The meeting was held at the University Woods Clubhouse located at 3750 Pardue Woods Place, Raleigh, NC 27603. Minutes were recorded by Lynn Lye. Gary Moore called the meeting to order. He introduced himself as the President of the HOA as elected at the June 5, 2013 meeting. People attending the meeting introduced themselves and told what property(ies) they owned. The minutes from the December 27, 2012 meeting were read and approved by a voice vote.
Owners Present
Gary Moore, HOA President
John Gensinger
Sharon Cadducci
Keith D’Alession
Chris Wilson
Albert Calloway
Ed Karazin
Toby Terell
Karleen Neal Gross
Gene Fornaro
Gordon and Lynn Lye
Peter Smith
John Harper
The Preiss Company was represented by Dorothy Davis and Allie West. Gary discussed Joe Woo’s leaving the position of HOA Manager and introduced Dorothy Davis as our new HOA manager and Allie West as her assistant. Dorothy stated her goal is to “operate in a professional manner and communicate with the HOA and individual owners.” Update on activities/news during the past year:
During the past year the entrance sign was demolished and a new sign put in place at HOA expense.
2002 Technology Woods – Geo Technology evaluated the building settling situation and determined that they believe the settling has stopped at this point. Questions raised were: 1) Does the builder have any liability in the settling situation? 2) The insurance company will not cover this situation. 3) The engineering report was paid for by the HOA.
Gary asked Dorothy to investigate the liability issue further. She will talk with the company attorney to see how to proceed with this issue.
Gary encouraged owners to obtain insurance to cover loss of rent in case of any emergency. Also, renters should have their own insurance that covers belongings and a place to stay in case of any emergency.
Water/sewer rates have increased 14% this year.
The current insurance policy expires in July 2014. It is expected that the rate will increase substantially, as per Joe Woo.
Power washing and Building Maintenance – This past year we used a staggered system of power washing the buildings to get a better rate on the work. The Clemson maintenance team came and repaired many areas. The members brought up issues of poor results with the power washing and streaks being left, siding needing to be repaired/replaced, and the gutters needing to be cleaned out.
Board meeting for the 2014 year will be held on 6/5, 7/31, 9/25, and 10/23. The board will communicate its actions/discussions to the rest of the home owners.
Value and Sale of Units – Ed Karazin
Sales were up in the 2012 – 13 year with Ed selling 11 of the units sold in University Woods.
The average 4 bedroom condo sold for $106,227 and the average 3 bedroom sold for $95,500.
SECU will finance units.
Two homeowners reported refinancing through BB&T and Wells Fargo, which was not possible one year ago.
Sales price is up 3% from the previous year.
There are 2 units on the market.
Open discussion of Issues/Concerns
Security of tenants was discussed. There was a knife fight which threatened the security of both the residents and their friends. There was discussion about what our paid security was hired to do and what actions they would and would not take.
The possibility of security cameras was discussed. Dorothy said they would be destroyed and rendered useless.
Grills should not be present on balconies. There was discussion as to what to do with open grills left on balconies.
Pest control issues and how to treat them were discussed.
Financial Reports
Amber has the capital cash reserve report.
We have 3 CDs and capital reserves of $12,000.
Toby stated that a former board member, Ted Sherrod, had done an extensive depreciation/reserve fund study. He asked Gary to ask Dorothy to see if she can find the study.
There was a discussion of HOA dues. In 2013 the dues went from $150 per month to $165 per month. Other HOA dues in the area are $150 and the properties have better amenities than University Woods does.
Gary stated we need a plan to increase the reserves. Joe prepared the current proposed budget.
Collection of delinquent monthly HOA fees would help. Dorothy said she would send late letters to homeowners who are behind in their HOA dues.
The issue of mail delivery costing the HOA was discussed.
Approval of the Proposed Budget
Toby made a motion “to accept the budget with the proviso that we examine the reserve issue and critically look at costs within the budget.” John Gensinger seconded the motion. It was approved on a voice vote.
Election of Board Members Nominated to the board were:
Tiffany Allexi – graduate student not in attendance
Toby Terrell
Gary Moore
John Harper
John Gensinger
Amber Stotesbury
Gordon Lye
There election was moved, seconded, and accepted by voice vote.
Future Plans from the Board There are plans for an electronic newsletter and web site for the HOA. The engineering report and the Sherrod report will be placed on the HOA web site.
The meeting was declared adjourned.