Crescent Sands. at Crescent Beach. P.O. Box 1004 North Myrtle Beach, SC Phone: Fax:

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1 Crescent Sands at Crescent Beach Condominium Owners Association Inc. P.O. Box 1004 North Myrtle Beach, SC Phone: Fax: Dear Crescent Sands at Crescent Beach Homeowner, November 15, 2007 Enclosed are the minutes from the 2007 Annual Members Meeting held on October 20, If you were unable to attend the meeting, you will also find enclosed a copy of the packet provided to the Members. First, I would like to again thank the Board of Directors and all owners of Crescent Sands at Crescent Beach for allowing White Realty to serve you as Property Managers. Please do not hesitate to contact me if I can ever be of any service to you. There were several items discussed at the Annual Members Meeting that need to be brought to your attention. The Board has asked that I continue to post information about how you can get in touch with everyone on the Board. You can send an to cscb@white-realty.com and this will be forwarded to each of the members of the Board and to Wayne White. If you would like to just me as the Property Manager, you can send that to wayne@white-realty.com. You can reach me via telephone at We also have a night emergency number for building emergencies only which is In the coming months, the Association will be resurfacing the pool s interior and giving the lobby a much needed face lift. There is a committee working with the Board of Directors on the lobby decorating and that project will be complete by early Spring. There was also a conversation held about getting group pricing for several items such as balcony carpet, windows, sliding glass doors, air conditioners, and hot water heaters. We are in the process of obtaining prices and will send a survey out in December with pricing information. There was also a discussion about units for sale in the building and having a central point where owners could go to find this information. We will begin listing units that we know about in the newsletter and post a flyer in the message board in the lobby. We will also list all units on the internet on the Association s web site, If you have your unit listed for sale, please me the asking price and who you have it listed with and I will be sure that your unit is on the listing. There was a question at the meeting about the type of coverage provided by the Commercial Auto policy carried by the Association. After speaking with our agent, she stated that it gives the Association coverage any time anyone is doing business for the Association in their personal vehicle. Property Managed By:

2 At the 2007 Annual Meeting, there was a vote for three vacant positions on the Board of Directors. Mr. David Johnson, Ms. Jan Runyan and Mr. Nick Durham were elected to the Board. The Directors then held a brief organizational meeting following the Annual Meeting and the following positions were set for : Mr. Amos Locklear, President Mr. David Johnson, Vice President Mr. Tom Kissinger, Treasurer Ms. Jan Runyan, Secretary Mr. Nick Durham, Director at Large These are the highlights from the 2007 Annual Meeting. These issues as well as many others are detailed in the minutes of the meeting that are included in this mailing. Also enclosed in this mailing are invoices for the four quarterly HOA dues for As per the 2008 budget, there are no increases in the dues for the coming year. Please remember that the dues are payable on the first day of the month of each quarter (i.e. January 1, April 1, July 1, and October 1). Dues received in the office of White Realty after the 20th day of the month in which they are due will be considered late and a $100 per month per assessment fine will be assessed. We have also enclosed a calendar of events for 2008 which will give you some important dates of events in the North Myrtle Beach area. The dates on the calendar include the 2008 Annual Members Meeting which will be held on October 18th. The meeting will be held at the Bay Watch Resort once again at 9:00 a.m. The exact room at Bay Watch will be announced at some point in the future. Sincerely, T. Wayne White, Jr., REALTOR Property Supervisor

