Board mtg 4-27-2024

CT Hangar Association Board Meeting

04/27/2024

Attendees:

·       Mark Occhialini

·       Howard Small

·       Sheldon Schake

·       Greg Castanza

·       Michael Teiger

·       Chris O’Conner

Summary:

1.       Next year’s budget will be the same as this years.

2.       The Association currently has approximately $30K in cash in the bank and another $52K in a CD.

3.       Hangar insurance covers day-to-day accidents such as fire coverage and damage.

4.       Rick Polivy sent a letter summarizing the hangar lease:

a.       Lease is up for renewal in 2031.

                                                               i.      The lease can be extended for up to an additional 10 years after 2031.

                                                             ii.      Lease cost will increase by 3% per year after 2031 if the least is extended.

                                                           iii.      The current lease amount is $5,700/year.

                                                           iv.      The state of CT owns the land but not the hangars.

                                                             v.      There will be a 6-month widow to renew the lease.

b.       Howard to send an email to the board with the Hangar Association by-laws and the Rick Polivy letter summarizing the lease details.

5.       Next members meeting tentatively planned for one of the first Saturdays in June.

6.       Budget approved by board.