Minutes of the Board of Trustees Meeting

Thursday, April 15, 2010

5:00 P.M.

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

Residential Trustees present and participating: Janet Fisher, Mike Gravitz, Bret Marshall, Steve Campbell.

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

Excused: Taymour Semnani.

Approval of Previous Minutes

The Minutes of the March 24, 2010 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from March 31, 2010 were reviewed. The Association reported an unaudited operating surplus of $28,848.77 Year-to-Date as of March 31, 2010. The Common Reserve Fund has an unaudited balance of $301,875 and the Residential Reserve Fund has an unaudited balance of $295,789 as of March 31, 2010. The Board also reviewed the delinquency report.

The Committee reported that it has reviewed the first draft of the reserve studies and the final draft of the proposed 2010-11 operating budget. The committee recommends approval of the proposed operating budget and that the operating assessment remain the same as this year. The committee also recommended that based upon the new reserve studies, the common reserve assessment increase 27.7% and the residential reserve assessment increase 31.6% for an overall monthly increase in the total assessment of 4.3%. Upon motion duly made and seconded, the Board unanimously approved the 2010-11 operating budget and the increases in the reserve assessments to take effect on May 1, 2010.

The committee has also reviewed all of the bids for the boiler replacement project and recommends that the low bid from Tye Plumbing in the amount of $81,962 be approved and that the project be started as soon as possible. Upon motion duly made and seconded, the Trustees unanimously approved the bid contract with Tye Plumbing at the bid amount to begin immediately.

Building Improvement Committee

The Building Committee concurs with the Finance Committee that our domestic hot water situation is dire and recommends approval of the boiler project to begin as soon as possible.

The committee also reports that our plumbers have located some high pressure flex hoses that can reliably be used in place of hard copper tubing for vanity supply lines, one of which failed last year causing a major flood. The committee awaits firm cost estimates for parts and labor to install.

The Committee also reported that together with one group of our plumbers, we have uncovered a supplier of flexible stainless steel supply lines for vanities and lavatories to replace the awkward and labor intensive hard copper solution. These stainless steel tubes are corrugated for flexibility and are ready made with the necessary fittings in place. The cost is reasonable and the labor required is much less. With a little more testing, this will likely be the solution we will recommend to owners to avoid floods like that which occurred in the south tower last year.

Our Entraguard system continues to have problems that we are attempting to resolve with the manufacturer. However, we now have the capability to program into the system more than one phone number per condo, and more than one name per condo. This is an important convenience to those with multiple cell phones or spouses, partners or roommates with different last names.

Mike Gravitz reported on several areas of the Rooftop amenity areas that he has discussed with manangment that are in need of repair, refurbishment or replacement that will help make the amenities a much more useable and pleasant experience. Mike reported that one drain on the south roof that has been a hazard for a long time has been resolved.

American Plaza Parking Meeting Minutes

The Board reviewed the Board meeting minutes of the February 23, 2010 meeting of the American Plaza Parking Board.

Redecorating Committee

The Committee reported that based upon feedback from many sources, the main sign at the Third South entry proved to be inadequate and difficult to read and has been removed to be replaced with a sign that will be much easier to read and represent American Towers. The Committee recommends that we begin phase by phase with the remaining areas to be done beginning with the interior of the North Tower elevator cabs. The Committee will begin soliciting proposals and bids for the North Lobby. The Committee also recommends that a short questionaire survey be included in the next newsletter to provide guidance to the committee on which areas should receive priority in completing the redecorating project.

The Board will conduct a silent auction on some of the pictures and furnishings that have been removed during the redecorating. These will be on display next week with the auction taking place at the end of the week.

Next Meeting Schedule

The next meeting was scheduled for Thursday, May 27, 2010 at 5:00 p.m.


The meeting adjourned at 6:00 p.m.