Ambassador II Condominiums

Introduction and sign-in

Proof of notice of meeting was provided and IRS form 70-604 was read aloud as per federal law.

The previous years meeting minutes were approved as written.

Financial Reports
Features and services added this fiscal year:

• Bicycle rack
• 3 new external lights
• Elevator remodel
• Hired a part-time handyman
• Carpet cleaner
• Re-roof of the west building

The Treasurer presented the annual budget.
Details surrounding the property taxes were discussed including information on how the property taxes were assessed this year regarding parking spots. This year the association was billed for parking spots individually rather than as a single expensive parking spot which resulted in a 100% tax increase.

A resident asked how homeowners dues are distributed. They are distributed evenly based on the square footage of individual units.

A resident inquired about the security patrols. Security patrols happen on a nightly basis at random times.

A question was raised regarding 21% of the homeowners dues being placed into the reserves fund. Currently, the stucco process costs approximately $300,000 and is a major expense. There is a potential new technology which could help the next stucco coating last significantly longer. This may help us reduce the reserve portion of the budget.

The annual budget was approved as presented by the Treasurer

The Board presented plans to divide the Associations reserve funds to help protect against a chaotic financial market

Old business from previous meeting
The technology proposal discussed last year was placed on hold due to budgetary reasons.

The plant watering situation has improved significantly. We no longer suffer pooling or dry spots.

A homeowner asked a question about our relationship with the Ambassador I condos. We have a friendly relationship with them and work with them on shared resources.

The residents asked for a bicycle rack in the exercise room and one was purchased in the last year. The pilot was very successful, and the Board has purchased a second bicycle rack to allow more unit owners to take advantage of the service.

New business
A Declaration amendment was proposed to allow the assignment of damages caused by negligence to unit owners. This would help prevent the bulk of the Homeowners Association from responsibility for negligence on the behalf of an individual unit owner.

• The general consensus is that the amendment would be an excellent idea. The Board will proceed with the process and start collecting signatures.
• The following unit owners have expressed an interest in helping the cause: Rachel from 506, Sarah from 306, Diane from 302, Pat from 403, Shaun from 205, Dale from 406, Jay from 108, and Sparky from 208.

Dale presented a hardscaping proposal to the Association members. This hardscaping proposal is intended to remove plants from problem areas in the front of the building and replace them with non-living materials. The residents voted positively for the idea. The Association also voted to pay for the hardscaping with a special assessment.

A resident brought up THS as a security, health, and safety issue for the building. Concerns were raised that the units are not being inspected and are a danger to the building. There is also a concern regarding the fact that some keys may not have been recovered – this was a topic discussed in a recent Board meeting and will continue to be tracked.

A recent fire alarm uncovered the fact that the fire keys are not in the fire box. The Board has taken the action to work with the fire department to replace the keys.

The HOA unanimously voted to re-paint the elevator lobby (walls & floor) in the garage white.

Nomination and election of Board members – more than one candidate was nominated. Both Greg from 307 and Chris from 509 were nominated. Both residents are owners and have lived and owned in the building for more than 5 years. Greg was voted as the newest Board member.

Meeting was adjourned at 9:35pm.

Homeowners Forum
No homeowners were present at this months Board meeting.

Treasurer’s Report
For period ending July 31st, 2008

Bank, Savings and Investment Accounts
Checking $39,208.29
Insurance Reserve $4,745.87
Replacement/Special Assessment CD $266,975.73

Other Assets
Petty Cash $100.00
Total Assets $331,997.78

Committee Reports
The Beautification Committee is still working to schedule the elevator remodel. Everything is in progress. We are waiting on the final permits to schedule.

The Bicycle Committee is pleased to announce that a 2nd bicycle rack has been received and will be set up shortly.

Security
Some of the storage units on the upper level of the Summit garage were broken into during the last month or so. We encourage all residents to check on their storage units both now, and on a regular basis.

A car has been vandalized multiple times. There is no information available that would point to a specific culprit.

The THS unit that has been causing so many security concerns for the building has been subject to a forced eviction. The resident was out as of August 6th. We have already noticed a significant reduction in activity surrounding the building.

Rules
There were no rules violations during the month of July.

The Board has adopted a Rules change, This Rule will become effective October 1st, 2008. Please add this amendment to your Rules and Regulation document. A full amended copy can be downloaded from our website www.ambassador2.com after October 1st, or a copy can be sent to you via mail by written request.

Rule 10.2 shall be amended to read:
“Animals are to be kept inside the units and/or leashed at all times when outside the unit. All pets must be in the immediate command and control of the person walking the pet while on Ambassador II property. If a long leash is used all animals must be heeled at the side of the person walking them for the safety of residents and their pets.”

Old Business
The unit owner that had been sent to collections has paid their debt to the Homeowners Association. With the full amount collected from them, they now have a zero balance.

The Board is continuing to work with the unit owners who were effected by the flooding from the THS unit. The THS unit has had additional fines sent for continued noise problems.

Davey Tree Expert has been engaged to trim the Howell St. trees on 8/14.

New Business
Due to security concerns we are asking THS to provide information about the keys on one of their recent residents. The resident has been evicted, however there is some evidence that the tenant may have lost control of their main gate key. If the keys cannot be verified, we will then discuss re-keying the building.

The Board is working to amend the Association Declaration to properly protect the Homeowners Association by malicious or negligent damage caused by unit owners. Details on this amendment will be presented at the annual Homeowners meeting and put forth to the association for vote.

To reduce exposure to a volatile financial market the Board is investigating methods to ensure that both the Association holdings and reserve accounts receive full FDIC protection.

The Board has received a quote for $1,800 to power wash the court yard, front steps, and parts of the concrete walls along Howell St. We are looking for further bids to try and find a better deal.

The main gate suffered some damage and was repaired this month.

Meeting Adjourned: 9:10 PM