HARBOURSIDE CONDOMINIUM ASSOCIATION, INC.
Delray Beach, FL 33483

MINUTES OF 10/17/06 SPECIAL ASSESSMENT MEETING
 FOR HARBOURSIDE III (BLDG IV)   

Meeting called to order at 7:00PM by Dick Kublin,President. Meeting notices properly posted: verified by D.Kublin.  Rollcall: Present: Dick Kublin, Arthur Frischman, Len Streeto, Anne Nichols, Yvonne Gugel. Absent: Gloria Sager & Paul Stokes. Quorum met & Meeting continued.

Dick Kublin passed the post tension metallurgical report around to those owners present, & he read a 5-item Memo from Tracy Edwards of Swaysland regarding the project status &, particularly, Bldg.IV’s post-tension problems.  He also reported having obtained a written second opinion dated 10/1/06, from Jody Taylor in Unit 4606.  These engineers agree that it is necessary to replace all of the post-tension cable ends.

Y.Gugel explained that we have a total of 504 cables (including the roof) which will cost $1,053 each to repair, for a total of $530,712.00.  This $530,712.00 figure is preliminary, & may end up costing more or less; this figure also does not include any necessary cement work.  The Board agreed to levy these necessary assessments in steps, with this 2nd Special Assessment for concrete restoration being $400,000.00.  A Q&A session followed.

MOTION by Y.Gugel that the Board of Directors, mindful of their fiduciary & statutory duty for the safety & well-being of all owners & their person & property & for the overall intrinsic value of the investments of all owners, approve a Special Assessment in the amount of $400,000.00 for Harbourside III (Building IV) to be paid in 2 payments due November 15, 2006 and January 15, 2007/seconded by A.Nichols/unanimously approved. 

MEETING adjourned at 7:40 P.M.

______________________				_______________________
A.C. Nichols, Acting Secretary 			D.Kublin, President