MINUTES OF THE SPECIAL MEETING OF THE HILLSBORO LE BARON CONDOMINIUM ASSOCIATION, INC. HELD ON MONDAY, JUNE 25, 2007 AT 4:00 PM AT THE ASSOCIATION’S CLUBHOUSE

Present from the Board of Directors were Sam Bowling, President; George Pearson, Vice President; Fred DeJacma, Treasurer; Bob Stevens, Secretary; Jack Mahony, Director and Winifred Chambers, Director.  Present from Residential Management Concepts were Robert Alter and Shannon Koorse.

CALL TO ORDER
Sam Bowling declared there was a quorum of the Board present at the meeting and called the meeting to order at 4:00 pm.  

APPROVAL OF MINUTES
Fred DeJacma made a motion to approve the minutes of the May 24, 2007 meeting as presented, seconded by Jack Mahony.  All in favor.  Motion carried.

ASSESSMENT DISCUSSION
Sam Bowling stated that the approximate cost of the Paver Assessment would be $225,000.00. He further stated that he was aware that in order to pass this assessment the Board would require a 75% approval vote from the membership.  Sam Bowling stated that the Le Baron attorney had advised him that they could obtain this approval either by a 75% vote in person or by sending a 60-day notice to residents asking for written consent.

Sam Bowling read an excerpt from the Florida Statute regarding material alterations to common areas, which stated that a 75% approval by the membership is required. 

Sam Bowling stated that the Paver Project was already approved by the Board at the previous meeting, but that he would like to proceed according to the proper guidelines.

Sam Bowling stated that he had received a petition from 11 residents saying they didn’t want any more assessments.

Sam Bowling stated that the Board had borrowed one million dollars against their three million dollar line of credit and will somehow have to pay it back.  He further stated that he intended to pay back the majority of this money with the insurance money.  Sam Bowling stated that they had received an insurance check for approximately $1.6 million dollars, of which $391,500.00 would come out for their deductible.  He added that $250,000.00 was used for the advance for the roofs and they would still need to pay the adjuster $121,000.00

Sam Bowling stated that some residents had asked when they will be getting back their insurance money.  He further explained that the insurance money will be going towards paying for the roofs, not individual owners.  Sam Bowling stated that they had received a final check from the Insurance Company for $880,000.00.

Sam Bowling stated that owners would receive a full accounting of the monies in thirty days.

George Pearson stated that the Board should move ahead with the Paver Project, as it would help increase their property value.  Sam Bowling stated that he would like to break up the $1,500.00 Paver Assessment into three smaller payments of $500.00 each.  Fred DeJacma stated that he would like to do a mailing asking for a written vote of approval for the Paver Assessment. 

Sam Bowling stated that they would also need to have a survey of the property done and must have the corners properly set in this survey.  He further added that this survey would cost $3,000.00.

Bob Stevens made a motion to send out a letter to residents asking for a vote on the Paver Project, which would include payment amounts and a return date; seconded by Winifred Chambers.  Winifred Chambers added that she would also like to include in this letter the benefits of putting in pavers.  All in favor.  Motion carried.

Sam Bowling made a motion that the due dates for the payments would be October 1st, November 1st and December 1st of 2007, seconded by Winifred Chambers.  All in favor. Motion carried.

Sam Bowling made a motion that he would write the assessment letter and a mailing would be done, seconded by Fred DeJacma.  All in favor.  Motion carried.

ADJOURNMENT
There being no further business before the Board of Directors, Sam Bowling adjourned the meeting at 5:00 pm.