July 26, 2005

Meeting Time

The meeting was opened by Bruce Howard at 7:05

River North Commons (RNC) Board Members

Bruce Howard, Chair
David Desser
Rick Edel
Craig Halverson

Phoenix Rising (PR)

Eric Fordyce

NOTES / MOTIONS

I. Approval of Minutes

Minutes from the 6.29/05 were approved

II. Treasurers Report

1. Financial position is ‘good’ and the cash position is ‘strong’
2. Reserve fund is over $300,000
   1. About on track with where we should be
3. Operating funds have some bills not in and paid so we have less money than is shown
4. Receivables are ‘good’
5. YTD income slightly above budget
6. YTD expense currently below budget, but will catch up when all expenses are in
   1. Expenses are on track
   2. Except for snow removal from last winter
7. Clean up/Fix up on schedule and going well
8. Financial Dashboard is posted on the web site.

III. Old Business

1. 2005 capital repairs:
   1. Repairs to date by our contractor, Bral Restoration, LLC, are on time and on budget, averaging about $1,500 per week, for a total of $31,162 since we began work on June 14, 2005.
   2. Status
      1. For 2005, we have scheduled work on 18 total scaffold drops, covering all areas of reported water infiltration. Work is now complete on drops #1 - 8, along the north side of the Superior building.
      2. The #9 drop at the southwest corner of the Superior building began the week of June 20.
      3. The #10 drop on the Superior Building, located in middle of South side of the building, is expected to be finished the week of June 27.
      4. Crews then move to the northwest corner of the Huron Building, continuing counterclockwise around the building on drops #11 - 18 through fall 2005.
      5. A grease board will be posted on bulletin boards by the mailboxes to show location of work sites. This will become the standard for alerting owners about brick & mortar repairs for the remainder of this year, and in coming years.
      6. Board will be meeting 8/1/05 with Jim Warton of Warton, Inc., our building engineer, to discuss strategy for long-term bricks & mortar repairs.
   3. Satellite proposal: update information
      1. Cost/month will be about $27 if entire building is covered plus current service fee of about $9/month. Effort is being made to reduce this.
      2. Trying to get HDTV into building. Current bid is $10,000. This amount is being negotiated.
      3. Third option is to make no changes
   4. Fredericks bill (snow removal) No suit has been filed against us yet.

IV. New Business

1. Contract Review: proposals are needed for plumbing, snow removal and exterminator
2. HVAC proposal
   1. Assurance (current provider): 2 visits per year for $2,000
   2. Murphey and Miller (bid in) 4 visits per year for $4,000
      Motion: plan quarterly maintenance for about $4,000 per year and obtain bids from both companies and retain Assurance if costs are similar. Motion passed.
   3. Garage door repair: determine needed repairs and check to see if it is under warranty.

V. Committee Business

1. Social Committee: 
1. Great response to Italian night:  pictures on web site
2. Loft walk scheduled for Dec. 4, 2005
3. August ‘Third Thursday’ is at Kitsch.
2. Decorating/Facility/Landscaping Committee:  Rubbermaid storage units in garage are thought to be inconsistent with the look of the building and difficult to manage.
3. Web site.
1. Site can accept links to authorized sites
2. People can sign up to receive e-mails from Board, Social Committee and similar efforts

VI. Management Report Fitness room painted, elevator doors are next.

Meeting adjourned at 7:58 PM