3 Crescent Sands at Crescent Beach Condominium Owners Association Inc. P.O. Box 1004 North Myrtle Beach, SC Phone: Fax: ANNUAL MEMBERS MEETING M I N U T E S Pursuant to call, the 2007 Annual Members Meeting of the Crescent Sands at Crescent Beach Homeowners Association, Inc. was held on Saturday, October 20, 2007, commencing at 9:05 o clock a.m. in the Crescent Beach Conference Room at Bay Watch Resort, 2701 South Ocean Boulevard, North Myrtle Beach, South Carolina. Mr. Amos Locklear (K-4), President of the Association, served as Chairman of the meeting and Proxy Agent, Ms. Jan Runyan (L-3) served as Secretary of the meeting, and Mr. Wayne White, Property Supervisor for White Realty, served as the Recording Secretary of the meeting. Chairman Locklear opened the meeting by welcoming and thanking all owners for attending the Annual Members Meeting and introducing those seated at the head table. Introduced from the head table were Vice President David Johnson (F-1), Secretary Runyan, Treasurer Tom Kissinger (I-4) and Director Jeff Bryant (B-3). Also seated at the head table was Mr. White of White Realty, the Property Manager of the Association. Chairman Locklear asked if there were any new owners present and if they would stand and introduce themselves. Ms. Annette Pora (E-4) introduced herself and stated that she was not a new owner, but that this was her first meeting. Chairman Locklear asked Mr. White to verify that the roll was taken at the door and to determine if a quorum was present in order for the Association to conduct an official meeting. Mr. White responded that the roll was taken as the members entered the room and that a quorum had been met with 53.1 percent of the units represented in person and 20.7 percent of the units represented by proxy for a total of 73.8 percent. Chairman Locklear then asked Ms. Runyan to verify the proof of mailing of the notice of the 2007 Annual Meeting. She stated that she has witnessed a copy of the Notice, Proxy and a notarized proof of mailing that a copy of each was sent to each owner. The next item on the agenda was the approval of the minutes from the 2006 Annual Members Meeting. Chairman Locklear stated that the minutes were mailed to each owner following last year s meeting and a copy is also provided in the member s packet. He asked for a motion to approve the minutes. Mr. Pete Hasson (A-1) motioned to accept the minutes as presented and Mr. George Miller (D-2) seconded the motion. Mr. Gerald McCabe (A-3) mentioned that the year on line two needed to be changed from 2005 to The motion on the floor was passed unanimously with the change noted by Mr. McCabe. Property Managed By:

4 Page 2 of 6 Chairman Locklear introduced Mr. Rob Flemming, Crescent Sands on-site building manager, and Mr. James Shifflett, Crescent Sands night time building assistant. He thanked both of them for a job well done in keeping the building and grounds looking their best. Chairman Locklear called on Mr. Johnson to present both Mr. Flemming and Mr. Shifflett with plaques honoring their efforts on behalf of the owners. Mr. Johnson again thanked both gentlemen and presented each with a plaque. The members in attendance game both gentlemen a standing ovation. The next item on the agenda was a discussion concerning the building and grounds. Chairman Locklear stated that the building is looking better than ever after all of the work over the past couple of years. He thanked the members of the Board of Directors for there hard work and added that the Board, while not always agreeing, works very well together toward the common goal of what is best for the overall Association. Chairman Locklear stated that this past year saw the removal of the oceanfront wooden walkways. These were replaced with concrete walkways and areas to lay out. This project also included new oceanfront fencing, landscaping, and the addition of a new grilling area on the South side. Chairman Locklear stated that the only issue he knows about with the building at this time is the fact that the North elevator is not operating. He added that this is the first time in the past 12 months that it has been down, but of course it has to happen right before the meeting. Chairman Locklear informed everyone that he and Mr. White had spoken to the elevator technician and the problem is in the motor. They had the motor rewound, but it failed again so they are installing a new motor and should be operational in the next couple of days. Chairman Locklear then discussed some projects that the Board is looking at in the coming months. The first is the pool as the interior of the pool is pitted. The pool will be resurfaced before the rental season. Another item is the meter bases on the ground floor which are showing a lot of rust and deterioration. The Board is gathering information and pricing to replace these meters. One other issue facing the Association is the repaving of the parking lot in front of the building. There was a question from the floor asking if there were any planned assessments for the coming year for any projects. Chairman Locklear replied that the pool project is covered in the budget and that the Board was not expecting any assessments in the coming year. He stated that Mr. White would discuss the insurance situation in a few moments, but the renewals at other places indicate that the market is taking a turn in favor of the owners. Mr. Don Hubert (J-2) then asked a question concerning the carpeting in front of the elevators and asking if there was something that could be placed in front of the elevators that may not show as much wear and dirt in this high traffic area. Chairman Locklear stated that the Board has been discussing this situation and is looking at a non-skid tile or other surface to put in the area in front of the elevators. Mr. Monty Todd (E-2) asked if there were plans to update or decorate the lobby. Chairman Locklear stated that there were several options that the Board was looking at in regards to the lobby. He stated that the Board was looking at ways to make the lobby larger and maybe adding new tile. Mrs. Brenda Todd (E-2) stated that she now lived in the building full time and would like to be involved with the lobby renovation. Ms. Ann Upchurch (L-5), Mrs. Slaughter (K-1), Mrs. Linda Kissinger (I-4) and Ms. Runyan are also on the committee to look at the lobby renovation. The committee was asked to come up with a plan for renovation and report back to the Board of Directors. At that time, the Board of Directors will take the recommendations under advisement and complete the lobby renovations.

