Summary of August 27, 2013, ECA Board Meeting
Board Present: Dr. David Robinson, Ted Ariev, Jim Jones, John McNerney, Dr. Alfred Muller, Steven Schattman, Jim Vuko
The most important item discussed at this meeting was the loan that has been decided on which will finance all the major improvements including replacement of windows, balcony doors and balcony repairs.
The cost of the loan over an 8 year period will be $600,000. The first three years of the loan when payments are made it will only go to interest payment. The loan is 3.9%.
Reserve funds will be drawn down before loan funding is used.
Another item of interest was the request from an ECA owner to establish electric car charging stations which cost between $700-$1200. Various ideas were suggested about where to put the docking stations and how they could accommodate owners of electric cars.
