Minutes of the Board of Trustees Meeting

Thursday, February 7, 2008

5:00 P.M.

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

Residential Trustees present and participating: Norman Salisbury, Mike Gravitz, Sandra Lee Sterns, and John Patton

Commercial Trustees present and participating: Donna Boes, Taymour Semnani and Jonathan Dunn.

Approval of Previous Minutes

The Minutes of the November 29, 2007 Board of Trustees Meeting upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from December 31, 2007 were reviewed by the Manager. The Association reported an unaudited operating surplus of $80,237 Year-to-Date as of December 31, 2007. The Common Reserve Fund has an unaudited balance of $253,967 and the Residential Reserve Fund has an unaudited balance of $402,674 as of December 31, 2007. The Board also reviewed the delinquency report.

The Committee reviewed the three bids for a new security camera system and approved and recommended the lowest bid which was submitted by our current contractor which presently services and maintains our existing and failing original equipment. The Committee also reported that our existing eight year cable TV contract has now expired but was automatically extended for one year at our existing rates under the year to year extension provisions of the contract while we continue to negotiate favorable terms, and perhaps enhancements, to a new contract.

The Finance Committee together with members of the Board also met with our tax accountant to review future tax avoidance strategies under the non-profit section of the tax code. Now that we have exhausted our loss carry-forwards. We must either minimize surpluses in our operating fund and plan to pay significant taxes on interest income, or file under the HOA section of the code. The Finance Committee has also begun reviewing and the 2008-2009 fiscal year operating budget and planning updates to our reserve studies.

Building Improvement Committee

The Building Committee reported that the repairs and re-roofing to the north rooftop amenity areas will begin shortly. The membrane has been replaced and new concrete pavers will be installed to match the other existing.

Management continues to perform maintenance painting of the common areas hallways and restrooms that have not been painted in many years and are in dire need of a painting facelift.

Noise from Neighbors

The Board has met extensively to arrive at procedures dealing with noise complaints about neighbors. Upon receiving a complaint, security will respond to the complaining condo and with their own ears confirm the existence of any noise. If there is any, security will then respond to the offending condo to instruct them to stop the noise and to warn them of fines if there are future complaints. First offense is a warning, second offense is $100, third offense and thereafter is $150. Necessary construction and remodeling noise will be allowed during the day. No noise of any kind will be allowed from 10 pm to 6 am. Recreational noise such as TV, stereo or partying is never considered necessary and will not be permitted at any time.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of November 27, 2007.

Next Meeting

The next meeting was scheduled for March 27, 2008.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz