March 2016 Your Communication and Information Resource Strauss reflects on his 24 years as a Board member By Neil Warner meeting of unit owners on Feb. 16 in the Instead, Strauss served as assistant When Richard Strauss Windjammer Room, presenting him treasurer, treasurer, second vice first ran for the Malibu with a framed certificate of appreciation president and first vice president during East Board of Directors in that reads as follows: his long tenure on the Board. 1991, little did he know “Malibu East Condominium recog‐ One of Richard’s first accomplish‐ what he was getting into. nizes and thanks Richard Alan Strauss ments as a Board member was estab‐ Immediately after being elected, he for his sense of fairness, his dedication, lishing an investment policy, whereby discovered during the new Board’s his tireless work on construction one‐third of the Association’s reserve election of officers that there was a projects and the budget and for his funds would be invested in short‐term “cabal” determined to unseat the many contributions to the financial Treasury instruments, one‐third in bank incumbent treasurer. He was nominated stability and overall betterment of our CDs and one‐third with brokerage for the office, and when the vote community during the last 24 years as a houses. Strauss was well‐qualified to resulted in a tie, someone suggested director and an officer of our Board of devise the investment policy, as he that Richard be named the assistant Directors. spent most of his professional career as treasurer for the first year and then “Presented with unanimous agree‐ an independent investment adviser, at switch positions with the treasurer a ment by the Board of Directors, Septem‐ one point managing $70‐80 million year later. ber 8, 2015.” before retiring in 2011. The investment That was an auspicious beginning of a policy proved to be a successful one, 24‐year tenure on the Board that came which the Board followed faithfully for to an end in 2015, when Richard chose years, until the rates of return on not to run for re‐election. Treasury investments became so low The Board honored Strauss for his that they were no longer a prudent service to the Association at a special option. “Everything was to be insured,” Malibu East events Strauss said of the investment policy. “Previously, we weren’t earning much and meetings on our investments.” Special meeting of unit owners Richard, who has lived in the building Tuesday, March 8 with Jackee for 26½ years, was asked 7:30 p.m. ‐ Windjammer Room how the Board typically reached a Thursday afternoon discussion decision during his tenure. Thursday, March 17 Strauss is proud of the special “Until years 23 and 24, we would 2:00 p.m. ‐ Community Room recognition and recently had the typically come to an overall consensus, (every 3rd Thursday of the month) certificate displayed in his living room. rather than have a 7‐5 vote or a decision Karaoke/dance party What prompted Richard to run for imposed by the president. It was by Saturday, March 19 the Board in the first place, just two consensus. We had very few Board 7:30 p.m. ‐ Windjammer Room years after becoming an owner at members who had an agenda of their Board meeting Malibu East? own.” Tuesday, March 22 “I had been to several meetings and I (Continued on page 6) 7:30 p.m. ‐ Windjammer Room wanted to help Marcel (Board president Easter egg hunt Marcel Molins) continue to do the things Saturday, March 26 he wanted to accomplish,” Richard Our condolences to the 10:15 a.m. ‐ Windjammer Room recalled. Dialogue staff meeting Did he ever have any ambition to family and friends of Wednesday, April 6 7:30 p.m. ‐ Community Room become Board president? Lisa Zaric “Jackee (Richard’s wife of 30 years, Leave event and meeting notices at Jackee Ames) told me becoming Arnold Hubick the desk for the Dialogue. For more president would be a perfect cause for Nathan Gibson events: malibueast.org/calendar divorce,” Richard said with a smile. Page 2 March 2016 Please keep in mind that the meeting notes are not the official record of the Malibu East Board meeting notes Condominium Board of Directors meetings. The official minutes are generally approved during the next meeting and may be viewed By Neil Warner or copied in the management office. Tuesday, Feb. 23, 2016 1) 39F sale 8) Captain’s Walk stairwell project Attendance: Twelve Board members, two Board approved the exercise of the right After a long delay, the project will go out management representatives and two of first refusal on the sale of unit 39F at a to bid again. residents price of $163,000, plus or minus 9) Captain’s Walk restroom project Presiding: President Marcel Molins prorations, subject to approval by the The bidding process is set to begin. unit owners. 