MANORS AT CENTRAL PARK
CONDOMINIUM ASSOCIATION

Minutes of the Annual Meeting of Co-owners
January 18, 2012

(unapproved)

A) Call to Order: The meeting was called to order at 7:00 P.M. in the Board Room of the Shelby Twp. Municipal Building.

B) Introductions: Mike Grobbel (Secretary of the Board of Directors) chaired the meeting;  Amanda Jacobson (President of the Board of Directors and Vice President, Titanium Real Estate Advisors, participated via telephone from her home in Illinois);  Ryan Dorner and Cristina Furicchia (both are employees of Kramer-Triad Management Group, LLC, which is the Managing Agent hired by the Board of Directors) assisted during the meeting - Ryan is our Community Manager and Cristina is his administrative assistant.

C) Establishment of 35% Quorum: (49) co-owners were present and another (17) were represented by proxy; the total of (66) is more than sufficient to meet the quorum.

D) Read and approve the 2011 Annual Meeting Minutes: Motion made and seconded to waive the reading and approve the 2011 Annual Meeting Minutes as presented and published on the Manors Blog.    Moved by Richard Hall (6803 N. Central Park) and seconded by Steve Kozlowski (50013 Lexington East).  Motion carried unanimously by a show of hands.

E) Appoint a temporary Secretary to take notes for 2012 Annual Meeting Minutes: Jane Chupailo (7069 N. Central Park) volunteered and was appointed by the Chairman to be the temporary Secretary.

F) Election to approve a Special Assessment for paving of final asphalt layer on streets and private access drives:

  1. The Chairman explained why the 166 owners of completed and incomplete Units were being asked to fund the entire cost of paving the final asphalt layer on the remaining streets and private access drives.
  2. The Chairman explained that the only road surfaces in the Manors which already have the final asphalt layer are located on Walter Court between Units 7 and 8, in front of Units 1-22 on North Central Park and in front of Units 166-167 on Lexington South.  These road surfaces represent only about 22% of the total road surface within the Manors. If approved, the Special Assessment would fund
    1. the replacement of 194 lineal feet of cracked concrete curbing, typically located near the storm drain catch basins
    2. power cleaning, application of a bonding adhesive and the paving of a 1.5 inch thick layer of MDOT 1100T wear surface asphalt on approximately 96,920 square feet of road surfaces located throughout the remainder of the Condominium common elements
    3.  crack-fill and seal coat approx. 9,000 sq. ft. of roadways in front of Units 16-22 and 166-167 that received the final layer of asphalt in 2005; the remainder of road surfaces that already have a final layer of asphalt were paved in 2010 and are not yet in need of crack filling or seal coating. 
  3. The Chairman explained that competitive bids have just been received but not yet compared.  Based on the range of the bids received, the total cost of the project will fall somewhere between $83,700 and $90,000. The Special Assessment would be levied based on the “percent of value” assigned to each unit in Section 6.2 of the Amended Master Deed.  Units 1-14 each have a “percent of value” equal to 0.17422%.  Units 16-167 each have a “percent of value” equal to 0.64185% (Unit 15 does not exist).  If passed, the Board estimates the actual Special Assessment levies will be within the following set of ranges:
    1. Units 1-14: $146 to $157
    2. Units 16-167: $537 to $578
  4. The Chairman explained that the (47) incomplete Units owned by the Carpenters Pension Trust Fund would each be levied the same Special Assessment amount as all complete Units 16-167.
  5. The Chairman said that if the Special Assessment is approved this evening, the levy would probably be due on July 1st and late on Aug 1st; completion of the paving would definitely occur before the end of 2012.
  6. Ballots were cast
  7. Election results: The Special Assessment for the asphalt paving project failed to receive approval.  It only received (93) "Yes" votes representing 58.75% of value, which is short of the 66.67% of value "Yes" votes needed to pass it.

G) Board of Directors Election

  1. Nominations
    1. Prior to this meeting, Mike Grobbel (49997 Lexington East) and Bhartan Amin, (49831 Lexington West)  had accepted nomination to run for one of the three one-year terms on the Board of Directors
    2. Larry Cybulski (50126 Lexington East) was nominated from the floor and accepted the nomination.
    3. Moved by Joe Bonnani (50158 Lexington East) and seconded by Steve Kozlowski (50013 Lexington East) to close the nominations. Motion passed unanimously by a show of hands.
  2. Moved by Larry Norman (50094 Lexington East) and seconded by Al Slowke (6771 N. Central Park) to waive the balloting and elect the three nominees by acclamation. Motion passed unanimously by a show of hands.

H) Board of Directors report

  1. 2011 Results:
    1. Exterior painting project status

                                                               i.      The final Phase 2 was completed, except for (10) front entrance doors, which will be painted once the weather warms up in 2012.

                                                             ii.      Approximately 2,000 lineal feet of deteriorated exterior trim was removed and replaced during Phases 1 and 2; this represented approximately 13% of the total project cost.

    1. Delinquent Association Fees as of Dec. 31, 2011 totaled $6,138.  This amount has been cut in half since Nov. 1, 2010 as a result of aggressive actions taken by the Board, our managing agent and our attorneys. 
    2. Replacement Reserve Account

                                                               i.      $13,000 was deposited using revenue from 2011 monthly dues

                                                             ii.      Dec. 31, 2011 balance was $13, 797.12

                                                            iii.      The Michigan Dept. of Commerce Administrative Rule 559.511 requires that an Association’s Replacement Reserve Account contain an amount equal or greater than 10% of the Association’s annual budget by the “transitional control date”; that means our account should contain at least $22,000 by the time control of the Board of Directors is transferred to the co-owners.

  1. 2012 Budget:
    1. Monthly Association Fee – unchanged for the fifth straight year; $175/month for Units 16 through 167 and $60/month for Units 1 through 14 (“site condos”).
    2. Budget is based on revenue and expenses from (11) “site condos” and (105) regular condos; since the 2012 Budget was approved in Oct. 2011, two more “site condos” have closed which will generate approximately $1,300 in additional revenue and a proportional increase in expenses.
    3. The $37,500 budgeted for water purchased from Shelby Twp. correctly anticipated their recently announced 8.7% rate increase.
    4. The $10,000 identified as “Replacement Reserve Additions” represents the amount promised by Titanium Real Estate Advisors on behalf of the Carpenters Pension Trust Fund-Detroit to bring the account balance in excess of the 10% requirement at the time of our “transitional control date” in January of 2012.  No other additions to this account are planned for the remainder of the budget year.
    5. The Final Paving Special Assessment income and expenses shown on the budget summary will be deleted since it failed to receive approval in the election held earlier in this meeting.  If such a Special Assessment is approved in the future, the budget will be amended accordingly.

I) Open Discussion: there were no items brought forth for discussion

J) Motion to Adjourn: Moved by David Germain (50027 Regent) and seconded by Gerald Demara (49847Lexington West) to adjourn the meeting. Motion passed unanimously by a show of hands.  The meeting adjourned at 9:40 P.M.