River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, July 28, 2020
In Attendance – Board of Directors
Regrets - Board of Directors
In Attendance – Property Management
In Attendance – Shareholders (All Via Zoom)
Eddie Eitches, Unit 638: Mr. Eitches inquired about the current state of the rental and sales markets.
Jim Wolf. Unit 547: Mr. Wolf inquired about the timing of re-opening the gym, and updates from the OA. Ms. Mays stated the pool remains closed; work is being done on the ionization system in the gym to prepare for possible re-opening the gym. The OA Board is working toward the approval of three outdoor fitness classes on the property and is working to obtain discounts from Gold’s Gym and Anytime Fitness. Additionally, a plan is being developed to post the OA’s meeting minutes and other documents.
Billy Stone, Units 525 and 711: Mr. Stone commended management and the Board of Directors.
Lou Ferrera, Unit 431: Mr. Ferrera announced the sale of his unit and commended RPS.
Marissa Fond, Unit 639: Ms. Fond asked for an objective regarding the surveying activities associated with the land lease. Mr. Ali explained the Land Lease Committee is comprised of eight members with representatives from each River Place building. They will have a third-party survey performed by an independent research firm. The survey results would be used as a negotiating tool with the landlord. Ms. Hall stated her goal is to have a high response rate to ensure there is sufficient data to guide next steps. Four research firms are presently being considered.
Nicole Thomas, Unit 410: Ms. Thomas lauded of General Manager Joette Waters. (2) Ms. Thomas sought clarity concerning the land lease surveying effort, and about the date of the lease’s expiration. Mr. Ali stated the land lease will expire at the end of 2052. He then presented a brief history of discussions held to date. (3) Ms. Thomas inquired whether there are any financial discrepancies in the cooperative’s records, as she received concerns from another shareholder. Ms. Mays stated she was unaware of any discrepancies. Mr. Porco explained FirstService Residential is the financial manager for the cooperative, and they pay all the bills, reconcile the cooperative’s cash, collect the co-op fees, and prepare all of the financial statements. There has been zero evidence of any financial impropriety, and the cooperative has received a clean audit year-after-year for some time.
Liza Albright, Unit 116: Ms. Albright received an email from another shareholder that there may be financial discrepancies going on within the cooperative. Ms. Albright asked about the land lease.
Richard Hess, Unit 920: (1) Mr. Hess inquired about Paycheck Protection Program (PPP) loans for RPS. The board will take the matter under advisement. (2) Mr. Hess raised opening the gym and pool via a reservation-based system.
Rosa Lee, Unit 825: Ms. Lee asked management to send the Board Meeting notice closer to the actual meeting date and encouraged continuing video meetings.
Ryan Borck, Unit 1017: Mr. Borck spoke in favor of continuing to offer video Board Meetings and complimented the leadership of RPS management.
Bonnie Kline, Unit 928: Ms. Kline expressed her view that River Place South has the highest co-op fee, but the lowest reserve total among all River Place entities. She would like to see the cooperative save more money and would like answers to her financial questions. Ms. Mays asked Ms. Kline to send her email to the Board of Directors so they can prepare a written response to her and the shareholders who received Ms. Kline’s email. Ms. Kline asked whether more than $1 million will be added to the reserves during the current fiscal year. Ms. Mays said the cooperative will follow the long-term plan. Mr. Ali stated itemized financial reports are presented during every Annual Meeting, and the cooperative’s financials are available for review.
Xiaoxue Zhang, Unit 819: Ms. Zhang inquired if a waiver can be implemented for people who wish to use the pool and gym that would hold River Place South harmless. Ms. Mays explained legal counsel advised against the use of waivers, as they are not effective; and the cooperative would still have to go through full court proceedings if a lawsuit was filed. Ms. Hall added spending money to defend against a lawsuit would be cost prohibitive.
Bill and Toni Little, Unit S919: Mr. Little requested a review of the financial statements to show where the money is going and stated the cooperative’s balance sheet is difficult to read. Ms. Mays said the Board will request a simplified balance sheet for review by shareholders.
Bill Miller, Unit 523: Mr. Miller discussed his experience with water damage from another unit months prior.
Board members reviewed the full July 2020 Management Report. Ms. Waters verbally highlighted the following matters:
A. Disinfecting Treatments: Ms. Waters asked if the Board would like to continue the COVID-19 disinfecting treatments in the common spaces. The Board of Directors agreed that the cleaning should continue.
B. Capital Reserve Projects: The capital reserve items budgeted for the 2020-2021 fiscal year have been addressed. The Board of Directors awaits instructions from Treasurer James McInerney, III about working with a committee to investigate the façade project. Ms. Mays also will seek feedback from James Marandi concerning next steps.
C. Boiler Room Systems Computer: The computer that runs the boiler room systems monitoring has gone down. A suitable replacement laptop has been purchased through Slable for less than $1,000.
D. Chiller and Cooling Tower: Repairs will be made to the coil irons on the condensing line; and the cooper line to the condenser water pressure differential switch will be replaced. A major overhaul may be needed in the next year.
E. Dryer Vent Cleaning: Ms. Waters recommended establishing a requirement to have the cleaning performed annually as a matter of safety, and the Board of Directors agreed.
F. Duct Cleaning: After the recent cleaning of the individual kitchen & bathroom unit vents, it was discovered that the horizontal main vents that carry the air to the roof were very dirty. The horizontal cleaning was therefore performed.
G. Spring Convector and Maintenance Inspections: The annual inspections did not commence as usual in mid-March due to COVID-19. The inspections began during the week of July 20th, and are expected to take until early August 2020.
H. Rental: As of July 31, 2020, the cooperative had a rental occupancy rate of 88%. Eight units were rented in July 2020. Ten units are currently vacant, and five more are being vacated.
I. Delinquencies: The cooperative has seven delinquent accounts.
These minutes were respectfully drafted and submitted by: