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June 29, 2017
4:00 p.m.

SPECIAL MEETING

President Eileen Bendis
President Eileen Bendis
The meeting of the Board of Directors of the Regency Tower was called to order by the President, Eileen Bendis, at 4:00 p.m.

Manager Andrew Surdovel
Manager
Andrew Surdovel
Roll Call -
Board Members present: Eileen Bendis, Eric Berkowitz, Fern McBride, Richard Robins

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
Staff Accountant
Teresa Baker
Financial Report -
Our Accountant, Teresa Baker, reviewed the Regency Tower financial statement for the period ended May 31, 2017. Included in the review were the following items: Cash on hand as of May 31, 2017 - Operating, $400k, Reserves-Replacement Funds, $581k; YTD Operating Loss is $6.5k; the Association has engaged CenterState to assist in Association Services.

The report is posted in the mailroom and copies are available at the office.

Secretary Fern McBride
Secretary Fern McBride
Ratify Approval of Reserves for Garage Drain -
A motion to approve ratifying the withdrawal from the capital expenditure/deferred maintenance category of our reserves to repair a drain from the restroom to the drain in the garage in the amount of $7,890.00 was made by Richard Robins. The motion was seconded and passed by general consent.

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

  1. 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 todayís meeting, we need to have the Board of Directorís 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.

  2. 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.

  3. 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
Board Secretary

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PRESIDENTS REPORT

JUNE 29, 2017

Board President Eileen Bendisí
Message to Members

President Eileen Bendis
Pres. Eileen Bendis
I canít believe itís July already! It has been so hot the past couple of months, I canít imagine how hot the next couple of months will be!

Drain Repair on South Parking Deck
Drain Repair on South Parking Deck
A lot has been going on in the building as you probably heard and have seen. A drain pipe in the southwest corner of the garage cracked and, in order to replace it, we had to cut through the driveway pavers--quite a job and quite a number: almost $10,000! We are erecting a wall around our emergency generator and installing a window to keep it vented and cool. It will run more efficiently and much longer in the event of an emergency. We were very smart in replacing the old one last year, if I do say so myself.

New Regency Tower Balcony
Regency Tower Balcony
It is time that we must take corrective action to the outside of our building. As many of you are aware, the paint is chipping, chunks of concrete are falling and the railings are peeling. In the past few years we have been patching and patching, which has been very expensive. A few months ago, we had an engineer check every balcony and issue a report of his findings. We are now ready to have a committee formed, under the watchful and experienced eyes of Eric Berkowitz, to get bids and get the ball rolling on our next project: concrete restoration. It will be painful and inconvenient, but it is a necessity. So, prepare yourself and your wallet! I want to enlist volunteers, ideally ones who have experience as builders or contractors, and put their vast experience to good use. If you could review bids or contracts before we send them off to the attorney, please let me know.

Maintenance coupon
Maintenance coupon
By now I hope everyone has received their coupon books for paying quarterly maintenance. This is in response to many residents who requested being able to pay on line. Keep in mind that quarterly statements will no longer be mailed.

We are implementing a new communication tool; itís called ďConcierge PlusĒ. This specialized software will streamline many aspects of our condominiumís 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.

Staff Accountant Teresa Baker
Staff Accountant
Teresa Baker
Manager Andrew Surdovel
Manager
Andrew Surdovel
Andy has also been getting bids from window washing companies to wash all of the building windowsósomething that many of you have requested. The expense will be in next yearís budget. Also, we will budget to purchase more chairs and umbrellas for the beach. Please be sure that, if you use the chairs that we have now, you return them back to the sand dune. Remember, itís first come, first served. Itís not fair to take all seven and reserve them for friends who will come down in a few hours. Be respectful!

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

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JUNE 2, 2017


The Monthly Association ď411Ē

Board President Eileen Bendis
Board President
Eileen Bendis
June 2, 2017 - The Hurricane Season (June 1st thru November 30th) is now upon us. Please read over the valuable information on this subject that we recently sent you via email. Make sure to have your Hurricane Kit ready now. If you will not be in residence, please remove all items from your balcony. Please designate a representative to take care of your home and belongings before and after a storm. Please make sure to communicate this to Regency Tower management in writing. Please stay safe.

Cabana on Regency Tower Beach
Regency Tower Generator
Did you know that our new natural gas generator can power our three (3) elevators in the case of a power failure that may be caused by a hurricane? It will run for days since it is powered by natural gas versus diesel. This generator also powers lights in the three (3) building stairways and the fire pump in case of a power failure.

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.

New Electric Hand Dryer
New Electric Hand Dryer
Our dedicated maintenance personnel updated the garage bathroom. This update included a replacement of fixtures and updated the plumbing. The walls were painted and a heavy duty 1800-watt durable air hand dryer was installed to eliminate the need for paper towels. This will hopefully eliminate costly repairs to the drain lines that were clogged due to paper towels being flushed down the toilet.

Bike Rack Floor Repainted
Bike Rack Floor Repainted
The bicycle storage area floor has recently been painted. There are still some bikes that need identification tags; please stop by the office and Christine will be happy to assist you in obtaining a bike tag.

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.

Maintenance coupon
Maintenance coupon
Maintenance coupons were mailed at the end of May to the unit owners. This coupon will make the maintenance accounting process more productive by allowing you to make the payment transaction more efficient with a deposit directly to the bank. More payment options accompany the new coupons. All you need to do is either write a check, pay by credit, debit card, or e-check. The office will no longer accept checks for payment of maintenance fees.

Please note that the Managerís (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

Board President

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