5 Page 3 of 6 There was further discussion on the lobby. Ms. Mary McCormack (D-6) asked if the lobby really needed to be expanded or simply remodeled. Mr. Hubert added that the idea to expand the middle of the lobby will not relieve the problem of the areas in front of the elevator being to narrow to handle the flow in the summer months. There was a question about expanding the lobby toward the street, but it was pointed out that this would be very costly and take up parking spaces. There was a suggestion to have the elevator doors open on the back side as well but that is not a possibility as the fire pumps are behind the North elevator and the elevator equipment room is behind the South elevator. Mr. Larry Rappaport (A-6) stated that he replaced his air conditioner earlier this year and his service person stated that there were several units in the A and B stacks that were in very bad shape. Chairman Locklear stated that he and Mr. White have been on the roof several times and there are quite a few units that are in extremely bad shape. He also stated that you can no longer purchase a 10 seer unit and that any owner replacing their unit would have to replace both the system in the unit as well as on the top of the building. Chairman Locklear also stated that all owners need to be sure that there service people are strapping their unit down and removing any debris that they have on the roof. Chairman Locklear stated that the Board has discussed trying to get one air conditioning company to take care of the entire building. This would be difficult at first because some owners have warranties on their unit with their current company and there may not be a company out there that will take over all the warranties. This is something that will be continued to look at as there are a lot of positives for each owner and the Association as a whole to have one air conditioning company on the roof. There was a discussion about getting pricing from a company to replace several at one time in order for the Association to save money for the owners. Chairman Locklear stated that Mr. White would take photos of all units that are in bad shape on the roof and mail or them to the owner. He will also send a questionnaire out to owners with pricing for replacement. Chairman Locklear and Mr. White will meet with several air conditioning companies to gain the best price possible for a group purchase. Mr. Todd asked about the carpet on the balcony and if the Association could send a letter out asking who would be interested in having the carpet on their oceanfront balcony replaced. Chairman Locklear stated that he and Mr. White would obtain a price and include that on a questionnaire as well to all owners. Chairman Locklear discussed the sliding glass doors on the oceanfront side of the building. He stated that the cost was $4,150 for impact glass doors on the bedroom, $5,492 for the slider in the living room and $2,800 for the door that sits on a slant to be replaced with stationary impact glass. This information will be provided to everyone in an upcoming newsletter. Mrs. Mary Pagel (H-6) asked about being able to put film on the sliding glass doors to protect the interior of the unit. Chairman Locklear stated that he would have a glass contractor look at this and that information would be provided in an upcoming newsletter. Mr. Harrill asked about adding to the landscaping along the street side of the building and that he liked the look that Shoreham Towers I had just down the street. Chairman Locklear stated that Crescent Sands has added palm trees, mulch, and created flagstone beds around each palm. Mr. White stated that while Shoreham Towers look nice, the Association spends about $5,000 per year with a landscaper to keep it looking that way. He added that it is not very easy for the on-site building manager to take care of. Chairman Locklear stated that the Board would continue to look at ways of improving the landscaping.

6 Page 4 of 6 Mr. Kissinger added that the City of North Myrtle Beach has plans to reconfigure the street end at 21st Avenue South and that this will effect the North end of Crescent Sands. The plan is that Crescent Sands will retain a one-lane exit from under the building on the North end but lose the entrance/exit at the front near the dumpster area. If this goes through, the Association will have to look at adding another entrance/exit on the North end onto Ocean Boulevard. This too will impact the landscaping area out front. Ms. Leesa Peck (F-2) asked about the parking lot across the street. Chairman Locklear stated that he could not say too much but the Association s agreement with the City runs out at the end of November and the City has been notified that the Association does not wish to continue the agreement. Once that is clear and the date of the agreement has passed, the Association will post signage and have to decide what to do with fencing, etc. on the parking lot. Ms. Peck asked about what had to be done to have the windows on the street side of the building changed. Chairman Locklear stated that he would obtain a price on this as well and that Mr. White would include the information on the questionnaire to see how many owners wanted their windows replaced. The next item on the agenda was a presentation of the financial information. Mr. Kissinger presented the financial information, beginning with the Auditor s report. He pointed to the area of member s equity and stated that the Association was in much better shape now than just two years ago. He also presented the 2008 budget approved by the Board of Directors and went over the information provided on the Reserve Schedule. He stated that the Reserve Schedule is constantly changing as the Management Company and the Board of Directors continuously look at replacement cost of items on the list of reserved items. Mr. Kissinger also stated the importance of the reserves as when units are being sold, prospective buyers always want to know how the Association s reserves are as that tells a lot when looking toward future assessments. Mr. Kissinger also discussed owners late on their dues and the fact that while the Board is sympathetic to owners that have issues from time to time, there are some owners that are continually behind in dues. The Board takes these cases seriously and the Association assesses late fees of $100 per month per late assessment. There are procedures for collection provided in the By-Laws and the Association follows these when needed as it is not fair for a high majority of owners to pay their dues and others not. Mr. Boyanton asked why the 2008 budget does not show a greater amount budgeted in revenues for late fees. Mr. White stated that he has discussed this with the Board as it is his belief that you do not want to budget for late fees because you would hope that all owners pay on time. Then, if the owners to pay on time as they should, you have a shortfall in revenues in your budget as you are expecting late payments. There was a discussion on the laundry machines as they are not used much anymore as most units have their own washer and dryer. There was a discussion on putting in a larger washing machine for use by the owners to wash bedspreads and large blankets. There was a discussion about the insurance policies and Mr. McCabe asked about the policies being renewed at the same time. At this time, the property and wind coverage renews in July with all other policies renewing in November. Mr. White will look at moving them all to a July renewal schedule if possible.

