Subject: Sept 19 board meeting
From: Jim Thomas (jthomas@math.niu.edu)
Date: Thu Sep 20 2007 - 14:17:46 CDT
I'll put the draft minutes from last night's (Weds, Sept 19) Board
meeting up next Tuesday, but here are a few key issues that we
discussed:
1) Free pizza and coke, courtesy of the building next door trying to make
amends for some of the mess they caused.
2) The Board reviewed and approved the 2008 budget, and set priorities on
projects that must be done and a few others that owners have urged in the
last year. Although there will be an increase in assessments, between
$20-$30 a month, we will all be getting a bang for our buck.
Some of the projects in the next 18 months include:
- Exterior lights for the south and west elevation of the building for
increased security and visibility.
- Parkway "beautification" (between the street and sidewalk). Instead of
replacing the sod every year, we will be removing the sod and replacing it
with attractive river rock and surrounding the trees with protective
blocks decorated with flowers, similar to the parkways outside the White
Hen on Racine and Adams.
- Residents parking in the north parking lot have urged that we add a
security camera to monitor the vehicles. The board will be obtaining bids
and implementing security cameras in the coming year.
- We will be installing a key opener on both sides of the electric slide
gate on Gladys Ave to gain access to the parking deck and service/delivery
area at the rear of the building.
- Many of the units on floors 3 through 7 have issues with crushed
conduits that prevent running cables from the telecommunication closets to
individual units. This was a construction problem existing since 1999.
Because of changes in technology and the need for up-to-date
infrastructure, the Board will be soliciting bids to fix this problem.
Although the lawsuit against Rezmar is still technically pending, there is
little chance of getting anything back given the criminal, civil, and
financial difficulties of the original developer.
- The major expense will be replacement of the roof down the road. This
will be expensive, and we want to be sure we have sufficient reserve funds
to avoid a special assessment when the time comes. Nobody likes to pay
assessments, but these will not only improve quality of life and security,
but will also increase the property values.
3) The Board voted to move ahead with replacing balcony decks, probably in
spring of 2008. We will be looking at bids. We aren't sure of the exact
costs per unit, but the figure introduced in the meeting tonight was in
the $600-900 range per balcony. One unit in the building has been
identified with two balconies. There will be ample notice given prior to
replacement, and arrangements will be made to allow owners to advance-pay
each month prior to ease the burden of all-at-once. Owners who have had
their decks replaced within the past three years can petition to opt out
if they request (and pass) an inspection. It is strongly suggested that
all unit owners with balconies begin to budget for the "balcony decking
replacement project" in Q2 of 2008.
4) Our budget is beginning to be affected by owners who are significantly
in arrears in assessment payments, over $25,000 and growing. The minutes
will report that a few face significant pending legal action to recoup at
least some of our losses.
I'll send some additional announcements in the next post.
Jim Thomas / Board Secretary
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