River Place South Housing Corporation (RPSHC)
Final Minutes From the Board of Directors Meeting
Tuesday, October 29, 2019
In Attendance – Board of Directors
In Attendance – Property Management and Guest Presenter
In Attendance – Shareholders
A shareholder inquired about the Board’s plans to fill the vacant seat. Ms. Mays explained the cooperative’s bylaws allow for the appointment of a shareholder to the vacant seat. James McInerney, III has expressed his interest in serving out at least a portion of the remaining term, and Ms. Mays noted Mr. McInerney, III is a former member of the River Place South Board of Directors. The Board agreed to discuss the matter during Executive Session.
A shareholder asked how the cooperative can enforce the occupancy maximums for the units. Ms. Waters explained four people of the same family can occupy a one-bedroom unit; five people of the same family can occupy a two-bedroom unit; and two people can occupy a studio. Adult residents must be registered with the management office to use the cooperative’s amenities. If management discovers there are more than the allotted number of people in a unit, the shareholder will be informed that the unit is in violation. (2) A shareholder, Mr. Marandi inquired whether the shares have increased for River Place South, and how many shares are currently issued. There are 1,094,193 shares in the River Place South Housing Corporation mostly due to the conversion of the Restaurant space into residential units.. Ms. Mays said the matter will be researched. (3) The shareholder congratulated Waqas Ali on his recent article published in the Wall Street Journal.
A shareholder asked whether the existing mortgage loan will be due in 2020. Ms. Mays replied in the affirmative.
Bonnie Kline of Unit 926 asked for documentation of the tax attorney’s opinion along with a list of expenses associated with turning units over to the shareholders. Ms. Mays said the matters were discussed verbally. Obtaining a written/formal proposal would cost the cooperative money. Ms. Mays agreed to determine what the price would be to get something in writing, and will report her finding to Ms. Kline.
A. Rooftop West Wing Exterior Door: A replacement door for the west wing of the rooftop has been ordered at a cost of $2,121, and will be installed upon delivery.
B. Reserve Accounts: Ms. Waters spoke with Bob Porco of FirstService Residential during the day on Tuesday, October 29th. One set of the cooperative’s reserve funds has been moved to an account with FirstService Residential, and two more accounts are in the works.
C. Fireplace Inspections: Management will send a notice to all 11th floor shareholders requiring them to provide proof of inspection for their fireplaces and flues on an annual basis. Ms. Waters will coordinate a discounted/bulk rate for those who would like to use such a service.
D. Bylaw Change – “Non-Smoking” Building Designation: The approved non-smoking bylaw designation will go into effect on Wednesday, January 1, 2020. Management will send notice to all shareholders in advance of that date, and a location must be established for where people can smoke on the property.
E. Fees for Violations: Ms. Waters would like to hold a discussion with the Board of Directors concerning violation fees.
F. Occupancy: All of the building’s units are presently occupied, and there are zero delinquencies on the cooperative and rental sides.
These minutes were respectfully drafted and submitted by: