Minutes of the Board of Trustees Meeting*

Thursday, October 18, 2001

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, Irene Link, Blane van Pletzen, and Bruce White

Commercial Trustees present and participating: Larry Shelton, Donna Boes and Deborah Pariseau

Management present and participating: Joe Toronto

Approval of Previous Minutes: August 30, 2001

The Minutes of the August 30, 2001 Board of Trustees Meeting, upon motion duly made and seconded, were unanimously approved.

Financial Statements: September 30, 2001

The Financial Statements for September 30, 2001 were reviewed by the manager. The Association reported an unaudited loss of $23,050 Year-to-Date for the Operating Fund. The Common Reserve Fund has an unaudited balance of $86,848 and the Residential Reserve Fund has an unaudited balance of $206,130. The Board also reviewed the Delinquency Report.

Building and Improvement Committee Report:

Norm Salisbury reported that the committee is continuing its work in investigating the source of the water entering through some window frames during violent storms. The committee has conducted some water testing and has been in contact with the manufacturer of the windows. Some defects in installation have been detected and the committee is making arrangements to have these corrected at a relatively minor cost. A full report will be presented at the next meeting.

The committee recommends a request be communicated to the Parking Board that the Plaza flags which are tattered and torn, be replaced. If the flags are to remain up overnight, they must be lighted. We have had lighting in the past and it needs to be repaired and functioning.

Design Committee Report:

It was reported that the South Tower roof is now completed with the exception of some electrical lighting and outlets that need to be installed. The completion of the North roof continues to be delayed as we continue to resolve the problem of some water leakage into unit 2603N and the installation of a protective cover between our roof membrane and the deck in the area of the previous sport court. A soundproof wall in front of the cooling tower has been contracted and will soon be under way, after which we can begin construction of the arbor. New lighting and electrical outlets will also be installed similar to that which is to done on the South Roof.

Finance Committee

The Board formally appointed the Finance Committee of Trustee Larry Shelton, Shinika Sykes, and Willard Homer to serve as the Finance Committee which had already met on October 9th. The committee intends to perform a cost study, review, propose a fiscal year 2002-2003 budget, audit the bids and procedures for service contracts and capital projects, examine certain "other expense and supplies" accounts, examine all salaries and bonuses, and to examine the costs or benefits of in-house maintenance performing private repairs for condo owners.

Olympic Guidelines and Concerns

The Board appointed trustee Irene Link to supervise an owner meeting to invite concerns surrounding the Olympic Games for the Board to address at the next Board Meeting. The Board also appointed Trustee Blane van Pletzen to supervise a similar meeting to focus specifically on security concerns relating to the Olympic Games.

Roberts Rules of Order

The Board voted to table a motion that all Board meetings be conducted in accordance with Roberts Rules of Order.

Legal Review

The Board reviewed a financial claim against contractor that had inadequately performed some work on the rooftops and was terminated. An agreement has been reached in the amount of $2,158.14 The Board expects this amount to be remitted to the Association shortly.

Next Meeting

The next Board Meeting is scheduled for Thursday, December 6, 2001, 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 7:00 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.