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Annual Meeting November 13, 2010 Galveston Country Club, Galveston TX 1.

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Presentation on theme: "Annual Meeting November 13, 2010 Galveston Country Club, Galveston TX 1."— Presentation transcript:

1 Annual Meeting November 13, 2010 Galveston Country Club, Galveston TX 1

2 Agenda Minutes of 2009 Annual Meeting Submit and Verify Proxies Hurricane Ike Recovery Program –Flood Insurance Claim –Windstorm Insurance Claim Financial Report 2

3 Agenda (Cont.) Committee Reports –Landscaping –Insurance –Maintenance –Painting PLTA website Election of Board Members 3

4 PLTA Board Secretary: Victoria Staff 4

5 Recovery Task Force Leader and Board Member: Kevin Foley 5

6 Hurricane Ike Recovery Review of 2010 Milestones and Objectives Returned Townhouses to Living Conditions Restored Utility Services Cleaned Out Storm Debris Hired General Contractor Filed all Insurance Claims 6

7 Hurricane Ike Recovery Distributed Funds Completed External Repairs Completed Internal Repairs Long Term Issues of Interest Dead Trees & Bushes removed Planted FM 3005 Sound Barrier Lawn Replenishment Repaired sprinkler systems 7

8 Hurricane Ike Recovery 8 Recovered Depreciation Consulted with Attorney Firm to make sure we received everything from the insurance companies. Total Funds received - $ ??? Total Funds distributed - $ ???

9 Association Bookkeeper: Donna Foley 9

10 Financial Status and Update Status of Current Account –Income Statement –Balance Sheet Anticipated Expenditures Accounts Receivable Escrow for Insurance Audit Results 10

11 Board Members: Victoria Staff and Sallie Waters 11

12 Landscaping Current Contract – Renewed at 2008 cost. Common areas only Personal Gardens – Responsibility of the owner Contract Terms Cutting grass 43 times per year Weekly March 1 st to October 31 st Twice per Month November through February Trim palms and sound fence twice per year Weed driveways Other Miscellaneous Activities 12

13 Landscaping 13 Special Thanks to Randy Stillwell His crews dug the ditches, prepped the area, and planted the bushes for the sound barrier. Replaced the dead bushes on his own time, effort, and cost. Special Thanks to Victoria Staff, Sallie Waters, Hank Merry The sound barrier was their project!

14 Landscaping Sprinklers –We spent $ 2,000 to repair the sprinkler systems –To keep in good repair: Dont drive on grass (cars, golf carts, …) Dont park on the grass Dont leave large objects on grass (pools…) –If you see problems contact a board member. 14

15 Board Members: Kevin Foley and Mike Callahan 15

16 Insurance Square Footage Implication PLTA home owners are assessed insurance costs based on the original square footage of each unit. The square footage is from the original 1970s design of the units. Each Home Owner should check their current square footage as assessed by –Click Appraisal and Real Property then enter your address. 16

17 Square Footage Implication Additional square footage of the unit is the responsibility of the owner. Each unit that increases the original square footage by adding or extending a room should provide the new measurements to GCAD to maintain records of the unit size and value. Insurance 17

18 Current Insurance Package –Flood Insurance –Windstorm Insurance –Fire Insurance –Umbrella Insurances –Insurance Provider Galveston Insurance Associates (GIA) (409) 740-1251 or (281) 442-1892 Insurance 18 Written in Homeowners name. Written in PLTAs name for each homeowner.

19 Insurance Unit Coverage PLTA Bylaws Section 13.03 Indicate the Association will Insure the following: (There is no reference to cause of damage) –Texture and painted walls- Counter Tops* –Cabinets (kitchen and bathrooms)* $18.00/sq yd for floor coverings * The issue of Quality is usually predicated on the extent of damage to the ENTIRE complex. If one or a few units are damaged then replacement will PROBABLY be of like quality. Where as if the complex experiences wide spread damage replacement will be of construction quality similar to the original 1975 build out. This would be based on $X per sq ft building cost up to the limit of PLTA insurance. ($x could change every year based on costs of construction). 19

20 Insurance Unit Coverage Other Fixed Items Covered –Light fixtures - Ceiling Fans –Sinks & Faucets- Toilets and Tubs –Fixed Mirrors- Medicine Cabinets –A/C and Heating Units Non-Fixed Items NOT Covered –Refrigerators- Microwave Ovens 20

21 Insurance Owners Responsibility Flood &Wind is vague about who covers what. To Assure replacement, each owner should consider Build Out or Alterations and Improvements coverage in addition to contents coverage. Coverage for items not normally moved upon selling: –Instant Hot Water appliances- Wine Coolers –Extensive Tile Coverings- Fireplaces –Built-in Bookshelves/Cabinets –Tub/Shower Fixtures of Higher than Normal Pricing –Intercom or Sound System and Security Systems GIA Insurance Representatives consider such items to be Alterations and Improvements or Build Out Items for definition of coverage. 21

22 Insurance Owner Responsibility Additional Structural Features Typically NOT Covered –Ground Floor unit and content Hot water heater, refrigerators, electronics, … –Privacy Fencing –Outside Shower, Sink, and Cabinets –Outside Special Lighting and Ceiling Fans –Built-in Benches –Porch Swings –Plants and Shrubbery 22