7 Page 5 of 6 Mr. White then presented the Management Report and opened by thanking all of the owners of Crescent Sands at Crescent Beach for allowing White Realty to serve them as Property Manager. He also thanked the Board and stated that the members of Crescent Sands Board of Directors is the hardest working of any Board that he works with. Each of the Board members definitely takes pride in the building and takes careful consideration in decision making to be assured that they are doing as a group what is best for the Association as a whole. Mr. Slaughter stated that he has been an owner for a long time and this is the best that the building has ever looked. He added that this Board has done a lot for the Association and especially thanked Mr. Locklear, who spends a lot of time looking after the building and misses work and spends his own money to work for the Association. Mr. White then thanked Mr. Flemming and Mr. Shifflett for all of their hard work and great effort on behalf of the Association. He added that they are the eyes and ears for himself, the Board, and all owners as they are on site more than almost anyone except the owners that live in the building. Mr. White stated that Mr. Shifflett was hired as the night person for the Summer and that the Association budgets a certain amount for that position. After the Board met and came up with a list of items to be completed, a price of over $25,000 was obtained. The Board decided to keep working Mr. Shifflett as long as possible as this would allow the Association to complete the work and also hold onto a quality employee. Mr. White then stated that the Association had a replacement cost analysis completed prior to the renewal of the insurance this year which showed that the building would cost $11,058, to replace. The insurance was renewed at the increased level and the total premiums paid were still less than that of Mr. Todd asked if the area on the street side of the building could be painted yellow where the ramp is to keep cars from parking here and allow it to be used to get carts to go through like on the other side. Chairman Locklear stated that should not be a problem and he will speak with Mr. Flemming about painting and marking that area. Mr. Boyanton stated that he has water forming in the middle of his master bedroom and asked if anyone else had a similar problem. Mr. Hal Prickett (K-5) stated that his air conditioning unit was not removing the humidity from his unit and he was having this problem as well until it was repaired. A couple of other owners stated that they had the same problem and it was an air conditioning issue like Mr. Prickett had stated. The next agenda item for the meeting was the election of three directors as the terms were expiring for Ms. Runyan, Mr. Bryant and Mr. Johnson. Mr. White presented the three owners nominated - Ms. Runyan, Mr. Johnson, and Mr. Nick Durham - and asked if there were any other nomination from the floor. After hearing none, there was a motion from the floor to close nominations and elect the slate of nominees as presented. The motion was seconded and passed unanimously. Mr. Durham was introduced to everyone and he sated that he wanted to serve the Association for the protection of everyone s interest. Mr. White then presented the tax resolution, Appendix 5C-1, that allows the Association to carry money remaining from one operating year to the next. There was a motion, second and unanimous vote to pass this resolution for the year ending December 31, There was a brief discussion concerning a light being placed on the flag and the lights on the grilling area being changed to regular flood lights as the current lights were not working correctly. It was also asked if a list of units for sale in the building could be listed on the message boards in the lobby. Mr. White stated that can be done as well as listing it in the newsletter and also on the web site for the Association. The Association s web site is

8 Page 6 of 6 Chairman Locklear stated that he wanted to thank White Realty and Wayne White for his hard work on behalf of all owners There being no further business to come before the Association, Mr. White asked for and received a motion and unanimous approval at 11:45 o clock a.m. that the meeting be adjourned. In a brief meeting of the Board of Directors, the following positions on the Board were set -- President: Amos Locklear, Vice President: David Johnson, Secretary: Jan Runyan, Treasurer: Tom Kissinger, Director at Large: Nick Durham. Respectfully submitted, T. Wayne White, Jr., REALTOR Property Supervisor