Board of Directors
Notices & Reminder
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June 29, 2017
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.
|Pres Eileen Bendis|
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.
Presidentís Report - Eileen R. Bendis - President Eileen R. Bendis read her President's Report. Click Here to read the President's Report.
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.
New Business - Eileen R. Bendis - President Eileen R. Bendis called for New Business
- 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.
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.
- 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.
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