October 12, 2021 Roofing Board Meeting

MYERLEE CIRCLE CONDOMINIUM ASSOCIATION
6945 DOG LEG WAY
FORT MYERS, FL. 33919
BOARD MINUTES  OCTOBER 12, 2021
ATTENDEES
President. Larry Wynberg
Vice President. Joyce Morris
Treasurer. Linda Fentner
Secretary. Pearl Prevoir
Unit Director. Lisa Kaiser
Pool/Clubhouse Director. Kim Hanson
Grounds Director not available
Meeting called to order by President Wynberg @1:00 pm.
President Wynberg explained the reason for this board meeting was
to review roof replacement options for 2022 and discuss the options
on how to budget for roof replacements.
The November, 2021 property insurance renewal statement recently
received. The bill is $85,000 which is a 27% increase over last year.
After review of the 3 estimates to replace Myerlee Circle
roofs, the President and the Unit Director recommend hiring Sabal
Construction & Roofing Co. The reasons for this recommendation
consist of:
1) they offered the best rate,
2) the quote was well presented,
3) they are able to assist with financing,
4) they will lock in their rate if association accepts the quote by
the end of November, 2021,
5) Sabal is willing to accept the last payment for roof
replacements in November, 2022,
6) their bid includes cost for 3 sheets of plywood per roof,any
more then that will be charged the going rate for plywood,
7) they agree to perform yearly checks on the roofs, and
8) all written reviews show this company does quality work for
both commercial as well as private buildings
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Vice President’s Report
Joyce obtained information on available funding for roof
replacement by talking with representatives from Edison Bank. The
Association has 2 CDs with Mid FL which mature between November
2023 and 2024 and 4 CDs with TIAA which will mature between
February and November of 2022.
The calculations that Joyce used were based on our Reserve
monthly deposits of $7, 398.33 and the contract for replacement of
roofs of $900,000. She established that the association should not
use all our Reserve checking
Funds in Edison Bank and determined that the association will be
charged penalties of approximately $25,000 to cash in the 2 Mid Fl.
CDs. Using all the information she obtained, Joyce recommends:
1) setting up 3-4 payments to roofing company over the life of the
job,
2) evaluate Edison Banks offer to provide a loan @ end of the job
to complete payments owed. This loan may be for 5 years, or
3) Consider a collateralized loan @ end of job using our CDs as
collateral. Consider doing interest only, and
4) If an assessment is required to assist in payment for the roof
replacements, the Board will develop payment options for
owners
The Vice President requested she be contacted before any signing
of any contract with a Roofing Contractor due to financing
stipulations.
After review and discussion by all board members, Lisa
Kaiser made a motion for President Wynberg to sign the
Contract with Sabal Roofing with the understanding that
the estimate wouldn’t be over $925,000 for total roof
replacements. Motion seconded by Joyce Morris: the 6
present board members all in agreement. Motion passed.
Financing of the roof replacements will require further discussion
after the 2022 budget is completed and approved.
Kim Hanson made a motion to end the meeting, seconded and all in
favor. Meeting adjourned @ 1:35 pm.
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Report respectfully submitted by Pearl Prevoir
Secretary of the Board