MINUTES

 Management: George Foster

Owners in Attendance:
            Peter Wood

Meeting called to order at 9:30 AM

Opened Meeting to Owners:

Peter Wood commented everything looks great.

Jonathan Wheeler motioned to approve minutes of meeting held 6/4/19.  Dennis seconded.  All approved.

Financial Report –Dennis Wasserman

See attached report.

Receivables – we are at the beginning of a quarter.

Litigation – Jonathan Wheeler

No change.  8/23/19 case management conference.  Hopefully will go to mediation.   Workshop in September – Tim will come to meeting

Rooftop – Two new prospects for roof deal.

Amendment to By-Laws – Revise – change language to say maximum instead of minimum for homeowner’s insurance deductible.

Units Sold -  

• #406 settled yesterday.
• 512  to go to closing
• 621  to go to closing
• 521 to go to closing

There are 10 units for sale

Fall Projects – 2019

·         Remove stains from pool tiles

·         Paint promenade fencing

·         Repaint bicycle door storage

·         Repaint walkways

·         Clean out condensate drain lines

·         Brick pointing

·         Check paver walls at atrium and 27^th Street

·         Apply water sealant under 27^th Street deck

·         Remove paint stains left over near community room

·         Install balcony post plates

·         Elevator repairs – remove scratches

·         Service elevator – new handrails and bumper rails – cost $3200.00

Peter Wood – Rubber washers on railings have not lasted.  If covered with post plates, how will we know if they’ve rotted?  Once they are covered they should be fine.

Next Board meeting will be in November.

Meeting adjourned 9:40 AM

 **********************************************************************************

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 2^nd 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