September 27, 2005

Meeting Time

Called to Order 7:00 PM

River North Commons (RNC) Board Members

Debra Siena
Bruce Howard
Rick Edel
Dave Desser
Craig Halverson

Phoenix Rising (PR)

Patrick Kennelly
Eric Fordyce

Warton, Inc.

Jim Warton

NOTES / MOTIONS

  1. Minutes of July 27, 2005 approved as submitted
  2. Treasurer’s Report: 
    1. Cash on Hand is in good shape
    2. YTD cash is better than projected
      1. Expenses are on target with some recent large bills paid
      2. Income is positive
    3. Only surprise is that delinquent unit payment has jumped up.  Two units have been referred to legal collections.  Almost all fines and late fees are in.  Overall a very low delinquent number.
  3. Old Business
    1. Masonry Repair:  Jim Warton reporting:  The 2005 cost were $134,000.  A number of leaks were identified and scaffold drops and stopgap repairs were effected.  There were 20 drops total.   This reflected about 20 units with long-standing leak problems.
    2. Future Work:  Warton and Phoenix Rising have worked over the past summer to identify work expected for 2006. 
      1. Scaffold drops in 172 locations around both buildings
      2. Tuck-pointing and some masonry work will be done.
      3. Rebuilding north parapet wall on Superior side is recommended.
        1. Parapet stable until next summer
        2. Delay beyond that would require a canopy/netting system.
      4. Complete the “Critical Exam” report, required once every four years by the city.
      5. Projected cost is $600,000 to $1.1 million with a 5% to 8% variance.
      6. Financing options are:
        1. Loan to the association
        2. Special assessment
        3. Combination of loan and assessment
        4. The board will evaluate options discussion and decision at a future meeting.
      7. There is expectation that additional work will be required over coming years to fully establish the exterior integrity of the building.  All of this work fits within normal maintenance for a building of this structure and age.
      8. All work to date shows the building to be structurally sound which is a great positive.
    3. Satellite Proposal: 
      1. 114 units use Direct TV
      2. Proposal is for entire building to utilize Direct TV as part of assessment.
      3. Cost would be $29.60 per unit including HDTV
      4. Unit owner would need to buy special equipment (about $300) to utilize HDTV.
      5. Optional bulk rate HBO, Showtime and Cinemax are available for $6.50 each per month.
      6. Tabled until next month
    4. Frederick Snow Removal issue: RNC has not yet been contacted regarding resolution
    5. HVAC update:  A decision has been made to add vibration absorption pads to 37 rooftop air conditioning units.  $18,000 was budgeted. The cost to date is $3,500 and the additional cost to complete the project is expected to be $2,600.  The common area units will be added to this project at a cost of about $6,500.
  4. New Business
    1. Motion for $7,000 to be allocated to ‘rod’ our sewer pipes was made and passed.
    2. AC compressor for common area of Huron side. 
      1. Defer until spring
      2. Schedule now
      3. Motion to approve expense not to exceed $10,000 was made and passed.
    3. Garage door repair:  PR will likely have to replace the spring on any door every other year.  Decision deferred until next month.
    4. Elevator Painting:  PR will proceed with the contractor proposed to complete the Elevator Door painting project.
  5. Committee Report
    1. Social Committee:  no report
    2. Dec/Fac/Land:  It would cost about $400 for enclosed bulletin boards.  Decision deferred.
    3. Web site: All unit owners are encouraged to visit the web site and sign up to receive direct e-mail information about RNC updates and activities.
    Meeting adjourned at 8:30 PM