PINESTONE AT PALMER RANCH ASSOCIATION, INC. MINUTES OF BOARD OF DIRECTORS MEETING March 21, 2017

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1 PINESTONE AT PALMER RANCH ASSOCIATION, INC. MINUTES OF BOARD OF DIRECTORS MEETING March 21, 2017 The meeting of the Board of Directors of Pinestone at Palmer Ranch Association, Inc., a Florida Corporation Not For Profit, was held at in the Clubhouse at 4255 Players Place, Sarasota, Florida The meeting was called to order by David Kathman, Vice President at 6:00 PM. Debbie Fulton, CAM, CMCA, AMS, PCAM, Association Manager, kept the record of the meeting. It was announced that notice of the meeting was properly made to all parties and notice was properly posted in advance of meeting. Directors present at the meeting were Dave Kathman, Vice President; Sandra Keir, Treasurer; David Yamin, Secretary; Larry Giorgio, Director; and Gary Engelgau, Director on the phone was Darrell Salyers, President; constituting a quorum of the authorized number of Directors of Pinestone at Palmer Ranch Association. Also present was Debbie Fulton, CAM, CMCA, AMS, PCAM, Association Manager and 30 homeowners present. Approval of Minutes February 21 st, and March 14 th, 2017 Board and Workshop meetings - A motion was duly made by Larry and seconded by Gary to approve the minutes of the February 21 st, and March 14 th, 2017 board meetings. The motion passed unanimously. It was requested that a reference to the Building 19 electrical panel be entered into the minutes. Since it was later determined that the electrical panel on Building 19 did not need to replaced, no special assessment will be needed and the Board s action will be negated. Treasurer's Financial Report: See attached. Managers Report Painting Coming along well. Have completed buildings 1, 5, 6 and 25. Will pressure wash building 19 tomorrow. Will complete building 6 this week weather permitting. Roofing Scheduled to begin the 3 rd week of April weather permitting. Committee Reports: Plant & Beautification Committee: David reported that the letters have gone out for patios and related area. Committee would like to follow through on the 14 th when the owner s time line runs out. Foxtail palms are not as bad as originally thought, there is not the need to remove as many as originally thought. Committee was discussing changing to pygmy palms versus the foxtails budget has been distributed to the finance committee. Facilities: The committee s recommendation for the pool resurface is to go with the pebble sheen finish. The committee also discussed panels and LED change out as well as post lights that are starting to break off at ground level. The committee is also looking at a 5 year plan in conjunction with the reserve study. Systems, Technology & Security Committee: Larry reported the good news is the internet extender is installed and just needs router access. Debbie advised she hoped to have it done in the next days. As far as security Bill Muzzillo wrote a memo to the Board with regard to the need for a security camera and motion sensor light in the hall by the theatre. The committee is looking into the camera system and enhanced security lighting for the Association. Bill advised he is awaiting a call from CAI Access for the costs to install a camera. The latest vandalism to replace the lock came in at a cost of $495. Last summer there was also vandalism and the costs to date for a year is most likely over $1,000. Should also add a motion light.

