FEBRUARY 26, 2002

The following Directors were present:

James Call
Gloria Kron
Elana Farkas

Absent were Joe Fisher and Jeff Cooper.

A quorum being present the meeting was called to order by the Vice President, Gloria Kron, at the hour of 6:30 p.m.

The minutes of the January 11th Board of Directors meeting were distributed and reviewed.  Elana Farkas moved to approve the minutes as written. James Call 2nd the motion.  The motion was approved:

The current receivable report was distributed and reviewed.

The January financial report and reserve analysis was distributed and reviewed.

The December year-end audited financial report, prepared by CPA James Anderson, was distributed and reviewed.  James Call moved to accept the audited financial report.  Elana Farkas 2nd the motion.  The motion was approved.

Correspondence for the Association was reviewed.

It was decided to put a clarification of the proposed cable service in the next newsletter.  If the bulk service agreement is adopted it would become part of the operating budget and all units would pay. So far only 14 residents have responded.

The Board discussed the purchase of a CD. Elana Farkas moved to purchase a $20,000 CD for one year from Northrim Bank.  James Call 2nd the motion. The motion was approved.

New Signature Cards for Northrim Bank were presented for signature.  The signers are James Call, Gloria Kron, and Elana Farkas.  Jeff Cooper and Joe Fisher will be added at the next meeting.

The Board reviewed a proposal from Arctic Glazing to replace the front security door.  The proposal was for $ 1,362. James Call moved to approve the proposal. Elana Farkas 2nd the motion.  The motion was approved.

The managing agent asked about an elevator key to lock the elevator from the basement so articles dropped into the shaft could be recovered.  The Board did not have this key.  It was decided to send a letter to the elevator company requesting that a key be furnished to the Association.

Elana Farkas reported that the certificate on the elevator needs to be updated.  The managing agent will have this done.

The managing agent was asked to have the maintenance people clean the tree behind the bench in the lobby and to have the air freshener replaced.

The managing agent was asked to solicit bids for the repair of the fence along the north side of the property.

The next meeting of the Board will be held on April 4th at the hour of 6:00 p.m. in the 2^nd floor conference room.

Being no further business to come before the Board at this time the meeting was adjourned at the hour of 7:30 p.m.

 Follow up items