RIVER PLACE SOUTH
  • About RPS
  • Announcements
  • For Owners
  • Renting
  • Contact Us

Announcements

Meeting Minutes Moving to Shareholders-only Section

10/29/2021

 
Per best practices, we are moving the posting of monthly meeting minutes over to the For Owners page of the website, under the password protected Operational Documents section. Here's a link: For Owners. Please scroll down until you see "Operational Documents and Meeting Minutes" and click that button.

The prior year's minutes have been moved over and new minutes will be posted there as well.

We value transparency at River Place South, but meeting minutes are not meant to be publicly available to non-shareholders. If you are a shareholder, they will always be available to you. Now that our meetings are held over Zoom, they are also far more accessible to all shareholders to join and see the entire discussion first hand. Please hop in and follow along while you make dinner or hang out - you don't have to be on camera. Contributions and discussion are always welcome there, and ultimately, we encourage you to run for a Board seat if you can devote time to the community. Elections are every spring.

Thanks, everyone!

May River Place South Board Meeting-moved to June 8, 2021

8/25/2021

 

The River Place South Annual Board Meeting to be held on March 30, 2021

2/24/2021

 
Hello Shareholders,
The River Place South Board of Directors Annual Meeting will be held on March 30, 2021.
Due to Covid-19 in person attendance is not permitted, so the meeting will be held via Zoom
Announcement of the meeting will be mailed out along with your ballot in early March. 
​Please make sure we have correct address information. 
We look forward to your attendance.
Thank you,
The River Place South Board of Directors

River Place South Board Meeting Minutes September 29, 2020

2/24/2021

 
rpshc-09-29-20_minutes_approved.doc
File Size: 131 kb
File Type: doc
Download File

River Place South Board Meeting Minutes July 28, 2020

10/26/2020

 
​River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, July 28, 2020
 
In Attendance – Board of Directors
  • Janice Mays, President (In Meeting Room and Via Zoom)
  • Waqas Ali, Vice President (Via Zoom)
  • Sara Shahade, Secretary (In Meeting Room and Via Zoom)
  • Lauren Hall, Director (In Meeting Room and Via Zoom)
  • Vikram Reddy, Director (Via Zoom)
  • Richard Villegas, Director (Via Zoom)
 
Regrets - Board of Directors
  • James McInerney, III, Treasurer
 
In Attendance – Property Management
  • Joette Waters, General Manager (In Meeting Room and Via Zoom)
  • Bryan Hernandez, Assistant General Manager (In Meeting Room and Via Zoom)
  • Don Perper, Executive Vice President with FirstService Residential (FSR) (Via Zoom)
  • Bob Porco, Senior Financial Manager with FirstService Residential (FSR) (Via Zoom)
 
In Attendance – Shareholders (All Via Zoom)
  • Ryan Borck, Unit 1017
  • L. Cortez, Unit S813
  • Eddie Eitches, Unit S638
  • Lou Ferrera, Unit 431
  • Marissa Fond, Unit 639
  • C. Gelber, Unit S502
  • Nancy Greenberg, Unit 542
  • Rhonda Harvey, Unit 1106
  • Richard Hess, Unit 920
  • Crystal Jobe, Unit 1007
  • Bonnie Kline, Unit 928
  • Stephen Lam, Unit S413
  • Rosa Lee, Unit 825
  • Bill and Toni Little, Unit S919
  • Bill Miller, Unit 523
  • James Marandi, Unit 642
  • Ashley Pruett, Unit 1006
  • Ellen Schilling, Unit 636
  • Sandip Srivastava, Unit 605
  • Billy Stone, Units 525 and 711
  • Nicole Thomas, Unit 410
  • Jim Wolf, Unit 547
  • Guy Yachin, Units 609 and 803
  • Xiaoxue Zhang, Unit 819
  • Charlotte Fu, Unit 430
  • Elena Surina, Unit 415
  • Liza Albright Unit 1116 
 
  1. Call to Order
The Board of Directors of the River Place South Housing Corporation held a meeting on Tuesday, July 28, 2020.  The meeting was convened via Zoom, with management and Board members in attendance via the Meeting Room.  Board President Janice Mays called the meeting to order at 6:04 p.m.
 
 
  1. Resident Participation
Ellen Schilling, Unit 636: Ms. Schilling raised the land lease. 
 
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.
 
 
  1. Approval of Agenda
Mr. Ali moved to approve the July 28, 2020 Board Meeting agenda as presented.  Ms. Shahade seconded, and the motion carried unanimously (7-0-0).
 
