Trustees present: Aufiero, Bonz, DiNapoli, Dini, Gartland, Griffin, Vineburgh.

Unit owners present: B. Kort, P. Lennon, E. Zolnay, E. Zenis, and J. McLaughlin.

Alpine representative: Cindy Green

Guest: Bill Kell of WarrenBank

Jim Vineburgh called the Meeting to order at 7:00 PM.

WarrenBank: Bill Kell reviewed the proposal from WarrenBank to fund the roofing/trim/painting/paving project. During the construction period, the loan would work like a Money Market checking account against which the association could write checks to pay vendors on an as needed basis. During this phase, the association would pay interest on the amount outstanding. Once the construction phase is completed, the outstanding balance at that point would be converted to a term (amortizing) loan at a fixed rate of Prime +1/2 % with a floor of 7%.

In order to secure the loan, the bank would require that the association deposit $100,000 of the reserve account for the duration of the loan. These interest bearing funds would essentially be tied up for this period. In addition, WarrenBank requires that we agree to assign the collection of all condo fees (in the event that the association defaults on the loan), until the entire outstanding balance is collected.

The Board decided to utilize WarrenBank for financing the construction project; decision-making authority had already been given to the Treasurer at the January 10, 2002 meeting.

Fred Aufiero reviewed a proposal from Design Technique, a construction management company that submitted a proposal to provide pre-construction services (included reviewing the bid specs, negotiating with bidders and advising on vendor selection). They are also interested in providing a "clerk-of-the-works" to oversee the project and to approve all bills prior to any vendor being paid. The estimated cost for this service is $60,000. The Board had previously authorized the Treasurer to utilize Design Technique for pre-construction services.

Dick Bonz moved and Joe Dini seconded the motion to accept the proposal from Design Techniques as presented in their letter of February 11, 2002.

The Board plans to have a vendor selected by mid-March and construction is to begin in early April, weather permitting.

Once bid negotiations are finalized, the vendor(s) is(are) selected and all attendant costs are identified, the Board will finalize the amount of the assessment and then determine each unit-owner’s share based on beneficial interest. This amount will be determined based on total estimated construction costs plus any non-finance related administrative costs. At that time (approximately mid-March) unit owners must decide whether they prefer to pay the assessment in a single lump sum payment, or whether they would prefer to finance their share of the assessment through the loan with WarrenBank. Only those unit owners electing to participate in the loan will share in the financing costs.

Jim Vineburgh will prepare a letter to all unit owners updating them on this process and also asking whether each unit owner intends to finance their assessment or pay in a single lump sum. Responses from all owners are due to Alpine no later than March 13, 2002.

The funds that are received as up-front payments of the assessment will be deposited in a separate bank account, dedicated to the project. Any bills related to the construction project will be paid for from this account prior to borrowing against the "line of credit" established at WarrenBank.

In the event that a unit is sold during the financing period, the current owner must pay any outstanding amount of the assessment in order to obtain a 6D certificate. This is the only case where a unit owner who has financed their assessment will be allowed to pay off their portion of the loan in advance of the amortization period.

Unit owners will be advised that it will be their responsibility to remove any extra equipment that they have installed on their roof, such as snow melting equipment, satellite dishes, etc., prior to the beginning of the construction project.

Joe Dini moved and Tim Gartland seconded the motion to accept the minutes of the January 10, 2002 meeting as published.

Treasurer’s report (Aufiero): was accepted as written.

Recreation Committee (Vineburgh): The Golf-sub-committee report was accepted as written.

Social and Garden Committees (Griffin): No report.

Maintenance Committee (DiNapoli): Lou passed along the bill from Foti Tree for the storm damage removal to Alpine. Regarding Vinny Ippolito’s request to have the PVC pipe outside of his unit cleaned out by Roto-Rooter, the Board affirmed its position that in their mind, there is no currently existing problem with clogging of those pipes. In the event Mr. Ippolito experiences flooding in his basement, he is to contact Alpine to take care of

the situation. In addition, if Mr. Ippolito takes any action on his own to clear out the pipes, he will be responsible for the cost involved and for any subsequent problems.

Old Business: None.

New Business: Jim McLaughlin and Ellie Zenis (unit 4S) requested that the damaged garage door panels on their unit be replaced by the association. The cost to replace the panels is approximately $100 per panel. Jim Vineburgh stated that his garage door has two panels that are similarly dented. Karen Griffin moved and Lou DiNapoli seconded the motion for the association to pay to replace these panels since they are common area and the unit owners were not at fault in damaging them.

Dick Bonz suggested that Alpine begin soliciting bids for snow removal for the 2002-2003 season right away so that we able to negotiate the best possible contract terms with the prospective vendors.

Dick Bonz moved and Tim Gartland seconded the motion to adjourn the meeting at 8:40 PM.

• Request Middlesex Overhead Door to replace the dented panels in the garage doors at units 4S and 13M.
• Notify Vinny Ippolito that the Board has denied his request to have Roto-Rooter clean out the PVC pipes outside of his unit and that if he does experience water in his basement, to contact Alpine immediately to take care of the problem.
• Begin soliciting snow removal bids for 2002-2003 season.

Initial: _____

_____

Call the Town of Bedford in March of 2002 to have the hydrants flushed in a more timely manner.

Respectfully submitted by, Attested:

____________________________ ___________________________

Cynthia L. Green, Property Manager Karen Griffin, Secretary

Alpine Property Management Bedfordshire Condominium Trust