2 Social Committee: Dave reported that the pool party was a great success. Other activities will be ending in March and others until April. Check bulletin board and patter for the specific dates. Documents and Rules Committee: Gary thanked Sue Wager, Rob Hoerner and Jack McManus for their help on the committee. Want to be sure all rules run parallel with the documents. The committee has reported two action items in new business. See attached Old Business: New Business: A motion was duly made by Gary and seconded by Dave to distribute the closing list to the owners via and to contact the office or look at pages 27 and 28 in the rule book on One Call. The motion passed unanimously. Discussion of amending the documents with relation to bikes - A motion was duly made by Gary and seconded by Dave to amend the documents section 19 M to change the language to allow bikes and other approved items to be kept outside the Unit in the racks. The motion passed unanimously. Sandy said that she proposed three years ago that the Facilities Committee look at covered bike shelters that would protect the bikes from the elements, prevent theft and make our community look better. Since that plan has been rejected by the Facilities Committee, she would prefer to have the bikes kept in owners units. Some have issues to carry them upstairs. Dave advised that this is more difficult than removing or changing the documents. Darrell also said that he would like to see some type of bike storage area set up to get bikes out of the parking lot. Italics = addition Strikethrough = delete Discussion of amending the documents with relation to rental deposits - Documents require a one month rental deposit on all leases, but the Board at some point adopted a rule that requires a $300 security deposit on rentals that are 7 months or longer. To eliminate this inconsistency between our documents and our rental application, the Rules and Docs Committee recommended to the Board that any reference to security deposit be deleted from the documents. A motion was duly made by Gary and seconded by Larry to have the security deposit language removed from our documents. The motion passed unanimously. Discussion and approval of quote for engineering to replace the pool equipment - We were recently notified that our pool equipment is in need of an urgent fix. A motion was duly made by Sandy and seconded by Larry to approve Crest Engineering s $2,500 proposal to prepare swimming pool equipment modification plans. The Finance Committee recommended to the Board that the $2,500 be charged to the Pool Equipment Reserve account. The actual cost of the pool equipment replacement project is unknown at this point, but projected to be from $40,000-$75,000. Because there is insufficient money in the Pool Equipment Reserve, the Finance Committee recommended to the Board that they call a Special Membership Meeting to seek approval of the owners to move up to $80,000 from the Pool Refurbishment Reserve (3610) to the Pool Equipment Reserve (3620). That leaves enough money in the Refurbishment Reserve to cover the cost of redoing the surface of the pool this summer. A motion was duly made by Sandy and seconded by Larry to send a letter to the members, notifying them of a Special Meeting to vote on moving up to $80,000 to the Pool Equipment Reserve account. Discussion of the pool renovation quotes and surfaces - See above Discussion of funding projects, reserves versus special assessments - Dave gave a report on the electrical panels. Sandy advised that the finance committee is looking into ways to finance the projects. RoseAnn would urge the board to consider a reserve for the electrical panels. There is a know issue and the Association has the responsibility to fund for it. Patty tends to agree somewhat with RoseAnn, should caution on a neighborhood reserve. Trying to get a feel of what the community wants and so direction can be given to the finance committee. Rob suggested the finance committee give three options for 5, years and the board can determine how to fund the panels. Need the office to keep a log of issues that happen in the future.

3 Discussion of mailing to members for vote to move funds in the reserves - Handled above Discussion of hiring a consultant / engineer for the road resurface project - Tabled at this time Discussion and vote on the shut off replacement for buildings While an opinion rendered by the Association s attorney, Kevin Wells, dated March 17, 2016, on the Responsibility for Costs of Replacement of 12 Gang Meter Bank in Building 14, would seem to assign financial responsibility for the new valve to the three buildings affected, Sandy said that there are several exclusions mentioned in the opinion that make it somewhat confusing. A motion was duly made by Sandy and seconded by David to seek clarification from the Association s attorney about whether the buildings are financially responsible for the cost of replacing the value or the Neighborhood Association. The motion passed unanimously. Three quotes were received by the Board and a motion was duly made by Dave and seconded by Sandy to accept the $4,850 quote submitted by Daniels Plumbing. The motion passed unanimously. Discussion of post lamp replacements - Facilities is looking into this issue. They are set in concrete currently. Getting quotes to replace them individually or in groups. Discussion of implementing a disaster recovery plan - Larry reported the plan in part is a vulnerability plan. Larry started putting together the plan and it will be on the website so available to all. Testing is also very important as well. Discussion of changing out phone lines to cellular for the fire panels Table to next month Discussion of possible repairs to electrical panels and funding Discussed above. Discussion of the possible change out of the security lights and funding - Sandy reported. Table at this time. Open Forum No further business coming before the meeting, upon motion duly made by Dave and seconded by Larry to adjourn the meeting at 8:00. Respectfully submitted, Debbie Fulton Debbie Fulton, CAM, CMCA, AMS, PCAM Pinestone at Palmer Ranch Association, Inc. Association Secretary