 
  1. Approval of Meeting Minutes (June 30, 2020)
Mr. Ali moved to approve the minutes from the June 30, 2020 Board Meeting, subject to Ms. Hall’s changes being sent to the minute taker for incorporating into the minutes.  Ms. Shahade seconded, and the motion carried unanimously (7-0-0).
 
  1. Reports
  2. President and OA Reports: Ms. Mays reported the following information:
  1. There have been no reported cases of COVID-19 for River Place South. 
  2. Electrical work will be performed in the picnic area.
  3. Trees will be pruned throughout the campus.
  4. The OA Board is working on a policy with assistance from legal counsel concerning support and assisted living animals within River Place.
  5. The OA Board is considering the placement of a dog run near Routes 50 and 110.
  6. The OA Board has added patrols going forward.
Ms. Hall stated a gym survey was sent to all River Place residents in May 2020.  There were 550 responses from across River Place.  More responses were received from the South Building than any of the others, and approximately 20% of the responses were from shareholders. The Fitness Center Advisory Committee recently finished analyzing the survey results, and most of the respondents were satisfied with the gym.  However, the two areas with the highest level of dissatisfaction that also were deemed important by the reponders involved the hours of operation, as many wanted longer hours; and the types of classes being offered, as many want more strength training and high intensity cardio offerings.  The Advisory Committee will work with the OA to address these areas.
 
  1. Treasurer’s Report: Mr. Porco reported the following information:
  1. The cooperative has $1.945 million in reserve funds as of June 30, 2020.
  2. Some of the money from the cooperative’s capital reserve bank accounts have been moved into higher interest money market accounts.
  3. The cooperative’s year-to-date delinquencies remain low.
  4. The financial audits have been clean for many years, and performance of the latest audit is underway.  In addition
Ms. Mays explained management and the Board make every effort to operate with fiscal responsibility but will look at the concerns raised by Ms. Kline once she forwards the email.
 
 
  VI.Management Report
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. 
 
 
  1. Resale Notifications
No resale notifications were presented for approval.
 
 
  1. New Business
No matters of New Business were raised.
 
 
  1. Old/Unfinished Business
No matters of Old Business were raised.
 
 
  1. Temporary Adjournment to Executive Session
The Board of Directors temporarily adjourned the Open Session at 7:35 p.m. to hold an Executive Session.
 
 
  1. Executive Session Results
No motions, decisions or action items resulted from the Executive Session
 
 
  1. Adjournment
The July 28, 2020 Board of Directors meeting was adjourned at 8:00 p.m.
 
 
These minutes were respectfully drafted and submitted by:

River Place South Board Minutes, June 30, 2020

10/26/2020

 
​River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, June 30, 2020
 
In Attendance – Board of Directors
  • Janice Mays, President (In Meeting Room)
  • Waqas Ali, Vice President
  • Sara Shahade, Secretary (In Meeting Room)
  • James McInerney, III, Treasurer
  • Lauren Hall, Director (In Meeting Room)
  • Vikram Reddy, Director
  • Richard Villegas, Director
 
In Attendance – Property Management
  • Joette Waters, General Manager (In Meeting Room)
  • Bryan Hernandez, Assistant General Manager (In Meeting Room)
  • Lisa Waters, Leasing Manager (In Meeting Room)
  • Don Perper, Executive Vice President with FirstService Residential (FSR)
  • Bob Porco, Senior Financial Manager with FirstService Residential (FSR)
 
In Attendance – Shareholders
  • Dan and Darci Brown, Unit 719
  • Sabrina Faber, Unit 623
  • Maris Fond, Unit 639
  • Nancy Greenberg, Unit 542
  • Oscar and Crystal Jobe, Unit 1007
  • Bonnie Kline, Unit 926
  • James Morandi, Unit 642
  • Sam Ozeck, Unit 1019
  • Edward Prados, Units 612 and 623
  • Ellen Schilling, Unit 636
  • David Williams, Unit 126
  • Jim Wolfe, Unit 421
 
 
  1. Call to Order
The Board of Directors of the River Place South Housing Corporation held a meeting on Tuesday, June 30, 2020.  The meeting was convened via Zoom.  Board President Janice Mays called the meeting to order at 6:01 p.m.
 
 
  1. Appointment of Officers
Mr. Villegas moved to retain the current Board Officers slate as listed above.  Ms. Shahade seconded, and the motion carried unanimously (7-0-0).
 
 
  1. Resident Participation
Bonnie Kline, Unit 926: Discussed usage of the cooperative’s funds, RPS fees, reserve spending, the financials position of RPS for attendees. Mr. Porco (FSR) reviewed the financial position of RPS
 
Ellen Schilling, Unit 636: Raised landlease status. Mr. Ali updated attendees/discussed possible survey.
 
