Minutes of the Board of Trustees Meeting

Thursday, May 14, 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, Jonathan Dunn and Steve Orullian.

Appointment of Commercial Trustee

The Board of Trustees by acclamation extended a vote of appreciation and thanks for service to the Association by Trustee Taymour Semnani. The Board also extended a welcome to Steve Orullion who was appointed Commercial Trustee in Taymour Semnani's stead.

Approval of Previous Minutes

The Minutes of the March 27, 2008 Board of Trustees Meeting upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from March 31, 2008 were reviewed by the Manager. The Association reported an unaudited operating surplus of $96,242 Year-to-Date as of March 31, 2008. The Common Reserve Fund has an unaudited balance of $292,645 and the Residential Reserve Fund has an unaudited balance of $424,786 as of March 31, 2008. The Board also reviewed the delinquency report.

The Finance Committee unanimously proposed to the Board a proposed 2008-2009 fiscal year operating budget. The budget included some increases in several categories but they budgeted these increases with savings in others including the prior years contingency and surplus. The proposed budget does not require any increases in the monthly operating assessment. The committee also recommends keeping the reserve assessments unchanged. Upon approval, the overall monthly assessment for each condo will remain unchanged for the 2008-2009 fiscal year. Upon motion duly made and seconded, the Board unanimously approved the proposed 2008-2009 budget and unanimously approved no changes to the monthly assessments. The committee wished to note that two projects, security systems and hot water pumps were not fully budgeted but are being undertaken with no new assessments and will be paid for with the budgeted funds, other contingency funds and operating surpluses.

Building Improvement Committee

The Building Committee has undertaken a survey of the elevator fire doors on each floor. Approximately half of the elevator fire doors are not operating properly by not closing completely. Two of the doors are broken and in need of replacement. Many of the door closers are leaking oil down the face of the door. Management is soliciting bids to maintain the doors, to replace the leaking door closers, and to replace the broken doors. The committee also examined all of the fire doors to the stairwells in both towers and verified that they properly lock and electronically unlock in the event of an alarm. All but two of these doors were functioning properly. In addition, the committee confirmed that the alarm announcement speakers on two floors, one in each tower, were not operating. Management has contracted for these repairs.

The committee also reported that it approves and recommends replacement of the domestic hot water pumps with variable speed motor drives that will result in considerable gains in efficiency and energy costs. Although the cost of the project has risen in recent years, the committee confirmed that the energy efficiency incentive payment promised by Pacificorp. remains in place and will offset a large portion of the cost.

The committee has previously unsuccessfully attempted to address the problem of cigarette smoke drifting between condos by attempting to use caulk, expanding foam and in one case modifying the air circulatory system. One member of the committee has recently experienced a new occurrence of this smoke drift and recommends to the committee and the Board that the Association deal with this problem in the form of a new rule or bylaw amendment. The Board agreed to submit the issue to legal counsel for review and to also perform a written survey of all owners as to whether a bylaw amendment would be desirable. A bylaw amendment requires approval of 60% of all owners before it can take effect.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of March 25, 2008.

Next Meeting

The next meeting is scheduled for June 26, 2008.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz