The treasurer reported he has been working at refinancing the Cooperative's current mortgage and has sought refinancing options from HUD, which now guarantees our mortgage, and two private firms. He noted there are 8-9 years left on the current mortgage at 7.2% interest and he feels refinancing should come in at 4.2 to 4.5% at the time of closing, in late summer or early fall. He estimated total savings over the remainder of the mortgage at $200,000. He added the next step is a presentation to the Board.
Maintenance
The treasurer reported "issues with HUD" regarding withdrawal of funds from the replacement reserve. HUD has not approved releasing the funds and he said that may affect some projects going forward, including repairs/repainting the 500 block and reroofing the 100 block. He added the property manager is preparing contingency plans.
Stock Certificates
Director Sonya Harrison, subcommittee chair, submitted a draft of proposed new wording to amend adding/changing names on stock certificates. The board approved sending the draft to a lawyer for review.
Board Meeting Schedule
The board noted its schedule of open meetings for the current year has been posted in all hallways.
19 comments:
The president's newsletter contained an article from the treasurer that although he received "good" refinancing quotes from HUD, he has eliminated them from consideration. Several questions here:
1. Does the treasurer decide which options to pursue, or does the board?
2. What were the financing rates for all three lenders? This is serious money, so we should go with the lowest rate.
3. Why was HUD's proposal discarded? Just because the board doesn't want the watchdog any longer?
4. Which directors voted how for this issue?
We are blessed to have the treasurer that we have here and you can bet that he's looking out for the best for the cooperative. HUD has many restrictions that can hinder our progress here.
Nice that the board is addressing adding a name to a stock certificate.
Thank you to the Board members that do so much work!
Thursday June 2 -- the lawn mowing company is back for a second day this week. They sent only one mower yesterday and are back again this morning waking me up. I work nights and need my sleep! WTF can't they send a complete crew on Wednesdays? What will our management do about it? Nothing! They do a lousy job both of them, management and the mowing company
I am very concerned coop would proceed with large ticket repairs to the 100 and 500 blocks without the funding in place. There can be severe penalties written into contracts if either side fails to meet its obligations.
member attendence was way down for new 6-30 time, about a dozen only
mission accomplished
The contractor has stopped work on the 500 block. Will management explain?
June 15. Well our lawn mowing company decided to grace us with their presence this week. They didn't even show up last week (and no rain for an alibi). Grass and weeds are way overgrown. Do we get a rebate for their vacation?
yeh, i moved my lawn table and chairs last week, a waste of time
a couple of other weeks when they didn't mow wednesday i moved it back that night and then they came thursay and mowed around it.
i can relate to the guy who works nights that's its a pain when they dont come wdnesdays; i usually take my baby to visit her grandmom on wednesdays so she can get a good nap, which doesn't happen when they come thursday instead.
Actually, they only sent one mower Wedenday, and came back again today to finish up. So, they average one day a week I guess.
coop is still advertising for new members in local newspaper
remember when we had a 2-3 yr waiting list to come here just from word of mouth?
leadership needs a reality check
Hey did you know that the B.O.D want to refinance. If so that means no help from HUD. First of all refinancing is not a good fix for the shareholders. It's bad to leave HUD. They are the ones that protect us. Without HUD there will be no control on how our money will be spent. The current B.O.D is not making adequate decision's for the shareholders. It's self interest. They let you think carrying charges will go down, maybe for the first year, but what's to come in the future, when the B.O.D has it's way in full control. Alot of people will eventually get hurt because of bad decision's. We have alot of seniors in here that on fixed incomes and without help from HUD there will be no protection from the B.O.D.
Police report
11-7040 1318 Phone - WELL BEING CHK *REPORT FILED
Call Taker: Dispatcher W. J Maroney
Location/Address: BAHAMA DR
ID: Patrol Jarrod S Kullich
ID: Patrol Milton Vega
Narrative: Verizon Operator reports a hang-up during a disturbance.