Crystal Jobe, Unit 1007: Asked about possible open rental units
 
Dan and Darci Brown, Unit 719: Discussed RPS stock share paperwork backlog. Ms. Waters informed attendees of transition to new transfer agency.
 
David Williams, Unit 126: Encourages self service package pickup
 
 
 
Edward Prados, Units 612 and 623: Opposed Policy Resolution No. 14-001.
The Board of Directors agreed to seek advice from legal counsel concerning the matter and will provide the lawyer’s response to Mr. Prados.
 
James Morandi, Unit 642: Asked about certified election results.  Ms. Mays stated she will have The League of Women Voters provide the election results.
 
Jim Wolfe, Unit 421: (1) Discussed OA issues including gym and pool reopening, minute publication, and other transparency concerns.
 
Marissa Fond, Unit 639: Raised land lease status, improvement from no smoking policy, positive management communication during Covid-19.
 
Sabrina Faber, Unit 623: Asked for re-evaluation of Policy Resolution 14-001  The Board of Directors agreed to follow up on this matter.
 
 
  1. Approval of Agenda
Ms. Shahade moved to approve the June 30, 2020 Board of Directors meeting agenda with the addition of “Appointment of Officers”.  Ms. Hall seconded, and the motion carried unanimously (7-0-0).
 
 
  1. Approval of Meeting Minutes (February 18, 2020)
Mr. Ali moved to approve the minutes from the February 18, 2020 Board Meeting as amended.  Mr. Villegas seconded, and the motion carried by a vote of six in favor, zero opposed, and one abstained (Ms. Hall) (6-0-1).
 
 
  1. Reports
  2. President’s Report: Ms. Mays reported the following information:
  1. The cooperative has successfully replaced the  RPSloan. The new loan is with the Bank of Charles Town for the $1,911,000 with a fixed interest rate of 4.62% and a 15-year term.  Mr. Villegas stated the Bank of Charles Town is now an approved lender for River Place shareholders.
  2. No COVID-19 in the building. 
  3. Few requests for delay the monthly cooperative fee.
 
  1. Treasurer’s Report:
Mr. Porco’s reported on RPS’s financial status
 
  1. Owners Association (OA) Report:
  1. Ms. Mays announced the slate of officers approved during the June 2020 Owners Association Board Meeting:
Pat Fairman – President (President, West)
Lauren Hall – Vice President (Parcel 5 Representative)
Troy Dibley – Treasurer (via telephone)
Sara Shahade – Secretary (Director, South)
Sabrina Faber - Director (Director, North)
Janice Mays – Director (President, South/Parcel 5, Commercial Village Representative)
Anthony Priest – Director (Director, East)
Richard Villegas – Director (Director, Commercial Village Representative
 
  1. Ms. Hall and Mr. Villegas summarized the OA Board’s decision to keep the River Place pool closed for the 2020 season. The pool will continue to be properly maintained.  Ms. Mays stated the OA Board will discuss any action on possible savings that will be realized from the pool remaining closed; and will discuss whether to keep the pool open longer during future seasons.  The OA is seeking local fitness providers who can offer outdoor classes while the River Place gym is closed.  The OA’s management and Board will continue to monitor the progress and of the Phase 3 re-opening in Virginia.  In the meantime, a notice will be sent to shareholders in the coming days about the OA’s decision concerning the pool and gym.
  2. Ms. Hall reported on the status of the OA Acting Manager position. 
 
 
  VII.Management Report
A.     COVID-19 Response: Ms. Waters reported on COVID-19 precautions in place, disinfecting treatments and increased janitorial work, acrylic concierge desk barriers, extra staff work and specific closures.
 
B.     Facade: Ms. Waters provided an update on the future reserve study project repairing. Management awaits instruction from Board Treasurer Jim McInerney, III, who will work with a committee to investigate the façade project. Mr. McInerney will provide a recommendation on how to address the most damaged areas to the Board of Directors.
 
C.     Arlington County Fire Department Inspection: Ms. Waters reported on Arlington County Fire Department inspections and completed repairs.
 
D.    A/C Split Units:
1.      The replacement of two commercial A/C systems was delayed since the spring due to COVID-19 and will be scheduled.
2.      Management will schedule the convector cleaning that was postponed in the spring due to COVID-19.
3.      Ms. Waters asked shareholders to inform their renters to look out for leaks, and to report any leaks to management.
 
E.     Cell Towers: AT&T has been requesting a meeting with the Board of Directors since March 2020.  The Board of Directors agreed to have Ms. Waters invite representatives from AT&T to attend Board meeting.
 
