General Update

We’ve been quiet but things are moving along:

  • The key fobs have taken longer than expected due to delays for some equipment we ordered but we have it now. The gym door and mirrors should be installed today and we expect the fobs to be operational before the end of this week. As soon as we get the green light we’ll start issuing key cards to gym members and open it up for use. The mirrors are also being installed this week.
  • Building #5’s facade work is moving along rapidly and, according to the latest estimates, wing 2958 will be done in a couple weeks and wing 2960 will be done in January. This means building #4 will begin that same month. There’s also a real possibility our contractor will do two buildings at once. It’s being discussed now. We very much want it because it gets them out of our lives in two years instead of four and we save a lot of money on insurance, sidewalk bridging, professional fees, and other stuff. We’ll keep you posted.
  • We had to back off our intercom plans because the touchscreen system we chose was a bit too vulnerable to some of the savages passing through our lobbies. We couldn’t find a good way to install and protect it because, by its very nature, it has to be accessible to people touching it. We’re exploring a sturdier phone-based system that will also be a lot cheaper, too.
  • As I posted a little while back, our first batch of windows is being manufactured and, once done, will be inspected and installed. My guess is all of building #5 will have new windows by spring.
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Window Update

The color (ivory) and windows have been approved. Each window will have half-screens of fiberglass mesh cloth, ultra-lift balances, tilt latches, 7/8″ thick insulated glazing, exterior pane 3/16″ thick clear glass, interior pane 1/8″ thick low ‘e’ coated glass, and an argon-filled cavity. Our installer has been authorized to manufacture the window order for wings 2954 and 2956 now and will order for 2958 and 2960 as soon as the brickwork is done.

Before full installation commences, one full apartment will have windows installed for field testing and air/water filtration exams by an independent laboratory. The board and management will also inspect the first windows coming off the line at the factory.

Gym Photos

It’s handy having a professional photographer on the board. The gym is still missing a few things like mirrors, air conditioners, signs, coat rack, bench, and some other stuff. Nonetheless, it’s already usable as you can see here.

Board Meeting – 11/16

Some highlights from tonight’s meeting:

  1. Our accountant, Jack Lawrence, came in to talk to us about the 2010 financials. We approved the draft so it’ll be available soon in its final form. The short version is that, after expenses, Luna Park earned about $2.8mil with around $3mil in our reserves. Next year we’re expected to earn over $2mil and have closer to $6mil in reserves if nothing unexpected occurs.
  2. Jack thinks we can save about $30k a year in certain taxes and possibly get as much as $500k a year in tax credits if we hire a special type of processor.
  3. We want to proceed with the parking lot #3 expansion to add 96 more spots but the three bids we received so far are between $700k and $900k. We will open it up to wider bids to see if we can get it down more. Even if we have to pay $700k we worked out a way for the expansion to pay for itself after five years at which point it would become profitable for Luna Park. The more we can bring the cost down, the faster it becomes profitable.
  4. The final two wings of building #5 didn’t need certain things the first two wings did like replacing all shims and bolts. We’re receiving a credit for $250k from our contractor.

Parking Waiting List

To all shareholders:

As promised, we will begin maintaining a version of our waiting list for online viewing and it’ll be updated around the first of each month. Going forward, your number won’t change. Instead, the number up for a spot will change. This system makes it impossible to sneak someone ahead of you. Example: You are #3 for lot #6 and we just gave #1 on the list a spot. In the old system everyone moved up a number so you would become #2 but it was also possible to make someone from outside #2 and you might not notice. Now, if #1 gets a spot, we say #2 will be served next and that person already knows he’s #2 just like you know you will always be #3. Any questions?

If your number has changed on this new list, it’s because we got rid of all the exception lists. Some people had taken an extension when they were up for a spot so we had to add them back to the top. Next time a spot comes up, they will either have to take it right there or they will lose their place. We expect the top of the list will move quickly through those people.

Without further ado, here’s the link.

Sincerely,
Luna Park’s Board of Directors & Management

Additional Key Fob Option

We’ve arranged an additional key fob purchase option for those who prefer them to key cards. As previously mentioned, each household will get two free cards and additional cards will be $15 non-refundable. Now you will also have the option of getting a key fob for $15 non-refundable but they are never free; only cards qualify for the two free. Gym members will need to have a card with photo.