while testing the new West Tower/Clubhouse 3" water main line. The line should be able to take 150 psi of water pressure; however, at 90 psi Allen noticed leaks at the seams. They kept the pressure at 90 psi overnight, and in the morning the pressure had leaked down to 30 psi.
Allen has consulted with the manufacturers of the 3" Schedule 80 PVC pipe, and the glue. They believe that the glue is the problem, and are waiting for recommendations from the manufacturers.
Allen has consulted with the manufacturers of the 3" Schedule 80 PVC pipe, and the glue. They believe that the glue is the problem, and are waiting for recommendations from the manufacturers.
More rock for the seawall.
Tomorrow sometime, a load of loose rock will be deposited in one of the parking slots on the west side of the Clubhouse. This rock will be used to re-enforce the seawall around the outflow pipe for the West Towers roof drains.
Sunday, August 23, 2009
Notice of Agenda for Aug. 24 Board Meeting, at 6:00 PM
Island Towers
Association Inc.
Board of Directors Meeting
Notice
YOU ARE HEREBY NOTIFIED that a Board of Directors Meeting of Island Towers Association, Inc. will be held at the following date, time and place:
Date: Aug. 24, 09.
Time: 6:00 PM
Place: Island Tower's Clubhouse
250 Woodette Drive
Dunedin, FL 34698
AGENDA
1. Establish a Quorum/Roll Call.
2. Call to Order.
3. Approval of Aug. 7, 09 meeting minutes.
4. Financial Report.
5. Property Management's Report.
6. Unfinished Business:
a. Smoke Detector Installation.
b. Curbing Installation.
c. Unit molding repair.
d. Sidewalk repair.
7. New Business:
a. Stair maintenance proposal.
b. Downspout box proposal.
c. East Tower door repair proposal.
d. Shuffleboard and horseshoe court repair cost.
e. Pool fence.
f. 105W- Patio.
g. 803W- Cabinets.
h. Patio landscaping.
i. 2010 Board of Directors.
8. Unit owners letters and concerns.
9. Adjournment.
Saturday, August 15, 2009
Monthly Maintenance Fees - NO CHANGES!!! PAYMENT MADE THE SAME WAY AS BEFORE.
The question has come up, is there a change in the maintenance fee payment method? The answer is NO! CONTINUE TO MAKE YOUR MAINTENANCE FEE PAYMENT THE SAME WAY YOU HAVE FOR THE PRIOR MONTHS OF 2009.
We have keep these accounts and the lock box intact, so that there wouldn't be a disruption in the payment process, or any inconvenience for the membership.
We have keep these accounts and the lock box intact, so that there wouldn't be a disruption in the payment process, or any inconvenience for the membership.
Colonial Bank shut down by Regulators & sold to BB&T
UPDATE: Colonial BancGroup Shut Down By Regulators, Sold To BB
7:34 pm ET 08/14/2009- Dow Jones
(Updates throughout with additional details, context, comments from BB&T executive, latest share price.) By Michael R. Crittenden and Matthias Rieker Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Colonial BancGroup Inc. (CNB) was closed by regulators Friday evening after an agreement was reached to have BB&T Corp. (BBT) acquire most of its assets and all of its deposits. The news capped weeks of speculation about the fate of the Montgomery, Ala., bank, which had been struggling amid growing losses on real estate and construction loans and was facing a federal criminal probe. Colonial's failure marks the fifth largest U.S. bank failure ever. The Federal Deposit Insurance Corp. said that the Alabama State Banking Department closed Colonial Friday and appointed the FDIC as receiver in a failure expected to cost the federal deposit insurance fund $2.8 billion. FDIC Chair Sheila Bair, in a statement released by the agency, said that the losses from the failure were lower than the agency had projected. The agreement between the FDIC and BB&T calls for the Winston-Salem, N.C., bank to acquire Colonial's approximately $20 billion in deposits and $22 billion of assets. The FDIC will hold on to any additional Colonial assets to sell later, the agency said. Additionally, the FDIC said it had entered into a loss-sharing agreement with BB&T on approximately $15 billion of Colonial's assets. "We're gaining solid market shares in great markets in Alabama, Florida and Georgia," BB&T Chief Executive Kelly King said in a press release. "And it comes with minimal asset risk to BB&T because of our loss-sharing agreement with the FDIC." BB&T also said that the assets and liabilities the FDIC determines to be related to fraudulent or criminal activities are excluded from the deal. BB&T said it is indemnified by the FDIC for any liabilities not expressly assumed in the transaction. News of the loss-sharing agreement and excluded assets and liabilities will please investors, who were eagerly awaiting details of the deal after reports emerged early Friday that BB&T was set to acquire Colonial's branches and assets. The stock gained 9.4% to $28.23 during Friday's regular session, and was up another 8 cents in after-hours trading. With the deal, BB&T gains access to Texas, one of the nation's more-attractive banking markets. Texas, fueled by the energy industry, has a stronger economy than most states and has been largely sheltered from the current financial crisis. BB&T already has branches in Florida and Georgia, which have been trouble spots for Colonial owing to souring real estate loans. Still, a bigger presence in Florida remains attractive for BB&T. The bank, which has the bulk of its branches in Virginia and North Carolina, has only a small presence in Alabama, Colonial's home market. The Colonial acquisition represents the largest for BB&T in its 137-year history, creating the country's eighth-largest financial holding company by deposits, the North Carolina bank said in its release. BB&T had $102 billion in deposits at the end of the second quarter. BB&T has held up better than many regional banks in the financial crisis. It was among those 19 banks the Federal Reserve performed a stress test on, and, unlike some of its competitors, didn't have to raise additional equity capital. It did receive money from the Treasury Department's Trouble Asset Relief Program last year, but was among the first to pay it back in June. However, it too faces increasing losses from soured real estate loans. Colonial, which failed to fulfill the requirements to receive TARP funding, has been struggling with a heavy load of loans tied to residential real estate markets in markets such as Florida and Georgia, which were once hot but now troubled. The bank's problems mounted in recent weeks, as it acknowledged it might not be able to continue as a going concern. A deal for Colonial to receive a capital infusion from a group led by mortgage lender Taylor, Bean & Whitaker Mortgage Corp. fell apart and Colonial acknowledged that it was the target of a Justice Department probe in its mortgage lending business and related accounting irregularities. BB&T was advised in the Colonial transaction by Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wachtell, Lipton, Rosen & Katz. -By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com -By Matthias Rieker, Dow Jones Newswires; (212) 416-2471; matthias.rieker@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=esFzrxWK1/xTjn70ludcgQ==. You can use this link on the day this article is published and the following day.
