LONGPORT OCEAN PLAZA CONDOMINIUM ASSOCIATION
BOARD OF TRUSTEES MEETING
September 6, 2020
Board Members in Attendance (Via Zoom):
Dennis Wasserman
Caren Fires
Jonathan Wheeler
Katherine
Pitman
Natasha Pupo
George Foster – Management
Meeting called to order at 9:35 AM
Dennis Wasserman
Thank
everyone for compliance with COVID19 rules.
-
Complying
with pool rules
-
Wearing
masks
Jonathan
approved minutes of last meeting. Caren
seconded.
George Foster – Notation from
minutes in February 9th – approved on April 21st. Approved.
Financial Report
$198,643 Operating Account
$456,083
Reserve Account
$252,908
CD
See
attached report
Litigation Update
Mediation in July was unsuccessful in
resolving case. Mediator – defendants
didn’t have enough specificity in expert reports. This is counter to a mediation. We tried to resolve without going to further
expense.
Since then, meeting with counsel and 2
experts on 8/25/20, we are in process of getting more specificity for the
claims. We are awaiting supplemental reports.
Hopefully case will resolve without trial. COVID19 has complicated the resolution of
case. Settlement will hopefully be
successful. Depositions have not begun
yet.
Rooftop Easement
Selling easement on roof for
$415,000.00. Construction lien on
building is a snag in the deal. Title
company wants a bond issued to cover the lien.
With the help of Walter Weir, the bank will give us a letter of credit
to cover the bond. Hopefully will
resolve soon.
Management Report
2 units sold: 414 Kallick on 4/14/20
514
McNulty on 7/15/20
5 units for sale:
617
Scheduled for sale in October
302
304
408
502
Christine – ill – excused from work
until 10/1. Debbie will continue until
Christine is back. We don’t know what
her illness is. Hopefully she will be
back then. Does family medical leave act
apply? No, not enough employees but her
job is protected. She is not getting
paid.
Pool Operations
Going well. Few glitches – the owner has been notified
about violations. Everything staying
disinfected.
Didn’t max out capacity.
Pool Special Assessment
6 owners haven’t paid.
Pool will close 9/17/20 – pool will be
covered. Deck will remain open
after. Need reservations – max at 35.
Tropical Storm Isaias
Had some damage – atrium glass panel
replaced with tempered glass. Elevator
#1 repaired. Roof repairs being done.
Electric Panels
In some units. Manufactured by Federal Pacific were deemed
unsafe. Owners need to have electrician
check and see if panels need to be replaced.
All breakers in the shop have been replaced. Notice sent to board August 19th. Need to notify the owners to mandate
replacements.
Meters belong to association. Components
and breakers belong to owners.
Insurance Coverage
Are owners required to have
insurance? Shouldn’t they be required
for contents policy? Condo documents
doesn’t mandate it, it suggests it. The
board can review and come up with a plan to get certificates of insurance
required by each owner. We would need to
amend the by-laws to require this.
Everyone should have a minimum amount of insurance. Let’s draft change in by-laws.
What are legal costs to date? $309,000.00
What is the settlement amount we are looking for? Get rid of construction lien. Deal with affirmative claims against the
parties. Net result $1.1 million
settlement? That amount is still
realistic.
How long to wait for Christine? Debbie wants to come back. Board defers to George for management and
supervision of employees.
Meeting adjourned
George Foster – Notation from minutes in February 9th – approved on April 21st. Approved.
Financial Report
$198,643 Operating Account
$456,083 Reserve Account
$252,908 CD
See attached report
Litigation Update
Mediation in July was unsuccessful in resolving case. Mediator – defendants didn’t have enough specificity in expert reports. This is counter to a mediation. We tried to resolve without going to further expense.
Since then, meeting with counsel and 2 experts on 8/25/20, we are in process of getting more specificity for the claims. We are awaiting supplemental reports. Hopefully case will resolve without trial. COVID19 has complicated the resolution of case. Settlement will hopefully be successful. Depositions have not begun yet.
Rooftop Easement
Selling easement on roof for $415,000.00. Construction lien on building is a snag in the deal. Title company wants a bond issued to cover the lien. With the help of Walter Weir, the bank will give us a letter of credit to cover the bond. Hopefully will resolve soon.
Management Report
2 units sold: 414 Kallick on 4/14/20
514 McNulty on 7/15/20
5 units for sale:
617 Scheduled for sale in October
302
304
408
502
Christine – ill – excused from work until 10/1. Debbie will continue until Christine is back. We don’t know what her illness is. Hopefully she will be back then. Does family medical leave act apply? No, not enough employees but her job is protected. She is not getting paid.
Pool Operations
Going well. Few glitches – the owner has been notified about violations. Everything staying disinfected.
Didn’t max out capacity.
Pool Special Assessment
6 owners haven’t paid.
Pool will close 9/17/20 – pool will be covered. Deck will remain open after. Need reservations – max at 35.
Tropical Storm Isaias
Had some damage – atrium glass panel replaced with tempered glass. Elevator #1 repaired. Roof repairs being done.
Electric Panels
In some units. Manufactured by Federal Pacific were deemed unsafe. Owners need to have electrician check and see if panels need to be replaced. All breakers in the shop have been replaced. Notice sent to board August 19th. Need to notify the owners to mandate replacements.
Meters belong to association. Components and breakers belong to owners.
Insurance Coverage
Are owners required to have insurance? Shouldn’t they be required for contents policy? Condo documents doesn’t mandate it, it suggests it. The board can review and come up with a plan to get certificates of insurance required by each owner. We would need to amend the by-laws to require this. Everyone should have a minimum amount of insurance. Let’s draft change in by-laws.
What are legal costs to date? $309,000.00 What is the settlement amount we are looking for? Get rid of construction lien. Deal with affirmative claims against the parties. Net result $1.1 million settlement? That amount is still realistic.
How long to wait for Christine? Debbie wants to come back. Board defers to George for management and supervision of employees.
Meeting adjourned