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PML Annual Meeting

February 27, 2010

10:00am

  1. Reserves
    1. Approximately $400,000 in reserves
    1. We changed insurance companies, which saved us money
    2. We operate in the black every month
    3. Potential problems
      1. Roof: All three buildings will need new roofs soon. We would like to insure that we have enough money in the reserves to replace them without a special assessment
        1. According to Mr. Perkins, the roofs on the 100 and 200 buildings had an approximate 10 year life span when installed. With intermittent repair, the roofs on those two buildings should last approximately 5 years before needing complete replacement, which would cost an estimated $100,000 per building to replace.
        2. Also according to Mr. Perkins, the roof on the 300 building should last approximately 15 years before needing replacement.
        3. According to David Jenkins (D.J.) from PMI, we have an excellent roofing company (Core Roofing). They state that the roof on the 300 building is in good shape. Roof issue in the 300 building have been minor - leaks from the skylights. (Average $300 per repair)
        4. D.J. states that we are in the best financial position of his 14 properties. Another one of his properties had to replace 1/2 of their roof at a cost of $50,000, which they had to take out a loan at 7.5%.
      2. Tax liability: A resident who is a tax attorney raised the issue that the money collected in excess of monthly operating expenses each month is taxable if they are not returned to the owners. D.J. said that he has spoken to the lawyers about this issue. According to D. J., this tax liability does not apply because the money is not held by PMI, but by the association. The resident said that the tax liability has nothing to do with PMI, but the Association itself.
      3. Financial study: Norman suggested getting a financial study about the expected lifetime of the elevators, HVAC, roof, gates, etc to get an idea of the projected expenditures in the coming years to insure that there is enough money in the reserve fund to cover the expenses.
        1. According to Norman, such a study would cost an estimated $3,000-$7,000
        2. According to D.J., such a study would cost an estimated $3,000-$5,000
  1. Skylights
    1. Resident asked who has control of the skylights. Answer: the Association. The resident has motorized skylights in his unit; however, they were disabled prior to his moving in. He was told by the prior owner that the Association disabled them.
    1. According to the Board, the owner should submit a request to the board in writing for approval. The owner would have to agree to cover skylight-related expenses and release the Association from financial responsibility for repairs and maintenance.
  1. Roof issues: Same resident as above raised the issue of the 100 building's lack of gutters and insufficient number of downspouts. According to the resident, the 200 building has gutters and 40 downspouts, while the 100 building has no gutters and only 7 downspouts.
    1. Another resident said that the lack of downspouts in the 100 building is a big problem for her.
    1. Norman says that it may be better to look at replacing the entire roof on the 100 building rather than leaking money by patching them (and gutters and downspouts)
    2. According to D.J., he is getting bids to fix the rain drainage in the 100 building. Bids should be received by Monday.
  1. Cameras
    1. Installed 6 months ago
    1. We obtained bids from 3 different companies
    2. Cost
      1. $400/month to lease the equipment, which also includes maintenance agreement
      2. Once the lease is complete, we have the option to purchase the equipment for approximately $1400-$1700
    3. Recording
      1. There is a DVR in both the 200 and 300 buildings
      2. When a complaint is filed, board members review the recordings
      3. Cameras only record when they sense movement
      4. Images are kept approximately 30 days (depends on how much movement is sensed and recorded)
    4. Appearance
      1. A resident raised concerns about the appearance of the cameras on the 200 building.
      2. Cameras were chosen for being the most durable and having the widest coverage
    5. What the cameras have done thus far:
      1. Compliance - a resident let their dog relieve itself in the 2nd floor hallway of the 300 building and did not clean up after their dog.
      2. Security - nearby properties have instituted similar measures. We need to keep up to maintain our property values.
      3. Saved us money - recently, our recycling vendor crashed into the front gate and failed to notify the management company. Because we had them on camera, we were able to collect the $3,000 needed to repair the damage.
  1. Sign
    1. Next expense is a sign for the complex
    1. Picture of the proposed sign was passed through the audience
    2. Sign will be placed on the right side of the 100 building. Letters will look like the stainless steel numbers on the 100 and 200 buildings
    3. Approximate cost = $2,000
    4. It still has to go before the Chamblee City Council for approval
  1. Gates
    1. The pedestrian gate to the courtyard was struck by lightening last week. The lightening strike also took out the front vehicle gates (all have been repaired)
    1. There has been a problem with people ramming the vehicle gates with their car when they do not open. Two possible solutions:
      1. Magnetic locking system
      2. System that automatically opens gates if the power goes out
  1. Asphalt
    1. Needs to be resealed, striped and stenciled
    1. Bid has been approved
    2. Will be done mid-March
    3. Ambient temperature consistently needs to be 50 degrees or more
    4. Process will take approximately 3 days and be one in stages (does not include underground garage)
    5. Residents will be given ample notice to relocate their vehicles prior to their part of the parking lot being sealed.
    6. If vehicles are left, they will be towed to another part of the property and residents may be held responsible for any fees.
  1. Power line
    1. The power line between PML and Eco-Lofts is owned by MARTA.
    1. The trees have become very overgrown and are lying on the power line
  1. WiFi service - a resident asked about the possibility of obtaining WiFi service for the complex and fees to be covered by HOA fees. The Board suggested that the resident obtain information and/or quotes from various companies and present the information to the Board.
  2. Renters
    1. Only 25% of the total number of units are allowed to be rented (approximately 30 units)
    1. Only 12 month leases are allowed
    2. Currently there are 4 open spaces, after which a wait list will be started
    3. Possible options to handle rentals once we have reached the 25% cap:
      1. Grandfather in units currently being rented.
      2. Create a wait list. If we cap out, the first unit whose lease is up would not be allowed to re-rent their unit. Their unit would be placed on the bottom of the wait list. The first unit on the wait list would be then be allowed to rent their unit.
      3. Change the Association By-Laws to say that newly purchased units will not be allowed to rent their unit.
    4. These options created quite a bit of controversy. Landlords who bought their units as investment properties and are compliant with all HOA rules and regulations felt that not being able to re-rent their unit was unfair. They were concerned about having a good tenant in their unit for a year (or more) and then being unable to renew their lease and having to ask them to move.
  1. Delinquencies
    1. Approximately 4-5 units are behind a couple hundred dollars
    1. Approximately 3 units in foreclosure
  1. Board Member Election
    1. There were not enough residents in attendance at the meeting or proxies submitted to reach a quorum.
    1. PMI will mail ballots to residents week of 3/8 (Nominees - vote for 5: Rob Koch, Scott Taylor, Donnie Pirozzi, Matt Coleman, Jennifer Bobin, Patrick Baker)