Minutes of the Board of Trustees Meeting

Thursday, November 29, 2007

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, Sandra Lee Sterns, and John Patton

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

Approval of Previous Minutes

The Minutes of the August 30, 2007 Board of Trustees Meeting and the November 15, 2007 Board of Trustees Executive Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from October 31, 2007 were reviewed by the Manager. The Association reported an unaudited operating surplus of $62,583 Year-to-Date as of October 31, 2007. The Common Reserve Fund has an unaudited balance of $265,907 and the Residential Reserve Fund has an unaudited balance of $375,876 as of October 31, 2007. The Board also reviewed the delinquency report.

The Finance Committee will also begin reviewing and proposing the 2008-2009 fiscal year operating budget together with an update to our reserve studies.

Building Improvement Committee

The Committee welcomed a new member, Bruce Hiatt, a retired Mechanical Engineer who spent a large part of his career maintaining boilers and physical plant similar to ours. Bruce has made an immediate and significant contribution to the committee already. Of note, recently, in preparing our boilers for wintertime operation, our maintenance contractor informed us that the south boiler has a burned out firing cone which needed to be replaced and had to be built from an out-of state custom fabrication shop at a cost of approximately $4,000. Upon learning that our maintenance staff retained in storage six previously damaged firing cones, Bruce inspected them and reported that four of them could be rebuilt at a local sheet metal shop he has used in the past. With the consent and approval of our maintenance contractor, we rebuilt four firing cones at a cost of $684 and keep them in storage for future use. Each firing cone lasts between 2 to four years and both boilers now have relatively new firing cones.  With replacement and proper tuning, the carbon monoxide emissions which previously has been of concern is now negligible.

The Board recently looked at replacing these 25 year old boilers at considerable expense and following the analysis of our consulting engineer John Frank, Carrier and our current Building Improvement Committee, has concluded that complete replacement is not necessary at present, that our boilers are functioning very well and conceivably can be maintained in excellent condition for many years by periodically replacing these critical components. The Finance Committee will look at adding the cost of full replacement as a future capital expense in our reserve study.

Review of APP Meeting Minutes

The Board reviewed the minutes of the American Parking Plaza board meeting minutes of November 8, 2007. Also, American Towers, having recently repaired and serviced our garage exhaust fans approached American Plaza Parking to assume full responsibility for these fans and to include them in the regular service agreement that APP has for all other the garage fans. There was some question regardig responsibility because they are located in our private reserved portion of the garage, but the APP Board agreed to include them in it's service agreement and the issue is now settled.

Next Meeting

The next meeting was scheduled for January 31, 2008.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Mike Gravitz