The Manors at Central Park Condominium Association

Minutes of the Annual Meeting held on

January 19, 2011

(Unapproved)

A) Meeting was called to order at 7:00 PM by Mike Grobbel

B) Introductions:

• Mike Grobbel, Meeting Chairman and Co-owner Member of the Board of Directors of the Manors at Central Park Condominium Association.
• Ryan Dorner, Community Manager, Kramer-Triad Management Group.
• Cristina Furicchia, Kramer-Triad Management Group.

C) Establishment of Quorum:

• 35% of 114 units required
• 59 co-owners are present or represented by proxy; this is 19 more than required, therefore a quorum exists and the meeting can proceed.

D) Reading and Approval of the 2010 Annual Meeting Minutes:

• Motion made and seconded to waive reading and to approve the 2010 Annual Meeting minutes as presented. Moved by Heinz Beuchel, 6876 Lexington South and seconded by Bruce Bouford, 50075 Regent.
• Motion carried unanimously via a show of hands.

E) Nominations and election

• Purpose is to elect (1) co-owner to the Board of Directors to serve a 1-year term
• The following co-owner has been already nominated: Michael Grobbel, 49997 Lexington East
• The chairman opened the floor to accept additional nominations. No additional nominations were offered, so the nominating process was closed.
• Motion made and seconded to waive the paper balloting process and to elect Michael Grobbel to the Board of Directors for a 1-year term. Moved by Richard Hall, 6803 North Central Park and seconded by Nick Colonnesi, 6654 Lexington South.
• Motion carried unanimously via a show of hands.

F) Board Member comments

· Association status

o Currently at 114 sold units (vs. 97 one year ago) with the potential to top out at 119 units later this year when the remaining Lombardo units on North Central Park are finished and sold

o Approximate current status of the 114 units:

§ 104 - Occupied by co-owners

§ 1 - Occupied by co-owners and for sale

§ 6 - Occupied by tenants

§ 3 - Vacant and for sale

· Additional Assessment status

o During Phase 1 in 2010 a total of 46 Units were painted, plus new mulch was installed throughout the condominium complex; all of the Phase 1 units were those which were originally painted by the builder prior to Jan. 1, 2005

o During Phase 2 in 2011, the remaining 59 units will be painted; all of these units were originally painted by the builder after Jan. 1, 2005.

o The 2011 additional assessment payment of $420 is due 6/1/2011 from all co-owners whose unit number is higher than 15

o The exterior painting project includes

§ replacing all deteriorated exterior wood trim,

§ power washing all exterior surfaces prior to painting

§ priming all replaced trim,

§ caulking all exterior wood joints,

§ painting all exterior wood trim with Sherwin-Williams “Duration” paint and the garage and front entrance doors with similar Sherwin-Williams acrylic latex paints

· 2011 Budget

o 2011 budget keeps the monthly fee at $175

o Is based on income from 111 sold units; 105 regular condo units at $175/mo. and 6 “site condo” units at $60/mo. Three more “site condo” units have recently closed and the potential exists for 5 more “site condo” units to close by the end of 2011 (8 more at $60/mo.)

o Delinquent Association fees owed to the Association have become a problem over the past year; the typical monthly balance used to be about 1% of our total annual fees and are now running between 4% and 5%. The Board is aggressively using legal means to collect these debts. Our legal costs are added to the delinquent amount owed by the co-owner.

o 2011 Budget highlights

§ Did not anticipate 9% water rate increase announced 12/21/2010, effective 1/1/2011

· Potential for $3,000 unbudgeted cost of water in 2011

· letter sent to Shelby Twp. Board of Trustee asking for greater advance notice of rate increases to facilitate future annual budgeting process

§ Includes mulching

§ “Replacement Reserves additions”

· Our Replacement Reserves account currently has a balance of $2,343 and has not had any budgeted additions in the past 4 years

· The $12,880 shown for addition in 2011 assumes that all co-owners pay all of their 2011 monthly fees in full. Delinquencies will reduce our ability to add to the Replacement Reserves Account.

· The amount in our Replacement Reserves account needs to be greater than 10% of our budget (about $23,000) before the Carpenters Pension Trust Fund can legally transition control of the Association to the co-owners.

· Transition status

o the possibility still exists that control of the Association will be transitioned over to the co-owners sometime before our next annual meeting in January 2012

§ requires a special Transition Meeting of co-owners to elect at least one more co-owner to the three-member Board (most likely two co-owners)

§ Working with Titanium Real Estate Advisors to establish timeline for Transition process (they are the new advisors for the Carpenters Pension Trust Fund)

§ at the time of Transition, the Replacement Reserves account must be funded at 10% of the annual budget, which means it should have a balance of about $23,000

§ funding responsibility for the Replacement Reserves account shortfall has not yet been determined; the potential exists that co-owners may have to fund some portion of it.

o Transition cannot happen unless we have at least two volunteers willing to be nominated for election to the Board. Mike Grobbel explained the typical time commitments and expectations of a Board member.

· Final Paving status

o Will not happen prior to Transition

o The new co-owner controlled Board will have to develop a plan to pave the final asphalt wear surface on all remaining streets in the complex.

o Funding sources would likely include

§ the letter of credit held by the township which provides up to approximately $29,000

§ an assessment to make up the shortfall for costs not covered by the letter of credit; owners of all developed and undeveloped units would be assessed equally

· WOW status

o Two other associations to our south refused to sign easement agreements with WOW, preventing them from gaining access to Manors

o Can only happen if/when their Boards reconsider (2013 at earliest)

o AT&T U-verse Cable TV & Internet service is now available within the Manors (AT&T already has easement agreements)

G) Open Discussion:

· Front entrance door paint color is too dark to use along with storm doors; high temperatures from trapped sunlight can cause damage to door; possible solutions include

o Change front entrance door paint scheme to a lighter color

o Apply solar film to inside of storm door glass

· Some of the window drains were covered by caulking when they were originally installed by the builder, resulting in moisture damage to window framing and drywall. Co-owners should check their window drains for possible blockage and contact Kramer-Triad if they find a problem.

· Some evergreens on berm are not thriving; Kensington has also had problems with their evergreens; could the problem be caused by well water?

· If it will be another year or two before we have the final paving, can the catch basin cover on the North Central Park access drive be lowered? Can we remove the few remaining fabric silt traps from the catch basins that no longer need them?

· If the funding of the Replacement Reserves shortfall is the stumbling block that is keeping us from Transitioning, it would be worth it to equally assess all owners (including the Carpenter Pension Trust Fund for their vacant lots) for the needed money so that we can get the Transition behind us and then proceed to solve pressing issues like the final asphalt layer paving.

· Quality of the snow removal near North Central Park access drive and Lexington West is a recurring problem.

H) Adjournment

· Motion made and seconded to adjourn the meeting; Moved by Nick Colonnesi, 6654 Lexington South and seconded by Larry Norman, 50094 Lexington East.

· Motion carried unanimously via a show of hands.

· Meeting was adjourned at 9:05 PM.