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SEPTEMBER 2002

BOARD MEETING

After open discussion with the owners, the meeting of The Regency Tower Board was called to order at 7:06 p.m. on Tuesday, September 10, 2002 in the Meeting Room of the Regency Tower by the President, Dott Nicholson-Brown.

Roll Call: The roll call showed the following board members present: Iris Anastasi, Eric Berkowitz,  Henry Kaplan, Dott Nicholson-Brown, Fern McBride, and Pablo Verol. Louise Collins was absent.

Reading of the Minutes:   The minutes of the annual meeting of The Regency Tower Board of Directors held on June 20, 2002 were read. Henry Kaplan made a motion to approve the minutes as read, seconded by Eric Berkowitz , unanimously approved.

Financial Report:   Henry Kaplan, Treasurer, reported  on the Money Market Account, Laundry Account and Elevator Modernization Accounts. A motion was made by Iris Anastasi to accept the Treasurer's Report; seconded by Pablo Verol; unanimously approved. Henry Kaplan moved that interest earned on the Statutory Reserves account be credited to Balance Sheet Item #1840, "Painting Reserves."  Seconded by Eric Berkowitz; unanimously approved.

Adjournment:  A motion was made by Iris Anastasi and seconded by Pablo Verol to adjourn the meeting at 7:45 p.m.; unanimously approved.

PRESIDENT'S REPORT

Hello Again,

Did you miss us?  We missed you.  During a meeting yesterday Fern McBride was overheard saying "I sure miss the Snow Birds."  The silence in the room was deafening.  Just kidding folks.  We all agreed. How has your summer been?  We've had an enjoyable and busy one. Three Board Members and the Security Chair flew off to Biloxi, Gulfport and New Orleans for 3 days.  Did you know you can get Round Trip Air, 3 nights at a first class hotel and 3 meals for less than $200? Of course, you'll spend double that in the beautiful casinos.

As you may have heard, I also took a much needed vacation during August for a visit to my lovely little village of Hastings-on-the-Hudson just 45 minutes north of central Manhattan.  How wonderful to walk the Croton Aqueduct against the backdrop of the majestic Palisades.   I felt compelled to visit the former World Trade Center site (now called Ground Zero).  It was a wise decision because the anger, depression, sadness, disbelief, etc. may be out of my system, finally.  I visited my mother and attended my niece's wedding.  All in all, a wonderfully, relaxing trip.

WATER CONSERVATION:  Yeah! Yeah!  Our water bill is about $18,000 less than budgeted.  If this continues we will expend at least $20-$25,000 less during CY 2002 than CY2001.  This is all attributable to those of you who cooperated in the waste control program by replacing those 33 year old water guzzling Crane toilets.  The Maintenance Department has finally completed this project.  The Board applauds them and thanks Rafael Alleguez for continuing to follow up on this.  Your concern and cooperation will help reduce the  quarterly maintenance increase in January.  Thank You.

TERRORISM THREATS:  Due to a FBI warning regarding rentals, the National Multi- Housing Council has suggested that those of you renting your units should obtain your own investigative report regarding anyone to whom you plan to rent. Remember, the Association is restricted by law regarding reasons rejecting lessees.  They also suggest that we encourage all residents to be vigilant and aware of any suspicious or odd behavior by residents, prospective residents, employees or contractors and to report any suspicious activity to the local FBI Joint Terrorism Task Force.  The FBI warning is a general non-specific warning and a request to take common-sense measures in response to suspicious activities.  They are simply notifying apartment owners out of caution - not because any threat is imminent.

ADMINISTRATION:  If you've called the Administrative Office, you have heard the voice of a new receptionist/secretary.  Her name is Alicia Connolly.  So far, she is working out fine.  In fact I would say "great" because she has not experienced any irate owner as yet.  Roseann left due to our budget.  It would not allow us to give her the number of hours she desired.  Alicia (pronounced A-LEE-SEE-A) is busy completely revamping our files and filing system under Cindy's guidance.  This was a long overdue project which will update and streamline the office.  Also, we found it necessary to purchase a new computer. The old one had seen its best days and caused more problems than solutions through shutting down just when we needed it most.

HURRICANE SEASON:  So far, so good.  But please don't become complacent.  We are now in the most vulnerable portion of the season.  Remember, the season does not end until November 30th. September and October are usually very active months.  Have you made your preparations?

