MANAGEMENT UPDATE THURSDAY

                                             MANAGEMENT UPDATE
                                            THURSDAY, JULY 15, 2010
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A Temporary Injunction Hearing filed and held in Palm Beach County District Court on Thursday, July 8^th was dismissed due to Banyan Springs Property Owners Association being under Florida Statues 720, Homeowner Associations and not Florida Statutes 718, which covers Condominiums.

On Friday, July 9^th, Mario Ferrazolli & Sons began the removal process of the Mexican tile in the Clubhouse. The removal process is now complete and the new porcelain tile is being installed as we speak. Again, we apologize for the inconvenience and will post notices on channel 63 and around the Clubhouse when the Clubhouse reopens.

The Palm Beach County Health Department is currently reviewing the engineering plans for installation of collector tanks for the Japanese Hot Tubs and the Cabana Club Spa. Once the plans are approved, scheduling dates for the project to begin after the Clubhouse Flooring Project has been completed and will be posted on Channel 63, as well as around the Clubhouse.

Some members of the POA Board are looking at various options that Comcast may propose to further enhance or improve the number of channel packages as part of the new technologies and expansion plans of Comcast Cable. These changes could involve having to sign a new contract or an addendum to our current contract, which doesn’t expire until 2015.

Palm Beach County Department of Engineering and Public Works, has received permission from the POA to proceed installing the equipment to install a traffic signal at Cedar Point Blvd and Military Trail. As of this date, Banyan Springs has not been informed of when the county is scheduled to begin or complete the project.

The POA is awaiting the final paperwork and payment of $20,000 from the City of Boynton Beach Utilities Department for the Utility Easement that was negotiated by Vice President, Bob Dow and approved by the Board on Thursday, July 1^st.

Management is currently working on a claim with the POA insurance to defray the costs that we incurred at the Main Gate during the overnight hours of June 20th, when the gate arm mechanism was destroyed. The cost of the damage in this incident was $3,282.21, less a $1000 deductible. In addition, Management is continuing to work on two other incidents to recover reimbursement for damages and will keep the Board informed of any progress towards settling these matters.

Respectfully submitted,

Rick Leach, L.C.A.M.

Property Manager