Bancroft Mills Homeowners Association Minutes of the 2016 Annual Meeting Held March 1, 2016 at 7:00 p.m.
1) Roll Call - The meeting was called to order at approximately 7:10 p.m. The Council members present; Joshua Moore, Michelle Moore and Cathleen Hitchens. A quorum was present in person and by proxy.
2) Proof of Notice of Meeting - Notice was e-mailed and sent regular U.S. mail. A motion was made to accept notice of meeting; the motion was accepted.
3) Reading of Minutes of Proceeding Annual Meeting - A motion was made to suspend the reading of the 2015 annual meeting minutes; the motion was accepted.
4) President Report – Michelle Moore thanked everyone for their patience during last year’s assessment work and the inconvenience that was experienced. A synopsis of this year’s events outside of the assessment was reviewed, including that the assessment work was finalized, billed, and a significant amount was collected up front. A new heater in the basement was installed, LED bulbs were now being used in the parking lot which provided brighter light and cost savings, and the social events that took place, including a coffee, wine and cheese, Halloween cocktails, and an impromptu snowed-in happy hour.
5) Management Company - Our management company, Bestfield, continues to: 1) provide a greater number of onsite services/repairs and emergency services; 2) make routine site visits to follow up on contracted work, with report to council; 3) manage multiple vendor accounts, 4) prepare for large storms by cleaning gutters and drains; 5) winterizing the facility, 6) perform in-house repairs in the most cost effective manner in addition to providing significant savings in quotes from outside sources; and, 7) manage and minimize fee collection delays (something that is critical for new purchasers, their appraisers and mortgage companies, proving extremely beneficial in securing the loan for the assessed repairs). 8) more cost savings still being realized; small items being fixed at one time, which shows a significant cost savings.
6) Proposed/Planned Projects – Projects contemplated under the budget for 2016 were reviewed to communicate the need to update the common areas and improve community relations. These projects include, but are not limited to: 1) research and implementation of keycards; 2) ongoing leak over unit/fire lane drywall issue repair; 3) n of a new resident orientation process; 3) focus on landscaping in courtyard post assessment repairs (replacing trees and updating plantings); 4) painting of entry door transitions, elevator and trash room/recycle room doors; 5) replacement of entrance tile/rug service; 6) building signage (including unit doors); 7) post renovation: consideration is now being given to restriping parking lot and other minor parking lot repairs, including concrete at entrance. The history with lot owner was reviewed to bring understanding of need for deliberation of next steps; 8) and, possible dryer stack cleaning in common areas.
7) Unit Sales– Michelle highlighted the increased sales in the building over the past year. We are seeing shorter times of units on the market, with a total of 4 units sold in 2015, with shorter times on the market, as there has been a renewed interest in the mill. Michelle asked that if owners are selling their unit to council be given a head’s up as we have information on recent sales/values of units in the building. Council was going to consider requiring an amendment or rider to all leases containing this language. Michelle also let it be known that there were currently 18 rented units at the Mill and that there was no intent to limit rentals at this time as it was felt that as value increased, rentals would turn into owned units.
8) Treasurer Report – The report was reviewed and the major differences from 2011 to 2016 discussed as follows:
a) December 2011 Reserve Balance was $31,070.61/2012 Reserve Balance is $85,406.73; January 2014 Reserve is $128,749.41; January 2015 Reserve is $168,000.00; January 2015 Reserve is $190,831.29. The Reserve was not used for the assessment work.
b) Delinquencies - December 2011 Delinquency Balance was $21,501.23 which spiked to approximately $26,000 first and second quarter 2012. Delinquency balance as of December 31, 2012 was ($167.13 late fee credit); Delinquency over 30 days at the end of December, 2013 is Zero. Delinquency over 30 days at the end of December, 2014 is Zero. Delinquency over 30 days at the end of December 2015 is Zero (budget only, one unit delinquent on Assessment; going to court) - $2,123.92 in late fees. Regarding late fees, we still are receiving requests that these be waived, given the large number of late fees charged, we can not waive the fees for any reason, as it would not be fair to the others we have collected from. Also, bounced checks will not be re-deposited, we will now require that the replacement funds be in the form of certified funds with late fee included. We will charge an NSF fee and are not responsible for your bank's charges.
c) We are still paying regular quarterly water bills and they are still under control.
d) 2015 – Continued focus prioritizing building needs to continue to rebuild the Reserve Acct:
· Has proven to strengthen the financial stability of the Association
· Will avoid the need for short term future assessments
· Proven to Improve property values
· We are making the building more attractive to prospective buyers
9) Assessment update - The assessment is complete. We have billed out the final assessment amount collected a good amount upfront and everyone with the exception of one unit is paying on time and is current.
10) Council Responsibilities – Responsibilities were reviewed with the following highlights:
a) Late Fee Involvement – Bestfield continues to deal with late fee issues. We receive updates regarding the late fees, actually we are copied. Again, There are no waivers of late fees for any reason there will no e-mail debates regarding this issue, it is time consuming and a waste of time. Name calling is not necessary. Bestfield does their job in this respect, no matter how much those who are charged don't like it.
b) Lock Outs – Council is happy to assist if we are home. If we are not home you will need to find another alternative, if lock-outs are habitual, Council will consider a fee for this service.
c) Tenant Issues – Council communicates with all residents, including tenants, to make them aware of rules and events here at the mill. All tenant issues should be communicated to their owner. The owner should make their best effort to resolve any issues. If the issues need to be escalated to council, please do so. Do not tell your tenant to call us to resolve any issues they are having at Bancroft Mills. We are not your rental managers. We have issued one fine this year to a tenant regarding dog violations. They have paid the fine and the dog situation has improved.
d) Complaints - as is typical with any condo living situation, we do receive complaints and we do try to resolve them in timely fashion.
e) Communication Methods – The phone number of (302) 588-9497 that is provided for emergencies is Michelle’s cell. This number should only be used in case of emergencies (fire, water leaks into another unit or common space). All other communication should be done in writing via e-mail or u.s. mail. If owners have our home phone number it should not be given to any appraiser, lender, etc. without permission from us. All requests should be sent via e-mail. Do not have your contractors, appraisers, etc. call us for access to your unit or access to the building.
f) Discussion/Hot topics discussed included, ongoing noise issues, rules and regulations regarding parking, contractor rules, trash/recycling, pets, items in the common areas, leaks, and HVAC reminders.
11) 2015 Budget - 2015 budget was reviewed and it was communicated that there would be no change in monthly fees; operating budget would be $200,172. The budget, as in previous years, was simplified and funds were reallocated to appropriate GL Accounts based on 2016 needs. Focus in the past was used as building block for future planning and 2016 will now focus on building maintenance. Excess funds will be transferred to the reserve account. Late fees on dues will continue to go into the reserve account, along with fees for resale certificates. A vote was taken and the 2016 budget was approved.
12) Election - A call for volunteers for council membership was made. Ballots and proxies were collected. Volunteers for inspectors of the vote reviewed the results. The votes were tallied and announced. A motion to accept the 2016 Council members was made; the motion was accepted. The 2016 elected Council members are Joshua Moore, Michelle Moore and Cathleen Hitchens.
13) Meeting was adjorned.