4 Pinestone at Palmer Ranch Board Meeting March 21, 2017 Treasurer's Report I) Operating Budget Our budget for February was $67, and we spent $59, or $8, less than budgeted. The only expense significantly above budget for the month was $9,254 for plant replacement and mulch, but that happens every year at this time. YTD, we've spent $140,534 vs our budgeted amount of $135,786. II) Reserves We ended the month of February with total reserves of $1,284, That consists of $849,881 in CDs and $434, in Money market accounts. We had two CDs mature in February and reinvested $100,000 in a 12 month CD at.90% and $145,000 in a six month CD at.75%. III) Finance Committee Report The Committee met on March 2 and March 16 to discuss the new Reserve Study and appropriate funding sources for several projects that were referred to the Committee by the Board at its last meeting. From now on, the Committee will review the Financial Report once it's received from PCM and will prepare a trend analysis for the Board. The Committee also took the following action: Rebuilding Pool Equipment After several problems with the water level in the pool, Galaxy Pools informed us that the pool equipment is sinking and needs to be rebuilt. The cost for this project could be $40,000-$75,000, depending on what needs to be done. Before work can start and an estimate prepared, an engineering firm will need to conduct a study and make recommendations to the Board. The cost of the study will be $2,500. At the present time, there is not enough money in the Pool Equipment Reserve to cover the cost of the rebuilding project. However, there is a balance of $144,555 in the Pool Refurbishment Reserve, which is much more than needed to refurbish the surface of the pool and replace the tiles this summer. After looking at ways to fund the project, the Committee voted to make the following recommendation to the Board: The Board should call a Special Member meeting and ask Pinestone owners to authorize the Board to transfer up to $80,000 from the Pool Refurbishment Reserve #3610 to #3620, Pool Equipment, for the purpose of rebuilding the pool equipment. The Committee also recommended that the Board authorize the engineering study of the pool equipment and fund it from the Pool Equipment Reserve account #3620.

5 The Committee heard the Facilities Committee proposal to replace all building security lights with LED fixtures, at a total cost of approximately $23,000. The Facilities Committee suggested that the project be funded by money in Neighborhood Reserve item #3685 Building Lighting Fixtures and #3775, Special Projects. Based on a description of the Lighting Reserve, that money is supposed to be used for lighting throughout the community, including the tennis courts, around the pool and other common areas. Using that money for building lights would require a vote of the owners. An option would be to charge the costs to each building's Repair and Maintenance line item in the operating budget. Since this is not an emergency, the Committee decided to review the Building Balance Sheet to see how much money the buildings have in their repair budgets to see whether there is enough to pay for the lights before the owners are asked to vote on moving reserve money. Unfortunately, PCM has been unable to provide us with a Building Balance Sheet report, so this review hasn't yet been done. The Committee is meeting again next Tuesday, March 28, and hopes to have the report by then. The Committee also received a report about problems with the electrical panels on a couple of the buildings. The problem seems to be similar to the problem experienced by Building 14 last year. The problem resulted in a $10,000 special assessment to the owners in Building 14 to pay for the cost of replacing the panels. A survey completed by Tony Fischetti and an electrician of all 26 buildings showed that most of the building's electrical panels are exhibiting wear and tear, but should be OK for another 7-10 years. Since the survey was completed and it appears that all 25 remaining buildings will be faced with this replacement, the Finance Committee is seriously studying the option of creating a reserve account for each building for the purpose of replacing the electrical panels in 5 or 10 years. In the meantime, Tony recommends that buildings have some repair and maintenance work done to the panels which he things will give them another few years of life. The Committee will run some projections of what a reserve account would cost the owners and present it to the Board at its next meeting. In the meantime, no building is in an emergency situation, so no action needs to be taken at this time. Road Re-paving the Committee is waiting for more information from the Facilities Committee about engineers who can be hired to oversee the paving project. Review will take place when adequate information is available. Beautification Committee 2018 Budget was submitted by liaison Suellen Coito. It requests $36,000 from the Board for mulch and tree and plant maintenance in It will also be submitted to the Board.

6 Docs & Rules Committee Report Committee Sue Wager, Jack McManus and Rob Hoerner, Chair, have prepared two action items for the Board, the first two items of New Business on tonight s agenda. Thanks. The major project for this budget year is a proposed replacement and update of the PPRA, Inc. Rules and Reference Manual 2015 Revision publication. The goal will be to include all Board of Director s approved rules that supplement the requirements established by the PPR governing documents. 3/21/17 motions: Motion on behalf of the Committee: I move the Suggested Condo Closing Checklist on pages 27 & 28 be distributed to Owners via One Call Now by or Association Manager before April 1 and after review by a subcommittee, appointed for this specific purpose, by the Facilities (or other appropriate) Committee. On behalf of the Committee, I move the Board propose, to be approved by our lawyer and at least two-thirds of Owners, an amendment to the Amended and Restated Declaration of Condominium of PPR NO. (1-26) 19 Use Restrictions (m) (Page 24) to state: Personal property of Unit Owners, including excluding bicycles and similar items, shall be kept in the Condominium Units except when in use. (abc = delete, bold = new) On behalf of the Committee, I move the Board agree to the removal of all references to a security deposit by the Documents and Rules Committee in a proposed amendment to the above named Declaration of Condominium 18 Sale or Lease of Unit (b) (Page 18), to be approved by the Board and lawyer, for submission to a vote by the Owners. Gary Engelgau, Board liaison