We are fast approaching the annual homeowners meeting scheduled for October 31, 2011 and we would hope to get a sizable turnout. Further information will be forthcoming in October but here are a few subjects for you to be thinking about.
The repair of 31 balconies is just about complete and we are requesting the current contractor to provide us an estimate to replace the deteriorating wrought iron railings on the building, some of which are in such bad condition that they present an extremely hazardous safety problem. We have spent nearly $200,000.00 to fix the 31 balconies from the Association’s reserve account which will have to be replaced through an assessment. We are attempting to diminish the scope of work to reduce the cost of the additional repairs. To replace the reserve account we plan to ask homeowners for six equal payments of their assessment portion beginning in January 31, 2012.
We will be voting on two amendments to the Master Deed at the homeowners meeting. The first deals with an amendment to limit the types of businesses that are allowed in the building. This was a hot issue at the last meeting and the request from the association was to control the types of businesses allowed in the commercial apartments to those which will have low pedestrian impact.
The second amendment is an attempt to articulate a minimum rental lease term. The Master Deed is specific in the procedures for the process to rent a unit but very few landlords follow the guidelines. It does not, however, cite a minimum lease term. The State defines accommodation rentals as anything less than 90 days. To prevent wear and tear in the common areas due to frequent moves in and out of the building and to answer the frequent questions by landlords about the minimum lease arrangement, the Board proposes that we establish a six month lease arrangement. A copy of both of these amendments is attached.
The terms of Board Members Dick Donohoe, Beth Dixon, and Jay Jacobs will expire October 31, 2011. In addition, George Boniface has submitted his resignation from the Board effective November 1, 2011. Any property owner who is interested in serving in one of the four positions as a Board Member for two years, please submit a resume to Joe Yetsko no later than October 7, 2011.
With warm regards,
Fort Sumter House Board of Directors
September 21, 2011