November 6, 2007 Annual Budget Meeting Minutes
Willows Condominiums Owners Association, Inc.
6:30pm November 6, 2007
- Call to order on November 6, 2007 @ 6:30pm. The board members present were:
- Frank Sherack, President
- Mary Sherman, Vice President
- Phil Berman, Treasurer
- James Childress, Secretary.
- Kelly Glenn
Treasurer Phil Berman, proposed a 2008 budget to the Association Board. There were no major changes compared to the 2007 budget. The board members voted unanimously to approve the 2008 budget without changes. Of particular note, there will be no need to increase dues for the 2008 year. Moreover, the Association has remained within the operating budget during the 2007 calendar year as of October 31, 2007.
The Association Board voted unanimously to allow the City of Tulsa to begin construction of a fence on the Willows property. A letter will be circulated and signed by all the board members then forwarded to the City of Tulsa, Kevin Arnold (c/o Transportation Design) informing the City that the construction can begin at the soonest possible time.
Frank Sherack requested approval for three additional light-packs to be purchased and installed on the property. The Treasurer acknowledged that funds were available for the request. The Association Board unanimously approved the request.
Two Association loans amounting to over $700,000. are currently at a 9.25% APR. The Association will look into refinancing the loans at a lower interest rate.
The Association approved removal of the broken parking lot gate.
The Association discussed an assessment to renovate the roof-top wiring on all the buildings with the exception of building-C. The wiring on the roof tops are currently buried in tar from past shoddy repairs. Past inferior work has resulted in wiring that is almost unmaintainable. There are concerns about fire code violations and damage to the roofs and the long term damage to the buildings. The Association is currently collecting bids for wiring and roof repairs. The Association agreed that an independent assessment of the wiring should be carried out to confirm the concerns made by bidding contractors.
An assessment to owners is estimated to be between $300-$400. The Association agreed to collect about 75% of the owner assessment before starting the work.
Repair to one remaining car port has been approved.