The Lands of the President Condominium Three, Inc.

Meeting of the Board of Directors 

April 24, 2014 at 3:00pm

1. Meeting was called to order at 3:05 pm by Richard Krain 

2. In attendance: Richard Krain, Walter Sag, Adele Espo, Ellen Daniel, Dr. Leopold, Bonnie Cordle, and Robert Ross.  On phone: David Stone.  Absent: Serita Kleinman.  A quorum was present.

3. A motion to waive reading the minutes from last meeting 3/11/14.  Motion made by Bonnie Cordle , 2^nd Robert Ross

The derivation from the minutes:  Cooling Tower per Mr. Krain

Tom Gritter from Ellis & Gritter Consulting Engineers gave an update of the Cooling Tower

The cooling tower on order from DebonAir Mechanical, was recommended by the engineers as the best available and DebonAir Mechanical presented the lowest bid among four contractors.

Plan to begin work 4 weeks from now if the new tower arrives on time which would be 5/22/14

Tower is custom made and is on expedited mode (ASAP) due to emergency replacement  (4 weeks vs 8 weeks)

Target is 5/30/14 for it to be operational

Building will be without a/c for 3-4 days during installation

There will be no assessment to unit owners.  It will be funded from the replacement fund.

4. Treasurer’s Report: 

Adele Espo reported: Lincoln Tower has moved to a new bank, BB&T.  The change was made for our operating account due to their higher ratings.   Motion made to approve report by Ellen Daniel, 2^nd by Bonnie Cordle.

5. President’s Report: 

Richard Krain brought up the subject of the number of apartments for sale in our building, explaining how each had a specific reason and was not related to owners bailing out of the Lincoln.  Prices vary depending on the condition of each unit.

6. Managers Report: Waived reading of report by David Stone, 2^nd by Ellen Daniel

7. Old Business: 

Richard Krain spoke about how the improvements to our building will bring up our unit values i.e:

a. Hallway renovations mailing going out next week to all unit owners (listing costs per unit) for a vote yes or no.  The costs can be paid in one lump sum or over 2 years quarterly with additional interest charges.

b. New cooling tower – discussed earlier

c. Work on elevators to bring them to code

d. Funding our condo reserves

e. Voting to become a non-smoking building

These are all very positive moves.

The new Comcast bulk cable contract is still in negotiation.  The original Comcast contract contained a fee that was not subject to the 4% per year limit on increases and thus was not agreeable to us.  We are waiting for Comcast’s corrected contract to be returned to us before we sign.  

8. New Business:  A discussion on how we address empty apartments of seasonal owners and a concern about the humidistat and thermostat settings in each unit.  We do not want damage to our building.  Every owner has a set of rules as to what they need to do when they are away, however they are not always adhering to them.  They are responsible for their own units.

Recommended settings are:

Thermostat 75° - 82°

Humidistat - 65°

We will have to monitor the apartments that are not tended by someone in their absence.

They will be charged by our management for this service.

The water in each apartment should be turned on once a month, toilets flushed etc. to prevent pipe corrosion and leaks.

Adele Espo and Bonnie Cordle will work together with our lawyer to come up with a proposal on how to institute this program. 

A motion to adjourn the meeting by Bonnie Cordle, 2^nd by Walter Sag

Respectfully submitted

Ellen Daniel - Secretary