DELINQUENT ASSESSMENTS:  There are five outstanding delinquencies this month.  Four are for past quarterly maintenance and one is for the elevator special assessment.  Three have received the required lien notice from the Administrative Office. Our Attorney has initiated foreclosure proceedings against one and collection procedure against the fifth. The Board has requested that Cindy be extra vigilant in this regard.  We will assure that The Regency Tower Association not find itself in the position of the Sunrise Condo whereby all owners have to pay monthly assessments due to non-payment by delinquent owners.  This is not fair to the owners who pay on time.  It means the rest of us are paying your share of common expenses until we collect from you.  Again, we request that you pay on time.  This avoids unnecessary administrative lien notices as well as unnecessary extra fees and the possible loss of your home.

UNIT VALUES:  CONGRATULATIONS!   We finally passed the $400,000 mark in this building.  We missed it by $5,000 in February. Now,  a 3 bedroom has recently sold for $430,000.  Once The Regency Tower passes a particular threshold, all units increase in value.  Our aim now is to reach the one half million goal in the next year.  In my opinion the current value for updated units are as follows: the 11 stack  $450-$475,000; 01 stack  $360-$390,000; 6 and 7 stack  $340-$360,000; other 2 bedrooms  $330-$340,000 and 1 bedroom $200-$220,000.  Of course I may be biased as I feel that The Regency Tower is becoming the most elegant building on the Galt Mile and therefore entitled to the same values as the other "top rated" building.  This is all due to the combined efforts of the Maintenance Department and Beautification Committee along with our wonderful team of Board Members.  I can truly say that each one is a treasure.  So be aware of the increased value of your unit and do NOT sell below the market.  Now, put on a big smile - "We're moving on up to the Big Time."

Aloha

Dott Nicholson-Brown

LETTER TO THE BOARD, SECURITY CHAIR AND OFFICE MANAGER

 Dear Friends,

It has recently come to our attention that people in other buildings along the Galt Mile have declared The Regency Tower as "the best managed building on the Galt.: Isn't that great?

Each one of us is responsible for the reputation our building has achieved. Together we have created a home in which owners can e proud. We have created a building in which sale prices have increased over $100,000 in the past year. We have created a Member Association in which there is peace and harmony among owners and employees. We have set an example by exhibiting love, peace and harmony among ourselves.

I am truly proud - proud of us, proud of the designation, and proud of the bond of friendship we have formed.

Thank you for your support and dedication, The owners and I are fortunate to have this TEAM here at The Regency Tower.

Hugs, Joy, Love,

Dott

COMMITTEE REPORTS

BEAUTIFICATION:    Fern McBride reported for Louise Collins - In August it seemed we had so much happening. We decided to work on the basement bathrooms. Once again we are meeting the budget allotted to us. The Maintenance Department is doing all the work, but the Beautification Committee has been instrumental in the design, decorating and all the accouterments needed for a functional handicapped accessible bathroom. We are now greeted at the front lobby by our new mascot, "Dotty," our adorable elephant with her upturned trunk. At the beachfront area, a shadow box lattice fence/gate was installed to shelter the three pool heat pumps. A gate was used in order to provide accessibility to the pumps. Interior decoration of our wonderful new service elevator will begin Wednesday, September 11. As with other projects, we regret any inconvenience caused, but appreciate everyone's patience and cooperation.

CABLE:   Howard Hirschman reported that after discussions with other service providers, the AT&T Broadband contract was extended for five years. The exercise room will be included in the AT&T service. A sincere thank you to Eric Berkowitz, Shirley Hopkins, Bob Nagle and Carol Rigney for their helpful participation in the interviews of prospects, committee discussions and analysis leading to the decision.

