BOARD S COMMUNICATION TO THE CITY COMMISSION. Chairman Bucci brought the meeting to order at 9:00 am. Roll call was taken.

Transcription

1 CITY OF FORT LAUDERDALE GENERAL EMPLOYEES RETIREMENT SYSTEM BOARD OF TRUSTEES MEETING 316 NE FOURTH STREET, SUITE 2, FORT LAUDERDALE, FL Thursday, April 5, :00 A.M. BOARD S COMMUNICATION TO THE CITY COMMISSION Items Requiring City Commission Action None at this time Items That May Be Of Interest To The City Commission None at this time Items Submitted For City Commission Consideration None at this time Chairman Bucci brought the meeting to order at 9:00 am. Roll call was taken. Present: Absent: Also Present: John LeRoy Le Bucci, Chairman Sean Jones, Secretary Mark Darmanin, Vice Chairman Julie Cameron Greg Slagle Darlene Pfeiffer Mark Burnam Doug Wood, Ex-Officio Christian Torres, Bloomberg Industries Tammy Goldstrich & Michael Futterman, Marcum LLP Katie Byrne & Brian Casey, DePrince, Race & Zollo Alan Vordermeier, VMC Realty Robert Dunckel, Assistant City Attorney Bob Oelke, Audit Advisory Board member David Desmond, Pension Administrator Jane Dyar, Pension & Recording Secretary Chairman Bucci welcomed those in attendance and asked everyone to please introduce themselves. Alan Vordermeier introduced himself as GERS Property Manager. Bob Oelke introduced himself as a resident of Fort Lauderdale, who sits on the Audit Advisory Board. Christian Torres said he is with Bloomberg Financial.

2 2 Next on the agenda was to welcome the new Trustee Mark Burnam, however Chairman Bucci announced he was unable to attend at this time. Chairman Bucci then asked the Board to review the minutes of the March 1, 2012 meeting. Ms. Pfeiffer made the motion to accept the minutes as presented. Ms. Cameron seconded the motion. Several suggestions were made to clarify the minutes. Ms. Pfeiffer amended the motion to include the changes. Ms. Cameron seconded the amended motion. The amended minutes were accepted unanimously. EQUITY MANAGEMENT ANALYSIS Christian Torres, Bloomberg Industries Mr. Torres explained that they are a performance tool used by corporations to analyze data and investment process. Chairman Bucci reviewed the process and stated that the Fund s managers are evaluated on a quarterly basis. Once a year, they come before the Board to apprize them of progress and changes. The Investment Consultant analyses each manager and advises the Board. Chairman Bucci added that the Board looks at the alpha produced by the manager. Mr. Torres stated that they have a tool that would assist with screening for new managers versus style analysis and could be customized to the Board s needs. He reviewed the data analysis and how they would be screened with a clear, objective analysis. He said Bloomberg Industries is fully integrated across the Bloomberg platform by clicking through a transparency to granular industry and company data. Most data sets are linkable to Excel with a simple API interface. Data and analytics would be the most important for a fund like this one. He said they would be able to set up a trial run for the fund if they would like. There was an in-depth discussion and the Trustees thanked him for his presentation. AUDITOR S REPORT FOR FISCAL YEAR Tammy Goldstrich & Michael Futterman, Marcum LLP Mr. Futterman introduced himself and presented the Auditor s Report for the Fiscal Year ending September 30, He stated that, in their opinion, the financial statements referred to present fairly, in all material respects, the Plan s net assets as of September 30, The changes in the Plan s net assets for the year ended in conformity with accounting principles generally accepted in the United States of America. He then reviewed the statement of the Plan s net assets that include total investments, receivables, and assets less the liabilities, which equal the net assets held in trust for pension benefits of $307,445,266 million. He evaluated the notes to financial statements explaining the basis of accounting being prepared using the accrual method used to value investments and the use of estimates, reminding the Trustees that actual results could differ from those estimates. He directed the Trustees to administrative expenses and noted a lot of the information comes from the actuarial valuations. Mr. Futterman then reviewed the schedule of funding progress also provided through actuarial information showing the actuarial accrued liability, the unfunded actuarial accrued liability, and the funding ratio, which includes the last six years for comparison. The funded ratio dropped to 66.3% as of September 30, 2011 versus 70.7% as of September 30, Mr. Futterman reminded