F.      Chiller and Cooling Tower: Ms. Waters reported on repairs, replacements, and testing.
 
G.    Fireplace Inspections: With regard to require 11th floor fireplace inspection. The Board of Directors agreed by unanimous consent to send a letter to those who are not compliant to announce that a fine will be assessed if they do not provide proof of inspection by a specific date.  The Board will decide on the amount of the fine.  Also, dryer vent cleaning letters will be sent during the week of July 6th.
 
H.    No Smoking: Smoking complaints continue despite signage and posted reminders.  Management has been unable to address some of the complaints, because of difficulty identifying the source location of the smoke.  Additionally, several shareholders have tenants who continue to violate the smoking policy.  Therefore, management has begun to fine those shareholders $50 for each violation.  Some shareholders are unable to get their tenant out of the unit due to COVID-19 restrictions.
 
I.       Package Log: The cooperative is now using Notifii to replace Package Log (which closed operations).
 
J.       Trash/Recycling:
1.      The cooperative is currently using a rented trash compactor and may need to purchase a new compactor.  The price for a new compactor and four cans would be just over $31,000.
2.      Trash companies are now fining customers for using plastic bags to dispose of recyclable materials.  An email was sent to all residents instructing them concerning use of the recycling containers.
 
K.    In-Unit Vent/Duct Cleaning: The individual kitchen and bathroom vents/ducts were cleaned in each unit from March 2, 2020 through March 18, 2020.  The contractor entered each unit and used heavy duty vacuums outfitted with filtration systems and rotary brushes to clear each vent.  The total cost of the cleaning was $20,592.
 
L.     Staff: Ms. Waters summarized the schedule for the staff.
 
M.    Transfer Agency: ViBo Transfer Agency has replaced RivStar as the transfer agency for River Place.  
 
N.    Water Leaks: Over the course of the three months that the COVID-19 stay-at-home order has been in place, there have been at least 10 serious water leaks in the building.
 
O.    Rentals: River Place South was previously 100% occupied.  However, there are currently some rental vacancies that need to be filled.
 
 
  1. Resale Notifications
No resale notifications were presented for approval.
 
 
  1. New Business
  2. Land Lease Survey: Mr. Ali and Ms. Hall reported on this OA committee idea to survey shareholders to determine whether shareholders would like am alternative outcome to the current expiration of the land lease, and if so, what alternative option(s) appeal to shareholders. $2125 from RPS to be put toward the shareholder survey. On behalf of the board, Ms. Mays agreed to tentatively earmark the funds, but also wanted to explore the possibility of OA funding as recommended by Mr. Hall.
 
 
  1. Old/Unfinished Business
  2. Bank of Charles Town: Please see Sections VI.A.1 and VI.B. of these minutes.
 
  1. New Transfer Agency: Please see Section VII.M of these minutes.
 
  1. Façade Report: Please see Section VII.B of these minutes.
 
 
 
  1. Temporary Adjournment to Executive Session
The Board of Directors temporarily adjourned the Open Session at 7:35 p.m. to hold an Executive Session to discuss an insurance matter.
 
 
  1. Decisions from Executive Session
: None
 
 
  1. Adjournment
The June 30, 2020 Board of Directors meeting was adjourned at 7:35 p.m.
 

River Place South Board Meeting-November 10, 2020,  6:00pm

10/8/2020

 
Hello Shareholders,

Please be advised that the next Board Meeting of the River Place South Housing Corporation will be held on Tuesday, November 10, 2020, at 6:00pm.


​The meeting will be held remotely via ZOOM.  Due to COVID-19 in person attendance is not permitted.


We will email the Zoom instructions the day prior to the meeting.


All shareholders are welcome to participate.


Sincerely,

Joette Waters
General Manager
River Place South Management Office

River Place South Board Meeting - September 29, 2020, 6:00pm

9/22/2020

 
Hello Shareholders,
Please be advised that the next Board Meeting of the River Place South Housing Corporation will be held on Tuesday, September 29, 2020, at 6:00pm.
The meeting will be held remotely via ZOOM.  Due to COVID-19 in person attendance is not permitted.

We will email the Zoom instructions the day prior to the meeting.
All shareholders are welcome to participate.
Sincerely,
Joette Waters
General Manager
River Place South Management Office

River Place South Board Meeting Minutes February 18, 2020

8/20/2020

 
​River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, February 18, 2020
 
In Attendance – Board of Directors
  • Janice Mays, President
  • Waqas Ali, Vice President (via telephone)
  • Sara Shahade, Secretary
  • Lauren Hall, Director
  • James McInerney, III, Director
  • Vikram Reddy, Director
 
Regrets - Board of Directors
  • Richard Villegas, Director
 
In Attendance – Property Management
  • Joette Waters, General Manager
  • Bob Porco, Senior Financial Manager with FirstService Residential (FSR)
 
In Attendance – Shareholders
  • Marissa Fond, Unit 639
  • Nancy Greenberg, Unit 542
  • Ronda Harvey, Unit 1106
  • Oscar and Crystal Jobe, Unit 1007
  • Bonnie Klein, Unit 926
  • James Marandi, Unit 642
  • Jim Wolfe, Unit 421
 
 
  1. Call to Order
The Board of Directors of the River Place South Housing Corporation held a meeting on Tuesday, February 18, 2020.  Board President Janice Mays called the meeting to order at 6:01 p.m. and announced the order of the meeting’s agenda would be revised to allow a financial presentation to take place first.
 
