HOTC Board meeting. 2/28/18

Paul Huss

Brian Hein

Fran Scuderi

Francis Balthazor

Mike Hiese

Tim Maclay

John Loftus

Non board members present. Kathy to get me a list

Robert Attilan

Fred Graham

Et al

Call to Order

Attendance/Quorum

Treasurers Report

Restaurant Update

Hotel Update/Repairs Etc.

Investor Update/RCI

Adjournment

Treasurer’s Report… as of 26 FEB 2018

Bank Balances: Fiscal Year to Date (1 OCT 2017 – 26 FEB 2018)

– Checking $  72,557.54

– Savings $ 426,065.19

– Escrow $  94,284.79

Total $ 592,907.52

2018 Maintenance Fees Billed as of 11 JUL 2017 $ 318,956.00

2018 Maintenance Fees Collected as of 26 FEB 2018 $ 257,082.58

2018 Maintenance Fees Outstanding as of 26 FEB 2018 $  61,873.42

Previous Treasurer’s Reports

Bank Balances: Fiscal Year to Date (1 OCT 2017 – 26 JAN 2018)

– Checking $  59,337.75

– Savings $ 314,682.20

– Escrow $  94,254.96

Total $ 468,274.91

2018 Maintenance Fees Billed as of 11 JUL 2017 $ 318,956.00

2018 Maintenance Fees Collected as of 23 JAN 2018 $ 239,792.89

2018 Maintenance Fees Outstanding as of 23 JAN 2018 $  70,286.75

Note: The difference of $8,876.36 represents units surrendered since 11 JUL
2017.

Bank Balances: Fiscal Year to Date (1 OCT 2017 – 27 DEC 2017)

– Checking $  49,173.72

– Savings $ 254,811.23

– Escrow $  94,247.47

Total $ 398,232.42

Bank Balances: Fiscal Year to Date (1 OCT 2017 – 5 OCT 2017)

– Checking $  11,174.14

– Savings $ 313,684.40

– Escrow $  94,231.50

Total $ 419,090.04

These totals are inclusive of the money spent due to hurricane repairs

We are hoping to reopen the restaurant in the next couple weeks. At the very
least we want to be open for drinks soon

We need to survey equipment to see if it works.

Robert Attalian. Question about do we have a liquor license.

We have talked to the permitting people and they are good with what we are
doing.

Hoping to maybe have room service in the long term.

Hotel update repairs

Repairs are winding down and veranda is being finished. All HM rooms are
finished.

Repairs to where the washer dryers are commencing soon.

Washer and dryers are working.

Are the huts on the beach standing. No only one. Umbrellas are working well.
Lots of colors would be nice.

Most restaurants in town are open and working. Boardwalk itself has some
problems and may not be ready for St. Patrick’s Day

Question about our boats. Are they fine. Answer was yes.

Investors

No update at this time.

Comments about having the restaurant making it easier to get an agreement
with the investors.

Al Warrington

We have an agreement with RCI agreed we can move to any of there properties
during the down time during the construction if we have an agreement with a
developer.

Lake country is putting together a slick for the apartment.

Francis and Tim will meet off line.

Question. Is emerald point available for rental or will it stay with the
manager.

Pool is open

We need a burn permit to get rid of storm wood branches.

Next meeting last Wednesday of March.

Adjourned .