Oceanside Marina Condominium Association, Inc.
Board of Directors
SPECIAL ASSESSMENT RESOLUTION
PIER REPAIR AND IMPROVEMENT
Whereas the Board has determined that the Association’s three piers, Common Elements of the Association, are urgently in need of substantial repair, replacement in part, and re-equipping;
And Whereas the Board has determined the cost of building a new association owned Bathhouse and the underlying real estate;
And Whereas the Board, based on estimates received from competent contractors finds that the costs of accomplishing said work will be approximately $3,000,000;
And whereas the Board finds that the general annual budget for operation of the Association is not sufficient to pay for any part of said work;
And whereas the Board finds that an initial special Assessment in the amount of $3,000,000 is appropriate and necessary to fund the cost of said work and that the Board has a duty to protect the Common Elements of the Association;
Now, therefore the Board of Directors under the authority of Florida Statute 718(1)(e)(2)(b) and OMCA Declaration Paragraph 10.3 does hereby establish the OMCA PIER RESTORATION SPECIAL ASSESSMENT with the following terms and conditions:
1. Initial Amount: $3,000,000. This amount may be modified by future action of the Board following written notice to the Members. Consent of the Members shall not be required;
2. The officers of the Association shall establish a separate checking account. All funds received and all funds disbursed shall be deposited in and withdrawn from said account. The funds shall only be disbursed to pay for the direct and indirect costs of said work, including all costs of borrowing should borrowing be required.
3. The administration of the Special Assessment fund shall be audited by a certified public accountant quarterly. Further the Treasurer of the Association shall provide monthly a detailed report to the Board of Directors setting forth all transactions during the prior month.
4. The $3,000,000 special assessment shall be divided prorata among the Members of the Association in the same manner as the general annual assessment.
5. The initial notice of assessment shall be issued to all Members effective May 1, 2015.
6. Members shall have until June 30th, 2015 to make a complete cash payment and avoid any interest charges. On July 1st, 2015 Members who have not paid the full assessment will be obligated to pay in monthly installments amortized for a period of ten years at an annual interest rate of six (6) % for their share of the assessment . A Member may prepay any portion of the remaining amount due at any time without penalty. Any prepayment of less than the total principle outstanding will not modify the amount of the payment due each month.
7. In the event of a sale or financing of a slip the entire amount remaining due under the installment method may be paid in full or continue as the obligation of the new slip owner.
8. Following completion of the work, any funds remaining must either be returned to the Members in accordance with the principal amounts paid by the Members, or transferred to the general fund.
I certify that the above resolution was adopted by
The Board of Directors at a Special Meeting held on
the 21st day of April 2015.
Jiwan Noah Singh, Secretary
Oceanside Marina Condominium Association, Inc.
PO Box 5034
Key West, Florida
November 3, 2014
At our board meeting last Wednesday, October 29th, the board made several important policy decisions. I am writing this newsletter to acquaint everyone with those decisions.
The first change is Dave Pfent could no longer be a director of the Association because he has sold all of his slips. The board approved Noah Singh to replace Dave on the board.
The next item was a change in the usage fees associated with the bathhouse. The system we have been using was based on the number of swipes during the month. It was felt that the system was encouraging people in the marina to not use the bathhouse. This was never the intention. Starting in November we will charge live a boards and “Boat-Tels” $75.00 per month to be billed at the end of the month. Other commercial operations, such as charters, will be billed $35.00 per month. Bathhouse cards will be available to slip owners and to tenants whose names appear on the OMCA lease. I’m attaching a copy of the full policy to this newsletter.
Beginning immediately all tenant owned boats will be required to use the OMCA lease. Per article XI of the Declaration of Condominium the Board of Directors has the authority to refuse any lease. It is the board’s intention that the OMCA lease be used for all lease transactions. Approval of the lease by the Board will be accomplished by the dock master after he has assured that the boat meets the minimum standards of seaworthiness spelled out in the rules and regulations, does not exceed maximum boat length for the slip, has the required liability insurance, and the tenant has accepted the rules and regulations of the Condominium Association. Tenants will not be able to access the bathhouse unless they are named in this lease after the first of the year. Click on this link and you’ll be able to download a copy of the lease.
OMCA Lease download
In the process of getting together documents to present to banks for lending purposes one of the most important factors is the quality of collections of assessments. The quality of collections is evaluated by the average number of days to collect, in reviewing our receivables we found that by and large most members are keeping their accounts current, however several accounts are taking longer to collect than they have in the past. A very few, three actually, have not been paying at all. Our association has had a collection policy for several years which we have never had to implement because almost all accounts were kept current. Because the quality of our collections is so important to financing the upcoming special assessments and because more than a few accounts are paying slower, we will be implementing our collection policy beginning this month. Past due amounts will be charged late fees and interest. Seriously past due accounts will be turned over to an attorney for collections. Follow this link to download a copy of the collection policy.
OMCA Collection Policy
Our plans for repairs to the docks are almost final. We have received permits and exemptions from the Corps of Engineers and the DEP. We finalized our bids and we are in the process of soliciting bids for the construction work. Along with the concrete work we’re doing to the docks we’re adding a vacuum sewer system and placing new conduit for future electrical and utility repairs. The vacuum sewer system is eligible for a grant that will reimburse us 75% of the cost.
Our Special Members Meeting to consider the acquisition of real estate and to establish a borrowing limit is to be held Wednesday November 19th at the Rusty Anchor at 6:00 PM. I encourage everyone to attend, this shall be an excellent chance to ask questions and discuss all of the things that are going on at the marina. If you have not returned your voting instructions /proxy I urge you to do that immediately. Regardless of how you vote we need the proxies to establish a quorum for the meeting. In signing the instructions you can designate me or name yourself if you intend to be at the meeting or you can name someone else who will be at the meeting.