Temple Lofts HOA

General Board Minutes

(12 January 2021)

Call to order: 06:30 am/pm 

In Attendance: ⬛(present) ⬜ (absent) 

  • ⬛ (Off Site Property Manager) – Itay Zigdon 
  • ⬛ (On-Site Property Manager) – TBD 
  • ⬛ (President) –  Chris Higgins
  • ⬛ (Vice President) – Daniel Yousef 
  • ⬛ (Treasurer) – Kirsten Severson 
  • ⬛ (Secretary) – Mark Friedman
  • ⬜ (Member) – Travis Alexander 

 

Residents Present: 

 

Introduction: 

  • On-Site Manager Updates
    • Resumes done, Interviews happening, then Hiring:
      • 164 and 3 interviews so far with great potential candidates
      • Collected another 40 in order to try and see if there is more familiarity with building and maintenance
  • Historical Numbers – Expenditures, Reserves, etc.
    • Gathered materials – Financial Statements, Budgets, Reserve studies
    • Finalized: 20210111__reserveAnalysis/ Temple Reserves Analysis__Alan__v3_wMarkup.xlsx
      • Dues Increases: 0% increase in 2020
      • Reserves: Spending (30%), Legal Settlement (), Replacement costs (20%), Dues (5%)
    • Reserve study 2020: Received! Digging into it right now…
  • Insurance (EQ, Flood)
  • EQ Example:
    • If people get CA EQ Insurance personally, they pay 12.5k and the next 14.1M will be covered (with a 10M policy)
    • CA EQ Policy of $350, $10M is about $700/unit cost –> About $1k/year
  • HOA Assessments
    • NOTES:
      • There was 0% increase in 2020
      • COMPLETE: understand historical reserves and expenditures
      • Reserve studies and 100% funding plan in a reasonable time
      • Decision on EQ insurance
    • Likely we’ll see about a 5% assessment, with payment plans, that will become permanent at end of 2021
    • PROCESS:
      • Minimizing reserve study #s – big part driving the budget. Ex: timeframe to get to the required 100% of $1M vs. $1.7M reserves
      • Ex: 5% dues increase is only helping with $25k, $520 average, 83 units
      • $90k budgeted for Reserves with current dues increase
      • Potentially find $25-50k in savings OR reduce our Reserve Needs
  • CC&R Updates
    • In progress…
  • Maintenance Contracts Updates
    • In progress…
  • Fire Inspections
    • Trash Chutes: Itay
    • Elevator Inspections: Itay
    • Emergency Lights in Staircases – bad ballasts, receiving quotes
  • Hot Water Trade Study
    • Working on getting quotes at present – ripping out tank, waterproofing floors (leak #6), waterproof walls, repiping, new tanks
  • Items:
    • Flag – Replacement and Size
      1. Given the extra tension from a larger flag, we could not up the size
    • Keys
      1. YEEEES!!! Organizing the keys… this is exciting for Higgins. OCD much?
    • Mills Act
      1. Continue investigating…
    • Water Issues (Cartridge issues)
      1. Plumber is coordinating with residents for X11/X13/X15
    • Misc.
      1. Ejector Pump: Delays in quotes and getting back to us, going for quotes…
      2. Fire Alarm Team: Need to update training and sign-up a “team”
      3. Power Strips: Have yet to try it out
      4. Cartridges: Potentially require replaceable on incur expense of replacement
      5. Water Leaks: On-site persona task
      6. Garden: Butterfly Garden on track with gardeners
      7. Electrical Bill: Pete Bruno helping out to figure out why our bill is so high, purchased an Clamp Ammeter
      8. Waterproofing a few windows up on floors 4-5 – Need to get lift to complete waterproofing – Aruba Construction to complete as soon as we can schedule.
      9. Electrical Room Leak: Completed
      10. AllstateHOA Financials completed: I got in!
      11. Voting! Nobody is running
  • Open Forum
    • Question – How we spend money and getting community involved in major expenditures – Chris to check legal
    • Earthquake – Discussion of options – To be followed up on
    • Discussion of assessment strategy – Noted 5% is possible depending on Eq insurance and outcome of reserves.
      CCR – Updates  In progress with lawyer
    • Boiler Room – Copper replacement and tank removal. Will discuss at next meeting
    • Fire Survey – Workin on e-lights, Bob Peters working on elevator and trash latches – Within 1month likely
    • Hot water trade study- Issues with crossover – Plumber rescheduling
    • Flag – same size – operation complete
    • Keys- Organizing
    • Ejector pump – cleaning and maintenance to abate smell
    • Fire alarm Team – training
    • Power stirps – no progress yet
    • Water leaks – 611  / garage / storage
    • Butterfly garden – Kiersten – working
    • Power – bought meter to look for culprits
    • Windows south tower waterproof – tbd
    • Electrical room – ok no leak noticed
    • Financials- Allstate on site.
    • Voting – No candidates

Other: 

Previous Action Items: 

Date  Person  Action 
 
     
     

 Action Items: 

Adjournment: 7:33pm 

Prepared by: Name (Title) Mark Friedman (Secretary)