Mariners Cove Condominium Board of Directors Meeting

January 21, 2006 at 9:00 AM

Attending: Carol Hasselbrock, Greg Bistline, Jim Morehouse, Arlyn Plagerman, Deanne Wright, Anne Van Der Zahm

Minutes for November 17, 2005 meeting were reviewed.  M/S/P

A letter from Unit 219 was read and discussed regarding the recent assessment.  A letter of response will be sent noting the items listed in the September 2005 letter to residents reiterating the reason for this assessment.

Review of Treasureís Report by Arlyn for the 2005 budget.  In an effort to make the budget more understandable for future review, a committee of Arlyn and Carol will consider a new budget format for both aspects, operational and capital improvements.  Additionally, there will be some final adjustments to the 2005 budget once the final 2005 audit is conducted, but expenses appear to be approximate to the originally projected budget made for the year.

A review of prepaid dues followed with discussion.  Motion for prepaid dues to be divided and invested into multiple year, staggered one, two and three-year CDs in order to get a better interest rate for the amount prepaid dues balance.  M/S/P.

Arlyn will transfer the prepaid dues balance into multiple year CDs.

The wrought iron fence on the north end of the complex is in need of repair.  Fence is to be repaired.

Inspection of the storm drains around the complex are to be conducted by Harlan and Jim.

Carol read the terms of agreement with Exxel settlement lawsuit on Phase 3 deck repairs.  Discussion followed with various considerations reviewed.  A motion to accept the agreement with Exxel as read (attached copy).  M/S/P

Deanne reviewed upcoming grounds maintenance for the spring.

The associationís CCRs will be reviewed by the board over the next several months in an effort to update them in accordance with current standards.

Meeting adjourned at 12:15 PM .