BOARD OF DIRECTORS MEETING
September 14, 2010
A meeting of the Board of Directors of the Daytona Beach Ocean Towers, Inc.
was called to order at 6:30 p.m. by Edna Weeks, president. Board members present were Mrs. Weeks; Tom Moore, 1st vice president;
Bea Atkins, 2nd vice president; Carol Ward, secretary, and Roger Verstay, treasurer. Sherri McConnell, asst. treasurer, and
Edna Gottlieb, asst. secretary, were absent. There were approximately 24 owners in attendance.
MINUTES OF THE PREVIOUS MEETING: A motion was made by Tom Moore to
approve the minutes of the previous meeting as published. The motion was seconded by Roger Verstay and was approved unanimously.
Edna Weeks introduced and welcomed to The Towers our new manager, Dianna Gordon.
Tom Roam, chairman of the Building and Grounds Committee, gave an update on the finalization of the
concrete restoration, continuing plans for a pool update, and plans to go forward with an air quality review. He also
gave a farewell acknowledgment to Dr. Annie Ward, past President and Board member for many years, who has relocated to an
independent living facility.
Tom Moore, chairman of the Safety Committee, gave a report concerning access to units. Discussion
was entertained from the floor.
Roger Verstay, chairman of the Finance Committee, advised there was not a quorum present at the finance
committee meeting so no recommendations could be made to the board.
OLD BUSINESS: None
NEW BUSINESS: Concrete restoration has run over insurance settlement
funds because of over runs from the north side.
Motion: A motion was made by Tom Moore to use reserve funds, if necessary, for concrete restoration
costs. The motion was seconded by Roger Verstay and passed with a vote of 5 for with Edna Gottlieb abstaining.
Motion: A motion was made by Carol Ward to update the current table of reserve components list
to delete the fire sprinkler system, increase the concerte restoration replacement cost to $420,000, decrease the A/C tower
replacement cost to $60,000. The motion was seconded by Tom Moore and was passed unanimously.
At a board meeting on January 26, 1999 a 13th payment to fund the dedicated reserves
Number 4 and 5 read as follows:
(4) The Dedicated Reserve Fund shall be financed by annually assessing each unit and amount equal
to a single month's maintenance fee charge due for that unit on July 1st of the year in which the assessment is made
(5) The assessed amount shall be due and payable on July 1st of each year.
Motion: A motion was made by Roger Verstay to amend that policy and to revise item (4)
to read - The Dedicated Reserve Fund shall be financed by allotting an agreed upon percentage of each annual budget to be
set aside in that segregated account and to delete Item (5). The motion was seconded by Tom Moore and was passed by
a vote of 5 for with Edna Gottlieb abstaining.
Reserves need to be brought up to 10% of total budget.
Motion: A motion was made by Tom Moore to present for vote to the association members budget
#1 with a 7% increase and 12 equal payments or budget #3 with manadated reserves. The motion was seconded by Roger Verstay
and passed unanimously.
Tom Moore reported that in June over $60,000 was owed in past maintenance fees. Over the summer,
efforts were undertaken to reduce these accounts which are in arrears. Many letters were sent to the delinquent owners.
Liens were placed on six units, one foreclosure suit was filed, and claims have been made in two bankruptcy cases involving
two units. In addition, two units with unsettled accounts are for sale. As a result, over $25,000 has been collected
with more money expected.
Edna Weeks announced that Bea Atkins after many years of board service has decided to tender her resignation.
We wish her well
Edna Weeks recommended that Sally Smith be appointed to fill the vacancy. Roger Verstay seconded
and the motion carried unanimously.
A motion to adjourn was made by Roger Verstay, seconded by Tom Moore, and
passed unanimously. Meeting was adjourned at 8:10 PM.