1. The first topic is the likelihood of maintenance increases. Very simply, our building’s total mortgage over time has been rising, meaning that the corporation has been borrowing additional money when we refinance our short term mortgage loan, rather than paying it down. When we do go to refinance the mortgage, (which has to start in 2020 because the mortgage is due in 2021) we have to pay fees, and our cash reserves will affect the interest rate we can negotiate. The most reliable way to lower our mortgage is to increase the monthly maintenance fees. Our accountant recommends an increase.
There are some possible ways to raise income, which I hope will be included here. One of the proposals is for a building policy that will allow pets, and therefore raise the property value.
Another possibility is changing our heating cost by switching to gas from oil, which requires approval by NYC government (don’t know how long that will take).
2. We were unable to hold an election for board members on 12/2. The total number of owners at the meeting+ proxies was not enough to complete the election process as stated in the bylaws. If not enough people appear or put in a proxy vote, the people currently on the board remain on the board. When you do not vote, you are casting a vote for the current board.
3. Mike would like to remind everyone to get their apartment sprayed by the exterminator that visits every month. The service is already paid for.
4. The elevator needs to be replaced. There will be a nine week period in Spring of 2020 when the elevator will be out of service. We can discuss how to make it less inconvenient.