September 2010 Minutes

Minutes- Gayle HOA Meeting 9/22/2010
A meeting of the HOA board members Michael O’Neill, Meghan Traylor, and Charley Traylor was held on 9/22/2010 at 7pm to discuss the propose budget provided by eCondo services. The budget was reviewed; corrections were made to a couple of items, approved, and then sent back for final analysis. Other items discussed:

• Gayle insurance policy- the current declarations require that the building be insured by a carrier with no less than a AAA rating. Our current carrier has a B+ rating. We have also been advised that we may not be carrying enough insurance. Charley and Meghan will investigate the cost of acquiring a AAA-rated insurance carrier, as well as get an estimate for having our existing insurer increase our coverage. The Board decided that, if we are unable to obtain a AAA-rated carrier, we will need to amend the declarations to permit carriers with lower ratings. The Board also discussed the method in which to collect any increased premium from the owners, and voted to have any premium increases which would reduce reserve deposits below 15% of income covered by an increase in dues.
• Window project- replacement of West facing windows will be completed in October 2010. Next phase (South facing windows?) may be considered as early as January 2012- as opposed to waiting a full two years to begin. Accelerating window replacement would likely require a mix of funding sources (reserves, loan and special assessment). The Board will bring this up with the owners in early 2011.
• The Board voted to amend the House Rules to prohibit smoking in the front entry area outside the building. Michael will update the rules and send them out to owners.
• The Board voted to set aside $5000.00 in the Gayle budget for small projects throughout the next year. These potential projects include replacing the antiquated entry intercom, placing insulation in the crawlspace in the ceiling of the third floor, placing bike racks for owner use in the basement, simple landscape project for the front of building, a security fence to reduce foot traffic and loitering in walkway between the Gayle and adjacent apartment building to the south. These potential projects were distributed to Charley, Meghan, and Michael to investigate and report on at a further date.