Tuesday, March 10, 2009

The Concord management agreement is now available

scroll down to July 1, 2008 to read the 9 pages, or to print them out. This and other information on this blog is available from the office for any owner to look at or obtain copies. It is posted here for quicker and easier access.

This agreement is pretty standard boiler plate, it runs for one year from July 1, 2008 and is renewable on a monthly basis for 7 years. It provides for any purchases by the manager over $5,000 be put out for competitive bidding and with only a few exceptions, any expenses over $1,000 must be authorized by the BOD.

The managers fee for service is $4,200 a month paid in advance each month (that is $25 per unit x 168 or $50,400 yearly, plus some additional fees) and increases of 5% are provided for each year. "Management Fees" in the 2009 Budget are set at $70,400. The manager is to have at least one person available at all times for management and maintenance.