Shareholder Meeting Recap

We held our annual shareholder meeting on November 8, 2012, as we continued to recover from the aftermath of Hurricane Sandy.  I want to thank everyone for their patience as we worked out the water pump issues.  This issue was resolved a couple of days after the meeting.

Several of you voiced concerns that the hurricane exposed shortcomings in our emergency planning and protocol.  The board is finalizing a written protocol and I will be posting onto this website in a few weeks. 

We discussed updates to the elevator modernization plan and the boiler conversion from oil to natural gas — both projects scheduled to start in 2013.  Once the contracts and permits are finalized, I will let you know when work will begin.

We also went over the state of our financials, which remain strong.  Unlike many buildings, we are fortunate to have all of our commercial spaces occupied and Lovett has done a great job of making sure commercial rents and shareholder maintenance payments are up to date. 

We concluded the meeting by voting in all of nominees for the board to serve for a one year term: Avo Samuelian, Joshua Reitzas, Ramsay Rawson, Lisa Overton, James Joyce and me.  I look forward to working with my fellow board members as we look to a busy but bright 2013. 

Happy holidays!

Rob

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