River Oaks Gardens Board of Directors Meeting

Minutes for

February 23, 2006 - 6 p.m.

The meeting was called to order by Vice President, Pauline Gianfala.

The November minutes were read, approved, and entered into record.

KRJ Property Manager, Pam Rabus, reviewed the financial report including the Operating Account balance of $25,291.18 (payments for all operating expenses and reserve transfer had been made), and the Total Reserve balance of $173,136.17.

Old Business

1) Pam gave an update on the Electric Meter Enclosure project to replace all 132 shutters on the enclosures with fiberglass shutters (permanent color in fiberglass to match the buildings) by Quality Construction. Shutters are custom made and are on order. Installation will begin in 4 to 5 weeks.

2) Monument has been installed, but the sign face is incorrect. Face will be replaced with corrected wording and spelling; address will also be made larger. Color of base may be changed to better coordinate with the building brick. Pam is getting quotes for Installation of lighting and cameras in the area of the monument sign and should have them for the Board's review within a couple of weeks.

3) New Signs for Buildings and the corner of Haddon and Shepherd have been installed and this part of the signage project is complete.

New Business

1) Various areas of concrete throughout the property need repair and or correction for drainage issues. Pam has presented two quotes to the Board, and will present the third quote when it is received. The Board will review the quotes and make a decision on moving forward.

2) Pam presented homeowner variance requests for the Board's review. The Board will review and make final determination in executive session.

3) Pam presented engagement letter for 2005 Audit and Tax Return. Board will review in executive session.

Homeowners' open forum was held.

The meeting was adjourned and the Board of Directors entered into executive session.