7:34 pm ET 08/14/2009- Dow Jones
(Updates throughout with additional details, context, comments from BB&T executive, latest share price.) By Michael R. Crittenden and Matthias Rieker Of DOW JONES NEWSWIRES WASHINGTON (Dow Jones)--Colonial BancGroup Inc. (CNB) was closed by regulators Friday evening after an agreement was reached to have BB&T Corp. (BBT) acquire most of its assets and all of its deposits. The news capped weeks of speculation about the fate of the Montgomery, Ala., bank, which had been struggling amid growing losses on real estate and construction loans and was facing a federal criminal probe. Colonial's failure marks the fifth largest U.S. bank failure ever. The Federal Deposit Insurance Corp. said that the Alabama State Banking Department closed Colonial Friday and appointed the FDIC as receiver in a failure expected to cost the federal deposit insurance fund $2.8 billion. FDIC Chair Sheila Bair, in a statement released by the agency, said that the losses from the failure were lower than the agency had projected. The agreement between the FDIC and BB&T calls for the Winston-Salem, N.C., bank to acquire Colonial's approximately $20 billion in deposits and $22 billion of assets. The FDIC will hold on to any additional Colonial assets to sell later, the agency said. Additionally, the FDIC said it had entered into a loss-sharing agreement with BB&T on approximately $15 billion of Colonial's assets. "We're gaining solid market shares in great markets in Alabama, Florida and Georgia," BB&T Chief Executive Kelly King said in a press release. "And it comes with minimal asset risk to BB&T because of our loss-sharing agreement with the FDIC." BB&T also said that the assets and liabilities the FDIC determines to be related to fraudulent or criminal activities are excluded from the deal. BB&T said it is indemnified by the FDIC for any liabilities not expressly assumed in the transaction. News of the loss-sharing agreement and excluded assets and liabilities will please investors, who were eagerly awaiting details of the deal after reports emerged early Friday that BB&T was set to acquire Colonial's branches and assets. The stock gained 9.4% to $28.23 during Friday's regular session, and was up another 8 cents in after-hours trading. With the deal, BB&T gains access to Texas, one of the nation's more-attractive banking markets. Texas, fueled by the energy industry, has a stronger economy than most states and has been largely sheltered from the current financial crisis. BB&T already has branches in Florida and Georgia, which have been trouble spots for Colonial owing to souring real estate loans. Still, a bigger presence in Florida remains attractive for BB&T. The bank, which has the bulk of its branches in Virginia and North Carolina, has only a small presence in Alabama, Colonial's home market. The Colonial acquisition represents the largest for BB&T in its 137-year history, creating the country's eighth-largest financial holding company by deposits, the North Carolina bank said in its release. BB&T had $102 billion in deposits at the end of the second quarter. BB&T has held up better than many regional banks in the financial crisis. It was among those 19 banks the Federal Reserve performed a stress test on, and, unlike some of its competitors, didn't have to raise additional equity capital. It did receive money from the Treasury Department's Trouble Asset Relief Program last year, but was among the first to pay it back in June. However, it too faces increasing losses from soured real estate loans. Colonial, which failed to fulfill the requirements to receive TARP funding, has been struggling with a heavy load of loans tied to residential real estate markets in markets such as Florida and Georgia, which were once hot but now troubled. The bank's problems mounted in recent weeks, as it acknowledged it might not be able to continue as a going concern. A deal for Colonial to receive a capital infusion from a group led by mortgage lender Taylor, Bean & Whitaker Mortgage Corp. fell apart and Colonial acknowledged that it was the target of a Justice Department probe in its mortgage lending business and related accounting irregularities. BB&T was advised in the Colonial transaction by Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Wachtell, Lipton, Rosen & Katz. -By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com -By Matthias Rieker, Dow Jones Newswires; (212) 416-2471; matthias.rieker@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/nae/al?rnd=esFzrxWK1/xTjn70ludcgQ==. You can use this link on the day this article is published and the following day.
Thursday, August 13, 2009
Colonial Bank - Update, St Pete Times Thur 8/13/09.
Synopsis from the St. Pete Times, Thursday, Aug 13, 09:
"Colonial Banc Group of Alabama advised the SEC that it will not be able to file its 2Q09 financial because of allegedly accounting irregularities being investigated by the Justice Depmt, at is mortgage warehouse lending unit in Orlando. . Colonial has previously reported 26 billion in assets, and has 335 branches in Florida, Alabama, Georgia, Texas and Nevada."
We currently transferring our funds from Colonial to Schwab. However, the funds that are still in Colonial are protected by a combination of FDIC Insurance and CDARS (bundled CD's).
For additional information refer to blog posts:
1. President/Property Mgr's Meeting, Aug 12, 09;
2. Minutes of the Aug 7, 09 Board Meeting.
"Colonial Banc Group of Alabama advised the SEC that it will not be able to file its 2Q09 financial because of allegedly accounting irregularities being investigated by the Justice Depmt, at is mortgage warehouse lending unit in Orlando. . Colonial has previously reported 26 billion in assets, and has 335 branches in Florida, Alabama, Georgia, Texas and Nevada."
We currently transferring our funds from Colonial to Schwab. However, the funds that are still in Colonial are protected by a combination of FDIC Insurance and CDARS (bundled CD's).
For additional information refer to blog posts:
1. President/Property Mgr's Meeting, Aug 12, 09;
2. Minutes of the Aug 7, 09 Board Meeting.
Summary of Units for sales in Island Towers.
There are currently 9 units are for sale, 3 in the West Tower, and 6 in the East Tower:
Unit No.: Price
801W: $319,000, contract is pending.
601W: $299,900.
201W: $299,900.
805E: $385,000.
802E: $329,000.
704E: $289,900.
705E: $345,000.
404E: $279,900.
105E: $269,900.
Warning this information has been extracted from other sources and I can not vouch for the accuracy. If your are interested contact a Susan Gaddis, Realtor, at 727-403-9070.
Unit No.: Price
801W: $319,000, contract is pending.
601W: $299,900.
201W: $299,900.
805E: $385,000.
802E: $329,000.
704E: $289,900.
705E: $345,000.
404E: $279,900.
105E: $269,900.
Warning this information has been extracted from other sources and I can not vouch for the accuracy. If your are interested contact a Susan Gaddis, Realtor, at 727-403-9070.
Wednesday, August 12, 2009
Work Schedule for the re-coating of the walkway/stairwells.
Island Towers Association, Inc.
