Minutes of the Board of Trustees Meeting

Wednesday, April 5, 2011

6:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 6:00 p.m.

Residential Trustees present and participating: Mike Gravitz, Steve Campbell, Bret Marshall and Ted Roper.

Commercial Trustees present and participating: Steve Hansen, Donna Boes and Heather Bowen.

Appointment of New Commercial Trustee

It was announced that Steve Hansen has been appointed to serve as a Commercial Trustee to replace Majid Golafshani. Steve was welcomed to the Board and a vote of appreciation was extended to Majid for his time and efforts serving on the Board.

Approval of Previous Minutes

The Minutes of the February 23, 2011 Residential Board and the February 2, 2011 Board of Trustees Meeting upon motion duly made and seconded were approved.

Finance Committee

The Financial Statements from February 28, 2011 were reviewed. The Association reported an unaudited operating surplus of $24,461 Year-to-Date as of February 28, 2011. The Common Reserve Fund has an unaudited balance of $287,924 and the Residential Reserve Fund has an unaudited balance of $286,359 as of February 28, 2010. The Board also reviewed the delinquency report. The Board also reviewed the proposed operating budget for 2011-2012 and postponed approval pending more definitive information from our insurer regarding the effect of new insurance legislation on our projected insurance premiums.

Building Improvement Committee

It was reported to the Board that project for re-roofing the second floor building between the two towers is underway. The project specifications and bid documents have been completed and submitted to 7 bidders. The bids are due on April 7, 2011. We anticipate, following Finance Committee review, reviewing and approving one of the bids at the next Board Meeting.

The Board reviewed the proposals to replace the heating coils that provide hot air to the hallways of the residential towers. The committee recommended the proposal from Tye Plumbing for $16,816 noting that Tye is a large contractor that recently performed the installation of our new domestic hot water boilers and previously retrofitted our hot water recirculation system. It was also noted that the cost of the coils is covered by our boiler policy which has a deductible of $2,500. The Board also reviewed the cost of new controls, the failure of which contributed to the loss of the coils. The Committee also recommended approval of replacement of the controls with new digital controls to tie into our Alerton HVAC Control system. The cost of these controls in the amount of $7,950 is also expected to be covered by the boiler policy. Upon motion duly made and seconded, the recommendation of the Committee to approve the Tye Plumbing bid for the coils and the new controls, was unanimously approved.

The Committee also recommended approving 3 year service agreements from Carrier for the chillers and the boilers in the amount of $2,130 per year for the boilers and $5,505 per year for the chillers. The chiller agreement is a reduction of $2,000 per year but does not cover parts no longer under warranty. The committee also noted that this should not be a major financial risk as the chillers are covered under our boiler and machinery insurance policy from Affiliated FM which has the $2,500 deductible. Upon motion duly made and seconded, the service and maintenance agreements for the boilers and chillers with Carrier were unanimously approved.

Redecorating Committee

It was reported that the last of the furniture, the chairs, were delivered today and the North Lobby is now complete. When we receive the final invoice, the final payment will now be made.

Declaration and Rules & Regulations

Mike Gravitz reported to the Board that he has recently been working with management reviewing and analyzing a new legislative amendment to the Utah Condominium Act which greatly clarifies and simplifies the manner in which insurance claims are made and handled. The Act now requires the insurance polices of the Association to cover all damage (in excess of the policy deductible) to all Units and common areas including all improvements, betterments, walls, carpets, flooring and all attached property and equipment, but excluding personal property such as furniture, clothing and decorations. It also requires the property insurance policy of owners of individual damaged Units to be the primary policy to pay for all damages less than and up to the deductible of the policy of the Association. If individual owners do not have a property insurance policy, they are still responsible to pay for any damages to their Unit that are not covered or paid because of the deductible of the policy of the Association. The deductible of the policy of the Association is at present, $10,000. These changes will take effect on July 1 and also require the Association to provide written notice of the changes to all owners. The legislation also requires all policies (Unit and Association) to contain a waiver of subrogation against other Owners and the Association.

In addition, the new legislation clarifies and enhances the delinquent and debt collections procedures for past due condo fees through non-judicial foreclosure procedures.

Initial indications from our insurer are that the changes will not materially affect our annual premium. It was then proposed that the Board meet further with our insurance and legal representatives to ensure that we fully understand and follow the new legislation. Also that we obtain more definitive information from our insurer as to how, and how much, the changes will affect our annual premium. The Board also postponed final approval of the 2011-2012 operating budget pending receipt of this information.

American Parking Plaza Board Meeting Minutes

The Board reviewed the minutes of the American Plaza Parking Board Meeting held on January 27, 2011.

Next Meeting Schedule

The next meeting was scheduled for Tuesday, May 24, 2011 or as otherwise to be announced.


The meeting adjourned at 7:00 p.m.

Respectfully Submitted,

Steve Campbell