Ocean Reef Resort Owners Association, Inc.
Annual Meeting Minutes
Tuesday, December 21, 2010 – 1:00 p.m.
Tropic Winds Condominiums
17643 Front Beach Road
Panama City Beach, FL 32413
Director, John Skinner called the meeting to order at 3:30 p.m. It was determined that a quorum was not present. Board members present were John Skinner and Greg Martin.
FINANCIAL:
The independent audit for Tropic Winds year 2009 was completed in April 2010. The present budget is $490k and the HOA dues for 2011 remains at $248 per month. As of December 2010, all bills are paid and all owners are current on HOA dues. This will be verified by independent auditor and published in April 2011. There are no short sales or foreclosures in Tropic Winds. Owners who would like a detailed copy of 2009 audit report may send an e-mail to John Skinner at condoman@cox.net.
The HOA is investigating a new flood insurance policy that could reduce premiums up to $125,000.
MAINTENANCE:
Indoor/Outdoor Pool – The indoor/outdoor pool will not be heated in 2011. The HOA is currently looking into quotes for a new outdoor pool. The new pool is estimated to cost approximately $90,000
Emergency Access to Units – All owners please contact Rob Power, Head of Maintenance for Ocean Reef, at 850-588-8690 and provide either key or access code to be used in case of emergency.
OTHER BUSINESS:
Florida State law requires owners to obtain insurance coverage for inside of unit.
627.714 — Residential condominium unit owner coverage; loss assessment coverage required.—
(1) For policies issued or renewed on or after July 1, 2010, coverage under a unit owner’s residential property policy must include at least $2,000 in property loss assessment coverage for all assessments made as a result of the same direct loss to the property, regardless of the number of assessments, owned by all members of the association collectively if such loss is of the type of loss covered by the unit owner’s residential property insurance policy, to which a deductible of no more than $250 per direct property loss applies. If a deductible was or will be applied to other property loss sustained by the unit owner resulting from the same direct loss to the property, no deductible applies to the loss assessment coverage.
Owners are advised to consult their insurance provider for details of new HO-6 insurance changes.
ADJOURNMENT:
With no further business the meeting was adjourned at 2:00 p.m.
Respectfully Submitted:
John Skinner
Board of Directors
