Attendees. Present from the Board were John Gensinger, Asim Ghulmani, Mark Selz, Toby Terrell, and Lisa Whitley. Representing Wilson Property Management was Jeb Black. Approximately five homeowners were present. President Mark Selz called the meeting to order at 6:08 PM. Lisa Whitley recording minutes.
Approval of Minutes. Motion made by Mark Selz to approve previous meeting minutes, the motion was seconded by Toby Terrell and unanimously approved by attendees.
Financial Report. Jeb Black reviewed Balance Sheet and Budget Comparison through December 31, 2018 with attendees. Of note, substantial transfer to the reserves, indicated on line items 5627 and 6764. Additionally, since 12/31, an additional $50,000 CD has been opened at Fifth Third Bank with a rate of 2.5%.
Management Report. Jeb Black provided details of the management report. Items of discussion included:
2018 Accomplishments/Items of note:
Insurance was and continues to be a high cost due to the composition of the property (student housing) ~ $80,000. In search for suitable coverage, it was necessary to go outside of the normal insurance markets.
Security patrols were increased from 3-4 hours/day to 8 hours/day, 5 days/week. The patrols vary by time and day to avoid establishment of a pattern.
The retention ponds were dug out to clear setting settled silt. Related to this, the pipes under the parking lots need to have the silt cleared.
The heat pump at the clubhouse was replaced.
Power washing was completed and will be completed again this coming summer.
Replacement/repair of handrails and siding is ongoing. Unfortunately,the original handrails are no longer made, so parts will be used to repair as many as possible, but new ones will need to be ordered in some cases.
The properties will need roofing repairs/replacement. Bids will be obtained and evaluated by the Board.
Parking lots will need minor repairs this coming year, including around the dumpsters. A sealant product will be applied. This specific product has been utilized at other properties managed by the Wilson Property Management team and it remains in good shape after 3 years.
Homeowners’ Forum: Items discussed.
Homeowner requested gutter cleaning in general, along with a specific gutter drain clean out at 1921 building.
Homeowner requested replacement of lights in breezeway of 3710 building.
Ed Karazin, local real estate broker, provided an update on this year’s sales of properties in University Woods. The trend on sale prices continues to increase and he anticipates the same to hold true for the foreseeable future.
Old Business: Items discussed.
None
New Business: Items discussed.
Budget Ratification:
Motion made by Mark Selz, seconded by Lisa Whitley, and unanimously approved by attendees.
Elections to the board:
Remaining Board members confirmed intent to continue serving on board.
No additional parties indicated interest in serving on the board.
Motion by Mark Selz to adopt board by acclimation, seconded by John Gensinger, and unanimously approved by attendees.
Other Items. Items discussed.
Next Board meeting TBD.
Motion by Mark Selz to adjourn meeting. Seconded by Lisa Whitley. Meeting adjourned at 6:52pm.
Minutes submitted by Lisa Whitley. To be approved at next Board Meeting.