 
  1. Financial Reports
Bob Porco, Senior Financial Manager with FirstService Residential, explained FSR is working out issues that arose from switching to a new accounting system.  He then presented on the cooperative’s financial standing through December 31, 2019 (the eighth month of the fiscal year, as the cooperative’s fiscal year ends on April 30, 2020).  The cooperative’s operating cash stood at more than $500,000.  The reserves stood at $1.7 million, with just over $50,000 per month is being contributed to the reserves.  The cooperative is maintaining low delinquencies.
 
As of December 31, 2019, the cooperative had a surplus of approximately $36,000 (5% below budget on operating expenses).  A major contributor to the strong cash position is income from the 70 rental units owned by the cooperative, as well as the cooperative’s reserve funds.
 
The audit for fiscal year ending April 30, 2019 was recently completed.  The results were a clean audit with no issues.  Ms. Mays reported $165,000 in taxes (state and federal combined) were paid for that fiscal year - down from $202,000 in 2018 and $240,000 in 2017.  Mr. Porco stated the taxes are paid on a quarterly basis to avoid a large bill at the end of the fiscal year.
 
A shareholder brought up the cooperative loan that will be due for payment in May 2020.  The cooperative attempted unsuccessfully to refinance the loan with the existing lender.  Therefore, the Board considered several other options, and only one of those options has proven viable.  The cooperative will seek to move forward with that option.  The interest rate on the current loan is 6.25%, but the new loan will include an interest rate of 5.25%.  The original loan had a 25-year amortization.  However, the new loan will have a 15-year amortization, which means it will be paid off five years earlier than the previous loan.  Ms. Mays explained, because of the total amount of the loan, the cooperative’s bylaws requires approval from two-thirds of all shareholders to approve the loan.
 
Following the financial presentations, Mr. Porco, Mr. Wolfe, and the Board of Directors answered questions posed by shareholders:
  • Inquiring about the amount of the original and new loans. (The original loan was for $2.5 million, while the new loan will be for $1.950 million.)
  • Asking what collateral was used for the new loan. (The 70 rental units.)
  • Inquiring whether any of the 70 units can be removed from the collateral package (No.)
  • Asking whether the cooperative has a corporate credit rating. (No.)
  • Inquiring who will be the new loan holder. (Bank of Charles Town.)
  • Asking whether it is necessary for shareholders to vote on the new loan. (Yes, because of the amount of the loan, and because the loan is now due.)
  • Seeking clarity about how the vote will be facilitated concerning the new loan. (A ballot specifically for the new loan will be included in the 2020 Annual Meeting mailer.)
  • Inquiring why the cooperative does not pay off the existing loan using reserve funds.  (Mr. Porco explained using reserve funds to pay off the loan would result in a low reserve balance, which would lower unit values and leave the cooperative with little funds to pay for capital improvement projects.)
 
 
  1. Resident Participation
A shareholder, Jim Wolf inquired why the South Board of Directors is not seeking to exercise control over the Owners Association, as there are four South shareholders on the OA Board; and the fitness center is located in the South Building.  Mr. Wolf also suggested that the South Building seek the presidency of the Owners Association Board.  It was explained, although a South shareholder is not President of the OA Board, the South Building is well represented; and the South representatives work congenially with the other members of the Owners Association Board while working to achieve outcomes that are favorable for the South Building.  Additionally, a Gym Advisory Committee was recently established given the renovations taking place in the fitness center.
 
 
  1. Approval of Agenda
Mr. McInerney moved to approve the February 18, 2020 Board of Directors meeting agenda as amended.  Ms. Shahade seconded, and the motion carried unanimously (6-0-0).
 
 
  1. Approval of Meeting Minutes (January 14, 2020)
Ms. Shahade moved to approve the minutes from the January 14, 2020 Board of Directors meeting as amended.  Mr. Villegas seconded, and the motion carried unanimously (6-0-0).
 
Ms. Hall stated she will send formatting preferences to Ms. Waters for implementing into future sets of Board meeting minutes.
 
