Notes from the Annual Meeting on February 16, 2010

Attending:

Corinne Getchell (MA) --Modica Associates

Yelena Chigirinskaya (YC) --Trustee, Queensberry Condominium Trust

Douglas McClennen (DM) --Trustee, Queensberry Condominium Trust
Bill Gentz (BG) --Trustee, Queensberry Condominium Trust

Ning Hernandez --Trustee, Queensberry Condominium Trust

David Sherf (DS) --Trustee, Queensberry Condominium Trust

Distribute to:

107 Mail Room for general information
111 Mail Room for general information

Financial Review

Going over 2009 spending/budget

Comments
107 owners ask for electric locks to be installed –it is on our long term plan
Questions on the quality of landscaping

• seems like the quality of landscaping done is poor for a high price
• price may be reasonable
• the work is maintenance only
• Board Action Item: Ask for notice for when the landscaper is coming. Then we can post for the owners to see what it is before, and what it is after.

Questions about how the reserve got so low

• $19000 deficit
• we partially used the reserve to pay for the window and panning work and due to the fuel costs rising
• trustees did not want to raise the fees while the masonry project was in progress
• now is the time to catch up
• new regulations on the amount of money the association is required to have in the reserve
• the goal is to maintain the reserve at or above the required amount (10% of the annual income needs to be set aside)
• Board Action Item: The board will monitor the assessment and see if that needs to become a regular fee to maintain the reserve

Suggestion from an owner

• provide a multi year budget/plan, long term approach that the trustees might have in mind. Currently, even if the trustees might have such a plan, it is unknown or unclear to the owners
• Board Action Item: The board is working on a capital plan, planning to have that by June.
• DS—tried to do a multi year plans in the past, but new regulations affect the plans
• How can we keep the monthly fees down, so that the condos can remain attractive to new buyers

Question about the budget

• What is the raise that is not part of the assessment
• It is to avoid operating at a loss
• Do we expect the monthly fees to continue rising every year
• The assessments are happening nation wide due to the new regulations
• Are our maintenance fees inline with other associations
• Historically we have had very good fees

Owner Question—can you take a tax deducting for paying for the masonry work?

• Probably not, but please check with your tax accountant

2010 budget

• Increases are due to the deficit of $19000 in the reserve and the new regulations
• Q: why an assessment and not a fee increase overall
• trying to soften the blow
• buyers do not see the assessment, but only the condo fees
• Increases in oil, keys & locks fees (would be more if we go with installation of the electric locks), and landscape fees
• Q: Can we get rid of bushes and make a nice rest area for the residents
• rest area might imply that passers by will stop by there as well

Old Business Review

• Q: Is there any money from the city available for dealing with the building settling due to ground water issue?

New Business for 2010

• Q: is the laundry room problem only present only in 107
• Yes
• Q: Are people complaining about mice/bugs/rats?
• Rat population in the alleys has spiked
• If you see something, please call Modica
• Fixing landscaping may help with the rat infestation

Capital Repairs Review

• Trustees are looking for ideas/feedback on the repairs
• Q: about the side arms on the main entrance in 107 (terrazzo)
• Chunks are coming off, and it cannot be really fixed
• It was not done right, and the association settled (several years ago)
• Q: what is the 10 year plan
• Sealing doors
• We have old gas burners and 2 large oil burners—DM would like to have it redesigned to use just gas
• Q: how is our roof doing
• Roof has been checked, and is in good shape
• New gutters have been added
• It is at the end of its life, but we are not seeing problems yet
• Usually, when the roof is at the end of its life and problems start, it can last another 2 years with repairs
• Q: Concerned about structural problems
• We will need a touch up job in 15-20 years
• Last masonry job was about 15 years prior to this one, and it was only in certain spots
• Q: should we be concerned about slanted stair cases—No. Tested during the structural tests when the walls were cut into to check how sound the building is
• Heat loss issues
• All windows were sealed during the masonry project
• Upper units get hot and residents open their windows
• Restoration of the front metal doors
• Was estimated in 2005, but postponed

New business

• Q: planters in the yard: Can an owner garden them and make them look nice?
• Yes, please do
• Gates slam shut really loudly—what can we do about it
• Heavy smoker in 107
• Is the owner aware that the renter is smoking?
• Smell of the sewer
• It was cleared for awhile, but it is back
• When 107 laundry is being fixed, the pipe system underneath the laundry room floor will be examined
• The pipes were examined with a camera
• Q: does the city have responsibility to fix this? Not really.

These minutes are written to Yelena’s best recollection. Please notify her of any discrepancies immediately.