PRESENT at the meeting: Alexandra Kielty, Judi Barth, Charles Bressler, Molly Frantz, Monique Fridell, Al Muller, Jason Fisher, Scott Murdoch, Jim Santos, and recorder of meeting minutes.
PROOF OF NOTICE OF MEETING was read to all members by the secretary, following establishment of a quorum with 51% of members present in person or by proxy.
READING OF MINUTES OF THE LAST ANNUAL MEETING, May 5, 2010, was waived.
PRESIDENT’S REPORT: The following accomplishments by ECA were listed as having been accomplished:
1. Refurbishment of the lobby level by the Hartman Design was completed for $1million.369,547, under the $1.5 million budgeted. This includes improvements to infrastructure, lobby, party room, bathrooms, residential hallway, with replacement of windows and doors by HBW Engineering.
2. Installation of a new emergency generator costing $520,000 was completed despite numerous challenges.
3. An engineering assessment was done by Mendoza Associates with further evaluation needed. This long-term project will continue into 2012, with further evaluation of needs for heat, AC, and McQuay units. The McQuay unit improvements are limited by the individual ownership of the units.
4. A key fob system has been implemented, and new security and video cameras purchased to allow better security for residents and visitors.
5. A new landscape contract with Ruppert Landscaping has been signed, for long-term design, with phase one to be initiated this Spring. There will be an irrigation system implemented.
6. Improvements to the fitness center are planned to begin soon.
7. PERSONNEL: Mr. James Santos joined us June 2, 2010, from Legum & Norman as General Manager; Ms. Wanda Powell began November 1, 2010, as his assistant.
8. Long-term employees (35 years or over) were recognized and praised; Cynthia Edwards, Hollis Alleyne, and Jimmy Keating.
9. Financial state: a fiscal year reduction of 3% of the overall budget after a two year prior reduction.
10. On 4/27, the Board of Directors voted 5-2 for a 10% increase in condo fees for the coming year, noting that the ECA has never had a special assessment, and the Board did not think one could be done
11. Professional management by Legum & Norman was praised.
TREASURER’S REPORT:” Financially sound but more fragile”
Delinquencies below the limit set by the FHA. Over 50% of units owner occupied, rentals at 22%, No single owner of ECA holdings exceeds 10%. The Eiizabeth thus has an FHA seal of approval.
FINANCIAL CHALLENGES:
1. Management of the 5-year plan, with eye to increased spending from the reserves. Spending jumps to $1.5 million each year given the big projects.
2. Need to execute energy saving projects to reduce utility costs.
3. Continued oversight of Legum & Norman financial management.
4. Improve residents’ services, house rules.
5. Improve Board communications
6. Consider revising by-laws
RECOGNITION:
Outgoing Board members recognized, and received appropriate gifs.
COMMENTS FROM THE FLOOR:
Pam Dillon: Budget is null & void because it was not sent out 30 days in advance. Legal Counsel Jason Fisher refuted Ms. Dillon’s claim.
Maurice Trebach: Wanted to be on the record that windows & balcony doors need to be replaced and this was noted in the $25,000 engineering study performed by Mendoza-Ribas.
ELECTION
The following were elected to the Board: Charles Bressler, Dr. Jimmy Cockburn, Ilo-Mai Harding.
The new officers are:
President: Charles Bressler
Vice-President: Seth Levine
Treasurer: Molly Frantz
Secretary: Ilo-Mai Harding
Director: Judi Barth
Director: Dr. Jimmy Cockburn
Director: Dr. Al Muller
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