The Lauren Condominium Owners Association

Minutes of the Board of Directors - January 29, 1997

President Brian Larkin called the meeting to order at 7:20 p.m. in Unit 109. Present were other board members Eileen Collins, John Doolittle and Joe Morris, Waldemar Wajszczuk and Property Manager, Walter Krolman.

Treasurer’s Report--

Overall, The Lauren ended 1996 in fairly good shape. We finished the fiscal year having spent about $25,000 less in operating costs (maintenance, utilities, administrative costs) than we expected (see below). Unfortunately, this surplus was more than offset by unexpected additional capital expenditure costs (replacement and repairs of building machinery and components) of about $30,000. All of this additional expenditure resulted from the complications in removing the old oil storage tank, which cost us n early $35,000 more than expected. At the close of 1996 there was just under $175,000 in our capital reserve account down from the $200,000 we expected when the budget was adopted.

This last month a Certificate of Deposit came due and we reinvested it in a one-year certificate with a favorable interest rate, 5.7 %. Waldemar Wajszczuk and Property Manager, Walter Krolman recently had a meeting with a financial planner who suggested a strategy for investing in CDs and more liquid options. They will be contacting other financial planners in order to explore other investment strategies and will make a presentation and offer a recommendation to the board in the near future.

Action Items--

A proposal from Rooftop Communications of Arlington was accepted. The marketing firm would find companies that wish to lease space for antennas on the roof of the building.

Committee Reports--

Zoning Committee

Chair, Joe Morris has completed a second draft of information and background report. The committee is reworking the report so as to better to explain to residents and owners what options are in their best interest. The final version of the report will be reviewed by the Zoning Committee within the next month.

Marketing Committee

Chair, John Doolittle will be meeting next week with a consultant to determine how to best get the Lauren Homepage up on the Internet. He will also be meeting with a communications consultant about ways to involve the Lauren in community activities that would make a positive statement about the building.

Lobby Renovation Committee

Chair Eileen Collins reports that the committee will be considering several options regarding the lobby renovation at its next meetings.

Review Status and Discussion Items

Emergency Evacuation Plan

The current emergency procedures are being codified and once they are the plan will be prepared for Board review.

Laundry and Trash Room Rules and Memoranda

Property Manager, Walter Krolman prepared notices regarding trash and laundry room rules which were distributed to all residents. It was decided to install a sign in the Laundry Room reminding everyone to empty machines when the machine cycles are completed.

Move-In Procedure and Memorandum to Investor Owners

The Board reiterated its existing regulations that no one will be allowed to move in without a signed lease. Leases submitted in fewer than five days will be subject to a handling fee. An effort will be made to handle late submissions. Expedited lease handling (fewer than the required five days) will incur a $50 fee. A memorandum updating these procedures will be distributed to all residents.

Weather-stripping Windows

Del Ray Glass of Alexandria has submitted estimates for window replacement and weather stripping. The figures will be distributed to all residents. In addition they will be informed of the availability of in-house services to weather-strip windows.

Driveway Ramp

Management has received estimates from contractors to preventing skidding into the garage door during icy conditions. The proposals include grooving driveway surfaces as well as imbedding electrical coils under the pavement.

Community Associations Institute, Associations of the Year Contest

Walter Krolman is in the process of preparing a Lauren entry into the annual CAI contest.

Hallway Ashtrays and Signage

New ashtrays are expected to arrive within the next 10 days. Signs will be installed the first week in February.

Tier Exhaust System

A vendor’s proposal to test the airflow through the ducts in a typical unit and in two tiers plus a hallway was approved and the work will be performed shortly.

Desk Staffing Policy

Walter Krolman is contacting a temporary employment firm as a possible source of backup personnel for the front desk. Temporary employees would be trained to cover the desk in the event regular staff is unavailable to work.

Property Manager’s Report

The report was accepted as presented.

Adjournment

The meeting was adjourned at 10:15 p.m. Executive Session followed. The next meeting of the Board will be Wednesday, March 5 at 7 p.m. in Unit 109. Copies of the Minutes of this meeting may be obtained via e-mail by sending Property Manager Walter Krolman a request at WKrolman@aol.com .

Respectfully Submitted,

John Doolittle, Secretary