To all Court Square Press/Macallen Owners and Residents:
OUR ANNUAL MEETING WILL TAKE PLACE ON NOVEMBER 27, 2012 AT 7 PM IN THE FORMER YOGA STUDIO IN THE MACALLEN BUILDING.
Below is a both the agenda for the meeting and a brief status update. Please make the effort to attend the meeting so we can fully update you. We also want to hear your comments and answer your questions!
Management: Bayberry has been on site for nearly (4) months and a contract has been signed with an option to renew. The Board feels the transition, though abrupt, went as smoothly as we could have hoped for and that the properties are in good hands.
Association Budget: Bayberry’s accountant has been successful in taking over books and records and can now presenting a meaningful assessment of the association’s finances. We have $490,000 in reserves and are current on all accounts. The 2011 review by Friedman Suvalle & Salomon PC has been completed and will be distributed at the meeting or upon request. The 2013 Budget will be presented and explained in detail at the annual meeting. A Capital Reserve Study to be performed by an outside consultant has also been commissioned to assist the Board in long-term planning to ensure the Association remains prepared to deal with future replacements and repairs.
Sales and rentals: Both buildings are now warrantable. Re-sales and sales of developer units continue to be robust and there has been some interest in the retail spaces. The Macallen penthouse unit has been split and will go on the market in early 2013.
Collections: Collections continue to be aggressively pursued. Bayberry’s accounting team has made significant progress and delinquent accounts are coming down steadily. Legal action is being taken against accounts 90 days out, including payments to the Association and to Minol (CSP only).
Condo Fees: Increases will be announced at the annual meeting. As previously stated, they will not be inordinate and details of the budget will be thoroughly reviewed. A revised schedule of additional fees (for moves and Screening Room rental for example) will also be available.
Maintenance & Improvements: We hope you have noticed the improvements and repairs being made around the properties! Many of the items noted in the previous update have been completed or are in progress.
Communications: In our last update we mentioned the installation of BuildingLink software. This software will be installed and staff trained in December! Details of the functionality of BuildingLink will be discussed at the meeting and are available at www.buildinglink.com.
Community Groups: Groups of 3-5 volunteers are being formed (with Board approval) to facilitate resident involvement in community improvements and activities.
Trustee Elections: Details of the upcoming election for Jen Ledet and Thomas Calus’s seats will be discussed at the meeting. Please start to think about whether you are interested in being involved!
2013 Schedule & Events: The Board will share what to expect in 2013.
We hope to see you at the meeting for more details and in the meantime, as always, please address questions and comments (or complaints) to Chris Mullen at cmullen@bayberry-management.com or to us. It is important that maintenance issues and comments regarding Bayberry or Palladion staff always go to Chris. Remember - he keeps the Board informed!
