new special assessment

[Gloria Mallardi]

Is anyone else concerned about the $500,000 new assessment that the board is getting ready to pass on August 12^th???

 

G. Mallardi #414

 

 

 

  

 

[Marinell Montoya]

They already passed it.  They are going through the formality on August 12th.

On Aug 1, 2010, at 11:49 AM, Gloria Mallardi wrote:

Is anyone else concerned about the $500,000 new assessment that the board is getting ready to pass on August 12^th???

 

G. Mallardi #414

 

 

 

  

 

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[Gloria Mallardi]

Is that legal?

 

 

 

 

·         From: king...@googlegroups.com [mailto:king...@googlegroups.com] On Behalf Of Marinell Montoya
Sent: Sunday, August 01, 2010 11:55 AM
To: king...@googlegroups.com
Subject: Re: [KingColeCondo:1835] new special assessment

[Marinell Montoya]

Yes.  They are following proper procedure.

[Gloria Mallardi]

Has there been a breakdown of the bad debt budget provided for owners to review?

[Marinell Montoya]

Not to my knowledge.

[Steven Kaplan]

Darlene sent out minutes of the June 22 BOD meeting with the following:

The Board ensured in a conversation about possibly doing a special assessment to cover only the monthly maintenance shortfall to date.  It was further stated that should a $350K special assessment were to occur it would impact a 2/2 with approximately $1,572.90, a 1/1 with approximately $1,179.50, a studio with approximately $786.45, a lanai with approximately $393.05, a dock slip with approximately $267.40 and a penthouse with approximately $2,359.70.   After much discussion it was decided that the time was getting late and more discovery need to be done.

Increasing the special assessment to $500K gives  ~ $1685 assessment for a one bedroom unit, or ~  $281/mo. for six months.

[Gloria Mallardi]

Thanks for this info. I was really looking for the breakdown in the actual bad debt. How many foreclosed units? How many to come? What about the units that are now owned by the building? Are we actively trying to sell/rent these? Do we get reimbursed on the bad debt on those units when/if they sell? So many questions and grey areas in this whole real estate mess…

 

Does anyone have David Cohen’s phone number? I would like to get answers to some of these questions and I presume he would be the appropriate person since he is our President. Please advise.

 

Thanks!

 

 g. mallardi

   #414

[Fabrice COLOZZI]

I'm wondering if reducing the expenses and act MORE strongly against bad debt should have been a solution...

This is David Cohen's phone number: 617 512 7301

__________________

Fabrice COLOZZI
Tel :  +1 786 285 1360

[TOP...@si.rr.com]

Thank you for this.  We assumed it was going for vote and was not final based on the wording "After much discussion it was decided that the time was getting late and more discovery need to be done." Has anyone put forward that this could put many of the "current" owners in a bind and than there will be bigger problem?    And we had the same question about reimbursement when the units with the bad debt are sold. Do we get reimbursed and how?  I don't understand this; there has to be some other way. There are lot's of questions for the August 12th meeting.  I mean it's crazy; should I buy a new car - and I couldn't make the payments - I should ask my neighbors for a special assessment?

I thought the group was no longer - please post if anyone finds answers to any of the questions.  Thank you very much.

[Marinell Montoya]

Here are the minutes - 

MEETING OF THE BOARD OF DIRECTORS PROPOSED NEW SPECIAL ASSESSMENT WORKSHOP JULY 21, 2010 IN THE LOWER LOBBY MEETING ROOM

 Present at the meeting were David Cohen, President; Jack Higgins, Vice-President; Bob Bender, Treasurer; Nicole Ellies, Secretary; David Hagen, Marc Linowitz and Matilde Quintana , Directors.  Also present was Darlene Viverette, General Manager.  Also in attendance was Vishnu Sharma of Lieberman, Sharma and Associates. 

Roll call was conducted and a quorum was established and the meeting was called to order at 8:00 PM.

Discussion of Proposed Special Assessment To Cover Bad Debt

Darlene Viverette stated that the purpose of the proposed special assessment was to cover bad debt that was created from some unit owners who do not pay their monies to the Association as well as the objectives for the meeting.  The objectives listed were:

1.                  Is a special assessment needed to cover the bad debt?

2.                  If a special assessment is needed to cover bad debt, how much?

3.                  If a special assessment is needed and an amount is decided, how will it be paid back?

 Much discussion ensured between Mr. Sharma and the Board.  Mr. Sharma presented to the Board that as of June 30, 2010, that the adjusted total accounts receivable (bad debt) was $592,240. 

 

 

Page 1 of 2

 

 

 Marc Linowitz made a motion to access the membership $550,000 to help cover bad debt.  Nicole Ellies seconded the motion.  The motion was opened for discussion.  After much discussion Marc Linowitz amended his motion to access the membership $500,000.  The motion was seconded by Nicole Ellies.  Again discussion ensued.  The vote was called, Marc Linowitz, Nicole Ellies, Matilde Quintana and David Hagen voted in favor of the motion.  David Cohen, Jack Higgins and Bob Bender voted against the motion.  There being a majority in favor of the motion the vote carried. 