Building Restoration Project
Update
August 8, 2009
We have been waiting awhile to have our walkways re-coated. We now have a schedule that is posted below. We will begin the the East Tower. 2 weeks will be needed to complete all floors and walkways. Weather delays are possible – if there are changes in the schedule a posted announcement will be placed on the bulletin board in the lobby. Please remain off the walkways during the times posted. Re-work is costly and time consuming. Stairwell work will be completed during down times. Respect all cordoned off areas.
Work begins at 9:00am. West Tower’s schedule will be posted shortly. A lot of the re-coating will be done on selected areas and floor closing may not be necessary.
Deck Coating Schedule East Tower
Monday, August 24th: All floors pressure washed. Be aware of workers’ locations, they may not see you. No floor closures necessary.
Tuesday, August 25th: All floors cut in with primer - where vertical and horizontal surfaces meet. No floor closures necessary. Keep your distance from wet areas.
Wednesday, August 26th: Sealant rolled onto flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Thursday, August 27th: Sealant rolled onto flat surface, floor closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rf floor: 10:00am – 2:00pm
· 6nd floor: 11:00am – 3:00pm
Friday, August 28th: All floors cut in with color coat – where vertical surface meets horizontal surface. No floor closures necessary. Keep your distance from wet areas.
Monday, August 31st: Color coat rolled on flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Tuesday, September 1st: Color coat rolled onto flat surface, floors closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rf floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
Wednesday, September 2nd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 8th floor: 9:00am – 4:00pm
· 7th floor: 9:00am – 4:00pm
Thursday, September 3rd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 6th floor: 9:00am – 4:00pm
· 5th floor: 9:00pm – 4:00pm
Friday, September 4th: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 4th floor: 9:00am – 4:00pm
· 3rd floor: 9:00am – 4:00pm
· 2nd floor: 9:00am – 4:00pm
1st floor will not need a complete re-do. Areas needing attention will be touched up and cordoned off. No floor closure will be necessary.
Building Restoration Project
Update
August 8, 2009
We have been waiting awhile to have our walkways re-coated. We now have a schedule that is posted below. We will begin the the East Tower. 2 weeks will be needed to complete all floors and walkways. Weather delays are possible – if there are changes in the schedule a posted announcement will be placed on the bulletin board in the lobby. Please remain off the walkways during the times posted. Re-work is costly and time consuming. Stairwell work will be completed during down times. Respect all cordoned off areas.
Work begins at 9:00am. West Tower’s schedule will be posted shortly. A lot of the re-coating will be done on selected areas and floor closing may not be necessary.
Deck Coating Schedule East Tower
Monday, August 24th: All floors pressure washed. Be aware of workers’ locations, they may not see you. No floor closures necessary.
Tuesday, August 25th: All floors cut in with primer - where vertical and horizontal surfaces meet. No floor closures necessary. Keep your distance from wet areas.
Wednesday, August 26th: Sealant rolled onto flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Thursday, August 27th: Sealant rolled onto flat surface, floor closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rf floor: 10:00am – 2:00pm
· 6nd floor: 11:00am – 3:00pm
Friday, August 28th: All floors cut in with color coat – where vertical surface meets horizontal surface. No floor closures necessary. Keep your distance from wet areas.
Monday, August 31st: Color coat rolled on flat surface, floors closed as follows:
· 8th floor: 9:00am – 1:00pm
· 7th floor: 10:00am – 2:00pm
· 6th floor: 11:00am – 3:00pm
· 5th floor: 1:00pm – 5:00pm
Tuesday, September 1st: Color coat rolled onto flat surface, floors closed as follows:
· 4th floor: 9:00am – 1:00pm
· 3rf floor: 10:00am – 2:00pm
· 2nd floor: 11:00am – 3:00pm
Wednesday, September 2nd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 8th floor: 9:00am – 4:00pm
· 7th floor: 9:00am – 4:00pm
Thursday, September 3rd: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 6th floor: 9:00am – 4:00pm
· 5th floor: 9:00pm – 4:00pm
Friday, September 4th: Spatter coat and top coat applied to flat surface, floors closed as follows:
· 4th floor: 9:00am – 4:00pm
· 3rd floor: 9:00am – 4:00pm
· 2nd floor: 9:00am – 4:00pm
1st floor will not need a complete re-do. Areas needing attention will be touched up and cordoned off. No floor closure will be necessary.
President/Property Mgr's Meeting, Aug 12, 09
1. Signed checks:
a. West Tower: $2,239.
b. East Tower: $282.67
c. Master Tower: $24,400.94
d. Roof S/A, East: $13,560.30
e. Roof S/A West: $13,560.30
2. Annual preventive maintenance program for the stairwells: Because of the high cost ($235,000), it was decided to repair, rather than replace, the stairwells. This requires the Association to maintain the stairs through some kind of preventive maintenance program. Complete Services quoted $1906 for both towers. Put this on agenda for a vote.
3. Walkway schedule from Jodie: put her notice on the blog.
4. Colonial Bank: Due to all the bad announcements about Colonial late last week, CA sent out a memo on the subject with recommended actions to take. I told Steve that we were way past that and would be transferring most of our funds to Schwab.
5. Transfer of funds to Schwab: Reviewed the actions taken on Monday, and Tuesday, to move most of our funds to Schwab. The accounts are opened and the first large transfer was made yesterday afternoon. Since there was a $780 penalty, and CA argued that it really wasn’t necessary, we are holding off cancelling the CDARS.
6. Budget & maintenance coupons: We’ll keep the operational accounts & lock box for fees at Colonial. We’ll switch to Schwab after the 2010 Budget is done and we send out the new coupons.
7. Delinquent owner: Is four months delinquent. Our attorney has started legal proceeding against this individual.
8. West Tower Jockey Fire Pump running continuously: The jockey pump started running continuously early Sunday morning. By Sunday afternoon, the water pipe was too hot to hold on to. Piper was called in and determined that there was air in the system. The tech went to the roof and bled the air out. That did the trick and now everything seems to be functioning properly.
9. Installation of 3” water main line: The line for the West Tower and Clubhouse is being worked on now. The line was trenched and new 3" PVC Schedule 80 pipe has been laid. Allen is waiting for a city inspector to approve the done so far. Once Allen gets the OK, they’ll cover & pack the line, and finish the runs to each building. Then they turn off the old line and turn on the new water line to the West Tower and Clubhouse. Once that is accomplished and everything check out OK, they'll start on the East Tower. After both new lines are running properly the old line will be capped off.
10. From the Aug 7, 09 Meeting:
a. Signed Contract for Accurate Electronics: for new security entry system with intercom, cost $1,954.00 minus cost of handset $276.
b. Shuffle Board Restoration vote: Steve will do a draft for the Board’s review and approval. It will be a two part vote. First a yes, or no vote on restoring the shuffle Board area. If an owner votes yes on the first question, then they will vote on the second question, a choice between fully restoring the shuffle board area, for $14,000, or just restoring the shuffle board playing surface for $1,000.
c. Replace the two defective underwater lights: advised Steve that the Board had voted to go ahead with replacing the two defective lights. He’ll contact Rick's and get the contract written up.
11. Electrical power to the light above the "Island Towers" sign on the Entry Island: Per Steve directions, McGee is running power to the island and installing a new light above the "Island Towers" sign so that it will be visible at night. The power/light has not been working for a few years.
a. West Tower: $2,239.
b. East Tower: $282.67
c. Master Tower: $24,400.94
d. Roof S/A, East: $13,560.30
e. Roof S/A West: $13,560.30
2. Annual preventive maintenance program for the stairwells: Because of the high cost ($235,000), it was decided to repair, rather than replace, the stairwells. This requires the Association to maintain the stairs through some kind of preventive maintenance program. Complete Services quoted $1906 for both towers. Put this on agenda for a vote.
3. Walkway schedule from Jodie: put her notice on the blog.
4. Colonial Bank: Due to all the bad announcements about Colonial late last week, CA sent out a memo on the subject with recommended actions to take. I told Steve that we were way past that and would be transferring most of our funds to Schwab.
5. Transfer of funds to Schwab: Reviewed the actions taken on Monday, and Tuesday, to move most of our funds to Schwab. The accounts are opened and the first large transfer was made yesterday afternoon. Since there was a $780 penalty, and CA argued that it really wasn’t necessary, we are holding off cancelling the CDARS.
6. Budget & maintenance coupons: We’ll keep the operational accounts & lock box for fees at Colonial. We’ll switch to Schwab after the 2010 Budget is done and we send out the new coupons.
7. Delinquent owner: Is four months delinquent. Our attorney has started legal proceeding against this individual.
8. West Tower Jockey Fire Pump running continuously: The jockey pump started running continuously early Sunday morning. By Sunday afternoon, the water pipe was too hot to hold on to. Piper was called in and determined that there was air in the system. The tech went to the roof and bled the air out. That did the trick and now everything seems to be functioning properly.
9. Installation of 3” water main line: The line for the West Tower and Clubhouse is being worked on now. The line was trenched and new 3" PVC Schedule 80 pipe has been laid. Allen is waiting for a city inspector to approve the done so far. Once Allen gets the OK, they’ll cover & pack the line, and finish the runs to each building. Then they turn off the old line and turn on the new water line to the West Tower and Clubhouse. Once that is accomplished and everything check out OK, they'll start on the East Tower. After both new lines are running properly the old line will be capped off.
10. From the Aug 7, 09 Meeting:
a. Signed Contract for Accurate Electronics: for new security entry system with intercom, cost $1,954.00 minus cost of handset $276.
b. Shuffle Board Restoration vote: Steve will do a draft for the Board’s review and approval. It will be a two part vote. First a yes, or no vote on restoring the shuffle Board area. If an owner votes yes on the first question, then they will vote on the second question, a choice between fully restoring the shuffle board area, for $14,000, or just restoring the shuffle board playing surface for $1,000.
c. Replace the two defective underwater lights: advised Steve that the Board had voted to go ahead with replacing the two defective lights. He’ll contact Rick's and get the contract written up.
11. Electrical power to the light above the "Island Towers" sign on the Entry Island: Per Steve directions, McGee is running power to the island and installing a new light above the "Island Towers" sign so that it will be visible at night. The power/light has not been working for a few years.
One picture of our new roof.
Here's one teaser picture of our new roof. It is a beauty. Once the project is completely done, we'll do a complete set of pictures before and after. (NOTE: Left click on the picture to expand it to full screen size.)
We are down to the punch list, and retainage payments. Once the punch list is done and John Richardson, Chairman of the Roof Committee informs the Board that all the work is complete, the Board will vote to approve the release of the retainage. Then Condominium Associates will cut the last checks for Southern Roofing, AND WE ARE DONE!
Minutes of Aug 7, 09, Board Meeting.
1. Established a Quorum/Roll Call - Drago Kahanu, Millie Kelley, Robert Klamo, Joseph Martucci, and Carmen Walsh
2. Call to Order - Meeting was called to order at 6:05P.M.
3. Approval of the June 23, 2009 meeting minutes. Motion to waive reading made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously. Motion to approve minutes made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously.
4. Financial Report - Drago Kahanu
The July, 2009 financial statements are complete and available. Master, East and West accounts are under budget for the month and year.
If you would like a copy, contact Client Services 727-573-9300 or E-Mail (info@condominiumassociates.com). You can also go to www.condominiumassociates.com, and download a copy.
We will be transferring Island Towers funds from Colonial Bank. John Richardson will ask Condominium Associates to recommend a new bank.
5. Property Management's Report - Drago Kahanu
Steve Carpenter not present.
East Tower - Piper Fire Protection, Inc. repaired the fire stand pipe, at a cost of $3600.00.
At present, the maintenance requests are coming in faster than they can be completed by our part-time maintenance man. There are currently 43 open maintenance requests, mostly in June and July. We are diligently working to complete them. Our goal is to work down to possibly 10 to 15 per week.
6. Unfinished Business
Roof Committee Update - John Richardson (701W)
Since the last meeting the elevator service room stairs were replaced, guardrails installed and the rool access stairs were retreaded. According to the product information sheets these items shoudl enjoy useful life cycles of approximately 70 years. We can paint these items to match the building color if we like but KWA advised that we should wait for a one year period so the metal has had time to properly cure. A meeting was held with our Engineering Firm and the Roofing contractor to identify remainning issues that need to be addressed. It was agreed that the contractor would schedule to address remaining issues beginning the 12th of August with the expectation of taking a week to finish.
Klamo (602W) asked John, what corrective action had been taken on the water blisters. Kahanu (501W) stated that this was not a roofing issue, but rather most likely a building project warranty issue. The members of the Warranty Committee had investigated the condition and concluded that it was the result of water flowing into/through small cracks in the dried caulking of the water drainage trough on the floor above. During heavy rains as the water accumulates around the troughs, some of the water flows through small cracks & gets in between the paint and the concrete wall eventually accumulating into a water blister on the wall. Complete Property Services will have someone out to repair the caulking cracks
Klamo asked for an update on the water accumulation on the East Tower roof. Richardson said that it was one of the issues on the agenda for the Aug 12, 09 meeting.
