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PROPOSED MINUTES TO BE APPROVED AT ANNUAL MEETING
BARRIER ISLAND STATION
INTERVAL OWNERSHIP ASSOCIATION, INC.
November 4, 2006

With no additional questions, a motion was made and seconded to approve the budget. All were in favor, none opposed. The motion was passed unanimously.

Continuing with old & new business the meeting was turned over to Bob Lane. Bob spoke of several items that had or were being addressed. New siding was put on the 400 building and in various places on the 100 building. Siding is being worked on full time to try and stop the wind driven leaks. The 19" TV's are being moved into the bedroom and being replaced with a new 25"-27" TV. The weight room equipment has been re-cabled and re-upholstered, since August.

Bob Lane pointed out a couple of typographical errors on the rehab schedule. Unit 116 the date says 11/06 and it was 11/05. Unit 500 the date says 12/06 and it should be 12/05. We have done 18 units this year and plan to complete 23 by the end of year. Units 310 and 509 are scheduled for after Thanksgiving.

Bob Lane spoke of the mail and complaints he has received concerning the indoor pool. The building is tired and old, although the pool itself is structurally sound. Bob stated that he would like to consider allocating some money toward the indoor pool area and adding a new building to other end where the sun deck is, making a more modern building that would include a multi purpose room for a meeting area to hold functions such as pancake breakfasts, etc. Leaving the existing building for maintenance and housekeeping storage. An owner stated that the town would approve this because it would be considered a repair. After some discussion Julia Lee stated that by our next meeting we could procure the cost of the pool project. An owner requested that we also include a redo of the pool from ground up. An owner requested the board to go forward with obtaining figures for the project.

An owner inquired what the resort's RCI rating was. Bob Lane explained that the resort is classified as a standard type resort. RCI points have changed the business, pushing resorts into hotel type with mid-week exchanges. We have never been a Gold Crown resort and never can be due to the partial kitchens on the B-side. The units are not big enough to remodel the kitchens on the B-side. Due to location the exchanges remain good.

An owner inquired if raising the $100 deposit at check-in for non-owners and RCI guests had been considered to help cover the cost when units are trashed. The deposit issue has been reviewed on several occasions with no avail. People can dispute the charges with their credit card companies, as well as stop payment on checks. Robert Allen requested looking into North Carolina consumer laws and having confession of judgments signed at check-in, which could be recorded and a judgment may be obtained. Julia Lee pointed out that judgments are not necessarily picked up on credit reports. Requiring cash deposits encounters additional problems and expense, such as having large amounts of cash on hand in the office, as well as having owners and guests go to owner services at time of check-out for refunds. It was agreed to look into the problem and inquire with RCI of a possible solution for the problem people, such as the potential bad list banning them from returning, as well as the possibility of raising the deposit.

An owner inquired if the board had received a report from the task force. Bob Lane replied that the board did get together early last year, but no report was generated. After some discussion a motion was made and seconded to get a report generated. All were in favor, none opposed. The motion was passed unanimously.

Robert Allen stated after the meeting a set time will be scheduled for the walk thru. Robert stated the report should be a data dump. An owner inquired if raising the maintenance fee to $500.00 would fix the maintenance issues. Robert Allen replied that we need to plan 1st. The task force will generate a report on their findings from the walk-thru and their recommendations addressing maintenance and refurnishing issues.

With no other questions or comments, a motion was made to adjourn and seconded. The meeting was adjourned at 12:26 p.m.

Respectfully Submitted,

Julia P. Lee

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