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Pirates Landing Townhouse Association

Pirates Landing Townhouse Association. Annual Meeting November 12, 2011 Galveston Country Club, Galveston TX. Submission and Verification of Proxies. Submit all proxies to the secretary at the registration table to receive all of your ballots and ballots for your proxies. Agenda.

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Pirates Landing Townhouse Association

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  1. Pirates Landing Townhouse Association Annual Meeting November 12, 2011 Galveston Country Club, Galveston TX

  2. Submission and Verification of Proxies • Submit all proxies to the secretary at the registration table to receive all of your ballots and ballots for your proxies.

  3. Agenda • Minutes of 2010 Annual Meeting • Submit and Verify Proxies • Financial Report • Committee Reports • Landscaping - Insurance • Maintenance - Painting • Old Business • TWIA lawsuit - PLTA website status • PPOA update • New Business • Election of Board Members

  4. Pirates Landing Townhouse Minutes from 2010 Meeting PLTA Board Secretary: Victoria Staff

  5. Pirates Landing Townhouse Financial Report Board Treasurer: Kevin Foley

  6. Financial Status and Update • Current Status • Plan at previous homeowner’s meeting • Status of monies to spend • Accounts Receivable • Expenses during year-to-date 2011 • Plan for 2012

  7. Plan at Previous Homeowner’s Meeting • Spend $18k or less per month • Spend $9,165 of monthly assessment • About $3k for operating expenses; remainder for maintenance & repair • Spend $5k to $9k from reserves left over from the hurricane • Paint as each building is completed

  8. Current Financial Status

  9. Accounts Receivable

  10. Expenses during 2011

  11. Plan for Remainder of 2011 and 2012 • Replenish insurance reserve • Slow spending to match assessments • Paint buildings to protect the wood as work is complete • Pray for settlement funds

  12. Pirates Landing Townhouse Landscaping and Beautification Board Members: Sallie Waters

  13. Landscaping • Current Contract – Good through 2012. • Common areas only • Responsibility of the owners • Personal gardens, decks and driveways • Contract Terms • Cutting grass 43 times per year • Weekly March 1st to October 31st • Twice per Month November through February • Trim palms and sound fence twice per year • Weed and feed two times a year

  14. Beautification • Brian Beck - Landscape architect • Scope • Cost

  15. Pirates Landing Townhouse Insurance Board Members: Kevin Foley and Mike Callahan

  16. Insurance • Square Footage Implication • PLTA home owners are assessed insurance costs based on the original square footage of each unit. • The square footage is from the original 1970’s design of the units. • Each Home Owner should check their current square footage as assessed by www.galvestoncad.org

  17. Insurance • Current Insurance Package • Flood Insurance • Windstorm Insurance • Fire Insurance • Umbrella Insurances • Insurance Provider • Galveston Insurance Associates (GIA) • (409) 740-1251 or (281) 442-1892 Written in Homeowner’s name. Written in PLTA’s name for each homeowner.

  18. Insurance • New Content Insurance Requirements • One policy per address • Has to be written through GIA

  19. Insurance • Owner’s Responsibility • Flood &Wind is vague about who covers what. • To Assure replacement, each owner should consider “Build Out” or “Alterations and Improvements” coverage in addition to contents coverage. • Coverage for items not normally moved upon selling: • Instant Hot Water appliances - Wine Coolers • Extensive Tile Coverings - Fireplaces • Built-in Bookshelves/Cabinets • Tub/Shower Fixtures of Higher than Normal Pricing • Intercom or Sound System and Security Systems GIA Insurance Representatives consider such items to be “Alterations and Improvements “ or “Build Out Items for definition of coverage .

  20. Insurance • Owner Responsibility • Additional Structural Features Typically NOT Covered • Ground Floor unit and content • Hot water heater, refrigerators, electronics, … • Privacy Fencing • Outside Shower, Sink, and Cabinets • Outside Special Lighting and Ceiling Fans • Built-in Benches • Porch Swings • Plants and Shrubbery

  21. Insurance • Owner Responsibility • When the Townhouse is a primary residence, supplemental insurance should be specified to pay for temporary living quarters while the unit is under restoration. • If Townhouse is a rental unit, a “Loss of Income” rider may be requested. (Difficult to obtain). • Golf Carts are rarely covered under a Home Owner Contents policy. Discuss the options regarding insurance on golf carts with your insurance agent.

  22. Insurance • Record Keeping • For improved coverage and recovery of loss, the homeowner should maintain a written inventory of contents and attributes. An online Home Inventory “worksheet” can be found on the Insurance Information Institute (III) website; www.III.org • The Home Inventory Worksheet provides for descriptions, serial numbers, costs and photos of items and features covered by the supplemental policy. • A copy of the inventory details should be stored offsite in a secure place. Dealing with the insurance company is easier and faster when you have detailed information on covered items.

  23. Pirates Landing TownhouseMaintenance Committee Maintenance & Repair Committee: Kevin Foley and Mike Callahan

  24. Exterior Maintenance 2011 • Approximately $200,000 spent last year (November to November) • Most of the major repairs have been completed • Beams, bolts, trim, warped siding, and window boxes are now priorities • Pray for settlement funds

  25. Exterior Maintenance Process • Current policy is that Association contracts for all maintenance. • Covenants require owners get HOA permission before ANY modifications are made. (5.01) • Request form – on website pltagalveston.org • Prioritization of projects • Structural • Safety • Cosmetic

  26. Owner/Renter Responsibility • Maintaining quality of the community and property value. • Owner is ultimately responsible for infractions of rules stated in our covenants and by-laws even if property is occupied by renter

  27. Pirates Landing TownhousePainting Board Members: Mike McDonald

  28. Painting the Buildings • Immaculate Paint   • $248,000 • Metro Paint  • $150,000 • NVJ Construction • $130,000

  29. Painting the Buildings • What the painters will do? • What will the owners need to do? • How long will it take? • When will it start?

  30. Pirates Landing Townhouse Old Business Insurance Settlement, PLTA new website, PPOA information, New laws affecting HOAs Board President: Mike Callahan

  31. THE Settlement • The settlement includes a confidentiality clause prohibiting us from disclosing the amount and terms of the settlement.

  32. THE Settlement • See handout

  33. PLTA Website • www.pltagalveston.org • You will find: • Insurance policies • The covenants • The By-Laws • PLTA rules and regulations • Forms

  34. PPOA Membership • Membership has been discontinued as of January 1, 2010. • We offered by attorney’s letter in June, 2011, to donate $2,500 per year for the good works PPOA does if PPOA drops all claims. • PPOA has never responded.

  35. New Laws Affecting HOAs • See handout

  36. Pirates Landing Townhouse New Business Election of board members Board President: Mike Callahan

  37. Elections • Two open positions • Nominees: • Michael Callahan - From the floor • Tom Koval - From the floor • Guidelines for voting • One vote per unit per position. • Per the covenants (2.02), A voter MUST be the owner of record or proxy holder.

  38. Board Election Results

  39. From the Floor

  40. Discussion/Questions?

  41. Pirates Landing Townhouse Annual Meeting Adjournment: Thank you for coming!

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