3 3 the Board that performance and employee enhancements affect those numbers. There were no internal deficits, material weaknesses or matters of non-compliance. Lastly, he pointed out the stand-alone letter that describes the audit process for the Trustees and for the record. Chairman Bucci queried the statements, We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above. and The results of our tests disclosed no instances of noncompliance that are required to be reported under Government Auditing Standards. A short discussion ensued. Mr. Oelke noted that investment expenses went up about 20% however the value of the Fund has not increased equally. Ms. Pfeiffer stated that the money managers are paid quarterly and there can be no comparison to yearly. Chairman Bucci explained that the quarter ended during a low point, quarters cannot be compared at the end of the year, and the fiscal year follows the City. Further discussion ensued. Mr. Oelke just wanted to note for the Board that he felt the fixed fees shouldn t have changed that much. Chairman Bucci thanked Marcum for coming and reviewing the report for the Board. QUARTERLY PERFORMANCE REPORT Katie Byrne & Brian Casey, DePrince, Race & Zollo Ms. Byrne introduced herself stating she had been with the firm for nine years and Mr. Casey has been with them for over seven years. They are located in Winter Park, Florida, are a value shop, and have been with the Plan since July She reviewed their investment philosophy and process. They believe in yield investing; dividend yield provides a meaningful portion of the market s return and offers concrete evidence of real earnings. The return of cash to shareholders in the form of dividends encourages capital allocation discipline. She reviewed the extreme volatile market but announced they outperformed in the first quarter, including a 13% return during the month of March. The portfolio return from inception to date was 6.67%. Ms. Byrne noted the firm is cautiously optimistic as the US economy is beginning to look better, the unemployment index is starting to move down a bit, and housing is moving to a more positive level. She said they are unsure of the international markets but the outlook is moving forward. They are watching the debt situation in Europe, the slowdown in China, and as a result the international exposure in the portfolio is low. Mr. Casey recapped the top 10 holdings for the Trustees and reviewed the portfolio for performance. He reminded the Board that they invest from the bottom up. Mr. Desmond asked him to expound on Donnally RR & Sons. Mr. Casey stated they make integrated parts for things like aircraft carriers and are a strong firm with a lot of cash on the books. Ms. Cameron asked him about the outlook for emerging markets. Mr. Casey felt confident the emerging markets were continuing to perform well. As the citizens of those countries begin to achieve a middle-class status, they will help their economies grow. Ms. Pfeiffer asked how did the dividend yield get reflected in the overall performance of