Marc Linowitz made a motion that 50% of the special assessed money collected should be used to help cover day to day operation and the balance could be used to do maintenance projects in the building. Nicole Ellies seconded the motion.   Discussion ensured.  After the discussion the vote was called, Marc Linowitz, Nicole Ellies, Matilde Quintana and David Hagen voted in favor of the motion.  David Cohen, Jack Higgins and Bob Bender voted against the motion.  There being a majority in favor of the motion the vote carried.

With regard to the question of how the new special assessment would be paid, David Hagen made a motion to collect the money over a six (6) month period.  Matilde Quintana seconded the motion.  There being no further discussion the vote was called, Marc Linowitz, Matilde Quintana, Nicole Ellies, David Hagan and David Cohen voted in favor.  Jack Higgins and Bob Bender voted against.  There being a majority in favor of the motion the vote carried.

David Cohen stated that the official meeting will be held on Thursday, August 12, 2010 at 7:30 in the lower lobby meeting room.  Darlene Viverette stated that she would get the information to legal counsel for the proper wording and get the membership properly noticed.

There being no further business before the Board the meeting was adjourned at 9:50 PM.

Respectfully Submitted

 

Darlene Viverette for

Nicole Ellies, Secretary

King Cole Condominium

Page 2 of 2

[wtchu...@aol.com]

I agree to that statement 100%. I don't agree with lowering storage space 1.00 and increasing parking 10.00 that is absurd. I believe in those not paying their maintenance in getting kicked out and selling their Apt or better yet having a commitee I charge of renting then put and bringing funds in instead of taking more out of our pockets.

Sent via BlackBerry from T-Mobile

---

From: Fabrice COLOZZI <fabrice...@gmail.com>

Sender: king...@googlegroups.com

Date: Sun, 1 Aug 2010 13:31:04 -0400

To: <king...@googlegroups.com>

ReplyTo: king...@googlegroups.com

Subject: Re: [KingColeCondo:1842] new special assessment

[Fabrice COLOZZI]

I suggest to everyone unliking this assessment to show up at the 12th meeting to through some tomatoes to the present board members who voted it (hopefully I'm not part of this board anymore lol)

No kidding... because I pay normally, I HAVE TO PAY for those who don't pay???

What if I choose to not pay? Other/others will pay for me?... pffff

__________________

Fabrice COLOZZI
Tel :  +1 786 285 1360

[gloria mallardi]

What if we ALL choose not to pay?

---

From: fabrice...@gmail.com
Date: Sun, 1 Aug 2010 17:42:26 -0400
Subject: Re: [KingColeCondo:1846] new special assessment
To: king...@googlegroups.com

[Nidia Barakat]

We should not pay for "this" assestment,  period.  There should be other remedies. --- On Sun, 8/1/10, gloria mallardi <gmal...@hotmail.com> wrote:

[TOP...@si.rr.com]

Ms. Marinell -thank you for sending those minutes. We must have missed them. And agreed - we should not be paying for the bad debts. As for the "day-to-day maintenance projects - isn't that what our current maintenance is for? This is simply not right.  As someone said - what happens if everyone chooses not to pay - than what? Do they close the building?  I think this is a very bad idea and is going to put some of the owners who are just able to make the payment now - in a bad state - and then they are just like the ones for whom the assessment was created.  Very bad. Very sad.  Thank you for the updates.

[wtchu...@aol.com]

I agree enough is enough. I am paying over 1200.00 per month in maintenance and assesments and I own free and clear. Its cheaper to rent !!! What the hell!!

Sent via BlackBerry from T-Mobile

---

From: <TOP...@SI.RR.COM>

Sender: king...@googlegroups.com

Date: Mon, 2 Aug 2010 01:06:01 -0400

To: <king...@googlegroups.com>

ReplyTo: king...@googlegroups.com

Subject: Re: [KingColeCondo:1849] new special assessment

[Fabrice COLOZZI]

Blablabla and blablabla and blablabla.... I'm wondering how many of you guys, will be present at the 12th meeting....

No surprise that this board fell so "powerful".

__________________

Fabrice COLOZZI
Tel :  +1 786 285 1360

[wtchu...@aol.com]

Does it make a differrance. They do what ever they want in the end anyway. Its always been like that.

Sent via BlackBerry from T-Mobile

---

From: Fabrice COLOZZI <fabrice...@gmail.com>

Sender: king...@googlegroups.com

Date: Mon, 2 Aug 2010 01:21:05 -0400

To: <king...@googlegroups.com>

ReplyTo: king...@googlegroups.com

Subject: Re: [KingColeCondo:1851] new special assessment

[TOP...@si.rr.com]

Unfortunately some of us do not live there - and count on those who do - surprising response from someone respected and former board member. I am sorry to bother you but have no choice.

----- Original Message -----

From: Fabrice COLOZZI

To: king...@googlegroups.com

Sent: Monday, August 02, 2010 1:21 AM

Subject: Re: [KingColeCondo:1851] new special assessment

[Nidia Barakat]

I do not live in the apartment either but I communicate with Darlene and she will make sure that your concerns are heard when the BOD meet.    Everybody should be able to e-Mail, fax or call the office and communicate with them. --- On Mon, 8/2/10, TOP...@SI.RR.COM <TOP...@SI.RR.COM> wrote:

[Marinell Montoya]

No concerns will be entertained.  Its already done.

[A. Gartner]

    I am Arpad Gartner  suite 304   not agree  this special new $ 500.000.00 Assessmment