River Place South Board Minutes- June 19, 2018

River Place South Housing Corporation (RPSHC)
final Minutes From the Board of Directors Meeting
Tuesday, June 19, 2018 – 6:00 p.m.
 
In Attendance – All Board of Directors

• Janice Mays, President
• Waqas Ali, Vice President (via video conference)
• Jim McInerney, Treasurer (via telephone)
• Sara Shahade, Secretary (via telephone)
• Vikram Reddy, Director
• Richard Villegas, Director
• Dave Williams, Director
   
  In Attendance – Property Management
• Joette Waters, General Manager
• Bryan Hernandez, Assistant General Manager
   
  In Attendance – Shareholders
• Bonnie Kline, Unit 927
   
   
• Call to Order
  The Board of Directors of the River Place South Housing Corporation held a meeting on Tuesday, June 19, 2018.  Board President Janice Mays called the meeting to order at 6:10 p.m.  Introductions ensued of management and members of the Board of Directors.
   
   
• Approval of Agenda
  Ms. Mays moved to approve the June 19, 2018 Board meeting agenda as presented.  Mr. Villegas seconded, and the motion carried unanimously (7-0-0).
   
   
• Approval of Meeting Minutes (May 22, 2018)
  Mr. Williams moved to approve the minutes from the May 22, 2018 Board of Directors meeting with the following revisions:

• The name “Goldberg” should be changed to “Greenberg” under the list of residents in attendance.
• The language under the President’s Report should be changed to read as follows: “Ms. Mays said that, according to the tax people, RPS cannot change its rental tax entity from a corporation to a pass-thru entity.  She also said that RPS does pay tax on rentals.  She added that RPS can give shareholders a dividend in the form of a credit against shareholder fees, but it will add an administrative cost and will not save shareholders money since co-op fees will rise to make up for the lost revenue and extra costs.”

 
Ms. Shahade seconded, and the motion carried by a vote of five in favor, zero opposed and two abstained (Mr. Ali and Mr. Villegas) (5-0-2).
 
 

1. < >President’s Report: Ms. Mays did not present a President’s Report.

 

1. Treasurer’s Report: Mr. McInerney did not present a Treasurer’s Report.  However, he assured shareholders that the cooperative is in a fiscally sound position year-to-date.

 

1. OA Report: Ms. Mays reported the following information from the June 12, 2018 OA Board of Directors meeting:
2. The OA Board discussed efforts to improve the MP garage – a project that will likely extend into the next calendar year; and that will likely be funded over multiple fiscal years.
3. New, more durable doors will be installed on the garages.
4. Landscaping efforts are being performed throughout the River Place campus; and a tree that was blocking some shareholders’ views was removed.
    
    
5. Resident Participation
   Bonnie Kline of Unit 927 previously inquired about the history of the three-month rule, and sought an answer from the Board of Directors.  Ms. Mays explained that the current Bylaws state that three months is the minimum lease term; and General Manager Joette Waters researched the matter and determined that, during a July 27, 2010 Executive Session, those Board members in attendance unanimously approved a motion made by Robert Lesnick to revise the length of the previous rule to make it a three-month rule.  A discussion ensued among all Board members during the June 2018 Board meeting, and all agreed they did not wish to change or shorten the lease terms outlined in the current Bylaws which were approved in July 2010 by that Board of Directors.
    
   Ms. Kline then inquired about more money coming from rental income and flowing to the shareholders.  Ms. Mays explained the tax consultant said RPS can give shareholders a dividend in the form a credit against shareholder fees, but would add an administrative cost and would not save shareholders money.  However, Ms. Mays agreed to speak to the tax consultant again concerning the matter.  Ms. Kline then raised concerns about a negative renter review filed regarding her unit and the cooperative’s response.  The Board of Directors addressed Ms. Kline’s concerns.
    
    
6. Management Report
7. Domestic Hot Water Failure: On Thursday, June 14th, the hot water tanks failed.  After several days, it was determined that the control board was scrambled – perhaps due to the same electrical spike management believes was responsible for damaging the chiller computer and the HVAC unit compressor in S302.  All components have since been repaired.
    
8. Convector Drain Pipe Repair: Repairs were required to the convector drain pipe in storage room 2EE.  The work was performed by Densel Company.
    
9. Window Replacement for 11th Floor: Management continues to await the estimate for the 11th floor window replacements.
    
10. Marijuana Smoking: Complaints continue to come in from residents regarding marijuana smoke entering their units from neighboring units.  A letter was drafted and distributed to units in the vicinity of those where complaints were filed.
     
11. Rental and Co-op Delinquencies: The cooperative’s delinquency total remains at zero.  Rental occupancy is currently 95%.
     

 

1. New Business
   None raised.
    
    
2. Old/Unfinished Business

1. Emotional Support Animals: Jim McInerney contacted Attorney Kevin Kernan to discuss River Place South being a “No Pet” building since its inception.

 

1. Skigen Property T4 Sale/Rental: No update was available.

 

1. Roof Replacement Project: An additional bill totaling $8,845 was submitted by NV Roofing for installing replacement roof drains.

 

1. S1106: A resolution is anticipated from Kevin Kernan for the transfer of shares to the Zenith Group, LLC.   The current delay is due to the Owners Associations needing to transfer the parking space included in the deed.  The balance of legal, co-op fees and maintenance fees in excess of $75,000 must be paid to River Place South before the shares are transferred.

 
 

1. Temporary Adjournment to Executive Session
   The Board of Directors temporarily adjourned the Open Session at 6:39 p.m. to hold a closed Executive Session for the discussion of an 1106 update and an employee discussion.
    
    
2. < >Following the conclusion of the Executive Session, the June 19, 2018 Board of Directors meeting was adjourned at 7:15 p.m.
    
   The next Board of Directors meeting was scheduled for Wednesday, July 17, 2018 at 6:00 p.m.
   

here to edit.