June 29, 2017
4:00 p.m.
SPECIAL MEETING
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| President Eileen Bendis |
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| Manager Andrew Surdovel |
Board Members on conference call: Steven Faigin, Gene Sicoli
Board Members absent: Abe Ben Aviv
Approval of Minutes -
Minutes of the April 24, 2017 meeting were distributed and posted in advance. A motion was made by Eric Berkowitz to accept the minutes as written. The motion was seconded and passed by general consent.President's Report - Eileen R. Bendis
- President Eileen R. Bendis read her President's Report. Click Here to read the President's Report.Manager -
A motion to approve the hiring of Mr. Andrew Surdovel as General Manager of the Regency Tower was made by Fern McBride. The motion was seconded and passed by general consent. |
| Staff Accountant Teresa Baker |
The report is posted in the mailroom and copies are available at the office.
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| Secretary Fern McBride |
Financial Report -
A financial report for the first quarter of 2017 was presented by our Staff Accountant, Teresa Baker.The report is posted in the mailroom and copies are available at the office.
New Business - Eileen R. Bendis - President Eileen R. Bendis called for New Business
- Renew Line of Credit from CenterState Bank
The Association currently has a Line of Credit for $600,000 with Valley Bank. The Line of Credit has a zero balance and it will mature on September 15, 2017
In conjunction with establishing a relationship with CenterState Bank and utilizing their Association Services, we will move our Line of Credit to CenterState Bank. We have a commitment letter from the Bank with the following Terms and Conditions:
Interest Rate: Wall Street Jourgifnal Prime (Currently 4.25%) plus .50% Floating, with a floor of 4.75%.
Term: 2 years
Costs: Bank Fee $1,200, Attorney Fees $1,500, and Florida Doc Stamp Tax, one time fee of $2,100.
In today’s meeting, we need to have the Board of Director’s approval of this loan facility.
If there were to be a specific draw request, there would be another Board meeting to discuss/vote on the draw request and the repayment schedule.
A motion to renew the Line of Credit for $600,000 with CenterState Bank was made by Richard Robins. The motion was seconded and passed by general consent.
Ratify approval of closing Cooling Tower account and moving it to Decorating Account for completion of elevators.
The Cooling Tower account in the amount of $8,919.60 will be closed and transferred to the Decorating account. As of December 31, 2016, the association has interest on Replacement funds of $11,739. This amount will also be transferred to the Decorating account for the purpose of paying the balance due on the elevator upgrade.
A motion to ratify the closing of the Cooling Tower account and transferring it to the Decorating account, plus transferring the interest on the Replacement funds to the Decorating account was made by Stephen Faigin. The motion was seconded and passed by general consent.
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Rules for Satellite Dishes
To access specialized programming, owners inquire about placement of a satellite dish on the balcony. Association policy has always required strict compliance with FCC rules (as defined in Federal Law) and Article XVIII of the original Declaration of Condominiums now designated as sub-section (B). In short, attaching these devices to the common element (exterior wall, roof, etc.) is prohibited. Instead, service providers offer a weighted stand to stabilize the dish, which is fully compliant with Federal Law and Association regulations.
- A motion was made by Gene Sicoli to make a rule that satellite dishes on the balconies must be placed in appropriate stands on the balcony. The motion was seconded and passed by general consent.
Adjournment -
No further business. Meeting adjourned at 4:18 p.m.Fern McBride
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| Drain Repair on South Parking Deck |
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| Regency Tower Balcony |
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| Maintenance coupon |
We are implementing a new communication tool; it’s called “Concierge Plus”. This specialized software will streamline many aspects of our condominium’s operations. The software provides for Package Tracking, Announcements, Incident Reporting, Service Requests, Amenity Bookings and Entry Instructions. We will also be installing a Digital Display Monitor in the mailroom. We are definitely moving into the 21st century thanks to our manager Andy and accountant Teresa!! It will take a while to input all the information, but Andy is on top of it and within the next few months, it will be up and running efficiently.
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| Staff Accountant Teresa Baker |
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| Manager Andrew Surdovel |
Sometime during the 2nd or 3rd week in July we are going to have a shredding truck at the building. This will be a good opportunity for you to clear out those old files.
BTW, did you know we have a beautifully refurbished Game Room?
Well, for those of you up North, enjoy your summer and, for those who are here, keep your eyes to the sky and stay safe and, in high winds, protect your property.
Eileen Bendis
JUNE 2, 2017 
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| Board President Eileen Bendis |
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| Regency Tower Generator |
We are working on enclosing our natural gas generator in a separate room off the Maintenance room. To maintain the new generator, the Association signed an agreement with Genset Services to maintain the generator for the next 5 years without an increase in the yearly maintenance cost.
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| New Electric Hand Dryer |
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| Bike Rack Floor Repainted |
Our cast iron infrastructure piping is being stressed now that it is getting on in age. Recently, during a heavy thunderstorm, a 20-foot section cracked laterally and the rain water gushed out into the garage. This section will be repaired soon which will also entail removing pavers to access piping (on the parking ramp) to the main drain.
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| Maintenance coupon |
Please note that the Manager’s (Andy Surdovel) e-mail address has changed and it is now 1regencytower@gmail.com. The current e-mail address is still acceptable and will be automatically transferred over to the new address. Eventually the old e-mail will be replaced by the new one.
Eileen R. Bendis