Riverside Terrace

Special Board Meeting Minutes

October 10, 2022

Certifying of Quorum & Call to Order
Meeting called to order by Sharon Dowling at 5:00pm on Zoom.

Roll Call
Sharon Dowling – present
Peter Tedone – present
Mike Bisaha – present
Anna Enrico – present
Barbara Ellis – present
Dennis Rosenfeld – present
Rik Shafer – present

A quorum was established.

Proof of Notice of Meeting

It was confirmed by email to the owners and posted on the bulletin board with the required 14-day notice.

Consideration of the 2022 Special Assessment for the purpose of:

Review of 2022 Budget Deficit

Vote on Special Assessment for 2022 Budget Deficit and due dates

By proper motion by Peter Tedone, seconded by Barbara Ellis it was unanimously approved to special assess $1,150 per unit with an option to pay in full by 11/10/22 or to make two payments of $575 due on 11/10/22 and 12/10/22.

Consideration of the 2023 Special Assessment for the purpose of:

Review of 2023 Insurance Costs

Vote on Special Assessment of 2023 Insurance Costs and due dates

By proper motion by Peter Tedone, seconded by Anna Enrico it was unanimously approved to special assess $4,587 per unit with options to pay $1,146.75 quarterly or to pay $382.25 monthly for twelve (12) months beginning 1/1/2023.

It was stated the insurance coverages remain the same, except for the umbrella coverage which is not available until we receive our 40 Year Certificate.

Adjournment

There being no further business to be brought before the board, by proper motion by Barbara Ellis, seconded by Anna Enrico the meeting was unanimously adjourned at 5:34 PM.