BOARD OF DIRECTORS MEETING MINUTES
Tuesday, May 25, 2021
BOARD MEMBERS PRESENT
Joe Engle, President; Sandy Bagley, Secretary; Victor Blanc, Treasurer
BOARD MEMBERS ABSENT
Ed Ring, Vice President
MANAGEMENT COMPANY REPRESENTATIVE(S) PRESENT
Ellona Hess and Josie Fajardo of Scott Management Company (SMC)
CALL TO ORDER
The following are the minutes of the 555 Esplanade Condominium Owners Association Board of Directors open session meeting, held on Tuesday, May 25, 2021 via Zoom. A quorum of Board Members was established, and Mr. Engle called the meeting to order at 1:08 PM.
HOMEOWNERS FORUM
Homeowners were provided with the opportunity to address the Board regarding items of interest or concern, in accordance with the open meeting act, CA Civil Code 4925(b).
APPROVAL OF BOD MEETING MINUTES (04.20.21)
MOTION Ms. Bagley made a motion to approve the April 20, 2021 meeting minutes as prepared. Mr. Engle made a second to the motion. The motion carried with all in favor. APPROVAL OF FINANCIAL REPORT (APRIL)As of April 30, the Association had $78,827.55 in operating funds and $1,067,405.13 in reserves. There were no accounts in collections as of April 30, and $3,582.39 in receivables. Association is current with the monthly reserve contributions, each in the amount of $9,400. The Association currently holds the following CD maturities: 2021 maturities $425,000 3 CDs and 2022 maturities $350,000 2 CDs. The Association’s Merrill Lynch senior portfolio advisor noted that they do not have any CD purchase recommendations for this month as the cash in the account needs to be used for upcoming projects.
OLD BUSINESS
517 Balcony Deck Repairs
The Owner of Unit 517 presented a proposal by GMF Construction, Inc. The Owner will need to have the contractor price itemize the scope of work, so that there is a delineation of what the Association’s expense would be from the total $29,220 quoted.
- Balcony Railing Repairs by ProTec
- Exterior Retaining Walls
- Sundeck Resurfacing & Spa Cover
- Gym Room Fan Repairs
- Hydrojetting
- Property Policy Deductible
MOTION Ms. Bagley made a motion to raise the deductible on the property damage policy from $5,000 to $10,000 (with a $405 savings). Mr. Blanc made a second to the motion. The motion carried with all in favor.
- Electric Vehicle Charging Stations
- Gym Reopening, Protocols
- Repairs to Common Area Doors (555 S Wall Main Entrance, 535 N Wall 1st from West)
NEW BUSINESS
- Cameras for Lobby Entrance Doorkings
- Relocation of Beach-Side Fence
- May Walkthrough Report
ADJOURNMENT | CONFIRM NEXT MEETING DATE
The meeting was adjourned at 2:24 PM. PM. The next meeting of the Board is scheduled to take place on Tuesday, June 15, 2021, via Zoom.
EXECUTIVE SESSION
An executive session was called to order at 2:25 PM to review the executive session meeting minutes, the aging report, and a governing document enforcement/legal matter. The meeting was adjourned at 2:36 PM.