Official Agenda: Annual Meeting of Members, Saturday, May 14, 2016

900 Marshy Cove

 Condominium Association, Inc. 

Annual Meeting/ Special Meeting

May 14, 2016

10:00 A.M.

Sentry Management Office

601 Locust St. # 302, Cambridge, MD

AGENDA

1.           Roll Call

2.    Proof of Quorum for Annual Meeting

3.    Proof of Notice of Meeting

4.           Reading/Approval of 2015 Annual Minutes

5.           2015 Accomplishments/Financial Report

6.           Nominations from the Floor

7.           Appointment of Election Inspectors

8.           Election of Directors & DHMA Representative

9.           Old/New Business  

                                                 By-Law Amendment

                               

10.     Adjournment of Annual Meeting

11.    Organizational Meeting

          (Election of Officers)

Annual Meeting of Members, Saturday, May 14, 2016

900 Marshy Cove Condo Association 

Annual Meeting of Members.

Saturday, May 14, 2016  at 10:00 AM.  

Sentry Office, 

601 Locust St., Suite 302, 

Cambridge, MD 21613

Agenda Items

• Certification of Quorum
• Owners that cannot attend need to send a proxy.
• Financial Report
• Accomplishments of the past year
• Physical improvements for upcoming year
• Balcony deck repairs
• Expansion tanks
• Garage power washing
• Carpet cleaning
• Nomination and election of directors.
• Owner's Forum
• Nominations and election of officers by the BOD.

A Special Meeting of Members to discuss and vote on the proposed By-law amendments will follow the Annual Meeting. 

• The voting tally to date is as follows. (34 required to pass)
• Amendment to limit rental units to 20.
• 37 Yes, 3 No
• Amendment to limit ownership to 2 units per entity
• 34 Yes, 5 No

Comments? send them to mc900@comcast.net

900 Marshy Cove needs your help!

At our Annual Meeting of Owners on May 14, we will have a vacancy on the Board of Directors. 

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Please indicate your interest to serve on the board by contacting a board member, Sentry Management or sending an email to mc900@comcast.net.

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The Board meets four times during the year to decide on projects, to solve problems, and to manage finances.

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Every owner pays over $4,000 to the Association each year. The board decides how your money is spent. 

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It's your property, it's your money.

Get involved.

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mc900@comcast.net

We would like to have one of the gentlemen to serve, but they are not owners

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Amendments Proposed to Manage Condo Rentals

The time has come .
In the next few weeks, owners (members) at 900 Marshy Cove will be receive proxies and ballots to approve two amendments to our by-laws. The amendments will be presented at the

"Annual Meeting of Members" 

May 14, 2016, at 10:00 AM. 

Included in this post is the cover letter explaining the proposed amendments.
____________________________________________________________________________

February 28, 2016

To:       900 Marshy Cove Unit Owners

Re:      900 Marshy Cove Condominium Association, Inc.

            By-law Amendments limiting the number of Rental Units.

Dear Unit Owner,

The 900 Marshy Cove Condominium Association’s Board of Directors Condominium is recommending the approval of the attached amendments to our governing by-laws. The first amendment (a) limits the number of rental units to twenty (20) of the 48 units. The second amendment (b) would limit an owner to no more than two (2) units. These amendments will require 67% or 33 affirmative votes each to win approval.

Why Rental Limitations?

·        The percentage of rental units affects financing options. Federally underwritten financing such as VA, FNMA, FDMA, and FHA require more restrictive terms on multi-unit condominium buildings where rental units exceed 50%.

·        Current Occupancy Status

o   Full time owner occupied:           13 units

o   Part time owner occupied:           20 units

o   Tenant occupied:                          15 units        

·        An increasing number of units are now occupied by tenants as opposed to owners.  As this transition occurs, it is in the best interest of resident owners, part-time resident owners, and landlord owners that we maintain a balance between these three categories.  Resale values of our units are affected by the residency of non-owners because of limited financing options and the perceptions held by prospective buyers.

·        Please note that similar restrictions have been successfully and widely instituted into the by-laws of other condominium associations in the State of Maryland.

To that effect, the attached amendment is submitted to association members for their consideration.  

If adopted, how will this work?

·         The Board of Directors will follow written procedures to review and approve rental permits.

·         Sentry Management will manage all documents and communication with owners regarding rental policy. Very little change is required when compared to the current practices for leases.

Policies and Procedures

·         All current rentals will continue until termination or renewal. Upon renewal or a new tenant agreement, rental status will not be affected provided all required forms and documents are filed with Sentry Management and approved by the Board of Directors.

·         Each landlord will be required to submit a rental permit application as current leases expire and new lease arrangements are signed.  A 90 day grace period will be granted to find new tenants if necessary.

·         New landlords must submit a rental permit request with signed lease agreements to secure rental status. A 90 day grace period will be granted to find new tenants if necessary.

·         Once the 20 unit limit is reached, a waiting list will determine which units will be acquire rental status.

What do you need to do?

·         Please read the attached amendment.

·         Check the appropriate boxes on the proxy/ballot then sign and date the document. Your name must be registered as the owner of the unit.

·         Mail the proxy/ballot in the enclosed addressed and stamped envelope before April 15, 2016.

