November 18th, 2014

November 18th, 2014

 

Meeting called to order at 6:40 PM.

 

Resident Open Forum

 

Resident Osman Reveral addressed the Board stating that he would like to be appointed to the Board.

 

Way Services

 

Way Services, our HVAC maintenance company for the chill tower, made a presentation to the Board.  They discussed how all of the chill tower is new except for the cooling tower.  It currently has a blockage of 80% which causes the unit to use too much power and also can serve to cause parts to fail.  They also noted that the current supports are rusted and need to be replaced.

Way noted that the repair cost is 71% of the replacement cost and in the case of failure, a rental cooling tower would cost approximately $13K.mo.  They also outlined the current expenditures versus future expenditures if the unit were replaced:

 

CURRENT

FUTURE

Energy

$95,000

$72,500

M & R

$17,000

N/A

Capital Replacement

$24,000

N/A

TOTAL

$136,000

$72,500

 

It takes five weeks to get equipment ordered and built and they give a 5 year warranty.  We have new furnace, pumps, drives and chiller which should be good for 15-20 years.  Way will need to get an estimate for welding contractors to fix the framing and work with Way on installation.

Payment

$70,000 up front or $25,000 a year for three years.  With the second plan, we could pay annually, monthly or however we want.  Monthly would be a little over $2,000.  Framing is additional.

Eve Demma motion to accept Way Services offer to replace the cooling tower.

                2nd Erich Heard

                The vote was a unanimous yes

 

Financials

 

Our operating balance is $79,758 and our reserve balance is $190,858 for a total of $271,617.  Current liabilities include our debt to AT&T of $60,000.  Ray will look into a deficit of $22,000 to see what it represents.

 

New Business

 

Foundations

 

There will be an open forum on December 16th at the Marble Arch office for affected homeowners.

 

Fall Landscaping

 

Eve walked the property with the landscapers who pointed out a number of tasks they need to take care of in the Fall so that the landscaping looks its best in Spring and Summer.  Kathleen recommended that the Board go ahead with this project.  TXLC bid is for $4,012.

Toke Ettehadieh motion to accept TXLC’s bid for Fall landscaping.

                Eve Demma seconded

                The vote was a unanimous yes

 

Cameras

 

Ray Shirazi spoke on the cameras.  The resolution is not fine enough to identify people or cars.  He also noted that there is not enough light at night and the positions do not cover the entire property.  Eve Demma asked if we could get higher resolution cameras.  Kathleen will find out about resolution and positioning and will look into more lighting.

 

Building A Roof

 

Building A has a number of PVC drainage pipes that are causing water marks on the building.  Dream Pavillion put in a bid to repair the drainage system for $1,850.  Kathleen will get two more bids.

 

Heating Inspection & Repair

 

Dream Pavillion put in a proposal to inspect and make any necessary repairs to the heating of units with standalone heating.  They propose approximately $110/unit for a total of $19,140.  Kathleen feels we would probably not end up paying this much and that the cost would be defrayed over a period of months as the work was done.  She will try to get more bids.

 

Building M Roof

 

There are serious leaks in the roof of Building M.  JH Roofing put a tarp over it four weeks ago.  JH’s bid for repair was about $8,600.  We also received bids from ProMasters for $2,915 and ASAP Roofing for $750 but they do not include all of the same services.  Kathleen will see about getting a new bid from ProMasters and we will vote via e-mail.

Eve Demma, Ray Shirazi and Erich Heard voted via e-mail to accept the JH bid for Building M roof repair.

 

Insurance

 

Eve Demma got a quote from out insurance agent, Hanadi, to up our Fidelity Bond from $50,000 to $300,000.  It would cost about $900/year.  When we renew our policy we can up the value.  Kathleen will also get quotes to compare.

 

Executive Session

 

Meeting adjourned at 8:27 PM.

 

Minutes submitted by Erich Heard, acting Secretary