Regency Isle Condominium Association Board of Directors Meeting

Regency Isle Condominium Association Board of Directors Meeting Saturday, March 5, 2011, 9:00 AM

Call to Order: The President, Noel Daniels, called the meeting to order at 9:00 AM.

Establish Quorum: The following directors were present representing a quorum – Noel Daniels, Nelson Morrison, Tommy Hardy, Mike Cranston, Ken Graves, and Ron Yarbrough.

Proof of Notice: The notice of the meeting was posted on 2-25-11, in all elevators and the web-site in accordance with Alabama Law and the condominium documents.

Disposal of Unapproved Minutes: A motion was made by Nelson Morrison to accept the October 23, 2010, Board of Directors meeting minutes as written. The motion was seconded by Ron Yarbrough and approved by all present.

Old Business: A. Waterproofing of the north columns has been completed. The project was within budget. B. Painting of the parking spaces is complete. C. The north balcony 3rd floor coating is complete. D. The location of the 2011 Annual Owners Meeting will be in the meeting room on the 3rd floor of Regency Isle at 9:30 AM. E. Waterproofing of the parking decks (outside walls) is complete. F. The interior walls of the parking decks will be coated to match the outside walls, which will give us more protection from the elements. A local contractor will be hired for this project. The cost is included in the budget. New Business: A. Derrick Robertson has joined the staff. He has taken James’ place. We will hire a part-time employee for the summer months as we did last year. B. 23 of the 39 exterior elevator doors require replacement, due to rust, at a cost of $35,500.00. A motion was made by Ken Graves to replace the doors as required and fund the project with the depreciation (reserve) account. The motion was seconded by Nelson Morrison and approved by all present. C. A motion was made by Mike Cranston to close the PO Box at Pack & Ship because it is no longer needed. The motion was seconded by Ron Yarbrough and approved by all present. D. The cable TV contract will expire in December 2011. This will be discussed at the quarterly Board meeting in October. E. A motion was made by Tommy Hardy to recoat the 4th through the 12th floors the same color as the 3rd floor. The entire building will be closed from November 6, 2011, through noon on November 19, 2011, to accomplish this project. The motion was seconded by Ken Graves and approved by all present. F. Coastal Security has developed a wireless electronic water detection sensor system. They would like to present this to Regency Isle for further consideration. G. Amendments to the Declaration of Condominium, Article VI and VII, Items 6.06 and 7.05 were presented to strengthen the Association’s position against owners who do not pay their monthly assessments. A motion was made by Ken Graves to ask the owners to approve the amendments as presented at the Annual Owners Meeting. The motion was seconded by Tommy Hardy and approved by all present. H. Storm preparation charges of $50.00 will be in effect for the 2011/12 season as in the past. I. The line-of-credit for $1,000,000.00 is due for renewal. The bank increased the application fee from $350.00 to $6500.00. A motion was made by Mike Cranston not to renew the line-of-credit. The motion was seconded by Ron Yarbrough and approved by all present. J. An IRS Resolution was presented, which carries over all excess funds into next year’s budget. A motion was made by Ron Yarbrough to accept the IRS Resolution as presented. The motion was seconded by Ken Graves and approved by all present. K. The proposed budget for 2011/12 was presented. A motion was made by Tommy Hardy to accept the budget as presented. The motion was seconded by Ron Yarbrough and approved by all present.

Other Business: The WIFI system is not working as promised. If HarborCom doesn’t make appropriate improvements the contract may not be renewed. HarborCom is looking into several solutions to improve the service.

Adjournment: The meeting was adjourned at 9:30 am.