10)Commercial tenants: Internet service REVISIONS TO AGENDA 2) Facade restoration project consultant Being investigated. 1) “Sale of unit 35C” was added to Items Directors selected Kellermeyer Godfryt 11)Rooftop conduit securement Requiring Board Action. Hart as engineering consultant for the Nothing new. 2) “Laundry Room,” “Elevator use during upcoming multiyear balcony/facade 12)Emergency mitigation team project” and “Building profile for project. Tabled. appraisers” were added to Old/New 3) Elevator camera: change order 13)Association‐owned units Business. Board approved a change order for The Association owns 23 units, most of upgrading the cameras to be installed in which are being rented. The others are TREASURER’S REPORT – Joan Scholl the five elevators. either being renovated or are listed for nd 1) Financial statement 4) Seawall assessment: 2 study sale. Operating and reserve cash Tabled. 14)Laundry Room $2,016,325 5) Captain’s Walk listing agent contract Directors discussed various issues Investment in units Directors approved a contract with a new regarding the Laundry Room. $3,588,278 (23 units) real‐estate listing agent for the commer‐ 15)Elevator use during project 2) Delinquencies cial spaces. With the service elevator modernization $379,712, including $207,901 6) 22.1 disclosure statement now completed, the Board decided to from former residents Board approved the 22.1 disclosure resume enforcement of the rule requiring statement as amended. residents with pets, carts or other large COMMITTEE REPORTS 7) Sale of unit 35C items to use the service elevator 1) Building Maintenance & Services – Directors voted to approve a contract to whenever it’s available. Carol Beatty sell Association‐owned unit 35C at a 16)Building profile for appraisers Some unit doors facing the corridor are price of $275,000, minus a $5,000 credit Director Thomas Vaughan has compiled a beginning to look like bulletin boards. to the buyer for closing costs. Unit property profile for Malibu East that will Directors requested that several minor owners’ approval of the sale will be be given to appraisers who come to the issues in the garage be corrected. sought at a March 8 special meeting. Management Office, with the aim of 2) Garage – Martina Molins Old/new business obtaining more reasonable appraisals for The garage was 59 cars below capacity as 1) Pool repairs: skimmers, lighting our units. of Jan. 31, and there was one resident on Tabled. the waiting list for single self‐parking. No 2) Hydraulic elevator: maintenance costs The meeting ended at 10:26 p.m. and went garage claims in January. No action taken. into closed session. 3) Units/Redecorating – Carl Stahlheber 3) ComEd transformer replacement Renovation of Association‐owned unit ComEd has replaced three transformers th 26E is under way. and will replace the 10 floor trans‐ Electric bill is 4) Sports – Neil Warner former. Yoga classes continue each Thursday at 4) Life safety: garage vestibule important 6:30 p.m. Beginners are welcome. No action taken. Newcomers can join the first Thursday of 5) Elevator project status How high have your electric bills each month. Flooring in service elevator will be been lately? 5) Social – Sandy Chaet replaced. Board approved a proposal to If they have been particularly high, A karaoke/dance party with DJ Dominic install Internet service to each of our five elevators. you might want to look closely at your Wayne will be held at 7:30 p.m. March 19 electric bill – especially considering that in the Windjammer Room. An Easter egg 6) Entry door replacement hunt for children under 10 will be held at Dean Lerner, our property supervisor we’ve had a very mild winter. 10:15 a.m. March 26 in the Windjammer from Sudler, said his recent property One of our residents in a south‐facing Room. The discussion group meets the inspection revealed that a vast majority two‐bedroom unit had been receiving third Thursday of each month (March 17) of the unit doors facing the corridors need attention because of marred electric bills in the $300 to $500 range at 2 p.m. in the Community Room. recently, and because they were so 6) ASCO & Community Affairs – Sandy finishes, hardware that isn’t uniform and Chaet other factors. The Building Maintenance much higher than previous bills, they The 48th Ward Senior Health Fair will be & Services Committee will develop a plan set off a red flag. The owners called held Monday, March 21 from 10 a.m. to for addressing these issues. ComEd for an explanation as to why 1 p.m. at the Broadway Armory. See 7) AUS electricity provider Sudler has vetted an electricity provider their bills had been so high. The ComEd Community Calendar, page 4.