Town Court Condominiums Association

Annual General Meeting

Wednesday, 28th May 2008
Location: Town Court Condominiums, Nassau Street

7:30pm - 9:16 pm

Attendees:

1. Opening Prayer
   1. This was said by Inell Williams at 7:30 pm.

    

2. Welcome
   1. J. Edgecombe gave the welcome to fellow owners.
   2. A motion for Danielle Hanek to be the AGM chairman was moved by Joanne Edgecombe and seconded Helen Peloquin.
   3. David Nicholl proposed that election be agreed. This was accepted unanimously by the owners.

3. Minutes from previous AGM
   1. Danielle Hanek read the minutes from AGM 2007;
   2. David Nichols moved that the minutes be accepted as read. This was seconded by Mark Major.
   3. Matters arising from the last Annual General Meeting will be covered further in the present meeting.

4. Financial Report – Review of Audit Statements - (1^st May 2007 – April 30^th 2008)
   1. The Auditor from Alan Bates & Co. was scheduled to present however David Nicoll presented the review of the audited statements.
   2. Review of Statements went as follows:

                                                              i.      Page 3: Statement of current assets

                                                            ii.      Page 4: Highlighted income for TCC, Special Assessment Fund, insurance Assessment, and Finance charge income on delinquent owners (increased by $10k); Laundry income which is part of income; Look at expenditures side of TCC, see that  operational costs have increased;

                                                          iii.      Management fees total $25,000 per year to provide overall management service

                                                           iv.      Wages and National Insurance are paid for Norma and Eddy, grounds staff.

                                                             v.      Security Cost:  increase because hired a professional service for 24hrs

                                                           vi.      Utilities: increased especially for electricity

                                                         vii.      Repairs and maintenance, most of it plumbing;

                                                       viii.      Elevator maintenance:  reasonable cost but potential increase

                                                           ix.      Pool maintenance: twice a week

                                                             x.      Garden and pave way maintenance

                                                           xi.      Legal and company registration fees:

                                                         xii.      Accounting fees: have doubled because REI’s accounting have not been adequate and the auditor company has done more work to straighten out their accounts; Hienz, said that $27k was stolen from their office by Kayla Woodland including monies for TCC; and then accounts for TCC will be straight, will put in 14k to TCC, REI already reimbursed $6k;

3. Pest Control: no company contracted to do it;
4. In total 238k against 264k compared
5. Item 3, account receivable
6. Dr. Colaco move J. Edge second , of accepting the financial statements, 0 opposed;

5. Summary of Deliquent Accounts

1.      Major delinquent owners, are unit 5 and 31, and each owner are paying for financing the deficent;

2.      There are approx. 10 deliquent owners, but we have some long standing bad delinquent owners;

3.      Board issues notices for legal notices

4.      D. Nicoll says that we need to change lawyers, need to get results; personally have feeling that there are other establishments;

5.      Heiz, has to be sensitive that TCC has long rep of being bad, receivables have been best it has ever been;

6.      Financial statements is somewhat better than other condos assoc.

7.      Dr. colaco  would like the conment to be withdrawn, bc they are working hard nad better than other firms; the one case that we are facing is bc it is in supreme court

8.      It can be posted on the websites and delinquent owners are:

a.      Unit #5 - $44,

b.      Unit #31 – $11k

9.      Idea to cut off water

a.      An injunction was granted for Unit 5 Wallace Rolle to stop the sell; have 45k in legal fees, need to have a judgement because he can’t have right sell it without paying;

                                                                                      i.      This will be covered underneath delinquent owners

6. Special Assessment Fund Review:
   1. D. Nicoll gave review of the Special  Assessment
   2. Gave review of what was the money was for; only items office and SQ booth totaled 28k or so;
   3. 2008 expenditures have been about getting permits
   4. Quotes were obtained for work walls, gates, resurface car park but for various reasons no further decisions were made at this time;
   5. SAF have not been fully spent on the original projects
   6. In oct 2007 had meeting with Auditor and REI, in theory should have had 50k and money was already spent, so that was when we had developed to have proper operations for TCC;
   7. It is in the statements, we are collecting 47k less than we need to operate
   8. Dr Colaco, our monthly charge it is 50k less than what we need
   9. We do need to increase the amount of
   10. M.Major

                                                              i.      requests that it should be phased in; and

                                                            ii.      should we increase mgmt fees and possible owner mgmt

                                                          iii.      Hienz asks that

11. D. Nicholl

7. Condo Budget
   1. TCC runs at deficit charge 162k fees but spending 250k, deficit 87k so the board has to bite bullet and acknowledge that we have increase figure of approx 50% so it would be 243k just to cover operational costs of TCC;
   2. It moved that increase goes up 50%, move by David and second by Helen.
   3. Those opposed, stand, ..no one opposed; it passed unanimously
   4. Compare Silver Cay Condominiums pay  5k per year in maintenance fees. Dick Points, fee is 1k per month
   5. It is reasonable that some can pay at once, or do a phased in approach;
   6. David  Nicholl makes mention that board members dig into pockets to keep place float by paying fees earlier
   7. Each owner should acknowledge that we need money to keep place functional;

8. Management TCC
   1. Item was moved from the agenda in the interest of time. This will be first order of business for the new board.

