River Ridge Condo Association

December 2017

RIVER RIDGE CONDOMINIUM ASSCOCIATION

WWW.RIVERRIDGECONDOASSOCIATION.COM

December 18, 2017

Board Members Present: Richard Barrett, Joan Flewelling, Sam Galzerano, Cynthia Townes, Rose Milas, Katherine Boucher, and Alysha Gonsalves

Also: Steven Miller, Property Manager

Secretary’s Report: The minutes from the November 20, 2017 meeting were reviewed. Joan Flewelling made a motion to accept the minutes as written and Katherine Boucher seconded the motion. All present board members were in agreement.

Treasurer’s Report: Steve Miller reviewed the monthly financial report: Income through November 17, 2017 is $52,620.49 – Budgeted YTD is $51,900.00. Under Budget is $720.49. Expenses through November, 2017 is $47,958.38 – Budgeted YTD is $50,076.00. Under Budget is $2,117.62.

Balance Sheet: TD Operating Account: $ 2,384.72

Avida Bank: $67,916.85

Peoples United: $118,375.97

One owner continues to be in arrears for assessment and condo fees. A lien has been placed on the property. Sam Galzerano made a motion to accept the financial report and Joan Flewelling seconded the motion. All board members were in favor.

Property Updates presented by Steven Miller:

  • Steven Miller is currently using Chimney Savers to inspect any chimney concerns. He will be obtaining bids from chimney companies for the 2018 cleaning to be scheduled. In 2018 there will be a new process for both interior and exterior inspection of the chimneys. The owner of the unit will need to make arrangements for someone to be home when the inspections are scheduled.

  • Unit 3C chimney chase pan in the chimney top was found to be rusted out after the owner reported water entering their hearth after raining. The chimney chase pan is scheduled to be replaced.

  • The board members met twice prior to the November meeting to discuss an Emergency Management Fee for the property management company SS Maguire Management LLC for the extra coordination and work required during the renovation project. Steve will be adding an experienced construction project manager to oversee the reconstruction process. The board decided on a fee of 4% of the Total Project of $1,163,014 which is $46,520.56 to SS Maguire Management LLC. This would be paid over 12 months with the first payment being $4000.00. The board has be reviewing what major projects can be postponed so that there will NOT be another assessment. A vote was taken at the November meeting and all board members were in favor of the Emergency Management Fee.

FIRE REPORT UPDATE:

Steve Miller will be scheduling a meeting with the Building Two residents to discuss demolition and cleaning of the units. Fences will be put up by the recreational parking lot and by the doorways of the units that will be reconstructed. The plan is to start the demolition as soon as possible after Christmas, weather permitting. Individual meetings will be set with homeowners of Building 2E, 2F, 2G, 2H and 2I regarding the reconstruction of those units.

Steve has received a check from CAU Insurance for $827,282.39 for the initial Insurance payment for restoration and reconstruction. This money has been deposited in a new checking account at TD Bank.

PLEASE NOTE THE ASSESSMENT STARTED ON January 1, 2016 and is $225 month and condo fee is $275 per month

The next two Board Meeting is January 8, 2018 at 6 pm and February 12, 2018 at the Newmarket Public Library. The meeting dates were changed as the third Monday of the month in January and February are holidays.

Respectfully Submitted,

Cynthia Townes, Secretary

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