Minutes of the Board of Trustees Meeting

Wednesday, September 23, 2009

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, Janet Fisher, Bret Marshall.

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

Approval of Previous Minutes

The Minutes of the August 27, 2009 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from August 31, 2009 were reviewed by the Manager. The Association reported an unaudited operating surplus of $31,831.17 Year-to-Date as of August 31, 2009. The Common Reserve Fund has an unaudited balance of $389,373 and the Residential Reserve Fund has an unaudited balance of $513,124 as of August 31, 2009. The Board also reviewed the delinquency report.

The Finance Committee reviewed the domestic water pump replacement project together with a review of the Common Reserve Fund and the incentive re-imbursement from Rocky Mountain Power and recommended to the Board that this project be approved, that the low bid be accepted and that the project move forward. The low bid was $154,749 and the incentive payment from Rocky Mountain Power is $37,759.

The Committee also recognized that our most recent Reserve Study was completed in 2006, the most recent site visit was in 2000. In light of upcoming substantial expenditures from both the Common and Residential Reserve Funds, the Committee recommends that we obtain updated Reserve Studies with a site visit at a cost of $4,470. Upon motion duly made and seconded, the Board unanimously approved the recommendation.

The Finance Committee reported that they are still in the process of compiling information and costs from the various providers and designers and still do not have a comprehensive proposal or cost estimate. The Decorators have been requested to provide a comprehensive schedule of items and areas to be refurbished together with a breakout of costs so that the committee can further understand and recommend exactly the scope and cost of the proposed decorating project. The Committee intends to have this completed and reviewed before the next Board meeting.

Building Improvement Committee

The Building Improvement Committee reported that they concur with the recommendation to proceed with the replacement of the Domestic hot and cold water pump project. The Committee also reported that the delay in the installation of the Entraguard systems for the North Lobby and P1 North is to procure stainless steel flush mount kits because the new units are of smaller size than the old. The committee is still researching the availability of thick walled vanity water supply lines that could be used to mitigate the risk of flooding that occurred several months ago. When the Committee has all the information, it will then make recommendations to both owners and possibly the Association as to actions that could or should be taken.

It was reported that KHI Mechanical has taken initial steps to verify and repair and inadequacies in the air conditioning in the South Lobby. There were a few items to repair, open ducts and misdirected ducts. They have fixed these and the air flow has been corrected, however, given the location, the many doors and constant usage, the air flow appears to still be insufficient to keep the space cool. KHI has been requested to recommend any additional measures that could be taken and that will be forthcoming shortly.

Mike Gravitz also reported to the Board regarding his attendance at the Downtown Community Council meeting.

HP Engineering Study

It was reported that Hamilton Partners, as part of our signed agreement for use of the alley, would provide to American Towers an engineering study evaluating the strength and durability of the alley for increased usage anticipated by Hamilton Partners access to their new garage. Hamilton Partners has provided to the Board an engineering Study by R2H Engineering Inc. for Review by the Board.

Rules and Policies

The manager reviewed several of our written Rules and Policies regarding how the staff should respond to emergency requests, non-emergency requests and other requests for maintenance or service within condos. It was recommended that the staff become more conscientious about strictly following these Rules and Policies. The Board suggested that there also may be a need to modify some of these Policies and further suggested that an open forum for all owners should be held to solicit input from owners regarding any proposed changes to these rules.

Next Meeting Schedule

The next meeting was scheduled for Tuesday, November 3, 2009 at 5:00 p.m.


The meeting adjourned at 6:00 p.m. and was followed by a presentation and question and answer discussion of possible upcoming design refurbishment issues that have been under discussion.

The meeting ended at 7:00 p.m.

Respectfully submitted,

Steve Campbell