747 EAST BETHANY HOME ROAD ASSOCIATION MAY 2, 1978 MEETING MINUTES
The
Homeowners' Association meeting was held at 7:40 p.m. on May 2, 1978 at
President Walt Headley's residence, 747-F East Bethany Home Road.
Treasurer's
Report: Treasurer Bill Fletcher presented the Treasurer's Report, which was
accepted by those homeowners in attendance. Bill reported that after paying
April's expenses, we had a balance of $480.04.
President's
Report:
East Wall: President Walt
Headley explained that he has had several discussions with the construction
superintendent building apartments to the east of our homes concerning damage
that is being done by their workers to our wall. Walt has had assurance from
this construction firm that they will cease hitting the wall, and that they
will repair all damages done by their crews.
Roof Repairs: President Headley provided each homeowner in attendance a
tabulated list of roof and internal wall and ceiling repairs. which must be
done to our homes. Walt explained that it is going to take approximately
$13,500 to complete all roof and interior repairs to our homes and that this
work must be done as soon as possible, before new rains cause more damage to
these homes. For those homeowners who were not at the meeting, a copy of list
is attached. Walt explained that roof repairs, and in some instances, complete
re-roofing, has begun with the work being done by Duncan Roofing. The treasurer
explained that we have paid Duncan approximately $2,200 for repairs to date.
The meeting
was opened to discussion with the main focus being, how to pay for these major
repairs. It was unanimously agreed that these repairs must be done as soon as
possible to prevent further damage. Due to the fact that the original developer
and roofing contractor are bankrupt, we have no other recourse but to do these
repairs ourselves. It was agreed that neither the Board nor the Association
should take a loan from either a bank or savings and loan to pay for these
repairs; but, that each homeowner should be assessed a onetime charge. A
discussion was held concerning the recent increase in homeowner dues from $35
to $55. President Headley, along with Treasurer Fletcher, explained that this
monthly dues increase was done to establish a long-term fund for the swimming
pool, roofs, garage doors, trim and other exterior maintenance. The $760 per
month ($20 x 38 units) does not generate the immediate cash flow needed to expedite
these major repairs; but, is to be considered a long-term fund.
The President
asked for a motion concerning the major repairs, and it was moved, seconded and
unanimously voted to levy a special assessment as follows:
A special assessment is levied at this time and on
this date, applicable to owners of record of May 2, 1978, in the amount of $350.00
per unit/owner for the purpose of paying for repairs to roofs and interiors of
units as outlined in the accompanying list of repairs. This assessment will be
due, payable in full, no later than July 2, 1978 with payment to be made
directly to the Association treasurer, William Fletcher at 5834 N. 8th Place,
Phoenix, Arizona, 85014. Installments may be made to the treasurer, as opposed
to one lump sum payment. However, the total amount of $350.00 per unit will
still be due by July 2, 1978. In the event that the total amount is not paid on
time, a late charge of 5% of the unpaid balance will be surcharged and interest
will be charged at the rate of 8% per annum..
Open
discussion followed concerning future assessments. The Board of Directors
assured those homeowners in attendance that it has no further desire to assess
for any other work to be done, and feels that the monthly maintenance fee of
$55 will be sufficient to maintain our property in the years ahead. Further
discussion was held concerning the quality of roofing that is being done.
President Headley gave the following information:
The flat roofs
will all have 1/2" fiber insulation board, with 19" overlap felt and
hot tar mopped. Each flat roof will then be finished with an aluminum
reflective paint, which will serve to seal and protect the tar and felt.
A further side benefit of this
addition of 1/2" of fiber insulation and aluminum paint is lower utility
bills for those homeowners. The life expectancy of these new roofs is at least
10 years.
As of this
date, the treasurer has received more than $1,000 from homeowners paying the
special assessment in full or partial payments. If you have any questions,
please see Walt Headley or any member of the Board.
Sincerely,
Bruce F. Johannes Vice President
5817 N. 8th Place Phoenix, AZ 85014