Sunday, September 25, 2011

Under the Heading of 'Old Business'

Every now and then I bring up to the top of the board something that you might have missed when it was originally posted.  Here is one such item tucked away in the Concord Management Agreement. 

Update of 1/24/11:  The reply to the below request for disclosure is now on hand and it is that Mr. Knight will not disclose how much or why he is getting paid by Concord Management while he is a Board member here at Nautilus Cove. 
  Compensation for NCC BOD  
 Member - How much/why? 
An inquiry is pending with the Concord Management company as to what compensation is going to our Developer appointed Director Mr. Norman Knight. If/when an answer is provided it will be published here. Of course any Owner can make this inquiry at the Annual General Meeting on 1/29/11.

The above is from the ten page, 2010 Concord Management Agreement, which was approved 3-0 by our Board of Directors which included Mr. Norman Knight.  (See any conflict of interest there?)  

718.3025 Agreements for operation, maintenance, or management of condominiums; specific requirements.—
(1) No written contract between a party contracting to provide maintenance or management services and an association which contract provides for operation, maintenance, or management of a condominium association or property serving the unit owners of a condominium shall be valid or enforceable unless the contract:
(e) Discloses any financial or ownership interest which the developer, if the developer is in control of the association, holds with regard to the party contracting to provide maintenance or management services.
(f) Discloses any financial or ownership interest a board member or any party providing maintenance or management services to the association holds with the contracting party.

See the New 10/4/10 Condo Management Agreement at - http://tinyurl.com/39sy3cy