·         Optional: Attend the Annual Meeting of Members on May 14, 2016.

·         Check the Marshy Cove Electronic Bulletin Board at http://www.900marshycove.blogspot.com  for updates.

·         Contact Sentry Management for more details or contact a Board of Directors member with your questions.

Sentry Management Inc       cambridge@sentrymgt.com

601 Locust St Ste 302

Cambridge MD  21613

(410) 221-0398; (410) 221-9977 (fax)

________________________________________________________________

Questions? Comments? 

Send them to mc900@comcast.net

900 Marshy Cove, Board of Directors: New Business, September, 12, 2015

By-law Changes, 
proposed at the September 12, 2015, 900 Marshy Cove, Board of Directors Meeting.

The following describes a proposal that is intended to manage the character of our building. This is a PRELIMINARY DRAFT for owners to consider. The proposed measures require a Unit Membership vote of 67% (33 unit owners of 48) to be adopted. Our informal poll of owners, including landlord owners appear to support these proposed amendments.  All of these proposed by-law changes have legal precedence in the State of Maryland.

Please understand that passing these amendments will require much work and cooperation. Each step will require the approval of the 900 Marshy Cove Board of Directors. At this time the BOD fully supports this initiative.

The process: 

1. Establish a special committee of owners to refine the proposal and set objectives. Other by-law changes may be included.
2. The Committee will engage legal counsel to develop the proper language to conform with Maryland Condominium Law. 
3. The Committee will set a date for a Special Meeting of Members for the explicit propose of voting on the issues. Ballots and will be sent out with notices of the Special Meeting of Members.
4. The amendments, whole or in part, will voted into effect at the Special Meeting, 

Status as of September 12, 2015, 
The committee has not been officially formed at this time.
(Counts are approximate)
17 units are rentals.
15 units are full time owners
16 units are second homes.
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Proposed Amendments to the Bylaws (DRAFT)

Why Rental Limitations?

An increasing number of units are now occupied by tenants as opposed to owners.  As this transition occurs, the character of the building also changes; therefore, it is in the best interest of resident owners, non-resident owners, and landlord owners that we maintain a balance between these three categories.  Resale value of our units is affected by the residency of non-owners because of the perception held by prospective buyers.

The percentage of rental units also affects financing options. Federally underwritten financing such as FNMA, FDMA, and FHA require more restrictive terms on multi-unit condominium buildings where rental units exceeds 50%.

Why Limits on Unit Ownership?

Another issue is the possible influence of bulk buyers. Although this is not an immediate threat, restricting the number of units which one entity can hold should be limited.  There are multiple examples of predator real estate speculators that purchase units to control the Board of Directors with the end objective of terminating the condo association. After which they can force unit owners to sell.  The unit reserve funds can be seized and the units are converted to apartments.

Note: Our current bylaws prohibit an entity to hold more than one Board of Directors position.  However, multiple unit owners do have one vote per unit owned.  Member votes are required for election of officers, by-law changes, as well as amendments proposed below.

Please note that these restrictions have been instituted into by-laws of other condominium associations in the State of Maryland. These restrictions are permitted by Maryland Condominium Law.

To that effect, the following propositions are submitted to association member for their consideration and approval.

Proposed Amendments: (Each voted and approved separately)

1. New unit owners shall be required to use their units for non-rental purposes for the two(2) years of ownership. 
2. Rental units shall be limited to twenty (20) in total at 900 Marshy Cove.  A unit owner must register their unit with management as a rental before the rental unit goes on the market or the owner entertains renting to a prospective tenant or tenants.  Such registration shall be reviewed and approved by the 900 Marshy Cove Board of Directors. Approvals will be granted on a first come, first serve basis.
3. An entity can own no more than two (2) units. An entity is defined as an individual, family, trust, LLC, or business. An entity extends to immediate family members, relatives, business partners and associates.  Entities also include any other business unit to which the individual, family member of business associates hold an interest.
4. With the exception of owner occupied units, residency shall be limited to four (4) individuals per unit providing that this conforms to Cambridge City ordinances and regulations.  Other qualifications for tenants will be considered by the special committee.

Penalties for non-conformance:

Owners found to violate of these restrictions shall be assessed an additional $TBD per month until management and the Board of Directors are satisfied with their compliance to these restrictions.

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Comments? Inquiries? Suggestions? 

send your emails to mc900@comcast.net

Your emails will be forwarded to the 900 Marshy Cove Board of Directors.

You may also mail your questions of comments to: 

Marshy Cove BOD

C/O Sentry Management

601 Locust St,

Cambridge MD 21613

Proxies still needed for May 2, 2015

We need a few more proxies. you can fax it, scan it, email it, or hand deliver it.   You can also email mc900@comcast.net.  I will hand-carry a form to your condo.  

Without the proper quorum, no elections can be held.  Without a complete Board of Directors, business cannot be conducted.  The board makes decisions about your property. 

See previous post of April 23, 2015

Contacts: 

Sentry Management

Todd W. , Michele K.

office 410-221-0398.  

Fax 410-721-3842

601 Locust St.

Cambridge, MD, 21613

Also, you may contact me at mc900@comcast.net 

Many thanks, George B. Unit 408