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Annual General Meeting 34 Plaza Corporation. Berkeley Carroll School June 5, 2006 7:00 P.M. Agenda. President’s Report Introduction of New Shareholders Treasurer’s Report Maintenance and Building Committee Legal Committee New Business Election of Board of Directors Questions.

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Annual general meeting 34 plaza corporation

Annual General Meeting34 Plaza Corporation

Berkeley Carroll School

June 5, 2006

7:00 P.M.


Agenda
Agenda

  • President’s Report

  • Introduction of New Shareholders

  • Treasurer’s Report

  • Maintenance and Building Committee

  • Legal Committee

  • New Business

  • Election of Board of Directors

  • Questions



Agenda1
Agenda

  • President’s Report

  • Introduction of New Shareholders

  • Treasurer’s Report

  • Maintenance and Building Committee

  • Legal Committee

  • New Business

  • Election of Board of Directors

  • Questions


Welcome to our new neighbors
Welcome to our new neighbors

  • Apartment 508: Augustus Wendell and Malaika Kim

  • Apartment 701: Susan Feigenbaum

  • Apartment 804: Jodi Kim Miller

  • Apartment 305: Michael Bain

  • Apartment 302: Timothy Holst and Rachel Hollander

  • Apartment 1206: Joel and Felicia Tunnah

  • Apartment 207: Heidi Balk and Theodore Nusbaum


Treasurer s report 2006 shareholder meeting june 5 2006
Treasurer’s report2006 Shareholder MeetingJune 5, 2006


Treasurer s report 2006 shareholder meeting june 5 20061
Treasurer’s report2006 Shareholder MeetingJune 5, 2006

  • Market prices trend upward at accelerated rate

  • Operating expenses, 2005

  • Operating expense trends

  • Mortgage refinance lowers debt service starting 2007

  • Water costs: new basis = lower costs

  • Oil and gas prices rocket upward … again

  • Capital projects in 2006 took a big bite out of our reserves, but planning and discipline will see us through.


Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong.


Apartment values rose 28% in 2005 over the prior year and early trends show 2006 might be just as strong.

June 2006

$1,450

per share


Operating expenses in 2005 were 1 300 000 led by labor debt service and real estate taxes
Operating Expenses in 2005 were $1,300,000, led by labor, debt service, and real estate taxes.


Total expenses* grew by 5.2% in 2005 over the previous year and by an average annual rate of 5.0% over the previous 3 years.

Total 5%

Notes

Total expenses exclude designated savings.

2005 Insurance expense excludes prior year insurance accruals.

2005 Maintenance & repairs expenses exclude extraordinary costs and non-operating costs classified as operating because they were not amortized (e.g., elevator, heating system, permits, lobby rug, trash chute)


Lower mortgage payments starting in december 2006
Lower mortgage payments starting in December 2006 and by an average annual rate of 5.0% over the previous 3 years.

  • In April 2005, the board took advantage of low interest rates and locked in a rate of 6.10%, down from our present rate of 6.99%.

  • As a result, our annual mortgage costs will decline by $77,000,a drop of 36%.


Smaller water bills
Smaller water bills and by an average annual rate of 5.0% over the previous 3 years.

  • In the first quarter of 2005, the board hired a consultant who determined our co-op would benefit by switching the basis of our water billing from frontage to meter.

  • We won’t know the exact size of the decline for several months, but a preliminary estimate shows our water bills will fall by $25,000,a decrease of 38%.

  • New consequence: We are now paying for drips.


Oil and gas costs skyrocket
Oil and by an average annual rate of 5.0% over the previous 3 years. and gas costs skyrocket

2002 – 2005 average annual percent increase: 32%

And as a percent of our total costs too

Excludes designated savings


Capital planning 2006 2013
Capital Planning, 2006 - 2013 and by an average annual rate of 5.0% over the previous 3 years.

* 2006 dollars


Capital planning 2006 20131
Capital Planning, 2006 - 2013 and by an average annual rate of 5.0% over the previous 3 years.

* 2006 dollars

Planned capital projects


Capital planning 2006 20132
Capital Planning, 2006 - 2013 and by an average annual rate of 5.0% over the previous 3 years.

* 2006 dollars

Planned capital projects


Revenue trends
Revenue Trends and by an average annual rate of 5.0% over the previous 3 years.

  • Rental units

    • Eight units fully occupied CY 2005.

    • First year fully occupied since 2000.

    • Zoning, tight market

    • Income expected to increase between 2005 and 2006 by 0.8%

    • Share of total operating revenue (2006): 16.8%

    • Share of contributions to reserve fund (2006): 5.6%

  • Shareholders

    • Income expected to increase between 2005 and 2006 by 3.7%

      • Includes maintenance, garage, elevator and operating assessments


Building and maintenance committee report fa ade repairs phase ii
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Façade Repairs – Phase II

  • Purpose

  • Evolving scope

  • Work remaining

  • Schedule

  • Roof deck access


Building and maintenance committee report fa ade repairs phase ii1
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Façade Repairs – Phase II

  • Purpose

  • Evolving scope

  • Work remaining

  • Schedule

  • Roof deck access


Building and maintenance committee report fa ade repairs phase ii2
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Façade Repairs – Phase II

  • Purpose

  • Evolving scope

  • Work remaining

  • Schedule

  • Roof deck access


Building and maintenance committee report fa ade repairs phase ii3
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Façade Repairs – Phase II

  • Purpose

  • Evolving scope

  • Work remaining

  • Schedule

  • Roof deck access


Building and maintenance committee report elevator replacement
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Elevator Replacement

  • Why now?

  • Cab design

  • Thanks to our committee

  • Schedule

  • Impact on our lives


Building and maintenance committee report miscellaneous projects 2005 2006
Building and Maintenance Committee Report and by an average annual rate of 5.0% over the previous 3 years.Miscellaneous projects 2005 – 2006

  • Partial carpet replacement

  • Replacement of lobby ‘plants’

  • Roof deck gardening – thanks to our committee


Building and maintenance committee report future projects through 2013
Building and Maintenance Committee Report Future projects through 2013

  • Completion Of Phase II Façade Repairs – 2006

  • Sidewalk Repairs – (part of Phase II) – 2006

  • Phase III Façade Repairs - 2007

  • Miscellaneous Pipe Insulation Replacement – 2008

  • Rehab of Common Areas (carpet, paint, etc.) – 2011

  • Window Replacement (if needed) – 2013

  • No Major Projects Planned for 2009, 2010


Legal committee report
Legal Committee Report through 2013

  • Litigation Status: None

  • Legal Fees: Nominal fees incurred in the ordinary course of business

  • Interview Threshold Guidelines

    • Income guidelines

    • Asset guidelines

      • Reserve fund reciprocity

      • Changing world

  • House Rules

    • One person’s ceiling is another person’s floor.


Board of directors for 2005 2006
Board of Directors for 2005-2006 through 2013

  • Steven Fass, Treasurer

  • Lawrence Gelber, Assistant Secretary and Chair of the Legal Committee

  • Lawrence Lambert, Vice President and Chair of the Building and Maintenance Committee

  • Andrew Saunders, Assistant Treasurer

  • Susan Solomon, President

  • Mary Treacy, Chair of the Admissions Committee

  • Carol Wolf, Secretary


Contact information
Contact Information through 2013

  • Gary Glabman, Managing Agent

  • Willie Feliciano, Superintendent

    • Pager: (917) 457-6827

  • Front desk telephone

    • (718) 789-7049

  • Sign up sheets

    • Apartment prices

    • Web Development Committee

    • Newsletter

    • Garden Committee


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