 
  1. Reports
  2. President’s Report: Ms. Mays reported the following information:
  1. It is anticipated that the MP Garage project will be completed by March or April 2020.
  2. The current gym project was necessitated by required ceiling repairs.  However, once the project was approved and underway, the vendor caused other damage that they have since corrected.  The OA Board has agreed to order a NuStep recumbent machine for placement in the gym.
 
  1. Treasurer’s Report: Please see Section II of these minutes.
 
  1. Owners Association (OA) Report: Please see Section VI.A of these minutes.
 
 

  VII.Management Report
A.     Deferred Assessment Resolution: Ms. Mays moved that the cooperative elect to apply all or part of any excess income to the following year’s assessments; and that such final amount shall be at the discretion of the Board of Directors.  Ms. Hall seconded, and the motion carried unanimously (6-0-0).
 
B.     Exterior Building Facade: The façade of the South Building was evaluated for repair by Facility Engineering Associates, P.C.(FEA) - the same company that completed work for the West Building, and performed roof studies for the North and East Buildings.  FEA subsequently prepared and submitted a report of their findings along with recommendations. Board members discussed the information provided by FEA and reviewed photographs, and agreed to pursue the necessary repairs at a reasonable cost while preserving the remaining façade.  Shareholder James Marandi agreed to provide useful information to Mr. McInerney concerning façade work.
 
C.     Asbestos Removal: In November 2019, asbestos was removed from a closet inside the mechanical room at a cost of $9,800.  The next phase will include the removal of asbestos from the boiler room and the re-application of insulation at a cost of $3,800.
 
D.    Fire Department Inspection: The Arlington County Fire Department performed an inspection of the building on January 3, 2020 and January 6, 2020.  A few violations were noted.  The estimated cost of the inspection and the required minor repairs totaled approximately $15,000.  All violations have since been addressed with the exception of the gym violations that will be completed prior to the end of February 2020.
 
E.     HVAC Split Systems: The recent, semi-annual HVAC inspection of individual split systems revealed a need to replace several split units.  Two of those units are in Commercial Suite S300, and will be replaced in spring 2020.
 
F.      Camera for Loading Dock: A new camera will be installed at the loading dock by Stanley prior to the end of February 2020.  The cost will be $2,000, and the camera will cover a blind spot that overlooks the loading dock.
 
G.    Fire System Dialer: The cooperative will receive an upgraded fire system dialer prior to the end of February at a cost of $1,225.
 
H.    Chiller and Cooling Tower: Ms. Waters summarized the work needed on the chiller and cooling tower, including repairs to the coil irons at a cost of $2,215; a major overhaul of the systems in 2021 at an approximate cost of $30,000; replacing the water inlet panel at a cost of $8,234; and replacing the backflow valve on the expansion tank of the cooling tower at a cost to be determined.
 
I.       Fireplace Inspections: Management sent a letter to the 11th floor shareholders on January 30, 2020 requesting their response by February 29, 2020 to provide proof of having their fireplaces inspected.  In March 2020, letters will be sent to those who have dryers asking them to provide proof of cleaning the dryer vents.
 
J.       Loading Dock Facelift: The staff power washed and painted the loading dock; installed new bumpers; installed new signage that includes requirements to have a parking pass, a prohibition on parking for no more than 30 minutes, and a prohibition on smoking at the loading dock or anywhere within 25 feet of the building; and installed a new railing in the rear of the building near the boiler room.  The staff members are now painting in the trash area and around the trash openings.
 
K.    Inspections and Cleanings: The annual convector and maintenance inspections will commence in mid-March.  Prior to that, in early March, the five-year vent and duct cleanings will take place in each unit using heavy duty vacuums with filtration systems and rotary brushes.
 
L.     Trash and Recycling:
1.      The cooperative is being fined $134 to $270 every month for trash and recycling violations.  Ms. Waters presented a summary of the letter sent to each unit regarding proper trash and recycling procedures.
2.      The trash compactor is presently on lease.  Waste Management inherited the lease from CSI, and will not likely renew the lease.  The cost to purchase a new trash compactor and bins would be approximately $32,000.
 
M.    Annual Meeting: The Association’s 2020 Annual Meeting will take place on Tuesday, March 24th.  Shareholders will receive the Annual Meeting notice in early March, and The League of Women Voters is scheduled to supervise the meeting.
 
N.    2019 Audit: The auditor from the Goldklang Group CPAs, P.C. indicated the cooperative’s 2019 audit has been finished, and will get the draft to management as soon as possible.
 
