JUNE 10, 2019
SPECIAL MEETING
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| President John Laprade |
Roll Call
Board Member on conference call: Stephanie DeAngelis
Approval of Minutes
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| Kevin Suszko |
Revised minutes of the February 28, 2019 meeting were distributed and posted in advance. A motion was made by Kevin Suszko to accept the minutes as revised. The motion was seconded and approved.
Revised minutes of the April 8, 2019 meeting were distributed and posted in advance. A motion was made by Kevin Suszko to accept the revised minutes, stating that Herbert Fontecilla had abstained. The motion was seconded and approved.
Revised minutes of the April 25, 2019 were distributed and posted in advance. A motion was made by Kevin Suszko to accept the revised minutes. The motion was seconded and approved.
Minutes of the May 13, 2019 meeting were distributed and posted in advance. A motion was made by John Amatulli to accept the minutes as written. The motion was seconded. Three members voted to approve the motion (John Amatulli, John Laprade, Fern McBride) and three members voted to not approve the motion (Herbert Fontecilla, Sonia Picariello, Kevin Suszko). Since there was no quorum to approve the motion, the minutes will be sent to our attorney for an opinion.
John Laprade - President John Laprade reviews meeting objectives and project progress. Click Here to read the President’s Remarks.
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| Treasurer John Amatulli |
As of June 10th, unit owners have paid $610,318.92 towards their assessments. In addition, there was $328,976.59 transferred from the Reserve Funds, bringing the total amount collected to $939,295.51.
There have been eleven debits from the Special Assessment account, totaling $21,138.76. The two latest invoices, not previously reported, for $1,147.00 and $420.00, are attached. (See Regency Tower Password Protected website for attachments.)
The balance in the Center State Special Assessment bank account, as of June 10th is $918,156.75, see attached Center State G/L Account Activity statement. (See Regency Tower Password Protected website for attachments.)
As of June 10th, there are 7 unit owners who have not remitted their share of the special assessment. These paid amounts total $16,309.74. In addition, there are 16 unit owners who have made payments towards their assessments, however, not the full amounts that were due on April 1, 2019. These unpaid amounts range from $0.09 to $480.01 and total $1,424.87. The total amount of unpaid assessments is $17,734.61.
After discussion, a motion was made by Sonia Picariello that a Board Meeting be held to vote whenever money is to be used from the contingency. The motion was seconded. Three members voted to approve the motion (Herbert Fonticella, Sonia Picariello, Kevin Suszko) and three members voted to not approve the motion (John Amatulli, John Laprade, Fern McBride). The motion was not carried as the vote was three for the motion and three against the motion.
Copies of the complete Treasurer's Report are available in the office or the password protected website (1regencytower.com) - only to members.) . - editor
New Business
- Approve signing the documents for the Line of Credit from Center State Bank for the Concrete/Balcony Restoration Project Proof of Funds requirement
The following motion was made by Kevin Suzko: Move the board of directors be authorized to increase the Line of Credit with Centerstate Bank from $600,000 to $1,682,000, under the following terms: Wall Street Journal Prime (currently 5.50%) plus .50%, Floating, with a floor of 6.0%, for a term of twenty-four (24) months. The purpose for the increase is for the construction restoration and related professional fees and the increase portion of the Line of Credit shall be used only for that purpose. The President, John Laprade, and Treasurer, John Amatulli, are authorized to sign all required documentation, on behalf of the board of directors, required to effectuate the Line of Credit. In the absence of either or both of them, another Officer is authorized to sign all required documentation. The President, Vice President and Treasurer of the Association are authorized to request Draws on the Line of Credit only when such funds are needed. The Line of Credit is to be repaid by funds collected through the special assessment approved by the Board of Directors, at a properly noticed meeting of the Board held on February 28, 2019. The collateral for the Line of Credit is the assignment of all general assessments other than those designated for reserves and any special assessments passed for the purpose of repayment of the Loan.
The motion was seconded. Five members voted to approve the motion (John Amatulli, Stephanie DeAngelis, John Laprade, Fern McBride, Kevin Suszko) and two members voted to not approve the motion (Herbert Fontecilla, Sonia Picariello). The motion passed.
Secretary
Fern McBride
This item will be addressed when the proper documentation is received.
A motion was made by Sonia Picariello to hire a second/independent engineer to oversee the concrete/balcony restoration project. The motion was seconded. Three members (Herbert Fontecilla, Sonia Picariello, Kevin Susko) voted to approve the motion. Four members (John Amatulli, Stephanie DeAngelis, John Laprade, Fern McBride) voted to not approve the motion. Therefore, the motion did not pass.
A motion was made by Herbert Fontecilla to reconsider hiring an independent engineer to oversee the concrete/balcony restoration project at our next board meeting. The motion was seconded. Three members (Herbert Fontecilla, Sonia Picariello, Kevin Susko) voted to approve the motion. Four members (John Amatulli, Stephanie DeAngelis, John Laprade, Fern McBride) voted to not approve the motion. Therefore, the motion did not pass.
Adjournment -
No further business, the meeting was adjourned at 9:23 p.m.Fern McBride
Tonight the Board will consider for the third and last time the line of credit for the proof of funds requirement for the performance and payment bond we required from our contractor. This line of credit is required simply so that we have the funds on hand to pay the contractor.
We do not anticipate that we will access this line of credit and that the project will go according to plan and this was simply a requirement of the surety company issuing the bond. Again, if we had not given owners a payment schedule for the payments and required everyone to pay the assessment in full, we would not have to secure the line of credit.
If the line of credit needs to be accessed, it will be by discussion with the board of directors and a vote to utilize these funds. Otherwise, I believe that the assessment funds will cover the invoices for work as they comes due. Tonight’s vote, the third by the board preceded by a vote to select a bank to apply to, the second vote was to approved signing the commitment letter from the bank for the line of credit and this last vote is actually to sign the documents for the line of credit. Our attorney has already reviewed and approved the commitment letter that we signed and the line of credit documents we will discuss this evening.
Should the board approve signing the line of credit documents, that will trigger the contractor mobilization that I wrote to all owners about on Friday. Our contractor will begin setting up the swing stages on the building from stacks 1 – 8. Once the swing stage is on your stack, the balcony door will not be able to be opened for safety reasons. We anticipate that the balconies will be closed until the contractor is finished in your stack and the painting has been completed.
Please make sure that everything is removed from your balcony by Monday. No work will actually begin until we can furnish proof of funds to the surety company after the line of credit closes and bond is issued and noted on the permit. That may still take another week or two. Our contractor will paint, tile, etc. the balcony of unit 101 as an example of the work to be done for everyone to view.
I will be available after the board meeting if anyone has any questions.
Thank you again for attending.
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John Laprade
Board President
