MEETING OF THE BOARD OF DIRECTORS OF PLAZA EAST ASSOCIATION
August 27, 2008

Pursuant to notice the Board of Directors of Plaza East Association, Inc. met in regular session on Wednesday August 27, 2008 at 7:00 P.M. in Lobby #3, 4300 N. Ocean Blvd., Fort Lauderdale, FL 33308. Directors in attendance were James Brady, Donald Galczak, Rafick Henein, Richard Madey, Armando Namis, DiAnne Shumard, Tim Smith, Alex Soufrine and John Toklucu. Also in attendance was Property Manager David Beswick. Robert Buehler and Jeanne Poore were not present. Mr. Smith chaired the meeting and Mr. Beswick recorded the proceedings. The meeting was called to order at 8:00 P.M. President Smith led the assembly in the Pledge of Allegiance to the flag. As there is still no Secretary, Mr. Beswick called the Roll, and a quorum was established.

Thereafter, it was announced that the Minutes of the July 30, 2008 Regular Board Meeting were not complete and were not ready for approval. President Smith again called for volunteers to fill the position of Board Secretary.

Treasurer’s Report

Thereafter, the Treasurer’s Report for July, 2008 was given by Richard Madey. The report is attached to and made a part of these minutes along with the Financial Statement provided by Ted Perrella and Associates. Expenses for 2008 so far are slightly less than seven twelfths of the annual budget. Assessment arrearages, not including arrearages from the cooling tower special assessment, are: a) with the attorney, $8,975 and b.) Non-attorney, $2,189.

Thereafter, the matters of scheduling the window special assessment payments and their amounts were discussed. Upon a motion by Mr. Soufrine, seconded by Mr. Brady, it was unanimously voted to assess the membership $550K on October 1, 2008, $150K on February 1, 2009, $150K on April 1, 2009 and $100K on May 1, 2009.

Thereafter, upon motion by Mr. Madey, seconded by Mr. Brady, it was voted to approve the Treasurer’s Report for May, June and July, 2008 with Mr. Brady, Mr. Henein, Mr. Madey, Ms. Shumard, President Smith and Mr. Soufrine voting in favor and Mr. Galczak, Mr. Namis and Mr. Toklucu voting in opposition.

Thereafter, President Smith gave a brief President’s Report

Manager’s Report

Thereafter, Mr. Beswick delivered the Manager’s Report, which is attached to and made a part of these Minutes. The Manager’s Report contained information on the garage Engineering proposals, Concrete Restoration, The Key Fob system, the Recreation Room Windows and proposed trash chute cleaning.

Thereafter, Mr. Henein delivered a report of the recreation room refurbishment. Mr. Henein recommended that the recreation room be referred to as “The Ocean Room”. Mr. Henein reported that the room is nearly complete and is awaiting the granite bar top and the carpeting. The Committee is recommended that the rules for use of the Ocean Room and video cameras be installed to monitor the room. President Smith stated that, with luck, the next Board Meeting could be held in the Ocean Room and that Plaza East had received requests to attend the meeting from Fort Lauderdale City Commissioner Christine Teel and State Representative Joe Gibbons.

Old Business

President Smith reported that the Rules Committee has provided some recommendations for revisions.

Thereafter, President Smith requested an opinion from Mr. Brady regarding the matter of moving Association funds from Bankunited to Banco Popular. Mr. Brady opined that it was a function of the Treasurer and Manager but that it might be good to have an affirmation. On a motion by President Smith, seconded by Mr. Toklucu, it was voted to ratify the actions of the President, Treasurer, Accountant and Manager in moving Association funds from Bankunited to Banco Popular to safeguard the funds using FDIC guarantees, and that the Secretary draft a resolution to that effect. The motion was carried with Mr. Brady, Mr. Galczak, Mr. Madey, Ms. Shumard, President Smith, Mr. Soufrine and Mr. Toklucu voting in favor and Mr. Henein and Mr. Namis voting in opposition.

New Business

Thereafter, Ms. Shumard spoke on the desirability of producing a monthly newsletter to keep the membership better informed of news and events concerning the Association and the building. Ms. Shumard will ask for volunteers to assist with the project.

Thereafter, the matter of selection of an Association Attorney was discussed. President Smith recommended that the Contract Review Committee be employed to vet possible candidates. It was also recommended that Randall Roger be retained until the process is complete. The Board restated the prohibition that only the Board President and the Property Manager may contact the Association Attorney.

Thereafter, the pro’s and con’s regarding the matter of leasing condo units was discussed. It was mentioned that there were probably a number of improper rentals taking place, in violation of the Rules and Regulations. The consensus seemed to be that it was desirous to have the rules concerning limits on guests enforced. The suggestion was made that, should any member of the Association observe what is perceived to be a violation of the Rules and Regulations, that violation should be reported to Security or Management so that something could be done about it.

Thereafter, the matter of the letters being circulated to Association Members by a group calling themselves “concerned Citizens’ was discussed. Mr. Henein asked for an opinion of the recall letter being circulated from those Board members whose names did not appear on the letter. Opinions were stated by Mr. Brady, Mr. Madey and Mr. Namis. Mr. Toklucu asked that this matter be revisited at the next meeting. Mr. Madey moved that the Board go on record as being opposed to an equity line of credit. The motion died for lack of a second. A discussion took place between members of the Board of Directors and Mr. John Steinbrecher of Unit 9L, whose name appears on the bottom of the “Concerned Citizens” letter. Mr. Steinbrecher stated for the record that he did not author the letter bearing his name and was not consulted before the letter was circulated.

Respectfully Submitted,