2024-06-19 Special Meeting – New Management Agent

Meeting called to order: 7:10 PM

1. SPECIAL meeting validated as per bylaws, proper notice, quorum of BOD met, BOD members qualified.
2. Review – At the May 23, 2024 regular meeting it was announced and approved to find a new management company. The Board is requesting your presence at this special meeting to review the current proposals and provide feedback before the final proposal is voted on by the Board.
3. Owner comments & questions – there were none.
4. The replacement process / transition requires a few additional motions to allow smooth transition without calling additional special meetings.
5. Motions and discussions:
   1. Motion to send ACM termination letter with termination date of 30 June 2024, no later than 31 July 2024 as per draft letter. (See signed letter below.) Approved 3 in favor, 0 opposed.
   2. Motion and discussion to eliminate Tidewater ($33k / year) and Quest ($31k / year) management proposals.  Main point of discussion was the cost of these 2 proposals which closely matched what we were paying for ACM. Approved, 3 in favor, 0 opposed.
   3. Motion to hire American Dream Reality & Management ($10.8k / year) company as per their submitted proposal for term beginning 1 July 2024 and ending 30 June 2025 with automatic renewal in place. Approved, 3 in favor, 0 opposed.
   4. Motion to transfer reserve funds ($50,000) to capital account for transition process and include in the termination demands to ACM. Approved, 3 in favor, 0 opposed.
   5. Motion to write check of up to $50,000 written out to Sussex Square Condominium Council, Inc from capital account to be deposited into new account as recommended by the new management company as quickly as possible after termination letter has been sent and to hand deliver said check to the new bank with the representative from the new management company to deposit into the new bank account to allow for the start and continuation of operations without interruption from ACM. Approved, 3 in favor, 0 opposed. (In the end this was a $25,000 initial deposit check that was hand delivered to Truist Bank for deposit into the account, as per Christi’s recommendation.)
   6. Motion to waive all late fees for the next 6 months until all accounts are properly transferred and the unit owner has sufficient time to re-establish payment method. Approved, 3 in favor, 0 opposed.
   7. Motion to terminate collections agreement with Michael S. Neal and Associates and to pause all collections processes until collections can be re-established through the collections group recommended by the new management agent. Approved, 3 in favor, 0 opposed.
   8. Motion to terminate insurance agent relationship with Harvey Shankman and Schoenfeld Insurance Associates. The Issue has to do with our insurance increasing from approximately $39,000 in 2022, to 53,362 in 2023, and now to $62,000 for 2023 – 2024. Approved, 3 in favor, 0 opposed.
   9. Motion to begin new insurance agent relationship with BJ Mattheiss Insurance. Approved, 3 in favor, 0 opposed.
   10. Motion to put an attorney on notice either Schild or Skipper to be back up if ACM interferes with a timely transfer. Approved, 3 in favor, 0 opposed.
   11. Motion to take legal action with the new attorney and or through the proper AACO court. if necessary, if ACM obstructs smooth and timely transition, cost not to exceed $1500 without further BOD approval. Approved, 3 in favor, 0 opposed.
   12. Motion to adjourn. Meeting adjourned at 8:15 PM.

Minutes approved 19 November 2024 2 in favor, 0 opposed.