The meeting was called to order at 10:40 a.m. Julia Lee introduced herself, and the Property Manager, Bob Lane. Ms. Lee apologized for everyone’s inconvenience waiting for the meeting to start, due to a printing error listing the incorrect time for the meeting. Ms. Lee explained that for health reasons John Lancaster would not able to attend the meeting. At the time of the meeting Marjorie Balis had not contacted the board that she would not be attending.
The first order of business was to determine if there was a quorum present. Representatives of eight hundred thirty-six weeks were required to be present or to have submitted a proxy. Eight weeks were represented in person, Barrier Island Station represented six hundred sixty-five and a half weeks, and six hundred twenty-six proxies were submitted to the secretary for a total of one thousand two hundred ninety-nine and a half weeks represented, which constituted a quorum.
Julia Lee requested a review of the minutes from the last meeting. A motion was made to approve the minutes as written and seconded. All were in favor, none opposed.
The financial statement and proposed budget were presented and reviewed. It was explained that the proposed $50 increase this year is primarily due to the recent steep rise in furniture prices and credit card discounts. Furniture prices more than doubled. It was noted looking back as far as the year 1913, this year is the highest cost of living increase. In addition the price for major mechanicals such as appliances and heat pumps has increased, as well as having to be replaced more frequently. Items that used to last twenty years, now last five years.
An owner inquired how the economy was effecting the rehabbing, would it have to be stopped. Julia Lee replied that building has had to slow down, but we are still trying to do the rehabs. An owner inquired what a lock out was. Julia Lee explained that it was units with A & B sides. No more lock outs will be built because of the effects on the ratings.
In comparison, other resorts maintenance fees were discussed. One resort without lock outs pays $655 a year for a three bedroom unit. Another resort is paying $640 a year for a three bedroom, two bath.
It was explained that the maintenance fees could be paid in advance in installments, but must be paid by January 10th. All large items, such as insurance and taxes, have to be paid in December. It was explained when a unit is foreclosed on, the developer pays the association any maintenance fees that may be due for that unit. Each month the developer also figures how many units built are not owned and pays the maintenance fees for that week.
Bob Lane spoke of the vandalism to the nature trail’s bridge and signs. An owner made a motion and the motion was seconded to accept the budget as written. All were in favor, none opposed.
Moving on to old and new business, Bob Lane spoke of several items. The pavilion area was acid washed and painted. Trees and any possible trees that looked like they would cause a problem in the near future were cut back. Mr. Lane stated that twelve units are scheduled to be rehabbed after the first of the year.
Labor issues continue to be a problem for the area. An owner commented on the property always looking good. Bob Lane complimented his managers and staff for their good work keeping up the property. An owner inquired if there had been any improvements in internet excess at the resort. Bob Lane explained that the association does not provide internet service. The association can look into it and see what options are available. Presently some owners use Outer Banks Free Wi-Fi or go to the administrative building to access free wireless internet with their laptops.
Bob Lane is looking into the possibility of Barrier Island becoming a furniture dealer and reselling the furniture to the associations without the markup. Six months ago furniture that was bought at $12,200 is presently $16,600. The price for furniture has increased twice this past year. We are currently shopping factory direct for furniture.
With no other questions or comments, a motion was made to adjourn and seconded. The meeting was adjourned at 11:46 a.m.
Respectfully Submitted,
Julia P. Lee