4 4 the portfolio. Ms. Byrne turned to the booklet page marked interest and dividends showing the gain in the portfolio of $5.1 million and pointed out the gain of $328 thousand can be attributed to dividends. When you add the two figures together, that was the return for the quarter from both the stock valuation increase and the dividends received. Further discussion ensued. Chairman Bucci stated that the Board measures their performance against the Russell 1000 Value and wanted to ensure they agreed with that. He asked that when they spoke about the fourth quarter, they meant in the calendar year and not the Plan s fiscal year. Ms. Byrne confirmed. Chairman Bucci then thanked them for their presentation. DISABILITY: T. Ham Mr. Desmond gave a synopsis for disability being reviewed. There was a short discussion. Ms. Pfeiffer made the motion to accept the disability as presented. Mr. Slagle seconded the motion. Mr. Dunckel stated that, in his opinion, the disability met the criteria set forth by the Ordinance. The disability was approved unanimously. ATTORNEY S REPORT Mr. Dunckel described a good portion of the month working on the Bonus Incentive Program. He reviewed the meeting with Mr. Sicking, Doris Stenger s attorney, who would continue synopsizing the information for review and presentation before the Board. Mr. Dunckel also recommended a special Board meeting for consideration of that case. Mr. Dunckel concluded stating he just finished the construction contracts with Pro- Built for the 4800 Building and the architectural services contract with Roy Smith. REAL ESTATE SUB-COMMITTEE REPORT Mr. Darmanin stated that they have held three meetings. The first one was with Mr. Vordermeier and Mr. Dunckel as a guidance session on the lease contract. There were several items discussed at the second one including the direction to Mr. Vordermeier on the negotiation of Dr. Kessler s contract. The construction of Suite 200 was awarded to Pro-built as the lowest of three bids. They also chose to pre-load Suite 201 with drywall to mitigate the cost going forward. The roofs were also discussed for both the 4800 & 316 Buildings. They asked for 3 bids for 3 different types of roofing for the 4800 Building in order to have 9 bids in total. With that, they would be able to pick and chose the methodology and then be able to chose the best price. The 316 Building roof simply needs repair. At the third meeting, Mr. Vordermeier brought back additional information on fees, costs, and options regarding the Kessler lease. Currently his lease is $15 a square foot plus an $8.58 CAM, which ends September 30, 2012, and he rents 7,191 square feet, generating approximately $107 thousand a year. Mr. Vordermeier explained that the most recent lease on the second floor is at $13.40 per square feet. Applying that figure to Dr. Kessler s space would generate approximately $96 thousand a year. However, Dr. Kessler has stated that he will not pay more than $10 thousand monthly in total for the space. He discussed the consideration of reducing

5 5 square footage, which would prove to be functionally impossible. An in-depth discussion ensued regarding retaining Dr. Kessler with no office renovations. Mr. Darmanin synopsized that, with no renovations and the same CAM figure, the $10 thousand amount equated to a base rate of $8.12 per square foot. He said working out the numbers based on the current assessed value, it would mean a gross return of 13.7%. Using the purchase value of the property of $3.6 million, the gross return would be 8%. Mr. Darmanin stated he felt this information and decision should be brought before the Board. Further discussion ensued. Ms. Pfeiffer made the motion to empower Mr. Vordermeier to negotiate with Dr. Kessler for a five year lease with a 3% escalator, for the new lease to go in effect May 1, 2012, and starting at $13.40 a square foot with the minimum of $11 a square foot. Mr. Jones seconded for discussion. A lengthy discussion continued. Mr. Darmanin presented a point of information regarding ADA modifications to existing bathrooms for compliancy. A roll call vote was taken; J. Bucci yea, J.Cameron yea, D. Pfeiffer yea, M. Darmanin yea, S. Jones nay, G. Slagle yea. Mr. Darmanin then reminded the Board that they had awarded the contract to Pro-Built for the renovations of Suite 200, not to exceed $160 thousand. He asked to have the Board authorize the Real Estate Chair to be able to authorize change orders not to exceed 10% of that cost to enable facilitation of construction. Ms. Pfeiffer made the motion to authorize the Real Estate Chair to be able to make change orders not to exceed 10% of the renovation cost. Ms. Cameron seconded the motion. The motion passed unanimously. Mr. Darmanin asked for a motion to approve the minutes for March 30, 2012 and April 4, Ms. Cameron made the motion to approve both minutes as presented. Mr. Jones seconded the motion. The minutes for March 30,2012 and April 4, 2012 were approved unanimously. Mr. Darmanin discussed a due-diligence meeting that he had with Aberdeen. He stated they were considering a real estate core fund in emerging markets. He mentioned it peaked his curiosity and he suggested they do a presentation for the Board when the fund is ready. Chairman Bucci then announced there would be a 10-minute recess; the time was 11:50 AM. When Mr. Bucci called the meeting back to order, the time was 12:00 PM and it was noted for the record that no business was discussed. Lastly, Mr. Darmanin gave an update for the 300 Property stating that FPL was going to be pulling the power and removing their property from the building on Saturday April 7th. He added that Mr. Dunckel successfully negotiated the cost down to approximately $9 thousand and change. He estimated that the building should be down in 4-6 weeks. POLICY REVIEW Educational Program Travel Policy A discussion began regarding the actual start date of programs attended and that the start date should recognize educational sessions only.

