River Place South Board Meeting Minutes July 28, 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: