The Lauren Condominium Owners Association
Minutes of the Board of Directors - March 3, 1999
President Joe Morris called the meeting to order at 7:35 p.m. in the Manager's Office. Present were other Board members Adrienne Simenhoff, Mike Silverstein and Elizabeth VanderPutten and Waldemar Wajszczuk. Also present was resident Shannon Holcomb.
Treasurer's Report
As of January 31, 1999, the Condominium had $420,591 cash on hand. In January, we had an income of $47,959 compared with expenses of $46,815 for a monthly surplus of $1,144.
Operating income was under budget by $1,681,due mostly to the timing of interest receipts from our investments.
Operating expenses were also under budget in most categories.
Combined deposits of operating reserve and a CD have reached over $110,000 at First Union Bank. This will be divided and moved to a local bank so that all are fully insured.
Action Items
Exercise Equipment - Resident Shannon Holcomb proposed that the Condominium consider purchasing some limited amount of exercise equipment, probably a non-motorized rower type unit and perhaps a treadmill. This would probably be placed in the laundry room. It may be necessary to have residents sign a waiver to use the equipment. A key or equivalent would be picked up from the desk. The Board agreed it was a good idea but will check with both the lawyers and the insurance company before making a decision.
Lobby Renovations - Progress is being made on the punch list. The mirror by the elevator was replaced but cracked again. The intercom to the basement has been ordered. This remains a high priority. The Board gave approval for a 24 by 30 bulletin board with a wheat background and a painted edge.
Garage Security Camera - The Board approved the bid for an additional security camera for the parking area for $3,500.
Roofing Study - The board approved the proposal from Seal Engineering, Inc. to update the roof systems engineering survey for $800. Following this, SEAL will prepare a full proposal for the roof replacement.
Committee Reports
None
Review and Discussion Items
High Speed Internet Access Proposal - TelNet Communications has provide a proposal to provide high speed (T-1) Internet access at $40 per unit if 40 units sign up. The company would use the telephone conduits. The President liked the idea but felt that we should get competitive type bids for this as the field is developing rapidly. Waldemar agreed to head a sub committee to look into alternatives.
Water Leak - Property manager reported that the water test in tier 11. They discovered a probable leak. Another test will be done to confirm but it most likely that the flange around the toilet will have to be replaced.
Noises - Despite interviewing several residents, doing a "sound survey" and testing mechanical systems, the Resident Manager was not able to locate the source of the intermittent "thumping" sound reported at the last meeting. The manager was asked investigate with the elevator repair contractor the source of a new humming noise in the elevators.
Lobby Furnishings
The Board continues to review options for a rug and furniture for the lobby. They are meeting with designers over the next two weeks. A meeting of the decorating subcommittee was scheduled for Monday, March 8 to select an area rug and furniture.
Annual Meeting Reminder
The annual meeting is set for May 5 at the Marriott at 7:30. The Board strongly encourages any owner interested in running to do so. If you do wish to run for the Board and have your name on the ballot, please notify any member of the board or the Resident Manager.
Next Meeting
The next meeting of the Board wills April 14 at 7:30.
Adjournment
The meeting was adjourned at 9:15. Executive session followed. .
Respectively Submitted
Elizabeth VanderPutten, Secretary
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