admin/ September 7, 2017/ Board Meetings

Regency at Monroe H.O.A. Board of Trustees Meeting Minutes

Community Clubhouse, Monroe Twsp., NJ

Thursday, September 7, 2017

Call to order at 6:35pm by Stuart Goldstein – Pledge of Allegiance

Members Present:

Stuart Goldstein, President Steve Farron, Vice President Michael Chait, Treasurer Kieve Kortmansky, Secretary Russell Porges, Trustee Alton Kinsey, Trustee

Matt Stephens, Developer Trustee

Also Present:

Stephanie Harmon, Community Manager, FirstService Residential

Announcements: Stuart Goldstein

a) Guardhouse Update – As we began the demolishing process, we encountered buried electrical and water lines that were unknown to us because there are no plans identifying how these lines were installed. This has created a minor setback in our construction process. Management has met with all township department heads in order to keep the process moving and to review required permits moving forward. We would like to thank Mayor Tamburro and the new township Business Administrator, Alan Weinberg for assisting in our initial permit approvals which resulted in approvals being administered within 1 week opposed to 6 weeks.

We would also like to thank Mark Rasimowicz, township engineer, for meeting with members of the Board as we begin our process for Transition 2 and guiding us on specific water issues.

b) Board will be holding a Town Hall Meeting on October 14th to review the Strategic Issues we have been working on. More information on this meeting will be sent to the community be email.

c) NEW monthly Management Service Report from Management – we have sent our first report out in August. Please continue to raise your concerns by using the suggestion box.

d) Flu Shots – Please mark your calendar for Tuesday, September 12th from 2:00pm – 7:00pm. Princeton Healthcare will be administering flu shots in the ballroom

Introduction of Mayor Gerald Tamburro

-What Have We Done For Regency

a) New EMS station on Buckelew. There has been 1 1/2 acres of land given to Firs District #3 for a new fire house facility which will have an area dedicated for a new ambulance facility

b) Traffic Lights – Buckelew / Mounts Mills. This intersection improvement was required by the town in order for Toll Brothers to build the community. These improvements did not cost taxpayers any money.

c) Mark Rasimowicz stated that the traffic light improvements at Spotswood Englishtown / Mounts Mills is a requirement of the developer for the signal and improvements are anticipated to begin next month.

d) Phase 10 – Regency homeowners came to the town opposing Toll Brothers request for Phase 10 unless specific criteria was met. One of those being that townhomes were not built in this phase and that it would only be single family homes. The town interceded and Toll Brothers may only build single family homes in Phase 10.

e) Monroe Township is currently ranked the 14th safest town in the state and has the 3rd lowest taxes in the county.

f) Municipal taxes – makes up 20% of your bill. These taxes support service such as the Library, Recreation Center and Senior Center. There has been no increase to municipal taxes in 4 years.

g) Mark Rasimowicz – There will be repaving of Mounts Mills by the Country Club entrance to the community.

-Financial Statement as of July 31, 2017

a) Income YTD

b) Expenses YTD

c) Net YTD

$ 3,246,845 $ 2,097,707

$ 162,691

Michael Chait, Treasurer discussed the HOA investment process stating that we currently invest in basic

cd’s and treasury.

John Busco, Investment Advisor from Morgan Stanley gave a short presentation on current market conditions, what is laddering, types of financial instruments targeted for investment; plans to give quarterly reports on HOA investments. Regency current portfolio consists of 5.6 million dollars in 8 accounts.

Regency at Monroe Best Practices

-Investment policy – only invested in critical investments

-Knowledge based decisions – laddering / aligning maturities based on needs

-Open Communication and Transparency

-Ongoing Board Education

Stuart Goldstein stated we will continue to explore investments within our guidelines with more interest gained, such as Market Link Cd’s which have some risk but the principal is guaranteed.