9. Insurance:

-          We need to repair the roof to qualify the hurricane insurance coverage. Presently, we are covered for everything besides hurricane and natural disasters.

-          After claim from hurricane damage, TCC was paid $400k after the deductible; compensations was paid to individual owners depending on damage, out of the hurricane fund, based on location and damage which totaled $80K;

-          TCC Board and REI contracted Mr. Francis to do the roof for $150K instead of $250K as other estimates were given; Mr. Francis gave a guarantee for the work, however when TCC’s legal council went to sue, they found out that he was broke, and that there was no legal or financial recourse;

-          Present quotes for repairs of the roof range from $350k to $550k;

-          Now that owners are aware of the situation, a decision needs to be made about the way forward;

-          D. Nicholl proposed that the new Board, through the management company, opt to explore contracts to repair the roofs on Block B & C;

-          D. Nicholl moved and it was seconded by Peter Higgs that priority be given to fix the roof; This was passed unanimously.  The new TCC Board 2008-2009 is charged with obtaining quotes to fix the roof and to take the means necessary to repair it.

-          The present insurance rate, owners are aware of what we are presently insured

-          D. Nicoll moves that the Board continues to carry out insurance in present situation that is excluding hurricane insurance, Seconded by Dr. Colaco

-          Final motion is to remain with the status quo;

-          Owners would like the SAF to be put towards the roof repairs

-          A vote passed unanimously passed both motions abovementioned.

10. Board Nominations
    1. Dr. Colaco will be the chair for the Board Elections.
    2. He read off names for new Board:

                                                              i.      Fritz Stubbs

                                                            ii.      Joanne Edgecombe

                                                          iii.      Beverly Wallace-Whitfield

                                                           iv.      Danielle Hanek**

                                                             v.      Edward Curry

                                                           vi.      Suzanne France

                                                         vii.      Yvonne Issacs

3. The motion for the 2008-2009 Town Court Board was seconded by David Nicoll
4. No other nominees for the 2008-2009 Town Court Board were put forward
5. Owners gave no contests to the nominated owners;
6. Unanimous election of Board for 2008-2009 comprised of abovementioned names.

** On 23^rd June 2008, Danielle Hanek voluntarily stepped down from the Board to be in compliance with the lLAW OF PROPERTY AND CONVEYANCING (CONDOMINIUM) ACT CHAPTER 124 [1987 Statute Laws of The Bahamas],
BYELAWS Board of the body corporate.  s1 (2) The Board shall consist of not less than three nor more than seven unit owners and shall be elected at each annual general meeting..

11. Adjournment
    1. It was motioned by HP l and seconded by Yvonne Isaacs to adjourn the AGM 2008.
    2. The meeting was adjourned at 9:16 pm.

 Subsequent Amendments submitted but not yet approved by Board:

From: J. Colaco < jc> [mailto:colaco1@gmail.com]
Sent: Tuesday, July 08, 2008 12:47 PM
To: Danielle Hanek
Cc: Hienz Wszolek; Jaimie Brown; Chantelle Wszolek; Joanne Edgecombe; Breaker, Breaker!; joanneedgecombe@yahoo.com; tiffanyseymour@hotmail.com; sfrance@coralwave.com; edward.curry@scotiabank.com; orangecreek@coralwave.com; b3ws@coralwave.com; David Nicoll; Helene Peloquin; Laura & Eric; Terrance Fountain
Subject: Re: Revised AGM Minutes 2008

2008/7/8 Danielle Hanek <dmhanek@yahoo.fr>:

Please see the attached for your review and meeting tonight.

Please note that I will off on business from 8th - 14th July 2008.

Best regards,

Danielle Hanek

Thanks Danielle for the minutes.
The following needs revision

2. D. Nicoll says that we need to change lawyers, need to get results; personally have feeling that there are other establishments;
3. Heiz, has to be sensitive that TCC has long rep of being bad, receivables have been best it has ever been;
4. Financial statements is somewhat better than other condos assoc.
5. Dr. colaco  would like the conment to be withdrawn, bc they are working hard nad better than other firms; the one case that we are facing is bc it is in supreme court