ihvca>minutes>study session 030306

Inner Harbor Village Condominium Association

Study Session, March 3, 2006, 1:30 p.m.

Members present: Gregg Hupp, Bev Rothenborg, Dan Quail, Bob Edelblut, Pegi Graham, and Jack McKay

Guests: Bob Force and Doug Barber

Purpose of Meeting:  Discussion of the Reserve Study.

The reserve study is a guide for the board – members would receive an Executive Summary of the study. 

Gregg Hupp commended and thanked Doug Barber for his efforts to pull this project together.  Questions were raised as to the accuracy of the recommended costs for repairs.

Implications: Increase in dues by 5% and an assessment

To be from the reserve:

1. Common area maintenance responsibility
2. Limited life of the item
3. Predictable limited life span (emergency, e.g. tree removal)
4. Above a minimum threshold cost

Next step: Need to revise the numbers in order to revise the executive summary with the help of a building inspector.  

Mike Derrig will be invited to the next study session to review the reserve study.

Study session will be called for the early part of the week of March 7.

Meeting adjourned at 2:45 p.m.