Minutes of the Board of Trustees Meeting

Wednesday, August 3, 2011

5:00 P.M.

Mike Gravitz called the meeting, convened in the Community Room, to order at 5:00 p.m.

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

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

Approval of Previous Minutes

The Minutes of the June 14, 2011 Board Meeting upon motion duly made and seconded were approved.

Finance Committee

The Board reviewed the Property insurance renewal bids and unanimously approved renewal of the Affiliated FM policy. The annual premium is $138,662 a decrease of $2,084 over the previous year's premium. The Board also reviewed a bid with a substantially lower deductible at $2,500 but determined the cost of the premium of $243,407 was too high.

The Board also reviewed a recommendation from the Finance Committee to move our checking accounts to Zions Bank from Chase Bank. Since the Association is a non-profit corporation, Zions bank offered to us its no-fee checking program for non-profit corporations. This will result in monthly savings of about $100 per month. Upon motion duly made and seconded, the Board unanimously approved the move to Zions Bank.

The Board reviewed a letter from our Legal Counsel which cites an exemption for healthcare benefits for small businesses with less than 20 employees. Counsel states that we may discriminate the health benefits offered to employees and restrict benefits to those employees that are eligible for Medicare. On advice of counsel, the Finance Committee recommends that we modify our employee manual and policies to state the healthcare benefits will only be secondary pay for employees that are eligible for Medicare. Upon motion duly made and seconded, the proposal was unanimously approved.

The Board also reviewed in detail the delinquency report.

Building Improvement Committee

The committee reported that the new roof on the second floor is substantially complete. The final inspection by the manufacturer of the membrane for warranty purposes remains to be done. The membrane will then be covered with a gravel aggregate for further protection from UV radiation and other hazards. The life of this new membrane is expected to exceed 30 years.

The committee also reviewed the status of repairs to the Cardkey access system. Several electronic components of the system had failed and the delay in repairs entail co-ordination of the communications of the new replacement parts with the existing system as well as making sure the existing system interfaces correctly with the new software required for the new parts.

The committee reported that the racquetball courts are to be refinished. The need for refinish stems from a water leak that occurred during a rainstorm that happened while the roof membrane was in the midst of being replaced. Since the roofer made some errors in securing the roof from leaks while the membrane was being replaced, he will pay an agreed upon $1,000 of the $1,600 cost of refinishing.

It was also reported that since we are becoming more dependent upon our website which is substantially taking the place of the newsletter in communicating important information and announcement to Owners, the committee has provided for a backup server in the event of a failure in our main server. The backup is essentially identical to the main server and simply needs to be turned on in the event of a failure of the main server.

Redecorating Committee

The Committee reported that the remodel of the restroom on the roof of the south tower has been completed. The remodel was required as a result of substantial demolition required to prevent further leaking into the Unit below. It was also reported that the committee continues to evaluate areas for further remodeling including the Community Room and possibly the lobby areas that exit out onto the rooftop amenity areas.

Declaration and Rules & Regulations

The Board again reviewed a set proposed Common Rules and Regulations that would apply to the entire project as prescribed by section 9.01 of our Bylaws. These were were proposed at the last Board meeting and taken under advisement. The reason for the proposal is that the Commercial Trustees brought to the attention of the Board that some of the Residential Rules also should apply to Commercial and that they should be entitled to input as to enforcement of those rules. Upon motion duly made and seconded, the Common Rules and Regulations proposed were approved with the four Residential Trustees voting in favor and the three Commercial Trustees abstaining.

Next Meeting Schedule

The schedule of the next meeting is To Be Announced in view of various travel and holiday schedules of the Trustees.


The meeting adjourned at 6:00 p.m.

Respectfully Submitted,

Steve Campbell