Minutes of the April 12th Board Meeting

by admin on April 20, 2011

Palm Worth, Inc.

Board of Directors Meeting Minutes

Wednesday April 12, 2011

Palm Worth Clubhouse

2850 South Ocean Blvd.

Palm Beach, FL 33480

  1. CALL TO ORDER

Meeting called to order by Jim Apostolico, Board President at 2:05 PM.

Prior to any other business being conducted, Jim offered sympathy on the passing of Jim Grinnell, and spoke kind words about him saying how Jim would be in everyone’s thoughts and prayers.

  1. ROLL CALL

Board members present:

Jim Apostolico – President

Linda Brennan – Vice President

Tom Wallis – Secretary

Glenn Keller – Treasurer

David Gerwig – Director

Juanita Leary – Director is present via speakerphone

Len Lilyholm, Director, is absent from the meeting.

Quorum of the Board was present and verified. Robert Bucchere, LCAM, Palm Worth building manager, was present as were numerous Palm Worth shareholders.

  1. APPROVAL OF PREVIOUS BOARD MEETING MINUTES

Motion to waive the reading of the minutes and that they be approved. (Wallis, Apostolico 6-0 in favor).

Jim stated that Palm Worth lost the court hearing regarding the King Coin laundry contract. Jim also stated that Palm Worth is not pleased with the outcome of the court hearing and that Palm Worth will have a named partner in our corporate law firm review the case. Treasurer, Glenn Keller also stated that we should have a partner review this outcome and we will work diligently to get out of this laundry contract.

4.  TREASURER’S REPORT

Treasurer Glenn Keller reports on the current cash positions of the Palm Worth bank accounts. He also reports that the 2010 audit has been completed and that any shareholder wishing to request a copy should let Robert know and he will provide one for them.

Glenn goes through some adjusting journal entries that were recommended by the auditors. At the present time, it is reported that (1) one shareholder is with the attorney for collection and that Palm Worth has received the first payment from the bankruptcy trustee for unit 208.

Motion to accept the Treasurer’s report (Wallis, Apostolico 6-0).

  1. NEW BUSINESS
    1. Jim Apostolico officially welcomes Tom Oliff, who purchased unit 314, to Palm Worth.
    2. Gorman Trust Approval – Palm Worth 308 Trust dated March 27, 2007 Josephine Gorman and Patricia Rowan Trustees. Motion to approve Gorman Trust (Wallis – Apostolico 6-0 in favor).
    3. Nemirow Trust Approval – Valerie E. Nemirow and Samuel B. Nemirow Living Trust under revocable Trust agreement executed on 24 July 2003.  Motion to approve Nemirow Trust (Wallis – Brennan 6-0 in favor).
    4. Judy Brown Sale – Tom Wallis reports that the potential new owners will be interviewed at Palm Worth by Dick Wing, David Hobson and Robert Bucchere. Motion to approve (Wallis – Apostolico 6-0 in favor).
    5. Keller Kitchen Remodel – Motion to approve Keller kitchen remodel (Brennan – Apostolico 6-0 in favor).
    6. Gem Property Contract – Jim reports that the Board and Robert have agreed on a new contract for Gem Property Management through December 2012. Motion to approve Gem contract (Apostolico – Wallis 6-0 in favor).
    7. New Water Heaters – Motion to approve new water heaters for Donna Whitlock and Sue Stinson. (Apostolico – Keller 6-0 in favor).
    8. Jim speaks about the plumbing inspection reports that were completed and states that they will be given to all shareholders with any recommendations made by the plumber for each unit.
  1. OLD BUSINESS
    1. Elevators – Work to begin in the first part of May.
    2. Railings – Jim speaks about the railing replacement to take place in the summer. Cost of the railings is $720.00 each and up to 30 railings may be replaced this summer.
    3. Insurance Renewal – Jim reports that our insurance policies have been renewed at a cost of $42,500.00; this is approximately $2000.00 less than last year.
    4. Parking Lot Resealing – David Gerwig reports that we will be adding 2 spaces with the relocation of the car wash and that we are considering a delay in the start of this project until the completion of the railing installation and elevator work.
    5. Fire Alarm Project – Glenn reports that the fire alarm project will be starting the first week in May.
    6. Windows and Doors – Jim reports that Kroll glass has provided some pricing and brochures on front doors and windows. The Board discusses the pricing, the type of door, etc. The Board to decide on the type of door/window to be chosen by the first fall Board meeting.
    7. House Rules – Tom Wallis asks each Director to review the House Rules and submit any recommendations for changes.
    8. Beautification Committee
  • Palm Tree Removal – Juanita reports that 2 bids were received from and the bid from Jimmy @Sawgrass Services for $1705.00 is the one she recommends. Discussion entails yellow flowering tree or palm tree. Motion to plant the palm tree. (Apostolico – Wallis 6-0 in favor).
  • Pool Furniture – Juanita speaks about the cost of replacing the pool furniture or refinishing it; the pool furniture will continue to be researched and possibly be purchased by the fall and the board agreed to powder coat the beach gate, the ocean entry gate and the pool gates. Motion to powder coat the beach gate, the ocean entry gate and the pool gates (Leary – Gerwig 6-0 in favor).
  1. Palm Tree Donation Par 3 Golf Course – Motion to donate $250.000 to the Preservation Committee in the name of Palm Worth for the planting of palm trees and the Par 3 golf course (Wallis – Keller 6-0 in favor).

  1. SHAREHOLDER COMMENTS

Mike Mellquist gives a report on the beach restoration by the Citizens’ Association.

  1. ADJOURNMENT

Motion to adjourn at 4:05 PM. (Apostolico – Wallis, 6-0 in favor).

Minutes submitted by

Robert Bucchere, LCAM

April 18, 2011

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