River Ridge Condo Association

November 2017

RIVER RIDGE CONDOMINIUM ASSCOCIATION

WWW.RIVERRIDGECONDOASSOCIATION.COM

November 20, 2017

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

Also: Steven Miller, Property Manager

Election of Officers: The board elected new officers as follows: Richard Barrett, President, Sam Galzerano, Vice President, Cynthia Townes, Secretary, and Joan Flewelling, Treasurer. A motion was made by Sam Galzerano and seconded by Joan Flewelling. All board members except for Alysha Gonsalves (who was not present at the beginning of the meeting) were in favor the new officers.

Secretary’s Report: The minutes from the October 16, 2017 meeting were reviewed. Sam Galzerano made a motion to accept the minutes as written and Joan Flewelling seconded the motion. All present board members were in agreement.

Treasurer’s Report: Steve Miller reviewed the monthly financial report: Income through October 17, 2017 is $39,542.50 – Budgeted YTD is $38,925.00. Over Budget is $617.50. Expenses through October 17, 2017 is $7,832.68 – Budgeted YTD is $11,500. Over Budget is

$-7.83.

Balance Sheet: TD Operating Account: $ 3,109.45

Avida Bank: $67,908.63

Peoples United: $116,970.70

One owner continues to be in arrears for assessment and condo fees. A lien has been placed on the property.

Property Updates presented by Steven Miller:

  • Dryer Vent cleaning was completed in October. Steve has made a list of where all of the vents are located on each unit.

  • The final fall cleanup is scheduled for next week. The last week of November.

  • EZ dock has pulled in all of the docks and will return to move the dock by Building 5 higher up on land so that people can access the river for skating in the winter.

  • Unit 4C will have the chimney pipe reconnected and inspected as it was determined during the annual cleaning that part of the pipe was disconnected. Chimney Savers will

be doing the work.

  • In place of the blue sand/salt barrels this year salt buckets will be placed by each walkway near the entrances of the units and in the garage passageways to make it easier for residents to access extra salt for icy areas during the winter months.

Fire Report Update:

Steven Miller presented the report from CAU Master Homeowners Insurance with the estimate from BALFOR Company that does construction. The quote includes Remediation, Deconstruction, Cleanup and Reconstruction. Based on the 5 damaged Units and 7 smoke damaged units of Building 2. The total cost is $1,074,761.31. The affected 5 unit owners will split the cost of the $5000 deductible at $1,000 each. This estimate includes loss of the buildings, current building codes, and emergency services already provided by RR&R which is currently at $31,626.48.

CSNH sister company of RR&R also gave an estimate based on the same criteria as above and came in at $1,202,445.56.

The plan is to confirm the company to do the restoration and building and begin reconstruction as soon as possible.

The board also discussed the percentage fee for the supervision of this project to be paid to the Maguire agency. This project will require a great deal of continued oversight with the individual owners that have been affected. The board will have a work session prior to the December re: the percentage fee.

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

The next Board Meeting is December 18, 2017 at 6 pm at the Newmarket Public Library

Respectfully Submitted,

Cynthia Townes, Secretary

Website Builder