LONGPORT OCEAN PLAZA CONDOMINIUM ASSOCIATION
BOARD OF TRUSTEES MEETING
May 5, 2019
Board Members in Attendance:
Bill Simon
Caren Fires
Dennis Wasserman (via telephone)
Jonathan Wheeler (via telephone)
Bruce Goldberg (via telephone)
George Miller, Attorney
Management:
George Foster
Owners in Attendance:
Nancy Wood
Meeting called to order at 9:30 AM
Opened Meeting to Owners:
More thoughts on pet situation? Nancy would like to change to policy. Thinks it adds value to allow pets. Maybe limit size. We will discuss as a board.
Jonathan Wheeler motioned to approve minutes of meeting held2/10/19. Bruce seconded. All approved.
Financials – Dennis Wasserman
See attached report. Funds coming in for current quarter. Finances are in pretty good shape. We have been watching spending and getting good pricing. Jonathan motioned to approve. Caren/Bruce seconded.
Railing Post Escutcheons – Dennis Wasserman
They are being manufactured by Hansen Architectural Systems. Will get projected date to receive. Will be installed by an outside contractor with Joe Marcasciano as supervisor.
Litigation Update – Jonathan Wheeler
Status quo. Jonathan in communication with Tim Bloh. We filed action against Jon Rosenkrantz. Insurance company notified.
Lasher/ARKK – Lasher joined in other sub-contractors. In discovery phase – no depositions taken yet. Jonathan hopes for successful outcome.
Management Report – George Foster
· See attached list. 12 projects have been completed. 7 projects left to be finished.
· Rooftop Easement - Agreement in review by bank. Our attorney has reviewed – Jay Ruder
· One unit sold - #412 in December. No sales since. There are 15 units for sale. Unit 403 should come up for settlement soon.
Board will change policy for pads in service elevator. Pads will be off for summer. Pads will go back up at end of September. If there is a large delivery, we will put the pads up. Owners need to notify us. We will keep up maintenance of elevator. We have a new cleaning person for building.
There will be an informational meeting held on Sunday, May 26, 2019 at 9:30 AM in Borough Hall courtroom.
We will notify owners of café for weekends in community room. Great vendor for this. Our staff are not involved. Take-out food will be offered also. Vendor will make deliveries after the hours. May 17th will be trial run. Will not name bistro after any particular deceased owner. The bistro will be a real plus.
Hired a part-time cleaning person – Tuesday and Thursdays.
Next board meeting 6/23/19.
Jonathan motioned to adjourn meeting. Bruce seconded motion.
Meeting adjourned.
ANNUAL MEETING
July 29, 2018
Board Members in
Attendance:
Steve Frankel
Caren Fires
Vinnie Marino
Dennis Wasserman
Michael Dorn
Jonathan Wheeler
Bruce Goldberg
Management:
George Foster
In Attendance:
Alan Roomberg, CPA
Meeting called to order
at 10:00 AM by Steve Frankel. Bill Simon
moved to approve last year’s minutes.
Seconded by Sylvan Gross.
Financial Statement –
Alan Roomberg
There are deficiencies in two categories – page
3
Not shown – special assessment 5/1/18 and future
assessments of original loan.
Considering future finances:
Positive net worth = $550,000
Costs to complete project – put into financials
thrown into last year.
Income tax liability – from sale of roof
easement.
Page 4-5 Operating Fund
Revenues $1,272,000
Covered expenses
Budget projects surplus – may have changed.
Reserve Fund
Everything to complete project. Will start new year fresh
Assessments will give us positive cash flow, pay
off line of credit, and cover litigation costs.
Stuart Price asked why
not include Receivables to offset liability to bank? It could have been done but we recognize it
as it is invoiced – as the money comes in.
Question for Board –
What policies have been instituted to collect delinquencies?
Go through current procedures
Engage in litigation if needed
Person delinquent should
pay the legal bills incurred. We should
lien property right away. We have local
attorney who handles this for us. Is
there sufficient equity to cover liabilities?
#301 – If unit sells for
little money and first mortgage satisfied – we are out of luck.
Subsequent Event
Paragraph
Are there a lot of
subsequent events coming up?
Page 9 – Note 3
Language tacked on to
note 6
The subsequent event was
the special assessment of 5/1/18
How much interest is
charged on initial assessment? Paid
out? 4 ¾% interest.
No interest adjustment
on 2nd assessment.
Documents indicate 4
months of work left? That is from last
year’s minutes.
