Meadow Hill Inc
Board of Directors Meeting
Feb. 14,2008
9am @ the Hollister House
Special Meeting
Those present: C.Abbott, L.May, L.Weeks, I.Adamson, J.Trustey, (J.Goselin, absent)
Lincoln called this meeting to review the siding financials.
APM concluded, as of 3.14 08, that when all the siding expenses have been paid will be able to refund $81,410 to the owners
(Lincoln determined on 2.3.08 that the amount of money to be refunded was $84,000.On 2.13.08 he concluded that the sum would be $84,593, versus the interest we actually paid the bank)
The $81,410 comes from two sources:
1. $50,230 actual costs lower than plan
2. $31,180 was the excess monthly fees that we collected versus the interest we had to pay to the bank.
Eric and Lincoln devised the following plan:
1. APM will create a letter to be sent to each owner telling them the final cost of the project and its effect on them, e.g. refund, reduced price, 10 year loan details.
2. Lincoln will proof read the letters.
3. APM will mail letters on 2.18.08.
4. A flyer will be attached to all letters asking owners to notify us if there are any outstanding problems with the siding.
Meeting adjourned at 10am.
Respectfully submitted,
Irene Adamson, Sec.