December 6, 2005

Meeting Time

Meeting convened at 7:05 pm

River North Commons (RNC) Board Members

Debra Siena
David Desser
Bruce Howard
Rick Edel
Craig Halverson

Eric Fordyce

NOTES / MOTIONS

The meeting was called to order at 7:05 PM

1. Motion to approve minutes: Passed
2. Board Elections: There were no nominations from the floor and David Desser and Craig Halverson were elected to 2-year terms by acclimation.
3. Budget
   1. Dashboard (preliminary for December)  The cash position is strong and the trend on delinquent assessment payments appears to be headed in the right direction.
   2. May be able to contribute $80,000 to $100,000 to brickwork from current budget
   3. The 2006 Budget was presented.  Motion to approve 2006 budget:  passed
4. Brick Repair
   1. The 2006 work is expected to incur a cost of about $1.1 million.  Of this $600,000 to $650,000 is expected to fund brick and tuck-point repair effected by drops around the building and $400,000 to $450,000 to rebuild the north parapet on the Superior side.
   2. The exact amount of the assessment will be determined early in 2006 after the amount of money that can be contributed from the 2005 budget is determined.
   3. In addition to the money from the 2005 operating budget, about $146,000 is expected from the 2006-operating budget and about $150,000 from the reserve fund.  This would leave a special assessment amount of $700,000 to $800,000.
   4. Each unit’s special assessment amount is expected to be an amount roughly equal to the unit’s monthly assessment times 10.
   5. 40% to 60% of the owner’s are expected to write a check for their assessment amount on or before special assessment due date of June 30, 2005.
   6. The association will secure a loan to finance those owners who want to stretch out their payments.
   7. Motion:  Move ahead with the project with a special meeting in 2006 to determine the amount of the special assessment requiring that assessment payments be made or arranged for by June 30, 2006.  Passed
5. Bulk Rate Satellite Television
   1. 3 year package with Direct TV
   2. Base rate of $29.60 per month
   3. $8.50 current monthly cost eliminated
   4. Premium channels available for $6.50 per month
   5. HDTV available by February1, 2006
   6. Free installation for new subscribers
   7. $50 refundable deposit for cable box is required
   8. Motion: That the Board approve the purchase of Satellite TV on a bulk rate basis for a period of 3 years, at the rate of $29.60 per month per unit, that the cost of such services be allocated equally to each unit owner, and that such services be billed each month to each unit owner as part of the monthly assessment.  Passed
6. Owners are encouraged to contribute to the Holiday Fund for employees and staff
7. 2006 Plans.
   1. Maintain the structural integrity of the building
   2. Provide for the core maintenance of the building
   3. Stay financially afloat
   4. Given the first three responsibilities being met, change the focus of the board’s activity to enhancing the community and quality of life experience at River North Commons.  More time on planning ahead and less on reacting to crisis.
8. Change in Janitorial Services:
   1. Motion:  authorize switching janitorial services to Phoenix Rising for a contract not to exceed $72,300.  Passed

Meeting Adjourned at 8:10 PM