O.    Riv-Star Transfer Agency: Ms. Mays summarized the issues experienced with the Riv-Star Transfer Agency with receiving shares during title transfers.  Richard Villegas has agreed to assist with resolution of the matter as a temporary agent, and will receive payment for his services.  However, Mr. Villegas will recuse himself from any Board decisions that pose a conflict of interest.
 
P.      Hand Sanitizer: Five hand sanitizer stations have been placed throughout the building - two in the lobby, one in the management office, and two in other areas.  Everyone is strongly encouraged to use the sanitizer and keep their hands washed in light of flu season and concerns about the Coronavirus.
 
Q.    Rentals: The cooperative has 100% occupancy for its commercial rentals.  Ms. Waters noted that FSR corrected an issue with improperly classifying some of the cooperative’s rent potential as a vacancy.
 
 
  1. Old/Unfinished Business
Please see Sections VI and VII of these minutes.
 
 
  1. Resale Notifications
No resale notifications were presented.
 
 
  1. New Business
No topics of New Business were presented.
 
 
  1. Temporary Adjournment to Executive Session
The Board of Directors temporarily adjourned the Open Session at 7:09 p.m. to hold an Executive Session to discuss an insurance matter.
 
 
  1. Decisions from Executive Session
No motions or actions resulted from the Executive Session.
 
 
  1. Adjournment
The February 18, 2020 Board of Directors meeting was adjourned at 7:30 p.m.

River Place South Board Meeting Minutes-January 14, 2020

8/20/2020

 
​River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors Meeting
Tuesday, January 14, 2020
 
In Attendance – Board of Directors
  • Janice Mays, President
  • Waqas Ali, Vice President (via conference call beginning at 6:32 p.m.)
  • Sara Shahade, Secretary
  • Lauren Hall, Director
  • James McInerney, III, Director (via telephone)
  • Vikram Reddy, Director
  • Richard Villegas, Director
 
In Attendance – Property Management
  • Joette Waters, General Manager
  • Bryan Hernandez, Assistant General Manager
  • Lisa Waters, Leasing Manager
 
In Attendance – Shareholders
  • Nancy Greenberg, Unit 542
  • Crystal Jobe, Unit 1007
  • Bonnie Kline, Unit 926
  • Jim Wolfe, Unit 421
 
 
  1. Call to Order
The Board of Directors of the River Place South Housing Corporation held a meeting on Tuesday, January 14, 2020.  Board President Janice Mays called the meeting to order at 6:01 p.m.
 
 
  1. Resident Participation – Part I
Crystal Jobe, Unit 1007: (1) Ms. Jobe inquired about the door on the second floor of the parking garage.  Ms. Mays indicated she will find out when the door will be repaired.  (2) Ms. Jobe asked whether the gym is still on schedule for the 17th.  Ms. Mays indicated the work will take a bit longer than anticipated to complete, and explained the reasons for the delay.  However, the parking office is now open.
 
Bonnie Kline, Unit 926: Ms. Kline asked whether the three month minimum concerning unit rentals means an exact minimum of 90 days.  Ms. Mays stated the cooperative will not quibble over one or two days.  Ms. Waters stated 90 days is the accepted rule of thumb.  Ms. Mays explained that the person who signed the lease does not have to physically occupy the unit for three months, but they have the right to occupy the unit as part of the lease.  (3) Ms. Jobe asked whether it is permissible for family members or friends to utilize one of her units for a short period of time.  Ms. Waters explained Ms. Jobe should provide advanced notice to the management office that guests will be in one of her units.  However, if the guests would like to use the pool or gym, the Owners Association must be notified.
 
 
  1. Approval of Agenda
Ms. Hall moved to approve the January 14, 2020 Board of Directors meeting agenda as presented.  Ms. Shahade seconded, and the motion carried unanimously (6-0-0).
 
 
  1. Approval of Meeting Minutes (November 19, 2019)
Board members requested revisions concerning the November 19, 2019 Board of Directors meeting minutes – a meeting that was not served by the third party minute taking service.  Board members also discussed the remaining action items from the meeting.  Ms. Shahade moved to approve the minutes from the November 19, 2019 Board of Directors meeting as amended.  Mr. Villegas seconded, and the motion carried unanimously (6-0-0).
 
 

  1. Reports
  2. President’s Report: Ms. Mays reported the cooperative held a holiday breakfast that was enjoyed by many persons.  She thanked everyone who helped to plan and facilitate the event.
 
  1. Treasurer’s Report: A Treasurer’s Report was not presented.
 
  1. Owners Association (OA) Report: Please see the language under Crystal Jobe’s Resident Participation comments in Section II of these minutes.
 
 
  VI.Management Report
A.     A/C Split Units: A recent, semi-annual inspection of the individual A/C splits revealed a need to replace several units.  However, a solution was devised to repair many of the units rather than replace them.  The exception is two units in commercial space S300 that will be replaced once warmer weather arrives.
 