Klamo asked if a protocol had been established for contractors that would have to stage equipment on the roof, and specifically cited the upcoming window cleaning. Richardson said that they didn’t have any protocol established but they would develop one before the window washing started.
Smoke Detector Installation
McGee Electric has made three (3) unsuccessful trips to pull permits to begin project. The person who can issue the permits is on vacation. They will try again.
Curbing Installation
Always Reliable Concrete, Inc. submitted a proposal to restore the concrete curbs around carports at a cost of $1800.00. A handicap ramp $500.00. Fill PVC Posts with concrete $800.00. A price of $2800.00 if all is completed at the same time. Kahanu (501W) stated that restoring the carport curbs was needed to prevent a car from hitting the carport roof support, or another parked car while attempting to make the turn in the parking lot. He further stated that the yellow post at the corner had been hit at least seven times. Klamo (602W) stated that part of the problem of limited turning space might be improved by trimming back the hedges. He wants us to try cutting back some of the hedges to see if that helps before we vote on the curbing. Walsh (705W) stated that the hedges needed to be cut back because they were too high, and, in some places, too wide. Klamo & Beck (102W), with the Board’s approval, will look into cutting the hedge back in some small area as a test. The Board decided to post pone this vote pending more input on the impact of trimming the hedges.
Unit Molding Repair
Blue Chip Construction bid $50.00 per unit. Klamo (602W) is going to get another contractor to quote on the project. Kahanu (501W) stated that the quote should be based on 1-3 units at a time with the Association only paying for installation of the molding, not painting. No decision was reached. Tabled until next meeting.
Window Cleaning
Bay area Window Cleaning provided a proposal to wash windows at a cost of $3360.00. The proposal was approved by the Board. The project will start when the walkways resurfacing is completed.
Side Walk Repair
Bayside Sandblasting, Inc. provided a proposal to remove paint from curbs $1700 and clean sidewalks $2400.00 The proposal was approved by the Board. This project will start when the walkways resurfacing is completed.
Warranty Committee & warranty requests:
Jodie Canon (102E) stated that she had volunteered to work with Steve on the Warranty Committee. She stated that all warranty requests are submitted on maintenance request forms (either hand written or electronically) to Condominium Associates. CA will accumulate the request and post them to a spread sheet. CA will then schedule all non-emergency request for quarterly maintenance repair visit. The last visit was in July and 23 warranty request were scheduled. All but two were completed. The two that were not completed were for the following reasons: 301W, waiting for a back ordered part; 603W, leak in the corner of the window (made by Stanek), and she needed guidance on how to proceed. Kahanu (501W) stated that the windows were now the responsibility of the Association because the owners had signed the warranties over to the Association. The warranty committee should contact Stanek to get the matter resolve. Also, the Carson’s (603W) should make sure that a maintenance request is entered on this issue. Kahanu (501W) advised everyone that Gulf Coast Waterproofing had merged with Complete Property Services. The new company is called Complete Property Services.
Canon then stated that the repair of the walkways & stairwells will commence on Monday, Aug 24, 09, starting with the East Tower. The work is scheduled to last a week and is planned as follows: day one, pressure wash both towers; day two, cut in work; days three to five, resurface 2-3 floor per day (four hours/floor). The West tower will begin on Monday, Aug 31, 09. The balconies require more planning & coordination, and will have to be addressed later after the walk ways & stairwells are done. Canon will send out an email with more details. The resurfacing will consist of an epoxy base followed by three other coats. The new surface will look similar to the current surface. Someone asked what happens if this does not work. Kahanu stated that all the surfaces will probably have to be ground down to bare concrete and then resurfaced. It would be a very costly, messy and inconvenient process for everyone involved. Kahanu advised everyone that the problem resulted from an unanticipated/bad reaction between the clear top coat and coatings under it. A chemical in the top coat attacked the underlining coats and created random (in size and darkness) black marks. All the coatings were recommended and produced by Sherwin Williams, and they are ultimately responsible for making this right.
7. New Business
Pool Light Repair
Rick's Pool Service, Inc. provided an estimate to repair lights in the pool. $736.32.
A motion was made by Robert Klamo and seconded by Joseph Martucci to hire Rick's Pool Service, Inc. Motion was carried unanimously.
East Tower Entry Service
Accurate Electronics provided an estimate to replace damaged telephone entry system $1954.00.
A motion was made by Millie Kelley and seconded by Joseph Martucci to hire Accurate Electronics. Motion was carried unanimously.
Wind Mitigation Study
A study was completed by Felton Professional Adjustment Team,LLC (FPAT). The purpose of the study was to provide information to unit owner's insurance companies for a saving on their premiums.
The study may be obtained by down loading from the web site or requesting a copy from Condominium Associates. Kahanu stated both the MIT-5 (for commercial use), and the OIR-9 (for personal use) would be available at www.condominiumassociates.com, for downloading, or you could call Client Services (727.573.9300) and get a copy mailed. Bob Beck (102W) stated that he used the OIR form provided by a company that Joan Panrell (503W) used and he saved over $200 on his insurance. Someone asked if Association would save any money on the buildings. Kahanu said that the Association probably would not for two reasons: first, some of the owners who had refused to get the new windows were not up to code; and second, the roof was actually already rated as high as it could be. Kahanu further reminded everyone that the reason the projects were started was not to get an insurance reduction, but to restore the building, windows and roofs, which had been allowed to run down so badly that water intrusion had become a very serious problem. Kahanu further stated that as a result of the renovation of the building, window/doors, and the replacement of the roofs, Island Towers had moved from being one of the most run down complexes to one of the best & most upgraded complexes on the water. Structurally, the only complexes that would be better are the new complexes that are built entirely to current code, like the fortress Dunedin Grande. Richardson (701W) stated that only Island Towers and the Dunedin Grande have outside drainage from the roof.
Shuffleboard Court Lights & complete restoration cost:
A proposal to install new lights was provided by T.Mickey McGee Electric Service in the amount of $4450.00.It is estimated to completely restore shuffleboard area will cost between $13,500 and $14,600.00.