MINUTES PENDING APPROVAL– Board of Trustees Meeting – August 16, 2017

Steve Farron made a motion to accept minutes, Mike Chait seconded. All in favor

MANAGEMENT REPORT – Maintenance items – A planned repair from Operating Budget or the HOA Replacement Reserve; funding has been allocated; no impact on maintenance fees

a) Phases 1, Phase 6, Winnie Palmer Drive and Country Odd Number Lots
Lawn Renovation Program – Core aerate entire lawn, double pass verticut / overseed, starter fertilizer

Contractor: Landscape Maintenance Services Cost: $ 60, 117.19 – Deferred Maintenance

b) Phases 1-6 – Inspected Apron and Sidewalk replacements

Contractor: Traditional Concrete

Cost: $ 35,300 – Replacement Reserves

c) Sink hole repair by 18 Riviera

Contractor: Reino Construction

Cost: $ 4,650 – Replacement Reserves

d) Landscape Improvement -Bed installations along the 613 & Country Club entry/exit and Improvements to the Mounts Mills & Country Club entry/exit

Contractor: David’s Lawn and Landscaping

Cost: $11,478 – Operating Expense

Action: Russ Porges made a motion to approve items a-d, Kieve Kortmansky seconded, based on a roll call vote, all in favor.

a) Letter to Middlesex County Government on Traffic Lights: Presented by Kieve Kortmansky –

The Board will consider endorsing a letter asking the County to “fast track” establishing traffic lights at two key intersections . The Board of Trustees is looking to add pressure on the county to approve the applications for these lights immediately. We encourage the community to send emails and letters to local county officials.

Action: Alton Kinsey made a motion to accept and send letter from the Board of Trustees to Middlesex County, seconded by Russ Porges, all in favor based on a roll call vote.

b) Outdoor Pool Chairs: Presented by Alton Kinsey

The Board has discussed with Management the current status of pool chairs, following an annual inspection of the outdoor furniture, A Board Resolution will be put forward allocating funds to repair, replace and clean current pool chairs. This Resolution will be to allocate $15,000. Based on work done over the past 3 weeks, a majority of the chairs can be cleaned & look new. The Board has determined it best to allocate $15,000 vs over $100,000 to replace all outdoor pool furniture at this time. The Board feels it has meet its fiduciary duty to the community by taking this course of action at this time. The structural integrity of the chairs are in good shape and it would be irresponsible to replace all the chairs at this time.

Action: Steve Farron made a motion to approve resolution, Mike Chait seconded, all in favor based on a roll call vote.

c) Power wash sidewalks Phase 1: Presented by Stuart Goldstein

Cleaning Sidewalks in Phase 1 : The Board will report on efforts to eliminate “orange” sidewalks caused by excess iron leaching into the concrete. The Board has worked with Management on examining/testing different strategies to address homeowner concerns. The Board took a methodical approach of looking at the cost of cleaning verse replacement. We found the test areas cleaned with chemical to be successful. We realize that this is not an absolute solution, however it should last a minimum of 5 years which we can than build into the Reserve plan. We will continue to look into longer term solutions to address the staining.

A Resolution is being put forward to power wash the sidewalks in Phase 1, which consists of Monterey Court, Glen Eagles Way, Hogan Way, Crenshaw Court, Turnberry Drive 1 through 63 and Country Club Drive 2 through 55 at a cost of $61,000

Action: Steve Farron made a motion to approve sidewalk cleaning resolution, Kieve Kortmansky seconded, approved based on a roll call vote –

6 Yes – 1 Abstention (Stephens)

Questions/ Comments from floor on Community-wide issues (Only)

Homeowner Comments

-Markouts, paints does not fade fast enough
-Committees – not enough meetings of the committees to encourage participation

-Exercise equipment in need of service

Russ Porges made a motion to adjourn meeting at 8:20pm, seconded Mike Chait.

Stuart Goldstein, President

Steve Farron, Vice President

Michael Chait, Treasurer

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