LONGPORT OCEAN PLAZA CONDOMINIUM ASSOCIATION
BOARD OF TRUSTEES MEETING
NOVEMBER 12, 2017
Board Members in Attendance:
Steve Frankel - via telephone
Caren Fires
Vinnie Marino
Dennis Wasserman
Jonathan Wheeler
Michael Dorn
Bruce Goldberg - via telephone
Management
George Foster, Manager
Owners in Attendance:
Nancy Wood
Mark & Gina Lario
Saul Reibstein
Owner Participation:
Gina Lario commented that the building looks great. Questioned the color of the fluted sections as it looks different. That will be the color, the building is two toned.
Marc Lario asked about the status of litigations. Jonathan Wheeler said the attorney 'wilt finalize an arbitrator in the ARKK litigation, Depositions will be taken. Arbitration will be 3 to 4 months from now. Hopefully we won't owe any money and they will be paying us.
Lasher litigation is on hold at the moment. Lasher needs to be served with requests for admission, We filed counter claims against them. We were contemplating litigation and will be filing in Superior Court against Rosenkrantz. He has insurance, assets, deep pockets. We will use Lasher litigation to go after him. Should be filed in early 2018. Rosenkrantz got a fee of $12,000 per month for overseeing Lasher's work.
Gina Lario asked if the project is on schedule. Yes. the stucco will he done within 2 weeks, On the beach side, the coating is done. They are doing the windows now. The cracks in terraces near the lobby will be done later.
9/17/17 Minutes:
Vinnie Marino motioned to approve. Caren Fires seconded.
FINANCIAL REPORT – Dennis Wasserman
See written report.
Construction - Dennis Wasserman:
Facade - concrete bases in parking lot - will get pricing.
Painting windows on 21 drop while scaffolding is up.
Everything moving along,
Rollo Electric submitted proposal of $5,000 for outlets on balconies. Guzzo will do the
receptacles on terraces replacing all GFI's. We paid ARKK for this, needs to be part of the
litigation. Gina Lario paid for this for unit 307. Will get reimbursed.The problem with tape on windows needs to be added to Lasher/ARKK litigation. Information needs to get to the attorney.
Mechanical room doors will be cleaned. Guzzo will clean each deck and get the tape off.
Legal
Actions take time. We need to light a fire under the attorney, We want to be successful in litigation.
Firstrust- Update on bank:
There are problems with the borrowed money. They are holding $1.3m.. The money has not been released, The Board hired Weir to help with bank matters. He is in negotiations to loosen onerous specifications. We have zero wiggle room in the documents. We haven't been able to keep the minimum reserve amounts. The bank will change some specifications, which will provide some relief Weir was a necessity in negotiating with the bank, We will have audited financials once addendum is agreed upon.
Rooftop - Michael Dorn:
We are looking for more revenue from roof. The market is soft at the moment. We may need to sign an agreement with brokers to market the roof We haven't given up rights to lease more of roof. Target acquisitions (OTA) - they acquire someone -15% fee - may need to do that. Michael could get that started. Possible revenue stream.
New Business:
Deferred Business:
Pool deck furnishings on hold.
Manager's Report - George Foster:
Unit 704 sold to Carl Poplar fur $730,000.
The elevator service contract will expire 3/1/18. George will explore other companies to
manage.Our pool management agreement with Sparkling Pools currently is $22,000. We have three proposals. United came in at $21,000 and Vassir $25,500. Wc had problems with the lifeguards from Sparkling last year. George will get references on United.
There are 22 units for sale. Should turn around once construction ends.
Landscaping - we added lights in some areas. Jamie Lloyd will give a proposal for lighting and greenery.
Legal -
- Zlotnick will separate and categorize his bills,
- Scheinholtz - constantly brings actions and our legal fees to date are $8,282.
- Caplan - This case continues in bankruptcy court under Chapter 13; with delays due to motions being made by both sides. According to his plan, which was submitted to the bankruptcy court, he plans to sell the unit by the end of 2018.
The holiday dinner will be December l5th at Sophia's. The holiday luncheon will be December 16th in the community room.
The next board meeting is to be determined. Probably sometime in January.
Owner Questions:
Nancy Wood asked about the probability of getting the roof money. That is part of the current negotiation with the bank, We will use the money to pay taxes.
Meeting adjourned 10:45 AM.
OCEAN PLAZA
FINANCIAL POSITION
ESTIMATED AS OF NOVEMBER 12, 2017
OPERATING ACCOUNT $293,000
(Monies include receivables by months end)
RESERVE ACCOUNT $154,000
LOAN ESCROW ACCOUNT $1,235,000
OUTSTANDING RECEIVABLES $30,000
(Caplan #301)**************************************************************************