River Ridge Condo Association

March 2017

RIVER RIDGE CONDO ASSOCIATION

www.riverridgecondoassociation.com

BOARD MINUTES March 20, 2017

Board Members Present: Elizabeth Werth, Joan Flewelling, Cynthia Townes, Alysha Gonsalves, Katherine Boucher, Sam Galzerano, Richard Barrett

Also: Steven Miller, Property Manager Secretary’s Report: February, 22, 2017 Minutes were reviewed. Joan Flewelling made a motion

to accept, seconded by Sam Galzerano, with unanimous approval by the Board.

Expenses through February 28, 2017 are $80,536.20 Budgeted YTD is $75,333.00 which is over Budget by $5,203.20

Assets after money transfer: TD Bank Operating is $7,210.38. Avidia Bank Money Market is $62,364.10. People’s United Money Market is $161,645.69. 15% of monthly condo fees is put into the Reserves. 3 condo units continue to be in arrears.

Motion made by Sam Galzerano, seconded by Liz Werth, with unanimous approval by the Board.

Old Business:

Drain in road between Building 4 and 5 is in worsening condition and in risk of cement and bricks collapsing. There is the unknown of underlying structural damage. Durell Paving has evaluated and estimated $2,400.00 for known repairs with the possibility of an increase after work starts. They will be able to start the repair next week. Motion to have Durrell do the repair made by Richard Barrett, seconded by Joan Flewelling, with unanimous approval of the Board.

Painting bids from 2 companies for Condo units front doors and garage side doors was discussed. Decision was made to go with Marston Painting. Pictures of 3 existing condo doors were reviewed. Request of Board was to have additional samples of replacement doors sent to members to review along with cost and instillation fee. A decision will be made by the Board regarding a few choices for condo owners to pick from if they are interested in replacing their front doors. This process will require removal and replacement of vinyl trim. Discussion was held regarding having Dube Construction do the replacements so as not to void the warrantee for the siding.

Treasurer’s Report: Steve Miller reviewed the monthly financial report:

Income through February 28, 2017 is $96,431.22. Budgeted YTD is $86,900.00. Over Budget is

$9,531.22

New Business:

April 3, 2017 is the date to renew the Condo Master Insurance Policy. HUB International New England is the agent with CAU/QUE our current carrier. They continue to offer us the best coverage with a $2,000.00 increase in premium. There was a long discussion regarding possible changes to our policy but decision was made to keep per unit deductible at $5,000.00 after motion made by Liz Werth, seconded by Alysha Gonsalves with unanimous approval. Motion made by Richard Barrett, seconded by Cyndi Townes to increase Directors and Officers coverage to $250,000.00 to cover loan for siding. This had unanimous approval. Motion made to stay with CAU/QBE and to accept the change in policy was made by Richard Barrett, seconded by Cyndi Townes, with unanimous approval of the Board.

Liz Werth brought photos of damage done to the wooden retaining wall next to her garage done during plowing this winter. Steve will address the damages with Cough.

Manager’s Report:

Open Discussion/Resident Input:

Next Meeting will be April 17, 2017 with an earlier starting time of 5:30PM to allow more time to complete our Agenda items.

Adjournment:

PLEASE NOTE THE NEW ASSESSMENT STARTED ON JANUARY 1, 2016 - $225 PER MONTH AND CONDO FEE IS $275 PER MONTH.

Respectfully Submitted, Katherine Boucher, Secretary


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