JANUARY 21, 2003

1. Call to order. President Dave Hartman called the meeting to order at 9:03 A.M.

2. Proof of Notice. All directors were notified and notices were posted throughout the Condominium.

3. Determine a Quorum. In addition to President Dave Hartman, present at the meeting was Vice President Chuck Mallek, Treasurer Bob Balderson, Secretary Jim Johnson, Art Bubar and Dan Beaudoin. A quorum was present.

4. Approval of Past Minutes. A motion was made by Chuck Mallek to approve the November 2003 minutes as presented. Dan Beaudoin seconded the motion and all Board members voted in favor.

5. Reports from the Committees.

a. Water Intrusion. Art Bubar said they had a bid from a contractor but thought the amount was high. They will get another quote. Juergen Heim said there is a problem with his unit and especially the unit downstairs. Art will take a look at the units. Joe Ferguson wanted to go on record saying he has a wet wall on the bay side of his unit. The committee is aware of the problem. Dan Beaudoin brought up the problem with Bob Knox’s shutters in B207. He said Bob’s shutters don’t close and there is a crack that goes across the back creating quite a problem particularly for the Beckers downstairs. It was mentioned that the crack is the responsibility of the Association and the shutters are Bob Knox’s responsibility. Dan will talk with Bob Knox and see if he can get his permission to fix the shutters. Chuck Mallek said that if an owner’s has something on the outside of the building causing a problem for another owner we must have some kind of legal recourse to force the owner to fix the problem.

b. Elevators. Jim Johnson mentioned the elevators have been cleaned but Ben has yet to fix the floor of the elevator in C Bldg.

c. Beautification. Bonnie Hartman said the committee is still making plans for the area west of the pool, which will have all native Florida plantings so irrigation won’t be a problem. They are also planning a sitting area for all to enjoy.

d. Docks, Mangroves and Australian Pines. Dave mentioned the Association has heard nothing from the neighbor next door in relation to the Australian pine Trees. He went on to say neither have we heard from the DEP regarding the boat dock or the issue of the mangroves. Fabian did say the trimmer that worked on the mangroves has been asked to call the DEP. Fabian said that while Punta Gorda DEP has not resolved the issue of the docks the State DEP did send a new submerged land lease, which will be signed by Dave and returned to the state.

e. Social. Barb Mallek said this months’ events include a pot luck supper and a Tennis Tournament. Barb said volunteers are always welcome to help with social events.

6. Report from Directors. There were no reports.

7. Old Business

a. Insurance Report. An insurance coverage report prepared by Joe Hren at Moody Insurance was passed out to all attending owners. Fabian said the Depreciation Reproduction cost for the six buildings if they were completely destroyed would be $8,200,000.00. This figure is $1,000,000.00 over the cost that GA Robbins’ stated in their most recent appraisal for Depreciation Reproduction. Fabian said the buildings are insured for $9,000,000.00 in wind and $11,000,000.00 in flood. There is also a $250,000.00 Fidelity Bond, $1,000,000.00 General Liability, $1,000,000.00 Directors and Officers subject to a $1,000.00 deductible and a $1,000,000.00 Excess Umbrella Liability. Leo Hughes said he thought the amount of General Liability Insurance was low for the Condominium the size of Pelican Landing. Fabian will check into the matter.

b. Reserve Funding Report. Fabian presented a funding schedule projecting reserves for year end 2004. Estimated Total Cost for replacement was adjusted upward by $61,500.00 to $384,000.00 to account for inflation and after discussion with local contractors. The Estimated Balance of Reserves for end of year 2004 is $179,322.00 This figure does not include any withdrawals for the year 2004. It does reflect withdrawals for 2003 as follows:

Pool Repairs $5349.00

Door Replacements $12,884.00

Tree Removal $3,200.00

Building Restoration $3,950.00

Total $25,283.00

The schedule reflects the budgeted amount for additions to reserves of $44,759.00 for the year.

Fabian pointed out that he had included an entry in the schedule for Building Water Intrusion and had eliminated the one for Deck Furniture. It was recommended that the new entry be called Building restoration. Leo Hughes reminded the Board that it has been the policy in the past to avoid having a lot of small reserve accounts and to cover these expenditures through an occasional special assessment as the need arises.

Juergen Heim stated that the schedule should reflect the reserve balance as of December 31, 2003.

Ole Kristenssen offered to develop a spreadsheet to be used in generating the reserve schedule.

8. New Business.

a.Spa and Pool. Fabian mentioned that the pool heaters needed to be replaced. The cost will be $8,800.00 for replacement. There is still a leak in the spa heater.

b. Parking. Ole brought up the idea of more parking spots. He passed out a schematic of what an increased area would look like. A discussion followed. Leo Hughes recommended looking into current regulations for parking, in particular handicapped parking, saying the Association could lose space instead of gaining new parking spots.

9. Owners Comments.

· RoundAbout. Dan Beaudoin reminded people about the upcoming meeting for the proposed roundabout on Manasota Beach Road.

· Vents and Gutters. Dan Beaudoin was given a round of applause for cleaning out the gutters and vents.

10.Adjournment. As there was no further business before the Board Chuck Mallek made a motion to adjourn. Dave Hartman seconded the motion and all voted in favor. The meeting was adjourned at 10:02 A. M.