LA GRANDE PROVENCE
CONDOMINIUM ASSOCIATION, INC.
BOARD OF DIRECTORS MEETING
BUDGET MEETING
JANUARY 17, 2011
Tony Papandrea called the meeting to order at 10:00am
A quorum was established with Barbara Cooledge, Bob Cory, and Dave Luenzman present. Karen Hopkins of Preferred Management Services and one guest (owner) were also present.
The minutes of the December 6, 2010 Budget meeting were approved.
INSURANCE
It was brought to Tony’s attention by one of our owners, that Fannie Mae and Freddie Mac are now requiring that our buildings be insured for 100% of their replacement value in order for our owners to refinance or for a new owner to obtain financing.
We presently insure our buildings for 90% replacement value and are past the insurance mid year mark which prohibits us from making any changes to our insurance.
In terms of this years insurance dollars, the cost would have been a $6,500 increase in our premiums. The Board has agreed to make these changes for our next insurance period if requested by owners at the March Annual meeting.
The Board entered into Executive Session to discuss Units/Owners liens, foreclosures and personal judgments.
The Board also discussed personal employee issues and met with our new maintenance supervisor.
The meeting adjourned at 11:15am.
Respectfully submitted,
Karen Hopkins
Community Association Manager