Certifying of Quorum & Call to Order
Meeting called to order by Sharon Dowling at 5:00pm on Zoom.

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

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 Barbara Ellis, seconded by Dennis Rosenfeld the meeting minutes of August 15, 2022, unanimously approved.

Management Report

Bonita Vandall, LCAM, CMCA, AMS, CBA, PCAM from The Wright Community Management, LLC. was at a conference and not present.

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

Sharon Dowling reported we had finally passed and are waiting for the permit to be issued and then work can begin. It was reported that once the engineer provided their report, the fire department inspection is not needed, and we can move forward.

Sewer Pipe Lining/Replacement

Sharon Dowling reported there are two options for repairing the sewer pipe under the garage: dig up the entire garage and displace the owners or see if pipe lining can be done with minimal garage disruption. Dennis Rosenfeld met with two companies concerning the pipe lining.

The first company, Pipe Restoration Solutions, looked at the two stacks at the south side of the building and they saw damaged pipe. Liner can be installed from coupling to coupling, measure and then go to the next area. One year guarantee, the pipe they use is guaranteed for 50 years. There is a lot of work involved and true cost is not really known.

The second company, Pipelining Technologies, are pioneers in pipe lining technology. Their technique is to put the liner in and go through the fittings, etc., for longevity. They map out the job with cameras and do a preliminary cleaning. They will know the pipe sizes and the exact measurements. If we decide not to use this company, we can use their video and measurements. The cost of the camera process is $3,575. They have a 5-year warranty on the work and a 50-year guarantee on the materials. Dennis will check to see if they will credit the camera price if awarded the overall project. They recommended the association use their plumbers to make sure the cleanout caps are good. A stack at a time would have water shut down over a time frame of 7 days. Once the overall cost is determined, then funding will be addressed.

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

Vote to Hire Pipelining Technologies to Camera Sewer Lines

Peter Tedone moved to approve the contract with Pipelining Technologies for $3,575 as discussed, seconded by Dennis Rosenfeld and the motion passed unanimously.

Budget Deficit Issue

A cost flow analysis was done and we have a budget deficit of almost $47k to complete the year. Insurance payments went from $7K to $14K a month. We are almost $6k over budget for water due to a leak that has since been repaired.

An assessment is necessary of approximately $1,150 per unit to finish the year. Assessment detail information will be sent out for owners to review. Owners are not to make any payments until the assessment is voted on and payment details have been received.

Sharon Dowling reported that several owners have requested the insurance portion of the 2023 budget be paid as an assessment. Assessments have tax benefits when a unit sells. In 2023 we will have 7 months at the current insurance renewal rate and 5 months will include a 30% increase in anticipation of the next renewal. The 2023 insurance assessment will be $4,587 per unit. The 2023 budget is still a work in progress, but the maintenance will be lower with the building insurance broken out as an assessment. Owners are not to make any payments until the assessment is voted on and payment details have been received. More details will be provided at our Budget Meeting later this year.

Open Forum

There is a print that shows the pipe diameter underneath the concrete slab and an owner may have it on a pdf for viewing. An owner asked that we determine how much it would cost to do the vertical stacks at the same time that the underground piping is being done. The fiscus bushes by the pool canopy are doing poorly. The elevator is going to need cab work done at approximately $30k. The hatch was repaired, and we treated the elevator for termites again. The 60 years will start in about 7 – 8 years and we have the reserves funding for repairs. The 2023 budget will be incorporating two new reserves. A reserve for elevator and a reserve for pool in the 2023 budget.

Adjournment

There being no further business to be brought before the board, by proper motion by Barbara Ellis, seconded by Anna Enrico the meeting was unanimously adjourned at 5:49 PM.