HomeMy WebLinkAboutHDC1999-028 Park Place Place Property Owner's Meetion 02/04/19990,0�, Dtq
Park Place Place Property Owners' Meeting
February 4, 1999
Present: Mark Bentley, Lois and Herman Bemberg, Don Campbell,
Beth Cook, Skip Ebel, Ruth Eckhardt, Ed Freeman, Judy Gardner,
Doris Howell, Cornellia Leitch, Ken Leitch, Jr., Dale and Cheryl
LeStourgen, and Edward Oglesby, attorney. With proxies, had 77.25/
of ownership represented.
Motion was made that we ratify the settlement of $1,255,760.80
from Travelers. Motion seconded and carried unanimously.
Under the claims of the release document Travelers has no obligations
under the fire claim related to the June 17 fire, but property
remains covered until our policy runs out in April. Policy cannot
be renewed. This will release Travelers from all claims. The -
PPPOA will subrogate the association's claim on Hanover to Travelers.
Will retain the right to have Travelers defend PPPOA (Saine's claim
for $15,000 on equipment lost in fire). In signing the release
we are done as PPPOA with the insurance.
Insurance settlement payments were presented by Jim Strawn. See
enclosed copy. To date, since the time we employed Ed Oglesby
we have paid him $19,412.42. Have paid to Affiliated Adjustors
$22,821.30. After the storm East Harding made minor roof repairs
in the amount of $948.34.
Decision on Rebuilding: According to law, if damage is greater
than 2/3, must disperse funds. Replacement consists of 71.4/ of
structure. Under law must make a distribution of proceeds. Ed
Oglesby explained that under the law of distribution of proceeds,
statutes say it should be distributed according to by-laws. The
by-laws are silent on distribution. In such case the owners may
devise method of distribution.
Motion: That we not rebuild, but disburse funds. Motion carried
unanimously with the 77.25/ of ownership present.
Motion: That we disburse funds on percentage of ownership basis,
and that the Treasurer be authorized to make such payment. Motion
seconded and carried.
Motion: that we offer the building as -is for sale. Motion carried.
Motion: That Jim Strawn, Mark Bentley, Skip Ebel and Judy Gardner
be authorized to act on our behalf in conceptionalizing possibilities
of selling, engaging an agent, if necessary, and negotiating sale
to the point of bringing it back for final approval. Motion seconded
and approved.
Discussed advisability of working toward getting approval from
Historical Commision to demolish the building. (It often takes
a long time to get their permission for demolition.)
Motion: That Don Campbell be authorized to start the procedure
with Historical Commission for approval of demolition. Motion
seconded and carried.
Motion: That we approve $134,328 to be held back for expenses
(demolition permit, removal of asbestos, demolition of building,
marketing expenses, etc.) and distribute $1,020,000.00 now. Motion
seconded and passed.
Motion: That the Board have the authority to authorize the engagement
of asbestos removal and demolition. Motion seconded and approved.
Time table for distribution: Maturity of C.D.'s. Treasurer reports
that he should be able to write checks by February 10.
The owners expressed thanks to Edward Oglesby for his representation
of PPPOA.
Motion that we release Ed Oglesby from the current contract with
PPPOA, and waive any exclusivity which would hinder him from representing
individual owners who may want to employ him on further claims
against other insurance companies or parties except Travelers Insurance
Company. Motion seconded and carried.
The owners also expressed appreciation to Jim Strawn for the many
hours he has spent dealing with PPPOA affairs since the fire.
Note to owners: you need to call the appraiser's office and request
1 that the property be reappraised since it is now uninhabitable.
Meeting adjourned.
IF ANY OWNERS WISH TO RETAIN EDWARD OGLESBY AS ATTORNEY TO DEAL
WITH HANOVER INSURANCE COMPANY, YOU NEED TO CONTACT HIM BY MARCH
1.
Edward T. Oglesby - Attorney at Law
1101 Garland Street, Little Rock, AR 72201
Phone 501-372-0905; Fax 501-375-3151
9101M
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