Minutes of the Board of Trustees Meeting

Thursday, December 10, 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, Jon Dunn.

Excused: Taymour Semnani

Approval of Previous Minutes

The Minutes of the November 4, 2009 Board of Trustees Meeting, upon motion duly made and seconded were unanimously approved.

Finance Committee

The Financial Statements from October 31, 2009 were reviewed. The Association reported an unaudited operating surplus of $47,588.12 Year-to-Date as of October 31, 2009. The Common Reserve Fund has an unaudited balance of $398,346 and the Residential Reserve Fund has an unaudited balance of $531,660 as of October 31, 2009. The Board also reviewed the delinquency report. The Board reviewed the final 2009 audit report and tabled approval until the next meeting to allow for further review.

Building Improvement Committee

The Building Improvement Committee reported that the domestic hot water pump project is still underway and the the new Entraguard system has been fully installed and is operational. The committee is continuing its evaluation of the best way to proceed with replacing or dealing with the water supply lines that have been installed in Units. The best solution is to replace the flexible rubber tubes with hard copper tubing and appropriate fittings, but this method will be expensive. Mike Gravitz will perform a test case install in an effort to determine what will be involved.

Comcast Contract

During a meeting with Comcast officials, they reported to us that our existing contract will be terminated and that they require a new contract for continued service. The rates are set and are not subject to negotiation. The initial rate will be $22.85 per Unit per month, up from our current $19.00 per Unit. There will also be 6% per year increases in the rate as Comcast tries to bring bulk rates in line with retail rates. Comcast also indicated that they would prefer to "de-bulk" and provide their service to owners individually. It was proposed that any new contract not include HBO which presently costs $3.50 per month, in an effort to keep the TV contract costs low. Owners who wish to continue to receive HBO would still be able to do so by subscribing to additional digital services individually.

It was proposed that AT continue to investigate if there are any alternatives which would offer comparable service and feasibility. It was reported that Comcast still appears to offer the best trouble free delivery of TV and other services and that Comcast may still be the best alternative even with the increasing costs. The Board agreed to further consider the contract and hopefully have a decision by the next meeting.

Lobby Refurbishment

The Board reviewed the proposal for redecorating and refurbishing the South Lobby and the second floor lobbies and hallway. Materials are being ordered and work will begin soon although it is rapidly becoming apparent that it will not be completed before Christmas as was originally hoped. The Board approved disbursement of the first payment to get the contractors started and supplies and furniture ordered. Owners were encouraged to hold off on first impressions during construction, that the finished product will be very impressive.

Next Meeting Schedule

The next meeting was scheduled for Tuesday, January 26, 2010 at 5:00 p.m.


The meeting adjourned at 6:00 p.m.

Respectfully submitted,

Steve Campbell