CONSTRUCTION:  Eric Berkowitz reported that we have a brand new roof. Fortunately, the manufacturer (Honeywell) and the contractor (Campany Roofing) had the integrity to stand behind their respective products and services. In addition to replacing its problematic predecessor, the new roof carries with it an assortment of technological improvements. Having learned from our roof replacement experience of two years ago, we avoided some of the problems that accompanied that project. The previous installation incurred an inordinate amount of aerial debris. We took steps to mollify some of this ancillary damage. Progress was monitored on a daily basis and any problems were attended to immediately. Unfortunately, we did not completely escape the accidental damage that always occurs during construction. Needed repairs are being addressed by the contractor at no cost to the  Association. We were made aware of several small but obvious infiltrations of rainwater into the building through the recently waterproofed walls. In response, First Services (formerly Aqua-Shield) was called to perform warranted repairs.  The elevator project is moving along as expected. The service elevator passed inspection at the end of August and is fully operational. To date, Kone is fulfilling its obligation ahead of schedule and we are pleased with their attention to detail. The interior upgrades to the elevators will be overseen by the  Beautification Committee, who will see to it that the cars look as good as they run.  During the summer months, the Construction Committee effected repairs to the balcony railings of five units, substantially fewer than the prior three months. It seems more residents are applying a protective coat of way to their railings. thereby extending their useful loves and preserving their appearance. We anticipate retaining a consultant with the specialized expertise necessary to oversee both the resurfacing of our driveway and the waterproofing of our garage. The Board will shepherd this project to control the expense and formulate and assessment that is both fair and flexible.

Eric Berkowitz was thanked for the fine job he did in supervising the replacement of our roof which had not been properly installed in the past. His hard work and dedication to this project is greatly appreciated.   

5-YEAR PLAN:  Rafael Alleguez, Chairman, reported the first meeting of the committee had been held and a list of projects has been developed. The second meeting is scheduled for Friday, September 13, and it is expected that the first 5-year plan will be ready to submit to the Board.

HOUSEKEEPING:   Fern McBride reported for Louise Collins that our employees are doing their best to maintain the building in spite of the many ongoing projects. It is quite a chore when you have elevator servicemen, roofers and bathroom repairs going on. It will all come together soon - so ;ease be patient. Thanks to Rafael Alleguez, Iris Anastasi and Fern McBride. It is a pleasure working with each of you.

LAUNDRY:    Lazlo Bandi, Chairman, reported that the laundry room continues to be a great service to our residents. Also, the convenience of availability of coins at the security desk is used often. Lazlo thanked Martha Sellas for her efficient help.

MAINTENANCE:   Pablo Verol reported that the Maintenance Department was kept busy over the summer. Some of the many projects completed: 1. Extensive repairs and repainting of Association-owned Unit 110. 2. Dealing with flooding problems due to hose burst in owners air conditioning closets. 3. Scraped and painted all North side fire exits, stairwell and trash room doors; and fire exit balcony and balcony floors. 4. Removed unsafe upper portion of the concrete wall at entrance to beach. 5. Cleared out flower beds at North, South and West of building. 6. Corrected a long standing problem by installing two sump pumps to control excess water entering the garage and currently performing major renovations to basement level rest rooms.

RULES AND REGULATIONS:  Fern McBride reported that the Rules and Regulations revised May 2002 were distributed in July. We have clarified Section XV111 regarding work by contractors in individual  units, together with the necessary release form. Copies will be included in the newsletter. Please remove page 14 and replace it with Page 14 Revised 5/02.

Fern McBride made a motion that we accept the revisions clarifying Section XV111 of the Rules and Regulations dated May 2002 regarding work by contractors in owners units, including the appropriate Release form. Seconded by Iris Anastasi, unanimously approved.

SCREENING:   Margie Nagle, Co-Chairman, reported the following new residents:  Anthony Wood; John and Jane Durica; Theresa Rossi and daughter Angelica; Thomas and Eneida Obrotka; Gail Lucas and Jorge and Deileide Diniz. (see New Residents for more info)

SECURITY:   No report, but Joe Anastasi was commended for the excellent job he does.

WE CARE:  Ofelia Alleguez reported the following for the month of:

July: Karen Johnson (1108) had back surgery - sent card and plant;  Paul Kromish and Rene Piquette (1104) both had surgery - card sent.

August:  Ruth Yanko (1805) fell - card sent;  Leon Asiner (1804) confined to rehab center - sent card and fruit;  Maria Barni (111) surgery - card sent;  Pablo Verol (1707) surger - card sent.

WEB SITE/NEWSLETTER:   Iris Anastasi reported a new link has been added to the web site. If you click on the link "WEBMASTER" It will open up your e-mail write screen. This will enable you to send us e-mail through the web site. You now have the option of sending us compliments, complaints or suggestions or even send us  human interests stories or anything you feel may be of interest to the Residents of "The Regency Tower," which may be shared on this site.

WELCOMING COMMITTEE:   Howard Hirschman, Chairman, is seeking two gregarious persons who will take delight in showing new owners and renters (subsequent to screening) around our beautiful building.  Margie Nagle and Jack Kooby volunteered for the committee.

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