Board Meeting Notes 2025-01-14

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Board Meeting Minutes
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Meeting Start:

Attendance

  • Board Members
    • Nick
    • James
    • Uwe
    • Lindsay
    • Eric
    • Ian
    • Donzell (arrived late)

Agenda

  • Consent Agenda
  • Committee Reports
  • Read mail
  • Financial/membership report
  • Review the PayPal and banking transactions
  • Member leaving reason reports
  • Check Freshdesk queue
  • New business
  • Old business

Minutes

Discussion on previous minutes

Consent Agenda

Mail

  • We got a letter from the IRS, we got our 501c(3) reinstated!

Committee Reports

  • GenOps
    • Nothing to report
  • CTO
    • Nothing to report
  • Electronics Area Host
    • WA bill is due in March, we need to pay it
    • We are close to the contact limit, need to purge old contacts (they are backed up in Deep Harbor)
  • Woodshop Area Host
    • Sam Paris is going out of town for a month, out of contact for a week. Nick Hawley is Shadow Sam while he is gone.
    • The fire door between the woodshop and the dock needs attention. We should investigate.
    • We may seek a quote to repair or replace the door.

Reports from Committees

Financial Report

  • Chase Checking: 51,178
  • Chase Savings: 40,000
  • PEX: 14,062
  • PayPal: 6600
  • Building Fund: 60,000

Membership Report

  • Number of Members:
  • Quorum:

Review the PayPal and banking transactions

Member Leaving Reason Reports

Freshdesk

Login link: https://pumpingstationone.freshdesk.com

New Business

  • Ian brought a quote for $2600-2800 to inspect the building, including the roof.
    • This is close to another $2500 quote we received
  • Lindsay brought quotes for appraisal
    • If we don't know how we are financing, we might have to pay twice. Bank financing would send their own appraiser, which we would pay for. Seller financing we would hire one of these quotes.
    • Types of appraisal:
      • Report is 200 pages, $2500-3000.
      • BPO/Drive-by is 20 pages, $850. That's more for our understanding, than bank purposes.
      • Eric says BPO is very cursory, more of a real estate thing.
  • Kevin the attorney has a dead battery, and will not be joining us tonight.
  • Carl says that in 2045 we could save $100k because that's when we will have the building paid off, by buying early. This does not really matter.
  • Carl says that we have 3 votes that passed recently, which have allocated more money than we actually have.
    • This is fine, because this money will be spent across the course of the year.
    • This means that it is less appealing to consider closing on the building early.
  • Eric thoughts on counteroffer:
    • First page changes owner of record, NBD
    • Second page needs addressed - we need to understand the commercial mortgage note section, if it entails fees. We want documentation on this loan.
    • Closing date - are we staggering, pushing back a year?
      • Eric's take - staggering is back pocket, best option is closing in 2026. Respond with what we want!
    • Tax credit section seems to be fine, he is asking us to pay the adjusted rate that we would have paid anyway - it's due to the way that property taxes are due a year later.
    • Dan is asking us to pay closing costs, but we don't know how much that will be yet. We can ask him for an estimate.
    • Do we have a security deposit? No one knows. If it exists, we get it back. It probably isn't much.
    • Dan crossed out inspection and appraisal, so we just do those before closing. Either we wait to negotiate until they're done, or we do them first before returning to negotiation. Same goes for the Member Vote contingency.
  • There was much back and forth about whether we should push Dan towards closing at the end of our lease, or closing early.
    • After 30 minutes of discussion, the board decided unanimously to push towards closing at the end of our lease.
  • Eric and Uwe discussed the difference between a trust deed and a warranty deed. Uwe is concerned, Eric is not.
  • Andrew Wingate wants to have a signed contract by July.

Old Business

Votes

  • The PS:1 Board of Directors votes to grant W.I.L.D. volunteer status to Andrew Locke
    • For:7
    • Against:0
    • Abstain:0
  • The PS:1 Board of Directors votes to check the cameras to identify abuse of the Powermatic drum sander between 1/12 at 7pm and 1/14 at 7pm.
    • For:7
    • Against:0
    • Abstain:0
  • The PS:1 Board of Directors votes to grant W.I.L.D. volunteer status to V.
    • For:7
    • Against:0
    • Abstain:0
  • The PS:1 Board of Directors votes to spend up to $3,000 on an inspection, and up to $3,000 on an appraisal, totaling $6,000
    • For:7
    • Against:0
    • Abstain:0
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