23 Owner Responsibility When the Townhouse is a primary residence, supplemental insurance should be specified to pay for temporary living quarters while the unit is under restoration. If Townhouse is a rental unit, a Loss of Income rider may be requested. (Difficult to obtain). Golf Carts are rarely covered under a Home Owner Contents policy. Discuss the options regarding insurance on golf carts with your insurance agent. Insurance 23

24 Insurance Record Keeping For improved coverage and recovery of loss, the homeowner should maintain a written inventory of contents and attributes. An online Home Inventory worksheet can be found on the Insurance Information Institute (III) website; –The Home Inventory Worksheet provides for descriptions, serial numbers, costs and photos of items and features covered by the supplemental policy. –A copy of the inventory details should be stored offsite in a secure place. Dealing with the insurance company is easier and faster when you have detailed information on covered items. 24

25 Maintenance & Repair Committee: Kevin Foley, Hank Merry, Coote Wright-Broughton 25

26 Exterior Maintenance Process Current policy is that Association contracts for all maintenance. Covenants require owners get HOA permission before ANY modifications are made. (5.01) Request form – on website soon Prioritization of projects 1.Structural 2.Safety 3.Cosmetic 26

27 Exterior Maintenance 2010 Approximately $50,000 spent last year (November to November) Major repair program placed on hold during summer months If you have repairs get them to the Board to enable planning, scheduling and budget allocation in the coming year. Spend maintenance money at a rate of approximately $4,800 per month 27

28 Board Members: Sallie Waters, Victoria Staff, John McNamara, and Hank Merry 28

29 Painting the Buildings Building or unit colors Color choices Cost Voting 29

30 Painting the Buildings The current Maintenance Fees do not support a timely completion of painting of the entire complex. At the present rate of expenditure of the maintenance fee, the plan is anticipated to take up to three years. All proposals will require an additional or special assessment to complete the painting. 30

31 Painting the Buildings The proposal –To have a special assessment for labor and paint to expedite the painting of the buildings 31

32 Painting the Buildings Color choice palette: –See samples on table 32

33 Painting the Buildings Building or unit colors –Option # 1 – Paint each unit a different pastel color in the series –Option # 2 – Paint a Group of 4 units the same pastel color –Option # 3 – Repaint all units one color 33

34 Painting the Buildings Estimated cost to paint the whole complex (labor and paint) based on Preliminary Quotes from 3 Painters plus 20% contingency: Option # 1 = $204,000 (10.8% more) Option # 2 = $192,000 (4.9% more) Option # 3 = $180,000 (Base cost) Anticipated start date for Painting Contractor would be January 2011 with a projected schedule of completing at least one building a month. However, this will be determined by the availability of funds. 34

35 Painting the Buildings What we currently have –Cash flow over 3 or 6 months –Start with half of our reserves ~$50,000 –Use half of our available monthly maintenance dues ~$3,500 per month 35

36 Painting the Buildings Assessment needed from the Homeowners: Option # 1 $3,053 ($1,018 per month for 3 months) $2,830 ($472 per month for 6 months) Option # 2 $2,799 ($933 per month for 3 months) $2,574 ($429 per month for 6 months) Option # 3 (Base cost) $2,544 ($848 per month for 3 months) $2,322 ($387 per month for 6 months) 36

37 Painting the Buildings Notes: Quotes will be updated and finalized when the Association members: –Select one of the three paint options. –Agree to one of the proposed assessment proposals which in turn will set the project start/complete schedule. Painting of owner installed lattice work and louvers, located mostly at ground level, is not included in the painting scope. 37

38 Painting the Buildings Voting options for labor and paint: –Option # 1 – Paint each unit a different pastel color in the series - $3,053 to $2,830 –Option # 2 – Paint a Group of 4 units the same pastel color - $2,799 to $2,574 –Option # 3 – Repaint all units one color - $2,544 to $2,322 –None of the above 38

39 Painting the Buildings Voting process: 1.Vote to have an assessment – Yes/No 2.Vote on Color scheme 39

40 Voting Rights Section 3.01 (c) – all members have the right to vote except those in default of any provision of this Declaration. Unit not eligible to vote for non- payment of association dues: 101 305604 803 40

41 Painting Election Results 41

42 Board President: Mike Callahan 42

43 PLTA Website –Make sure the PLTA is in ALL CAPS You will find: –Insurance policies –The covenants –The By-Laws –PLTA rules and regulations 43

44 Board President: Mike Callahan 44

45 Association Business Old Business –Trash Pickup –PPOA Membership New Business –Elections 45

46 Trash Pickup Galveston City is still not picking up trash Galveston City Water Bill – Do Not pay any trash pickup fee on your water bill. Contact the Galveston City Service and have the fee removed. Dumpster – ALL trash must be put into the dumpster. If it is full, DO NOT place the trash next to the dumpster. 46

47 PPOA Membership Membership has been discontinued. PPOA threatened a lawsuit for non- payment of back dues. We responded asking for proof of dues and how the amount was calculated. PPOA has never replied. 47

48 Three Board Positions 48

49 Elections Three open positions Nominees: –Mike McDonald- Sallie Waters –Victoria Staff- From the floor Guidelines for voting –Three (3) Vote per Unit –Per the covenants (2.02), A voter MUST be the owner of record or proxy holder. 49

50 Board Election Results 50

51 Special Thanks Special thanks to John McNamara (Daddy Mc) for his tireless work for the PLTA! 51

52 Discussion/Questions? 52

53 Adjournment: Thank you for coming! 53

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