Board of Diretors Meeting 21 April 2015

Aquarius_L_MedicAquarius Condominium Association

Meeting of the Board of Directors

April 21, 2015

Present: Joel Cohen, John Youssef, Linda Satz and Andy Surdovel, General Manager

Also Present: Owners

Call to Order: The meeting was called to order at 1:20 pm.

Certification of a Quorum and Proof of Notice was verified.

Aquarius Restaurant Lease:    Paul Finfer discussed the lease. He and Judge Ort worked on it together. The lease was originally developed in 2003 or 2004. They are using the same lease, but added additional items. They are happy with the lease. Mr. Sholmo Benlulu, an Israeli citizen came to the U.S. 25 years ago. He has a green card and previously had a restaurant in Queens. N.J. for 18 years and had food reviews. He later opened a ladies high-end retail store in Hallandale and has decided he wants to go back into the restaurant business. He will be open 6-7 days a week: 7 am – 11 am Breakfast, 12 pm – 3 pm, Lunch, and 5 pm – 8 pm Dinner. He will have a Deli Counter for Sandwiches and Smoothies and will provide his own insurance. The lease is for 36 months, with a cancellation clause after 30 days. After one year the lease will be renegotiated. The lease will be effective June 1, 2015 to May 31, 2016 and we have a final draft. He will be allowed a two week vacation, but can take it only in the summer months. There will be no rent for the 1st. year to give him an opportunity to build the business and the lease is renegotiable after twelve months.

Joel Cohen moved to accept the lease, Linda Satz seconded and the vote was unanimous. The motion was approved to large applause.

Aquarius in-House Security:  A discussion was held about combining the security and valet into one unit and hiring a staff of security personnel. Comments were made about contractors corning in illegally, current security agents not knowing the building and residents.

Joel Cohen moved to approve, John Youssef seconded and the vote was unanimous. Motion was approved.

Line of Credit:  The reason for a line of credit was discussed. Some residents cannot afford to pay the special assessment as required and the Association having a line of credit would assist those residents  and would be used only if needed. A construction loan would be a lien against the building and a Line of credit would not and would benefit those who cannot pay. It doesn’t affect those that can pay in full.

Joel Cohen moved to approve a line of credit for $4 Million from Executive Bank, John Youssef  seconded, approve unanimously. Motion was approved.

Flood Damaged Lobby Furniture:   A motion was made to donate the flood damaged lobby furniture to Faith Farm. It was decided to instead to just destroy the furniture.

CSI contract for Valet Deck:     CSI would do entire job, valet deck and will be done in 5 phases. New garage doors will be put in place and should be complete by December 15, 2015. There will be a $1,000 a day penalty for not completing on time. Perimeter wall is too heavy and needs to be cut down. The new wall will be lighter.

Joel Cohen moved to approve the CSI Contract, John Youssef seconded, unanimous. The motion was approved.

Project Manager:  Joel made a motion to hire a project manager for the Valet Deck Project. John Youssef seconded, unanimous. The motion was approved.

Joel Cohen made a motion to adjourn seconded by John Youssef, unanimous. The meeting was adjourned at 3:05 pm.

Joel Cohen,  Vice President

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