February 9, 2020

 Board Members in Attendance:

            Bill Simon
            Caren Fires                                                    
            Jonathan Wheeler    (Via Telephone)
  Dennis Wasserman  (Via Telephone)
  Bruce Goldberg       (Via Telephone)

Christy Miller, Attorney

Management:   George Foster

Owners in Attendance:     Marc Lario – came in later

Meeting called to order at 9:31 AM

Minutes of November 24, 2019 – Jonathan motioned to approve, Bruce seconded.

Financial Report – Dennis Wasserman

See Attached.  Financials are strong.

Proposed Budget Review for Fiscal Year 2020-2021 

Caren motioned to approve.  Dennis seconded.  Budget approved.  

No increase in common area expenses.

Litigation Update – Jonathan Wheeler

Conference set up for 2/21/20 with Fox Rothschild.  March – mediation.

Verizon Rooftop Easement Update – Caren Fires

Lease will be sold to Landmark.

Management Report – George Foster

·         Unit 417 sold - $640,000 to Botwinick

·         Units for Sale:  304  $549,900

                                      305  $499,000

                                      414  $385,000

                                      514  $369,000    

·         New Employee Update:  George reviewing new employee – doing background check.  New maintenance person will come in for April.

·         Debbie Minichuk is retiring.  George reviewing 30 resumes – narrowed down to 6 people – will interview.

·         Pool Deck Umbrellas – Will replace for umbrellas with cranks.  Caren motioned to approve.  Jonathan seconded.

·         Railing Post Plates – Caulking will be done in spring prior to April 30th.

·         Spring Projects:          

Bicycle room – repaint doors and frames.

Power wash under decks – apply sealant to lumber.

Repaint walkways to lobby.

Paint stains – removed from deck

Caulking post plates

Open meeting for owners:

Marc Lario wants update on litigation - mediation postponed.

Jonathan moved to adjourn at 9:43 AM.




July 28, 2019

 Board Members in Attendance:

Bill Simon
Bruce Goldberg
Caren Fires
Jonathan Wheeler

Management : 
George Foster

In Attendance : 

Alan Roomberg, CPA
Christy Miller, Associated with George Miller our Legal Advisor

Meeting called to order at 9:34 AM.
Bill Simon welcomed everyone. We have a quorum.

Jonathan motioned to approved minutes from annual meeting dated July 30, 2018. Bruce

Alan Roomberg – Financial Report
Net assets increased by $900,000.00 Liabilities decreased. Attributed to special assessment last
May. Normal budget and reserves – good.
Operating Account surplus of $20,000.00
Reduction of debt – paying off line of credit. Net deficit $1,826,000.00 – on good path. In good
stead with the bank.
Going forward – bank - major renovations done. Hope we can grow Reserve Fund. Pay off
bank note.
One time reserve expenditures - $176,000.00
- Pool
- Deck/railings
Hope these won’t recur for a while.
Did 8 year projection with bank. Took it out two years further. Everyone will be fully paid
before bank is paid.
We can pay off bank two ways:
Easement sale on roof
Litigation recovery
$700,000.00 unrestricted cash – can we pay down debt with this? If we sell easement, we will
use those proceeds to pay down debt. $600,000.00 of that amount is in reserve fund.
Board renewed the line of credit for availability if needed.
Replacement reserve study was last done in 2014.

Litigation Report – Jonathan Wheeler

● The Board enacted a code of ethics for association members and manager. Will
hopefully strengthen owner’s confidence in board and management.
● Problems with contractors - construction took too long. Cost too much. Engineer didn’t
watch our interests. General Contractor increased amount spent. Sub-contractor
defrauded Association of millions of dollars. Initiated litigation in Superior Court.
Consolidated cases. Fox Rothschild represents us. In contact with them regularly. Cases
will go to mediation later this year. Hopefully settlement will be achieved.
There will be a conference on 8/23/19 to discuss status of litigation. Mediation is
non-binding. Range of possible settlement $0 - $750,000.00 - $1.5 million. Attorney
fees we’ve kept track of fees – total $135,000.00 thus far. Need a mediator familiar with
construction issues. Have we been offered money yet? No. Is there cross litigation? In
New Jersey many cross and counter claims. Each litigant has two different lawyers.
There are six separate lawyers involved. Vassar Square has lawsuit vs. engineer.

Management Report – George Foster

● Financial position – good.
Bank sent representatives to inspect building one month ago. Bank pleased with financial
position and condition of building.

● Units Sold/New Homeowners – 6 units sold.
● Units for Sale – 14 units for sale with 4 going to settlement.
● Building Projects Update – 23 projects to be completed – done. Remaining projects –
escutcheons for railings and application of water sealant on new lumber for 27 th Street deck.
Bill and George have been very active to get construction projects completed.

Amendment to By-Laws – To require homeowner’s insurance for the units. We assumed
by-laws included this. Issues have come up regarding damage to units. We are proposing
by-laws be amended requiring owners to have homeowners insurance. It benefits all owners if
damages occur. Recommend that we have preferred vendors for insurance, etc. We can do that.
Will we suggest a minimum deductible? Good idea. Will add to amendment. The building has
flood insurance – individual owners can’t get it.

Owners Questions

Color of building – two colors – middle of building looks unfinished. $65,000 to $75,000 to do
painting. Not going to do this right now.
Saul Reibstein – congratulated board for improvements. Two suggestions: 1. Limited area for
gym and trying to solve bicycle storage. 2. Social activities - would like social committee to
arrange activities.
Dogs – Sees dogs – service dogs/emotional support. Why do we have them? George has
reviewed this. Assistance animals can be service animal or emotional support. Federal
regulations – cannot turn them down. Must be in the control of the handler. Can’t disturb others.
Paperwork must be on file. To change policy would need to change by-laws – 80% vote.
Replace the blue carts – George working on it.
Fitness center – near lobby?
Recycle – people need to be refreshed about what can be recycled. Can we put a list there?
40 years ago – replaced carpets often when dogs were allowed. Service animals are not
restricted. Could have session to educate everyone about dog issue? Have George send out
email asking about people’s opinion on pet policy.
Adult swim period – 9:30 – 10:00 – pool opens at 10:00 AM
Bring back the summer party next July 4 th .
Bistro – Thank Chris for setting up Bistro. Wish more people used it. Will have to see if it

Ratification of board members. Vote to approve – all approved.

Thank Caren and Vinnie – lobby and community room.
Thank George and staff and board.

Meeting adjourned 10:44 AM.