GASPARILLA CONDOMINIUM ASSOCIATION, INC.

MINUTES OF BOARD OF DIRECTOR’S SPECIAL ASSESSMENT MEETING

DECEMBER 8, 2007

CALL TO ORDER: Vice President, Tom Voss, called the meeting to order at 10:10 a.m., at the Gasparilla Cabana, 160 Jose Gaspar Drive, Englewood, Florida, the location specified in the meeting notice.

DETERMINATION OF A QUORUM: A quorum of the Board was established with five (5) directors being represented. Directors attending in person: Tom Voss, Vice President; Dave Hubbard, Treasurer; Joyce Kendall, Secretary and Bud Stewart, Director at Large. Director represented by proxy: Bill Leavitt, President. Corrine C. Malopolski of Antares Group, Inc. was also present.

CONFIRMATION THAT THE ASSOCIATION FULLY COMPLIED WITH THE REQUIREMENTS FOR NOTICE OF THIS MEETING: Corrine C. Malopolski, Association Manager, presented a notarized affidavit that the meeting notice had been mailed to all owners, and that the notice had been posted on the condominium property in compliance with Florida Statute and Association By-Laws.

DISCUSS/APPROVE THE SPECIAL ASSESSMENT OF $63,720 TO FUND 2008 RESERVES: Dave Hubbard presented an overview of the reserve items to be funded with this special assessment to be as follows:

Pool $13,452

Roofs 10,620

Painting 11,328

Roads 5,664

Insurance 8,496

Irrigation 14,160

Total $63,720

The Association is anticipating a large increase in the cost of the package policy (wind, liability, etc.) since they are being dropped by Nationwide. The Board had previously approved the cost to have a mitigation (MIT) study performed in September on all 19 buildings, which gives the underwriters a better understanding of what their potential risk would be if a loss occurs. The MIT reports were paid for out of the 2007 reserves in the anticipation of a premium reduction on the package policy in 2008. If the Association does not receive at least the cost of the MIT reports back in credits on the policy, then the MIT report cost will be refunded.

The reserves are in a money market account earning 3.9% interest. As of the end of October, the account has earned $11,700 in interest. The Board can allocate this interest income among the reserve items.

An e-mail from Dick Haynes was read, which thanked the Board for all their hard work on the 2008 budget and reserves, and is in full support of the special assessments being proposed.

There being no further discussion, motion by Joyce Kendall to approve the special assessment of $63,720, which break downs to $1,080 per unit payable in four quarterly installments of $270. Voting was as follows: Tom Voss – yes, Dave Hubbard – yes, Joyce Kendall – yes, Bud Stewart – yes, and Bill Leavitt – yes by proxy. Motion passed.

Management to mail out quarterly invoices, which will be due on January 1st, April 1st, July 1st and October 1st, 2008.

ADJOURNMENT: There being no further business to properly come before the Board at this meeting, motion by Bud Stewart to adjourn at 10:20 a.m. Seconded by Joyce Kendall. All yes by voice vote. Motion passed.

Respectfully submitted,

Joyce Kendall, Secretary

JK/ccm