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MEETING OF THE BOARD OF DIRECTORS OF PLAZA EAST ASSOCIATION
July 30, 2008

Pursuant to notice the Board of Directors of Plaza East Association, Inc. met in regular session on Wednesday July 30, 2008 at 7:00 P.M. in Lobby #3, 4300 N. Ocean Blvd., Fort Lauderdale, FL 33308. Directors in attendance were Robert Buehler, Rafick Henein, Donald Galczak, Richard Madey, Jose Namis, DiAnne Shumard, Tim Smith and Alex Soufrine. Also in attendance was Property Manager David Beswick. James Brady and John Toklucu were not present. Mr. Smith chaired the meeting and Mr. Beswick recorded the proceedings. The meeting was called to order at 7:07 P.M. As there is still no Secretary, Mr. Beswick called the Roll.

Thereafter, upon motion by President Smith, seconded by Mr. Galczak, the Minutes of the June 18, 2008 Special Meeting was unanimously approved without correction. Mr. Buehler abstained from voting.

Thereafter, upon motion by President Smith, seconded by Mr. Glaczak, the Minutes of the July 18, 2008 regular Meeting was unanimously approved. Mr. Buehler abstained for voting.

Thereafter, the Treasurers Reports for May, 2008 was given by Treasurer, Richard Madey. The report is attached to and made a part of these minutes. Reserve expenditures were $15,338. Special Assessments expenditures were $16,876. May expenditures were less than 1/12th of the annual budget. Mr. Brady arrived at 7:20 P.M. during the discussion of the Treasurers report and a discussion took place on the matter of vetting a new attorney for collections. The matters of assessment arrearages and disclosure of information were also discussed. Mr. Brady departed at 8:00 P.M. The matter of the reason for transferring Association funds from Bankunited to Banco Popular in order to ensure coverage by FDIC was discussed.

Thereafter, President Smith introduced Rebecca R. Lacau and Maria J. Nuez, Vice-Presidents of Popular Association Banking (Banco Popular) who spoke about the CDARS program and Lines of credit being offered. CDARS is a program that takes deposits from associations and splits them into amounts of less than $100,000 and places them in certificates of deposit with different banks to ensure that the funds are protected by FDIC. No more than $100,000 will be deposited with any one bank. The points of contact for the Association are Tim Smith, Richard Madey and Donald Galczak. There were many questions about this program that were answered by Ms. Lacau and Ms. Nuez

Thereafter, Mr. Buehler moved to table the discussion of the equity line of credit.*

The line of credit was an offering from the bank, to Plaza East, of a low interest line of credit, up to $6 million, to allow for funding of projects. This program was also explained by Ms. Nuez and Ms. Lecau and it was stated that, due to the exceptionally good state of the Plaza East accounts, the lowest possible credit rates and best terms were being offered by Banco Popular.

Thereafter, upon a motion made by Mr. Madey, to approve the May expenditures from the Reserve Accounts for Building and Mechanical, and Landscape, and expenditures from Special Assessment Accounts for Hurricane Shutters and Recreation Room as shown on the May Report, the matter was tabled until the next meeting.

There was no President’s Report

MANAGER’S REPORT

Thereafter, Mr. Beswick gave the Manager’s Report which is attached to and made a copy of these minutes. The Recreation Room windows have been completely installed and passed inspection. The engineers report on the G-H Stack and catwalks has been received. The Cooling Tower project is moving forward. Proposals have been received from Engineering/Architectural firms for the garage restoration. Security hours at lobbies 2 & 3 have been reduced. Solar heat for the pool is being investigated. The semi-annual roof service will begin tomorrow. Plaza East is now an Associate member of the National safety Council. The Reserve Study is going forward. The Court Case of Greg Gerson vs. Plaza East was dismissed with prejudice and cannot be reopened. The possibility of using the current well in front of the building as a rainwater drain is being examined.

COMMITTEE REPORTS

Thereafter, Helene Pasternak inquired on the method used to apply interest or late fees on parking charges and work order charges, and this matter was explained. Placement of gas grills, vehicle keys for Security and the issue of cabana rental fees was also discussed.

Thereafter, Don Galczak reported on the House & Maintenance activities and enumerated the ongoing and upcoming building projects and timeline. There are ongoing plumbing and electric issues that will be addressed as they occur.

OLD BUSINESS

Thereafter, a report was given on the refurbishment of the Recreation Room. To date $127,390 has been spent. All items that had to be ordered were ordered. The ocean-side windows have been installed and the courtyard side windows will be installed beginning next week. Painting will begin this week. The staircase is complete and passed inspection and the lights have been installed. The electric work has been a challenge.

Thereafter, upon motion by Mr. Madey, seconded by Mr. Soufrine, it was unanimously voted to give the unit owners the required 14-day notice of a proposed special assessment for common area window and door replacement and that this account is to be initially funded by transferring the balance of $142, 702.00 in the hurricane shutter special assessment account to the new account called “Window protection for the Common Elements” and later depositing any monies received from the sale of the hurricane shutters to the new account, and that later, an additional assessment may be levied after the costs are determined, for protecting common elements beyond the recreation room, and that the hurricane shutter account be closed.

COMMUNICATIONS

Communications received included a letter from an owner who was having difficulty receiving an insurance certificate and that was resolved. Another concerned a unit owner, who was concerned with a parking charge,

Thereafter, in order to correct what was done earlier, Mr. Madey moved to create a new account called “Window Protection for the Common Elements”, that this account is to be funded initially by transferring the balance of $142,702.00 in the Hurricane Shutter Special Assessment Account and later transferring funds received for the sale of the shutters, and that the Hurricane Shutters Account be closed. The motion was seconded by President Smith. Mr. Henein moved that a Special Meeting of the Board of Directors be held on Tuesday August 19, 2008 to approve the Special Assessment of the owners for Window protection for the Common Elements, to be tied in to the original motion, which was withdrawn by Mr. Madey, and this was seconded by President Smith and unanimously passed.

The motion made by Mr. Buehler* to table the discussion on the equity line of credit, seconded by President Smith was passed unanimously.

Thereafter, upon motion by Mr. Buehler, seconded by Mr. Soufrine, it was unanimously voted to adjourn at 10:49 P.M.

Respectfully Submitted,



David L. Beswick, CAM, CMCA, AMS
Property Manager