Certifying of Quorum & Call to Order
Meeting called to order by Sharon Dowling at 5:03pm on Zoom.

Roll Call
Sharon Dowling – present
Peter Tedone – present
Mike Bisaha – present
Anna Enrico – present
Barbara Ellis – present
Dennis Rosenfeld – present
Rik Shafer – present

Management Present
Arrangements were made in advance for the zoom meeting to be held. Zoom meetings are recorded.

A quorum was established.

Proof of Notice of Meeting

It was confirmed by email to the owners and posted on the bulletin board.

By proper motion by Peter Tedone, seconded by Anna Enrico the meeting minutes of September 15, 2022, were unanimously approved.

Management Report

The managers’ report was presented by Bonita Vandall whereby she addressed the following: APlus permits were received on 9/21/22; there is an almost daily parking relocation of vehicles due to the construction work and equipment on site; the annual backflow testing was completed; an irrigation valve leak was reported to Emerald and repaired; the display on the elevator 3rd floor was not working and has been repaired; an on site meeting was held with Dennis, Bonita, TRC Engineering and APlus representatives (Dennis will further elaborate); the engineer has provided the column repair detail to APlus for the repairs needed; it was determined a lift will be needed for the walkway edge repairs; management will attend the City Counsel Meeting regarding an Order of Continuance to be held on 10/19/22; the first stairwell door painting is high due to material purchased, the stairwell door painting is estimated at $200 each if the association purchases the paint/materials and Mike will be asked to start on the next door.

Financial Report

Anna Enrico reported as of 8/31/2022 there is $28,163 in the operating account and $217,140 in the reserves. Sharon Dowling advised the association is approximately $17k over budget.

Old Business

40 Year+ Repair Contractor Update

Dennis reported the project was off to a rough start with TRC and APlus that required coordination, but things were progressing. He suggested the association rather than waiting until the next required inspection, start doing observed spall repairs immediately. The Electrical part of the work will be done in November as the engineer will need to look at 5 or more units unrelated to the first inspection for compliance. We are hopeful the entire project will be wrapped up in November. Sharon reported a problematic engineer was removed, and another engineer appointed by TRC to do the remaining inspections. TRC charges are racking up and will continue to do so until inspections are completed. Additionally, this will be our last 90 days with the City to complete the project or fines will commence. Dennis felt the project would be completed before that end date.

Sewer Pipe Lining/Replacement

Sharon stated the caps were replaced, but to hold off with Pipe Lining Technologies on videoing the lines for now, at least until the concrete/electrical project is completed and Sharon returns to the building. When this job is done during the camera work the water will need to be turned off and everyone will be notified.

Insurance Renewal Update

Sharon Dowling reported our insurance renewed with a 100% increase on 8/26/2022. Last year it was $81,955, this year it is $162,856. Insurance increases are also affecting personal insurance, etc. Other condominium buildings have received up to 300% increases in premium or have lost their insurance and are attempting to find coverage. We are not alone facing this insurance crisis. Umbrella insurance can not be purchased until the 40-year certification is completed. The flood insurance renews on 10/25/22 at a cost of $15,271. Property value has increased and the building appraised for over 13 million.

Loan / Line of Credit Update

Peter noted discussions with a bank for a loan possibility – line of credit for 24 months in the amount of $200k. The purpose of which is to finance the big projects, piping, elevator, etc. We will be getting terms from them, no recommendations to be made at this time. The second possible loan is a longer term of credit in the amount of $300k to be used in an emergency type event to meet the insurance deductible. We would not draw on it unless there is a catastrophic event. Consideration for possible future needs.

New Business

2022 Assessment Payment Details

Sharon reported the assessment payment details were sent to all unit owners and it is self-explanatory. The use of coupons is important. Any questions please contact Sharon.

Pool Area Ficus Bushes

The Ficus bushes are showing evidence of declining and based on budget constraints we may need to wait until the next year to consider replacements. The adjoining property most likely will not participate in funding the replacements.

Schedule Budget Meeting

Sharon reported the Budget Approval Meeting is tentatively scheduled for 11/7/22 at 5 PM by zoom meeting.

Open Forum

Dennis reported the BBQ grill is deteriorating badly, replacement parts are estimated to run $430 (burners, ignitors and cleaning). The pool bricks at the grass area are separating and Sharon will speak with Kyle about it. It was reported the irrigation control boxes were left wide open and are to be locked, Kyle will be notified.

Adjournment

There being no further business to be brought before the board, by proper motion by Barbara Ellis, seconded by Peter Tedone the meeting was unanimously adjourned at 5:36 PM.