River Place South Housing Corporation (RPSHC)
FINAL Minutes From the Board of Directors’ Meeting
Tuesday, February 23, 2021
In Attendance – Board of Directors
In Attendance – Property Management and Guest Presenters
In Attendance – Shareholders (All Via Zoom)
Marissa Fond, Unit 639: Ms. Fond also requested an update about the land lease survey and asked who will review the work of the research organization before the survey is released to shareholders.
John Malin, Unit 728: Mr. Malin asked whether the cooperative has suspended in-unit services for the current time. Ms. Waters explained it depends, as the team only tries to address emergency situations within units due to COVID. Shareholders also have the option of contacting an outside plumber.
Richard Hess, Unit 920: Mr. Hess sought clarity about the length of Board members’ terms and whether there are term limits. Ms. Mays stated Board members are elected to serve a three-year term, may run for reelection, and the constituency decides whether they are reelected. Mr. Ali added that the term for each Board member is listed on the River Place South website. (2) Mr. Hess asked whether the Board of Directors will answer the questions he posted on the shareholders’ forum. Ms. Mays suggested that Mr. Hess email his questions, as the shareholders’ forum is not an official means of communication for the Board of Directors. (3) Mr. Hess encouraged the Board to devise criteria for re-opening the fitness center and pool. Ms. Mays stated the River Place Owners’ Association is working on a re-opening plan for the amenities, with Ms. Hall to provide more information during the Owners’ Association Report. (4) Mr. Hess inquired whether there is a place to find the email addresses for all Board members. Mr. Ali encouraged Mr. Hess to email the management office and inform them if the message is for specific Board members.
Bonnie Kline, Units 926 and 929: Ms. Kline sought clarity regarding the yield /return on investment for the rental properties. Mr. McInerney explained that the short term / present value of the yield helps the cooperative pay for expenses and that if the rental portfolio were sold shareholders would need to make up for the lost revenue stream.
Jim Wolf, Unit 547: Mr. Wolf asked that actions be taken to achieve greater transparency and accountability from the Owners’ Association. (2) Mr. Wolf inquired whether one South member of the Owners’ Association Board of Directors was delinquent in paying their fees to the River Place South Housing Corporation. Ms. Mays indicated the OA Board member in question owes no debt to the Corporation.
(Other shareholders were in attendance and introduced themselves but did not offer any comments.)
In addition, Mr. Ali stated the Board of Directors would like to review the change in electromagnetic radiation in advance of any approval of proposed changes to determine how the changes may affect persons on-site.
Board members reviewed the full February 2021 Management Report. Ms. Waters orally highlighted the following matters:
A. COVID Cleaning: A disinfectant spray was most recently applied to the common areas on Friday, February 19th - an action management will aim to have performed every other week.
B. Boilers: Issues with the heat exchanger continue - something that seems to occur annually when the switch to boiler-heated water occurs.
C. Starry Internet: The representatives from Starry Internet have proposed using the existing Comcast cables to bring Starry’s Internet service to the building. Ms. Waters will check to ensure this is lawful.
D. Cooling Tower: There is some upcoming relatively inexpensive work that needs to be done and can be fully funded by some of the funds budgeted for stalled reserve projects such as the façade waterproofing. Repairs will be made to the coil irons on the condensing line of the cooling tower, and the copper line will be replaced on the condenser water pressure differential switch while the boilers are off. This work will cost $2,215 to complete. The five-year high speed bearing inspection that was due in winter 2020 must still be addressed. Ms. Waters anticipates an updated proposal.
E. 11th Floor Fireplace Inspections and Repairs: Certified Chimney Service inspected several units on the 11th floor to complete the two-year inspection requirement. Several issues were identified - e.g., exterior chimney cap items - that the cooperative will need to address. Repairs have been scheduled with Winston Chimney Service.
F. Fire Department Inspection: The building’s annual fire inspection was performed by Arlington County on Tuesday, February 16th and Wednesday, February 17th. Several citations were noted for the OA gym, which will be forwarded to the OA for correction as soon as possible.
G. Laundry Room: There have been repeated issues with flooding of the laundry machines serviced by CSC. CSC has done a poor job of repairing the machines and was unresponsive at times but has since sent a supervisor to the property to investigate. Ms. Waters will provide updates to shareholders as new information is available.
H. Taxes: The cooperative will receive a refund of approximately $15,000 after filing the 2019-2020 taxes.
I. Rental Portfolio: There are now only seven vacant units for rent, resulting in a 90% occupancy rate. The cooperative is offering discounted rent due to the current rental environment, and the rent was reduced for some of the existing tenants to encourage them to renew. Three parking spaces remain vacant, and the cooperative has a current parking rental rate of 96.5%.
These minutes were respectfully drafted and submitted by: