August 25, 2003

Meeting Time

Meeting called to order at 7:05p

Board Members

Steve Di Padua (SDP)
Bruce Howard (BH)
Brian Madurzak (BM)
Ken Sherman (KS)
Debra Siena (DS)

Building Manager

Donna Welzien
Fred Waldman

MEETING NOTES / ACTION

1.0 Approval of Minutes

BH motioned to approve prior meeting minutes - KS seconded motion

MOTION PASSED

2.0 Financial Overview

  • BH reviewed financials
    • Frost and Ruttenburg provided 2002 financial review.This document will be on file in the management office.
    • BH stated that cash position decreased to approximately $97K. This was primarily due to planned lobby renovation.
    • Utility expenses continue to behigher than budgeted
    • There were several "surprise" expenses since the last meeting:
      • Insurance         $12K
      • Electric             $ 8K
      • Gas                 $ 37K
      • Repairs             $ 4K
    • Building income is above budgeted number
    • Delinquent payments have been reduced however still requires further improvement. (1) unit makes up 50% of the delinquent balance. This unit has been turned over to legal for immediate action.
    • The BOD is researching the RNC unit ownership %. The calculation, related to assessment values, was provided and documented by EDC. TBG will provide reconfirmed values to BOD.
    • BH provided the financial outlook/expenses, incorporating building repair work that is supposed to be covered by EDC:
      • Building repair/tuck pointing
      • Emergency lighting
      • Garage door repairs
      • Replenishment of reserve
        • Increase assessments in 2004 to support financial repayment
        • Reduce unnecessary expenses
        • TBG to present a realistic '04 budget reflecting appropriate and applicable assessments

3.0 RNC Action Items

3.1

  • RNC is currently reviewing exterior brick issues
    • RNC roofs have been inspected and repairs have been completed
    • (14) units contain major brick defects. To be repaired with the aforementioned tuck pointing project
    • DS and BOD agreed to move ahead with tuck pointing / building repair whilst concurrently pursuing legal track against EDC for complete compensation for shoddy work / incomplete unit delivery.

3.2

  • DW stated that emergency lighting is under way and will be completed by end 2004.

3.3

  • BH motioned to replace both underground garage doors. BM seconded motion.

MOTION PASSED

3.4

  • SDP provided group with overview of new security vendor, Initial Security. Initial will take over security responsibilities by end September 2003.

3.5

  • Donna Welzien reconfirmed that residents must notify building manager as to remodeling/renovation projects. Structural changes require building manager notification and BOD approval. Permits and documents are the responsibility of the resident.

3.6

  • DS stated that the new lobbies absolutely require all residents to follow RNC delivery and move-in policies. All deliveries to RNC are to be conducted through the loading dock. DS stated that building personnel, including security and maintenance, is not to park in the loading dock area. Vehicles will be towed.

4.0 COMMITTEE UPDATES

4.1 Rules and Regulations

  • Darcy Lantz stated that   the R&R committee has met twice and is presently benchmarking RNC's policies with 10 comparable properties.
  • The goal is to "tighten" slack, make R&R's and RNC information more user friendly, and enforce policies
  • The next R&R meeting is Wednesday, September 10.
  • DS provided temporary R&R history. The goal, according to DS, is for the RNC BOD to review suggestions and vote R&R in as permanent beginning 2004.

4.2 Decorating

  • Geof Shives stated that landscaping, 1'st planting, was completed.
  • Geof Shives stated that the lobby renovation is near completion. Painting, final electrical installation, stone guard station tops remains.
  • Geof Shives stated that the lobby renovation is taking longer than planned due to limited timing of subcontractors.

4.3 Website

  • Rick Edel stated that the new website platform has been installed for residents to enter news
  • Rick Edel stated that the building declaration will be scanned into the website. New owner materials will be scanned into website in the coming months.
  • DS suggested that RNC complete a quarterly newsletter for website distribution. News will include latest RNC goings-on as well as important neighborhood updates.
  • Rick Edel reconfirmed that the Unit # and RNC are still to be used as the logon name and password for the RNC website.

4.4 High speed Internet

  • Three providers (originally four) provided RNC internet capabilities and options.
  • A questionnaire will be sent to each unit requesting feedback including needs and general input.

4.5 Social

  • The third Thursday RNC social function continues to be very popular with residents.
  • The cooking party was a great success. Another cooking class/party will be scheduled in the fall. Updates will be posted.
  • Patrice Kuhn mentioned for following activities
    • Block party September 21
    • Halloween walk (participating units) for kids within a 2-hour window
    • Holiday loft walk

Meeting Was Closed at 8:45pm