Ambassador II Condominiums

Introduction and sign-in
Total attendance was 21 persons present or by proxy, such number constituting a quorum. 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
• The Treasurer presented the budget highlights for the last year and presented the annual budget for approval by the membership. Our operating budget is 5% higher than last year, mostly due to increases in water and garbage rates, but also for general inflation. The operating budget offers no new services. These rates will increase again in 2010 and this increase is reflected in the current budget and will result in an additional 3% increase in the next fiscal year budget just for these line items,
• The most recent Reserve Study, completed in July, shows that we are in a very good position with 80+% funding of our total reserve needs. This is well above average for comparable associations.
The annual budget was approved as presented by the Treasurer
• As discussed last year, we have moved some of our reserve funds to another institution in order to stay under the FDIC insurance limits,

Significant repairs and upgrades funded by Reserves were the elevator remodel and some minor repairs to the garage insulation,

Old business from previous meeting
• The third amendment to the Declaration to allow the assignment of damages caused by negligence to unit owners was submitted to the membership since the last meeting. We need 45 signatures to ratify the amendment. As of the date of the meeting we had 34 signatures. At the meeting, an additional 10 amendment consents were signed which raised the total to 44 signatures. The Board is confident that we will find one more signature to put us over the top.
• This hardscaping special assessment agreed to the last annual meeting has been rescinded. Funds for the project were found elsewhere. Because of the time it took to get a permit, this project was delayed until this summer. The hardscaping will be finished by the middle of August.
• A discussion of the possibility of installing a wireless internet connection to the building was discussed. This project was put on hold pending additional funding and an improvement in technology. The Board will continue to watch for an opportunity to implement this service.

New business
• Nomination and election of Board members — We had two positions open due to term expiration. The membership placed 2 names in nomination and elected Brien Sherman to the Board. Current Board member Jay Heath was re-elected.
• There was a discussion of the work to be done in the current fiscal year. Repairing the deck soffits in the -03 stacks and resurfacing the exterior walkways in the West Building.
• Discussion of a desire for additional newer better exercise room equipment was brought up. This will be revisited when the Association has excess funds. In the meantime, we do accept donations of appropriate equipment. An owner also thought it would be a good idea to place a small table near the benches in the courtyard.
• A homeowner reported that two unknown persons entered an open garage gate, but exited once they noticed that they were being watched. Everyone, please remember to remain near the gate until the door or gate is completely closed.

As usual, the Board would like to remind all homeowners to replace all original water heaters and water supply lines in their units. As a general rule if your water heater says Bradford-White it is likely original equipment If the supply lines to your sinks and toilets are gray plastic, they are probably original too. Aged equipment may fail without warning causing significant water damage to your unit and those around you. Please replace these old water heaters and valves as soon as possible.

The Seattle Police Department non-emergency number is 206-625-5011. All residents are urged to call this number for noise complaints from the surrounding neighbors.

Meeting was adjourned at 8:15pm.

Ambassador II Condominium Board Minutes

Monday, August 10, 2009

Jack Taylor – Association Manager
Dale Hitsman – President
Shaun Ross – Vice President
Jay Heath – Treasurer
Greg Mitchell – Member-At-Large
Sparky – Secretary (Not Present)

Homeowners Forum

No homeowners were present at the August meeting.

Meeting was called to order at 6:30 pm. July’s minutes were approved as written.

Treasurer’s Report

For period ending July 31st, 2009:
Bank, Savings and Investment Accounts
Checking $33,215,48

Insurance Reserve $4759.41
Replacement/Special Assessment CD $176,734,51

Replacement Reserves Certificates of Deposit $150,000
Other Assets
Petty Cash $100.00
Total Assets $365,779.65

Committee Reports

Security
No security violations were reported

Rules
No rule violations were reported.

Old Business

At last the hardscaping project to install pavers on the Howell Street side of the buildings is nearly complete.

The results of the latest Reserve Study are posted to our website. All owners are invited to read the documents online

With the receipt of the Reserve Study, we are now searching for an attorney to help us remove the building from the FHA «blacklist». This is a long, slow, and expensive project. Even our regular law firm that specializes in condominium issues has refused the project.

New Business
Rot damage inside the courtyard that was uncovered after pressure washing has been repaired. A broken door closer on the 5th floor was replaced. Eric painted the walkway doors and several of the gray metal doors leading to the garages.

A contract has been awarded to replace some rotting fascia boards on the -03 stack. This will involve scaffolding that stack in order to complete the repairs. Owners affected will be notified separately.

Meeting Adjourned: 7:25 PM

Next Meeting is September 14th, 2009 at 6:30 pm in Unit E406

Ambassador II Condominium Homeowners Association
506 E Howell Street
Seattle, WA 98122