Dispatched traced the call .
Officers reports past dispute.
Refer To Incident: 11-1023-OF
Read more: Norwood Police Department dispatch log for Thursday, June 16 through Friday, June 17 - Norwood, MA - Norwood Bulletin http://www.wickedlocal.com/norwood/archive/x1425873808/Norwood-Police-Department-dispatch-log-for-Thursday-June-16-through-Friday-June-17#ixzz1PdCc07hL
The lawn at the front of nassau gardens and the lawn around the office building are nowhere near as bad as the rest of the property.
Says a lot about management (not) holding vendors to standards
The points about refinancing, HUD oversight and market rate come together for those of us who don't want to die here but planned to use our equity to supplement our savings and buy a retirement home near our children and grandchildren.
The board is screwing us out of what we've voted for.
Re the refinancing, we could AND SHOULD refinance through HUD. HUD actually offered the best rate and the board should be obligated to take the best rate. But they won't because HUD is all we mere mortals have as a watchdog and the 701 Secret Society refuses to be transparent and be held accountable for their management decisions.
I'm against big government but think we should refinance through HUD for the lowest cost and highest control!
Her empress says all cats must be kept indoors. Doesn't this also apply to that yappy dog in the 500 Block?
The posted board meeting schedule for the current fiscal year shows just nine open meetings that we owners are privileged to attend. This compares to 13 executive session meetings that are already scheduled. (July 19, August 16, December tbd and April 17 are secret secret meetings)
That's almost 50% more secret sessions.
Actually make that 9 open and 14 secret meetings because the board already held an unannounced 'plans and goals' meeting on April 14, 2011. That would be the one meeting of most interest to owners but they shut us out of that too.
So in addition to not knowing what they're up to short term, we don't have a clue what their long term secrets are.
Absolutely ridiculous!!!!!!!!!!!!!
Congrat!!!!!! to the handful of shareholders that went to the BOD'S meeting last night.. Phones ringing off the wall today. It is pretty sad that our shareholders here have to fight for the rest of us. Isn't that the BOD'S JOB!!! That's why we voting them in..... It was confirm last night that the subletters are now officially shareholders. They have their own stock certificate. Wait???? I thought we couldn't add names to the stock cert. That to was bought up!! Once again the BOD'S dance around it. I see DISCRIMINATION LAW SUIT THEIR. Also refinancing was bought up and BOD'S say it's a great idea, their have full control of the money. That's pretty scarey!! A member ask why a family member was denied due to a credit check and was told that's the rules here at Nassau Gardens. But yet subletters can get in here. That's in the bylaws NO SUBLETTERS!!! Again DISCRIMINATION LAW SUIT THEIR. Better yet how about A CLASS ACTION LAW SUIT FOR THE BOD'S WHO VOTED FOR THE SUBLETTERS!!!!!! YEAH. Again thanks to all the shareholders who are fighting for what they believe is right for the shareholders. You all have my vote i the next election!!!!!!!!
HERE IS A GOOD ONE FOR YOU ALL.
I ASKED BOB IF I COULD USE THE GRILL AT THE POOL FOR A FEW HOURS ON THE 4TH OF JULY GUESS WHAT HE SAID ! ANSWER WAS A BIG NO !!!! HE SAID THE BOD ALREADY VOTED ON THIS MATTER. ARE U F'N KIDDING ME WHAT THE HELL WOW U CANT EVEN SIT UP AT THE POOL WITH YOUR FAMILY USE THE GRILL MAKE SURE IT"S COOL DOWN CLEANED IT UP AND PUT AWAY WOW BOB U READLY HAVE THE UPPER HAND WITH THE FOLKS AROUND HERE. NOW ON THE OTHER HAND IF I WAS A BOARD MEMBER I WOULD BE ABLE TO USE THE HALL GRILL AND DO WANT EVER I WANTED KEEP UP THE GOOD WORK BOB WE NEED PEOPLE LIKE U AROUND.
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