Kahanu stated that before we spend that amount of money the Board should make sure that the members want the shuffle board area restored. He recommended that the membership vote on the issue. Canon (102E) wanted to know what percentage was required to pass the vote. Kahanu said he thought it would require 75%, but said that he’d check with the attorney. After further discussion the Board agreed to ask the membership to vote on the issue. The vote would be presented as follows: first a yes or no vote to restore the shuffle board area; second, if the vote is yes, to choose between just restoring the shuffle board playing surface, or a full restoration.
Unit Owners Letters and Concerns:
D. Carson (602W): Would like the Board to study the feasibility of heating the pool in the winter. Kahanu told her that Jim Duffy (301WR) had volunteered to look into this issue for us. He also reminded everyone that we had looked into the issue many times before and concluded that it would cost too much. Walsh (701W) stated that when the pool had been heated in the past, the bills had been very high. Beck (102W) said that any effort to heat the pool would probably need a solar pool cover. Klamo (602W) volunteered to help Duffy review the issue. Everyone wants to be able to use the pool in the winter, so we need to keep searching for an acceptable solution.
L. Bradlow (403W) - Discussed inside delivery of newspapers. He talked to the delivery person about the news papers being stolen. L. Bradlow thinks that if we gave the delivery person a key, he will deliver the newspaper to our doors. Someone else pointed out the newspaper thieves live in the buildings so the paper could still be stolen. Someone else expressed security concerns about giving an entry key to the delivery person. Someone else said that it was not likely that the delivery person would leave the paper at each door. Leon will confirm exactly what the delivery person will do.
H. Bradlow (403W)- Again, requested a letter of appreciation be sent to the city, complementing them on the sidewalks. The President, Drago Kahanu, apologized for not sending the letter and said he would, indeed, send the letter.
Beck (102W, Landscaping Committee)- . Stated that the front entry island had been re-done and invited everyone to check it out. He & Steve Carpenter had met with the Southern Landscaping and discussed re-hedging he Shuffle board area and solutions to help improve the drainage on the first floor. They told Southern to proceed with re-hedging the shuffle board area. Southern suggested installing concrete edging and adding more drainage hose to reduce the flooding on the first floor. Southern will come up with a quote. Bob also said they would be re-mulching the bare areas.
D. Carson (603W)- Security Issues - Expressed concern about how easy it was for people to access the property, and wanted the Board to look into improve the security around the complex. Gandolfo (405E) stated that we should fence & gate the entire area. He and Bob Klamo volunteered to head up a committee to study the matter.
Duffy (301W)- Checking to see if the pool can be heated. Klamo has volunteered to help him.
9. Adjournment
Motion was made by Millie Kelley and seconded by Carmen Walsh. Motion carried unanimously. Adjournment was at 8:00 P.M.
The meeting was not taped due to a malfunction of the recording machine.
Respectifully submitted
Carmen Walsh
Secretary
2. Call to Order - Meeting was called to order at 6:05P.M.
3. Approval of the June 23, 2009 meeting minutes. Motion to waive reading made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously. Motion to approve minutes made by Millie Kelley and seconded by Joseph Martucci. Motion carried unanimously.
4. Financial Report - Drago Kahanu
The July, 2009 financial statements are complete and available. Master, East and West accounts are under budget for the month and year.
If you would like a copy, contact Client Services 727-573-9300 or E-Mail (info@condominiumassociates.com). You can also go to www.condominiumassociates.com, and download a copy.
We will be transferring Island Towers funds from Colonial Bank. John Richardson will ask Condominium Associates to recommend a new bank.
5. Property Management's Report - Drago Kahanu
Steve Carpenter not present.
East Tower - Piper Fire Protection, Inc. repaired the fire stand pipe, at a cost of $3600.00.
At present, the maintenance requests are coming in faster than they can be completed by our part-time maintenance man. There are currently 43 open maintenance requests, mostly in June and July. We are diligently working to complete them. Our goal is to work down to possibly 10 to 15 per week.
6. Unfinished Business
Roof Committee Update - John Richardson (701W)
Since the last meeting the elevator service room stairs were replaced, guardrails installed and the rool access stairs were retreaded. According to the product information sheets these items shoudl enjoy useful life cycles of approximately 70 years. We can paint these items to match the building color if we like but KWA advised that we should wait for a one year period so the metal has had time to properly cure. A meeting was held with our Engineering Firm and the Roofing contractor to identify remainning issues that need to be addressed. It was agreed that the contractor would schedule to address remaining issues beginning the 12th of August with the expectation of taking a week to finish.
Klamo (602W) asked John, what corrective action had been taken on the water blisters. Kahanu (501W) stated that this was not a roofing issue, but rather most likely a building project warranty issue. The members of the Warranty Committee had investigated the condition and concluded that it was the result of water flowing into/through small cracks in the dried caulking of the water drainage trough on the floor above. During heavy rains as the water accumulates around the troughs, some of the water flows through small cracks & gets in between the paint and the concrete wall eventually accumulating into a water blister on the wall. Complete Property Services will have someone out to repair the caulking cracks
Klamo asked for an update on the water accumulation on the East Tower roof. Richardson said that it was one of the issues on the agenda for the Aug 12, 09 meeting.
Klamo asked if a protocol had been established for contractors that would have to stage equipment on the roof, and specifically cited the upcoming window cleaning. Richardson said that they didn’t have any protocol established but they would develop one before the window washing started.
Smoke Detector Installation
McGee Electric has made three (3) unsuccessful trips to pull permits to begin project. The person who can issue the permits is on vacation. They will try again.
Curbing Installation
Always Reliable Concrete, Inc. submitted a proposal to restore the concrete curbs around carports at a cost of $1800.00. A handicap ramp $500.00. Fill PVC Posts with concrete $800.00. A price of $2800.00 if all is completed at the same time. Kahanu (501W) stated that restoring the carport curbs was needed to prevent a car from hitting the carport roof support, or another parked car while attempting to make the turn in the parking lot. He further stated that the yellow post at the corner had been hit at least seven times. Klamo (602W) stated that part of the problem of limited turning space might be improved by trimming back the hedges. He wants us to try cutting back some of the hedges to see if that helps before we vote on the curbing. Walsh (705W) stated that the hedges needed to be cut back because they were too high, and, in some places, too wide. Klamo & Beck (102W), with the Board’s approval, will look into cutting the hedge back in some small area as a test. The Board decided to post pone this vote pending more input on the impact of trimming the hedges.
Unit Molding Repair
Blue Chip Construction bid $50.00 per unit. Klamo (602W) is going to get another contractor to quote on the project. Kahanu (501W) stated that the quote should be based on 1-3 units at a time with the Association only paying for installation of the molding, not painting. No decision was reached. Tabled until next meeting.
