MINUTES OF THE OCTOBER 2006

 

PPVOA BOARD MEETING

 

Present:

Lou Wilson, Brooke McCaulley, Bruno Battistoli, Tim Reynolds, Walter Oliwa, Bob Glover, Bruce Watson

Guest: Jack Cistriano

Meeting called to order at: 0830 October 19^th in the PPOA conference room

Gary discussed issues with long term rental unit, (costs, threats, concerns) - board discussed

Arthur Pomerantz presented for Phillip Dupray

Owner stated he had close personal friends staying in his unit. Stated his friends stopped paying rent, and he did have contact with them, but was not informed of anything other than parking and garbage issues. Stated he was not aware of damages (described as frat house) within the unit. On October 10 when he returned he found his unit “almost unlivable. States he believes that the renters have come back on at least one occasion, but thinks that perhaps they did continue to stay there after they were evicted. Mr. Defray states he has always followed the rules. Board questioned Mr. Defray as to whether he was in fear of physical danger. He has contacted the police and is moving forward with a law suite.

Gary stated that he appreciates the follow through from Mr. Pomerantz in removing the renters, he stated that Point Pleasant cannot change what has happened but moving forward the financial responsibilities should belong solely to the owner. Mr. Pomerantz stated the owner should not be held financially responsible for an unknown period of time.

Board members stated that while not in the position to argue the legalities, they do feel that Gary’s security must be an issue. Suggestions were made to work collaboratively. Mr. Pomerantz requested an up to date bill of services required.  Gary will get back to them with the information next week.

Board discussed current costs, and future obligations to maintain employee safety. Conversation occurred regarding owner responsibility of long term unit.  Suggestion was made to require on island property manager for long term rental unit. Documentation is needed between the owner and the property making the owner responsible for all long term renters. Gary will consult with lawyer to see how/if the on-island property management requirement can be made.

 

Minutes from August 2006 approved with addendum

Jack Cistriano requested that the approval for Tim to run an additional term and waive the two term limit should have been in the last meeting. Motion carried

Spelling of Reed to corrected

Walter stated he is concerned that the owners should have been informed in the proxy information.

Old Business

 

New Business

Letter from Jack Belfi was read

            Wishes to cover: Property purchase, 2005 audit, insurance update,

 

President’s Report

·        Lew Wilson mentioned the property is in beautiful condition, the tiling in the resort looks marvelous. Gave a special thanks to Tim for investing in the property.

·        Lew gave a thank-you to Walter for his service to the property and his input which has been valuable

·        Lew thanked Bruno and Jack for their input

·        Discussion of property insurance was presented. Concerns related to value, co-insurance and deductible were brought up. Suggestion for construction appraisal to be done was made.  Motion was made to obtain a construction appraisal on one building. Motion carried. Lew will give an update to the owner’s at the annual meeting. Will also mention increasing maintenance fees by $20 to raise $100,000/year to put toward $600,000 deductible. Motion was made to foot note insurance line item in the 2008 budget to inform each owner of the exact coverage and limits of the coverage. Lew will write the footnote. Motion carried

·        Earthquake insurance, fire coverage, business interruption, contents damage all need to be reviewed and/or revised.

·        Inventory equipment needs to be completed by Gary, to update insurance needs.

·        Information will be requested from Antilles as to the business interruption coverage through them.

 

Treasurer’s Report

·        2005 final review was distributed and briefly reviewed $100,000 in income with debt carried forward, so no tax had to be paid on it.

·        Brooke commended Gary on his managing of the budget, and the work he has done

·        YTD August 2006 budget is on schedule

·        Receivables were reviewed and plan was discussed.

·        Manfred Neumann update: interest in funding the loan was not expressed to Brooke. Bruce requested to be allowed to discuss further with Mr. Neumann. Gary will also continue to move forward with First Bank financing.

·        Brooke informed board that he needs something official from an airline in order to approve travel.

 

Property Manager’s Report was distributed to all members present:

·        Property Appearance and comments: Current issues with window A/C units were discussed. Split A/C units were discussed. Housing of the compressor would be on the deck. Electrical wiring is sufficient to support the 220 volt requirement. Energy and financial efficiencies were discussed. Owners will be informed of the new option and will be encouraged to install split unit when the need arises. Owners will be asked for an agreement to upgrade to split unit when necessary.

Audit review is completed. Capital reserve is on target. Continue to have water loss problems. Gary believes it is in the lines. Accounts receivables are high and will be a focus. Street sweeper is almost completed, needs a few alterations.

·        Special projects update: Path walks are completed. Path lighting has been started and are about 50% completed. Next phase of painting project will begin in early 2007.

·        Insurance updates:

·        WAPA updates: to be deferred to Bruno for wind update.

·        Long Term Rental Problems: Discussed previously

·        Maintenance staff is at minimal. Board suggested hiring someone on a contract type basis.

·        Bruno volunteered to maintain and update website with the assist of Gary. Brooke has been in discussion with another website manager.

 

New Business

·        Property Purchase Update: Property deal was closed on 10/19/06. Year to year lease with a 60 day out on either side will begin 11/01/06. The board thanked Bruce, Jack and Tim for their efforts with the sale, and the protection of the owner’s assets.

·        Wind power update: Bruno has continued with conversations with the EPA, and other entities to proceed with the possibilities. The next step is to place monitors on property. Need to decrease demand is essential.

·        Cable Update: Contract is no longer available.

·        Small food area: will be available in the main office near the activities desk. Should be open approx 11/15. Gary will discuss current electric payment with Antilles.

·        Motion was made to organize a scholarship fund for employees or family member of employees of Point Pleasant in the name of Ruthie and Gunther Fanner and Point Pleasant. All board members have agreed to chip in $100. Motion carried

·        Railing questions have been raised, Bruno states that many owners have come forward with materials, designs etc that they would like to utilize.  Board feels they need to be open to all suggestions.

 

Annual Meeting Prep

            Begins at 9:00 AM

            Proxy votes are coming in, but have not been tallied.

            2007 meeting date set for October 20, 2007

Motion to adjourn, motion carried.

Meeting adjourned at 1:50 PM

Next meeting to be held- October 20, 2006