B.     Loading Dock Camera: Stanley will install a new camera at the loading dock to cover an existing blind spot at a cost of $2,000.
 
C.     Fire System Dialer Upgrade: VSC will install a new dialer for the fire system at a cost of $1,225.  The existing dialer is very old and replacement parts are no longer available.
 
D.    Fire Inspection: The building’s fire inspection was performed on Friday, January 3, 2020 and Monday, January 6, 2020.  Ms. Waters summarized the minor violations that were noted and will be addressed.
 
(Mr. Ali joined the meeting at this juncture via teleconference at 6:32 p.m.)
 
E.     Janitorial Staff: Issues have been occurring with some members of the janitorial staff, and there has been difficulty employing and retaining reliable workers.  Two janitors have been replaced during the previous two months.  The newest janitor began working on Monday, January 13, 2020.  Management is seeking service from an alternative company due to other ongoing issues.
 
F.      Railing Replacement: A railing will be replaced at the basement level in the rear of the building near the boiler room.
 
G.    Annual Meeting: The Association’s 2020 Annual Meeting will take place on Tuesday, March 24, 2020.  Management will send notices to owners during the third week of January.
 
H.    Commercial Tax Rate: An appeal involving the cooperative’s commercial tax rate resulted in a reduction of the commercial space value by $1 million, and a refund of $12,030 (including a bit of interest).  That money has been deposited against the tax expenses for the 2019 calendar year.
 
I.       Reserve Accounts: Management awaits an update concerning the transfer of funds from the existing accounts to the new account with FirstService Residential.
 
J.       “No Smoking” Bylaw Change: The bylaws change to prohibit smoking in the building became effective January 1, 2020.  Letters were sent to shareholders and renters concerning the matter, and signs have been posted on the property.  The cigarette disposal container near the sidewalk leading to the building was removed.  The only cigarette disposal container that remains is on the west corner of the front of the building.  The Board must still make a decision concerning the penalty that will be imposed for violations of the smoking ban.
 
K.    Parking: Ms. Waters asked that the OA consider ways to prevent people from parking along the fire lane across from the gym.  Parking violations in that area prevent Cordatis from backing out of their spaces.  Ms. Mays indicated she will speak with the OA concerning the matter.
 
L.     Rentals: The cooperative has 100% occupancy for its commercial rentals, while parking occupancy is at 82%.
 
 
  1. Old/Unfinished Business
Please see Section VI of these minutes.  Additionally:
  1. Land Lease Update: Mr. Ali reported a meeting has been scheduled with the landlord for the month of February 2020 to discuss the land lease.  He will attend the meeting to represent River Place South.  Also in attendance will be M.J. Schmelzer representing River Place East; Hashmat Ali representing River Place North; Pat Fairman representing River Place West; and the leadership for Monday Properties.
 
  1. Bonus for Reports of Disabled Smoke Detectors: During their previous meeting, the Board of Directors suggested that the cooperative offer the staff a $25 bonus for reporting any intentionally disabled smoke alarms.  This would include covered smoke detectors, removed batteries, and missing smoke detectors.  The Board of Directors authorized the ongoing bonus of $25 to staff for each such report.
 
 
 
  1. Resale Notifications
No resale notifications were presented.
 
 
  1. New Business
No topics of New Business were presented.
 
 
  1. Resident Participation – Part II
Bonnie Kline, Unit 926: Ms. Kline inquired what the Board decided regarding the cooperative’s loan.  Ms. Mays stated the Board of Directors will discuss the matter during their upcoming Executive Session.
 
 
  1. Temporary Adjournment to Executive Session
The Board of Directors temporarily adjourned the Open Session at 6:43 p.m. to hold an Executive Session to discuss the pending refinance of the loan and several upcoming reserve projects.
 
 
  1. Decisions from Executive Session
The Board of Directors has agreed to a two-week extension for Board members to explore additional banking options for refinancing the River Place South loan.  If no other options are found by Tuesday, January 28, 2020 the Board agreed to move forward with the offer from Bank of Charles Town.
 
 
  1. Adjournment
The January 14, 2020 Board of Directors meeting was adjourned at 7:30 p.m.
 
 
These minutes were respectfully drafted and submitted by:
<<Previous
We'd love to hear from you!

Email

office@riverplacesouth.com

Telephone

Tel. 703-528-3555
Fax. 703-522-7098

Address

River Place South Housing Corporation
1011 Arlington Blvd. Suite 350
Arlington, VA 22209
  • About RPS
  • Announcements
  • For Owners
  • Renting
  • Contact Us