Window Cleaning
Bay area Window Cleaning provided a proposal to wash windows at a cost of $3360.00. The proposal was approved by the Board. The project will start when the walkways resurfacing is completed.
Side Walk Repair
Bayside Sandblasting, Inc. provided a proposal to remove paint from curbs $1700 and clean sidewalks $2400.00 The proposal was approved by the Board. This project will start when the walkways resurfacing is completed.
Warranty Committee & warranty requests:
Jodie Canon (102E) stated that she had volunteered to work with Steve on the Warranty Committee. She stated that all warranty requests are submitted on maintenance request forms (either hand written or electronically) to Condominium Associates. CA will accumulate the request and post them to a spread sheet. CA will then schedule all non-emergency request for quarterly maintenance repair visit. The last visit was in July and 23 warranty request were scheduled. All but two were completed. The two that were not completed were for the following reasons: 301W, waiting for a back ordered part; 603W, leak in the corner of the window (made by Stanek), and she needed guidance on how to proceed. Kahanu (501W) stated that the windows were now the responsibility of the Association because the owners had signed the warranties over to the Association. The warranty committee should contact Stanek to get the matter resolve. Also, the Carson’s (603W) should make sure that a maintenance request is entered on this issue. Kahanu (501W) advised everyone that Gulf Coast Waterproofing had merged with Complete Property Services. The new company is called Complete Property Services.
Canon then stated that the repair of the walkways & stairwells will commence on Monday, Aug 24, 09, starting with the East Tower. The work is scheduled to last a week and is planned as follows: day one, pressure wash both towers; day two, cut in work; days three to five, resurface 2-3 floor per day (four hours/floor). The West tower will begin on Monday, Aug 31, 09. The balconies require more planning & coordination, and will have to be addressed later after the walk ways & stairwells are done. Canon will send out an email with more details. The resurfacing will consist of an epoxy base followed by three other coats. The new surface will look similar to the current surface. Someone asked what happens if this does not work. Kahanu stated that all the surfaces will probably have to be ground down to bare concrete and then resurfaced. It would be a very costly, messy and inconvenient process for everyone involved. Kahanu advised everyone that the problem resulted from an unanticipated/bad reaction between the clear top coat and coatings under it. A chemical in the top coat attacked the underlining coats and created random (in size and darkness) black marks. All the coatings were recommended and produced by Sherwin Williams, and they are ultimately responsible for making this right.
7. New Business
Pool Light Repair
Rick's Pool Service, Inc. provided an estimate to repair lights in the pool. $736.32.
A motion was made by Robert Klamo and seconded by Joseph Martucci to hire Rick's Pool Service, Inc. Motion was carried unanimously.
East Tower Entry Service
Accurate Electronics provided an estimate to replace damaged telephone entry system $1954.00.
A motion was made by Millie Kelley and seconded by Joseph Martucci to hire Accurate Electronics. Motion was carried unanimously.
Wind Mitigation Study
A study was completed by Felton Professional Adjustment Team,LLC (FPAT). The purpose of the study was to provide information to unit owner's insurance companies for a saving on their premiums.
The study may be obtained by down loading from the web site or requesting a copy from Condominium Associates. Kahanu stated both the MIT-5 (for commercial use), and the OIR-9 (for personal use) would be available at www.condominiumassociates.com, for downloading, or you could call Client Services (727.573.9300) and get a copy mailed. Bob Beck (102W) stated that he used the OIR form provided by a company that Joan Panrell (503W) used and he saved over $200 on his insurance. Someone asked if Association would save any money on the buildings. Kahanu said that the Association probably would not for two reasons: first, some of the owners who had refused to get the new windows were not up to code; and second, the roof was actually already rated as high as it could be. Kahanu further reminded everyone that the reason the projects were started was not to get an insurance reduction, but to restore the building, windows and roofs, which had been allowed to run down so badly that water intrusion had become a very serious problem. Kahanu further stated that as a result of the renovation of the building, window/doors, and the replacement of the roofs, Island Towers had moved from being one of the most run down complexes to one of the best & most upgraded complexes on the water. Structurally, the only complexes that would be better are the new complexes that are built entirely to current code, like the fortress Dunedin Grande. Richardson (701W) stated that only Island Towers and the Dunedin Grande have outside drainage from the roof.
Shuffleboard Court Lights & complete restoration cost:
A proposal to install new lights was provided by T.Mickey McGee Electric Service in the amount of $4450.00.It is estimated to completely restore shuffleboard area will cost between $13,500 and $14,600.00.
Kahanu stated that before we spend that amount of money the Board should make sure that the members want the shuffle board area restored. He recommended that the membership vote on the issue. Canon (102E) wanted to know what percentage was required to pass the vote. Kahanu said he thought it would require 75%, but said that he’d check with the attorney. After further discussion the Board agreed to ask the membership to vote on the issue. The vote would be presented as follows: first a yes or no vote to restore the shuffle board area; second, if the vote is yes, to choose between just restoring the shuffle board playing surface, or a full restoration.
Unit Owners Letters and Concerns:
D. Carson (602W): Would like the Board to study the feasibility of heating the pool in the winter. Kahanu told her that Jim Duffy (301WR) had volunteered to look into this issue for us. He also reminded everyone that we had looked into the issue many times before and concluded that it would cost too much. Walsh (701W) stated that when the pool had been heated in the past, the bills had been very high. Beck (102W) said that any effort to heat the pool would probably need a solar pool cover. Klamo (602W) volunteered to help Duffy review the issue. Everyone wants to be able to use the pool in the winter, so we need to keep searching for an acceptable solution.
L. Bradlow (403W) - Discussed inside delivery of newspapers. He talked to the delivery person about the news papers being stolen. L. Bradlow thinks that if we gave the delivery person a key, he will deliver the newspaper to our doors. Someone else pointed out the newspaper thieves live in the buildings so the paper could still be stolen. Someone else expressed security concerns about giving an entry key to the delivery person. Someone else said that it was not likely that the delivery person would leave the paper at each door. Leon will confirm exactly what the delivery person will do.
H. Bradlow (403W)- Again, requested a letter of appreciation be sent to the city, complementing them on the sidewalks. The President, Drago Kahanu, apologized for not sending the letter and said he would, indeed, send the letter.
Beck (102W, Landscaping Committee)- . Stated that the front entry island had been re-done and invited everyone to check it out. He & Steve Carpenter had met with the Southern Landscaping and discussed re-hedging he Shuffle board area and solutions to help improve the drainage on the first floor. They told Southern to proceed with re-hedging the shuffle board area. Southern suggested installing concrete edging and adding more drainage hose to reduce the flooding on the first floor. Southern will come up with a quote. Bob also said they would be re-mulching the bare areas.
D. Carson (603W)- Security Issues - Expressed concern about how easy it was for people to access the property, and wanted the Board to look into improve the security around the complex. Gandolfo (405E) stated that we should fence & gate the entire area. He and Bob Klamo volunteered to head up a committee to study the matter.
Duffy (301W)- Checking to see if the pool can be heated. Klamo has volunteered to help him.
9. Adjournment
Motion was made by Millie Kelley and seconded by Carmen Walsh. Motion carried unanimously. Adjournment was at 8:00 P.M.
The meeting was not taped due to a malfunction of the recording machine.
Respectifully submitted
Carmen Walsh
Secretary
We need volunteers for the 2010 Board of Directors.
Florida's 718 now requires that condominium associations vote on a new Board of Directors every year. During the 4th Quarter of 2009, Condominium Associates will send out letters asking for volunteers for the 2010 Board of Directors. The new 2010 Board will assume control after the Jan. 2010, General Membership Meeting.
In 2009, no one volunteered to serve on the Board and the members of the 2008 Board agreed to continue for 2009. This will not happen again. At least three and possibly all the of the 2009 Board will resign, and will not agree to serve an additional year regardless of the circumstances. We need at least five members to step up and volunteer for the 2010 Board. We would especially encourage our new owners to volunteer and help run their new home.
Thanks to technology, most of Island Tower's business is conducted with computers through the Internet by email. This allows the Board Directors to take care of business from anywhere in the country. It is not necessary to be a full time resident to be on the Board.
We believe that by 2010, all the big foreseeable projects will have been completed, and Condominium Associates will be in full operational & financial control. They will provide the 2010 Board, and all future Boards, with the continuity needed to run Island Towers. The Board would provide guidance, advise, and consent to CA, who will do all the work.
One final point to consider. If no one volunteers for the Board, the state of Florida has to take over and they will most likely do the following:
1. Appoint a manager, usually a lawyer at around $300/hour.
2. Fully fund the reserves. This will increase the monthly maintenance fee 2-3 times the current level.
We hope that members will give serious consideration to volunteering for the 2010 Board.
In 2009, no one volunteered to serve on the Board and the members of the 2008 Board agreed to continue for 2009. This will not happen again. At least three and possibly all the of the 2009 Board will resign, and will not agree to serve an additional year regardless of the circumstances. We need at least five members to step up and volunteer for the 2010 Board. We would especially encourage our new owners to volunteer and help run their new home.
Thanks to technology, most of Island Tower's business is conducted with computers through the Internet by email. This allows the Board Directors to take care of business from anywhere in the country. It is not necessary to be a full time resident to be on the Board.
We believe that by 2010, all the big foreseeable projects will have been completed, and Condominium Associates will be in full operational & financial control. They will provide the 2010 Board, and all future Boards, with the continuity needed to run Island Towers. The Board would provide guidance, advise, and consent to CA, who will do all the work.
One final point to consider. If no one volunteers for the Board, the state of Florida has to take over and they will most likely do the following:
1. Appoint a manager, usually a lawyer at around $300/hour.
2. Fully fund the reserves. This will increase the monthly maintenance fee 2-3 times the current level.
We hope that members will give serious consideration to volunteering for the 2010 Board.
Ms.Panrell agrees to be a Document Review Consultant
I am pleased to announce that Joan Panrell has agreed to be a Document Review Consultant for Island Towers Condominium Association. The consultant’s responsibilities are as follows:
1. Inventory all ITC documents and determine if any are missing. Help the Board find said documents, or secure new copies for our files.
2. Review all documents to insure that the most current documents are on file.
3. Recommend updates/edits, as required, for any document.
4. Supervise & coordinate with Condominium Associates all matters pertaining to ITC documents posted on CA’s website, www.condominiumassociates.com. The Consultant’s assistance should insure that the Board’s stated goal of 100% Transparency (except for documents protected by attorney client privilege, or privacy) is accomplished by loading all updated ITC documents and official records to the website and organizing them for ease of locating/retrieval by owners.
With Joan’s help, I believe we can bring all our document current, and have them available to the membership in the most user friendly & convenient manner.
1. Inventory all ITC documents and determine if any are missing. Help the Board find said documents, or secure new copies for our files.
2. Review all documents to insure that the most current documents are on file.
3. Recommend updates/edits, as required, for any document.
4. Supervise & coordinate with Condominium Associates all matters pertaining to ITC documents posted on CA’s website, www.condominiumassociates.com. The Consultant’s assistance should insure that the Board’s stated goal of 100% Transparency (except for documents protected by attorney client privilege, or privacy) is accomplished by loading all updated ITC documents and official records to the website and organizing them for ease of locating/retrieval by owners.
With Joan’s help, I believe we can bring all our document current, and have them available to the membership in the most user friendly & convenient manner.
Saturday, August 1, 2009
Heating the pool.
Jim Duffy (301W) is a long time renter at ITC. He has volunteered to review the pool heating issue. He will review the current heating options available for cold weather use. I have no idea what success he'll have but I wish him well. I think everyone agrees that it would be nice to get in the pool during the winter months without turning blue and then freezing to death.
New Condos at 265 Causeway Blvd???
We received a Letter of Notice, pertaining to a request for a preliminary site plan approval hearing. There will be two hearings. The Local Planning Agency will conduct public hearings on Wednesday, Aug 12, 09, at 6:30 PM. The City Commission will conduct public hearings on Thursday, September 3, 09, at 6:30 PM. Both hearing will be held at City of Dunedin City Hall, located at 542 Main Street, Dunedin, Florida 34698.
The general location of the property up for the preliminary site plan approval is 265 Causeway Blvd. It is approximately 1.07 +/- acres in size. The plan is to develop a 20 unit condominium complex, called Arcadia Luxury Condominiums. The Application Number is S/D-LDO 09-53.00 Z/C, dated Jun 15, 09.
We were sent the notice because the proposed development will be with in 500 feet of our property line.
END.
The general location of the property up for the preliminary site plan approval is 265 Causeway Blvd. It is approximately 1.07 +/- acres in size. The plan is to develop a 20 unit condominium complex, called Arcadia Luxury Condominiums. The Application Number is S/D-LDO 09-53.00 Z/C, dated Jun 15, 09.
We were sent the notice because the proposed development will be with in 500 feet of our property line.
END.
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