Elevator Update


Date:  04/01/2011

From: Fikret M Deljanin, General Manager

Re:  Elevator Issues Update

To: All Shareholders


As you all are aware, we have been experiencing issues with our elevators and this past December 2010 an analysis was performed in an effort to find the root of all the deficiencies. The major causes to our malfunctioning elevators are the elevator shafts being penetrated with water when it rains through the exterior side of the shaft walls and the bulkhead roof. As part of the façade restoration project, we will be replacing the elevator shaft exterior walls with a water barrier, insulation and stucco surface. The bulkhead roof will be replaced as well.

Once the board learned of this, they reacted with full force to have this remedied immediately. Technical Construction Services, Inc, our façade contractor has agreed to replace the entire elevator bulkhead roof immediately in an effort to curtail any further damages to our elevator equipment.

With great concern, the Board of Directors had a walk through with the owner of Al’An elevator, our service provider last week to have a better understanding on what will be needed to make our elevators efficient in service. The walk through was great for all the members in attendance as it allowed them to have a crash course on how elevators operate and the extent of our damages. Al’An elevator is in the process of providing price quotes for all the necessary repair work.

Unfortunately, the design and location of our elevator shafts are exposed to the elements, leaving us with constant repairs, but the façade restoration portion will greatly improve the battle against the change in weather along with the swirling wind around our Luna Park.

Please understand management and the Board of Directors have and continue to rectify the inconvenience brought upon you. We will keep you posted on any further details.

Thank you for your continued cooperation.