River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, April 30, 2019 – 6:00 p.m.
In Attendance – Board of Directors
Regrets – Board of Directors
In Attendance – Property Management
In Attendance – Shareholders
Janice Mays, President
Waqas Ali, Vice President
Sarah Shahade, Secretary
Jim McInerney, Treasurer
All other Board members will serve as Directors
Ms. Mays seconded, and the motion carried unanimously (6-0-0).
Operations are running slightly above the $12,000 surplus for the 11 months of the current fiscal year. Budget variances were highlighted. It was noted that there is a $45,000 contingency line item under “Administrative Expenses” that can be used as a buffer. In the past 11 months, the Corporation has had capital improvements of approximately $186,000 and has only moved $42,000 from the reserves. However, additional funds have been moved in April 2019 that are not reflected in the March 2019 financials. Approximately $600,000 will be contributed to the reserves during the 2018-2019 fiscal year. The reserve contribution may be decreased for the next fiscal year.
A. Balcony Work: Balcony work commenced on Monday, April 15, 2019 on the 06-07 tier. The 18-19 tier will be next. This work is being performed by Commercial Waterproofing – the same company that is working on the OA garage project. The work is expected to be complete on the 06-07 tier before the pool has opened for the season.
B. Façade Engineering Study: As part of the reserve study, the façade of the building is due to be evaluated for repair. Facility Engineering Associates has already completed the first step. Their estimate for the visual inspection and engineering study came to $4,600. They are now moving on to the second step – the performance of a restoration design study and specifications which is estimated to cost approximately $4,000.
C. Boilers and Cooling Tower: The boilers have been shut down, and water is now being heated by the RBIs (domestic hot water heaters). The intake tank on the cooling tower must be replaced, which will cost approximately $10,000. The part has been delivered, and should be installed by Friday, May 3rd. The air conditioning system will then be turned on.
D. Convector Cleaning: This work is underway, and a more thorough cleaning is being done in 2019 than usual. A wet degreaser cleaning will take longer, but is more thorough and will hopefully aid in resolving the convector leak issues seen in summer 2018.
E. Cell Towers: Management continues to push back against the installation of more equipment in the building’s trash rooms. The Corporation’s legal counsel has looked at the T-Mobile contract to determine if River Place South has any leverage, but it seems the Corporation does not. Ms. Waters will not allow any workers related to the cell towers onto the roof without being accompanied due to damage that was previously caused to the roof.
F. Annual Meeting Packet: The shareholder packet that follows the 2019 Annual Meeting was mailed during the week of April 22nd, and included a link to an electronic survey regarding the options of shareholders regarding the designation of River Place South as a non-smoking building. If implemented, the change would require a bylaws amendment, and legal counsel has provided a sample for how that amendment would be written. Management and the Board also indicated that Corporation-owned rentals are now leased as non-smoking units, and recommended that owners renting their units consider adding a non-smoking clause to their lease agreement.
G. Rental Occupancy: Rentals have reached their maximum limit at 100%. However, commercial occupancy is low. Parking spaces are 87% occupied, and several parking spaces are not rentable due to their size, obstruction, or four spaces being taken up by balcony work. Management will discuss these spaces with the Owners Association, as the OA should give additional parking spaces to a building whose spaces have been compromised.
H. Loading Dock: A sign is in place stating that any individuals found to be dumping trash at the loading dock will be subject to a $250 fine. This is now being enforced by management.
I. Breaking Down Boxes: Trash rooms are becoming increasingly full due to residents not breaking down boxes. Ms. Waters is obtaining larger recycling cans, and will send a letter reminding residents to flatten boxes before placing them in or on the side of the green recycling bin.
These minutes were respectfully drafted and submitted by: