Minutes of the Board of Trustees Meeting*

Thursday, May 30, 2002

5:00 P.M.

Tom Halleran called the meeting, convened in the community room, to order at 5:00 p.m.

Residential Trustees present and participating: Tom Halleran, Blane van Pletzen and Irene Link

Commercial Trustees present and participating: Larry Shelton and Deborah Pariseau

Excused: Norman Salisbury and Donna Boes

Management present and participating: Joe Toronto

Approval of Previous Minutes: April 25, 2002

The Minutes of the April 25, 2002 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: April 30, 2002

The Financial Statements for April 30, 2002 were reviewed by the manager. The Association reported an unaudited loss of $46,412 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $118,144 and the Residential Reserve Fund has an unaudited balance of $251,283. The Board also reviewed the Delinquency Report and the managers explanation report of each delinquency.

Building and Improvement Committee

Susan Crook reported that she was unable to locate a paper recycling partner that was willing and able to participate with us in a recycling program, that used appropriate containers that could be easily located and retrieved. There is a cost associated with recycling of other glass or aluminum material and the container obstacles are the same. Mike Gravitz reported some of his calculations regarding possible energy savings from a retrofit of our chillers. They are sufficiently expensive to replace that a payback would take 30 years or more. His calculations also showed that there would be minimal savings by turning off every other light in our hallways aside from the aesthetic impacts. He is making progress on the chillers and the cooling tower, and expects to make a possible recommendation to the Board soon, and the window caulking repairs will also begin shortly.

Finance Committee

Ms. Sykes reported that the committee will be reviewing the insurance renewal as well as the audit proposals.

Approval of Easement Deed

Upon motion duly made and seconded, the Board unanimously approved the execution of an easement deed to formalize and complete an agreement executed last year that closed the tunnel stairway access from Broadway to the Plaza. That tunnel has been completely remodeled and the Mid City Beauty Salon has expanded into that location. This deed is required to formally relocate the access from Broadway to the Plaza to the stairs now located to the west of the garage entrance.


Rooftop Closing Time

Irene Link presented a proposed rule change that would make the rooftop recreation areas available at all times. Blane van Pletzen read the full text of the proposed rules and they are made a part of these minutes by reference. The substance of the first rule is that to gain access to the rooftops between 12:00 a.m. and 6:00 a.m., residents should call security on the intercom located next to the door. Some additional language was added to the rules to clarify appropriate use of the rooftops and some safety issues for the use of the rooftop spas. Upon motion duly made and seconded, the Residential Trustees unanimously approved the proposed rules.

Next Meeting

The next Board Meeting is scheduled for Thursday, June 27, 2002, at 5:00 p.m. The Board of Trustees cordially invites all residents to plan to attend regularly, setting aside the last Thursday of each month at 5:00 p.m.


The meeting adjourned at 6:30 p.m.

Respectfully submitted,

/s/ Blane van Pletzen

Notice: These minutes, as they appear in this newsletter, have not yet received final approval from the Board of Trustees. Consequently, they may be corrected, or supplemented, by the Trustees prior to approval at the next scheduled meeting of the Board.