Work is finished on
exterior project.
Roof HVAC System - It is not working. It takes several months to order rooftop
unit. We will be replacing it in the
fall. We can’t show the bank that we
need to pay for it now. Will order after
Labor Day. The unit will only cost
$40,000. McAllister will install. The HVAC will be put into operation in early
December. Currently the building is
saving $20,000 in electric bills.
Are there heat coils in
unit? They are in duct work. It will be replaced before winter.
AviGreis – How do we
know it’s broken? The coils are
rotted. New unit will be sprayed.
The Reserve Study said
we would get 10 more years out of unit but they were wrong.
Concern – will rugs get
moldy? No.
We got 5 bids – not just
McAllister.
Bill Simon – Joe
Marcasiano the Project Manager was hired by the board in April 2017. Bill has known him for 25 years. He is a local resident with a 40-year history
in construction. He has helped us a
great deal. He’s been worth what we’ve
paid him. He worked with Guzzo. Joe will stay on for awhile with other
projects. He is the other employee included
with payroll.
George Foster
New Owners: 510 –
Danielle Cohn
606 – Bernardo Pupo
620 – Daniel Scolnick
708 – Joel Kofsky
There are 9 units for
sale. Unit 418 will sell – settlement is
August 1, 2018.
We have new landscape lighting.
Second floor decking –
Scheduled to be done in fall - including promenade decks.
Peter Wood – Beach
Service Elevator:
The pads have been off
on weekends only. That way you get to
see the beautiful elevator. The Board
decided to keep the pads on all the time.
Why?
We are the only building
in the area not padding service elevator.
It costs approximately $1,000 per year to repair damages. The Board
wanted to minimize the damages and costs.
Peter Wood claims the
front door of the elevator can’t be covered and that’s where the damage
is. The other walls get no damage as
they are diamond plated walls.
The minimum amount
charged to restore damage is $746.00. So
why not keep the other walls unpadded?
Peter is requesting to
leave pads off on weekends.
Other owners asked why
not use the lobby elevator for a nice entry?
R. Dolsky disagrees –
wants to see the finish.
We spent $230,000 for
that elevator.
We will vote on this.
Bruce Goldberg – The
satin finish on the door can be cleaned.
The other walls are stainless with a diamond pattern. If it gets scratched it will be very
expensive to repair. Taking the pads on
and off could damage the diamond pattern.
In four years how much damage have we had? We have needed repairs in 2016, 2017 and
2018.
Call for a vote. Who wants to keep the pads off on
week-ends? The majority vote resulted in
pads being kept on all days.
Thank Michael and Vinnie
for their service. They are going off
the board.
New Board: Bill Simon – President
Bruce Goldberg – Vice President
Dennis Wasserman – Treasurer
Caren Fires – Secretary
Steve Frankel – Trustee
Larry Yerkees – Trustee
Jonathan Wheeler - Trustee
Update on litigation –
Jonathan Wheeler
●
Involved in litigation
with 2 former contractors. The cases are
in Superior Court. It’s a consolidated case.
Litigation involving Jon Rosenkrantz is in embryonic stage. Awaiting expert report. We have 10 months to bring action.
●
Fox Rothschild – Moving
litigation forward. Expect we will have
resolved favorably within two years. We
will pay the legal fees out of the reserve fund - $120,000.
●
Settlement proceeds will
go to Association
●
$5,000 - $6,000 legal
fees per month
●
Projection for total
fees should come within amount.
●
ARKK has insurance –
they have two attorneys, one for each action.
●
J. Rosenkrantz has
insurance – on notice of pending claims.
Rental Fee - $500 – Paid
to Association When an Owner Has A Tenant
The fee is the same
regardless of length of rental. Why is
this fee paid? It’s been in place for a
long time. It’s to cover the cost of the
manager’s time to handle. A renter does
not treat building like an owner would – need to cover all common area usage
and possible damage.
Cost for new HVAC –
budgeted in, no need for assessment.
Color of Building – 2
tone building. What can be done? Costs additional money to paint
building. Want another assessment? How much? They are different materials – one
is coating and one is stucco.
Nancy Wood asked why
website is not updated – When was last board meeting?
The last board meeting
was February 24, 2018. The minutes have
not been approved yet. They should be
approved at the next board meeting on 8/19/18.
Notices of board meetings are placed on the monitors and sent via email
to owners. The website is updated with
the most current approved minutes.
How much spent on
lobby? Under $4,000.
Meeting adjourned at
11:00 AM