6 6 Chairman Bucci asked Mr. Desmond to have the Travel Policy and the Investment Policy recommended changes ready for review showing all the changes and be agendaed for the next meeting in May Investment Policy Mr. Slagle reviewed his proposed changes in the Investment Policy. He would like to see a Real Estate Policy incorporated, like the Audit Policy is within the Investment Policy because of the amount of money the Real Estate Committee is in command of. He explained that he put together a graph that compared the Audit Committee and the Real Estate Committee, which showed the power and authority of the committees and guidelines. He continued that he felt there should be internal controls within the Investment Policy and then presented the draft language for the Board to review. Mr. Darmanin said that he felt that Mr. Slagle s interpretation of the Real Estate committee and its power is misinterpreted. Mr. Slagle replied that there is nothing in writing in the Investment Policy governing the committee as there is for the Audit Committee and believes the Real Estate Committee has much more authority. Ms. Pfeiffer stated that it is an ad-hoc committee and assignments are given to the Real Estate Committee from the Board as needed and it is reestablished every year during meetings as needed. Chairman Bucci added a lot of good points have been made and he would suggest a Real Estate Committee policy. Further discussion ensued. Ms. Pfeiffer stated Mr. Slagle could draft a separate policy giving direction on the actions allowed by the Real Estate Committee. Chairman Bucci asked Mr. Slagle if he would be interesting in assisting in working on such a draft. Mr. Slagle declined as he submitted what he felt should be recommended. Mr. Slagle then made the motion to recognize the Real Estate committee by defining it, as the Audit Committee is recognized and defined, and including it in the Investment Policy under internal controls. Mr. Darmanin seconded the motion. The vote was called. G. Slagle; aye, J. Bucci; nay, J. Cameron, nay, M. Darmanin; nay, S. Jones; nay, D. Pfeiffer; nay. The motion failed. Mr. Desmond questioned as to whether there had been previous agreement to add some verbiage at the last meeting on March 1, 2012 regarding the Real Estate committee under internal controls. Chairman Bucci asked that Ms. Dyar review the tape to ensure there was no agreement and that it had been decided upon to continue the discussion on that matter at the meeting today, April 5, 2012, and advise the Board of her findings. Chairman Bucci asked Mr. Desmond if he felt there was anything else in the Investment Policy that he felt should be addressed. Mr. Desmond presented the Board with a draft of suggestions. Chairman Bucci asked him to prepare them for disbursement to the Board for review and discussion at the next Board meeting. Audit Policy Ms. Pfeiffer stated she had no suggestions to the current policy. There was a short discussion. Ms. Pfeiffer made the motion to accept the Audit Policy as currently written. Mr. Jones seconded the motion. The motion passed unanimously. ADMINISTRATOR S REPORT

7 7 - Mr. Desmond presented the Board with a list of 6 stocks from Dahab that, as of January 31, 2012, had a three-month decline of more than 25%. There was nothing from February to April yet. - Mr. Desmond asked who would like to be delegates at NCPERS for voting for the fund. Usually there are two delegates and two alternates. Mr. Darmanin nominated Chairman Bucci and Mr. Jones with Mr. Slagle and Ms. Cameron as alternates. All were in agreement. - The Cohen Milstein report noted 3 firms that had losses of $151,300 and their recommendation was to take no action. - Mr. Desmond reported he had not visited the 4800 Building due to the Bonus Incentive Program. - Mr. Desmond said he has received two event invitations for NCPERS and he will put together a schedule for everyone attending. - Mr. Desmond read a thank you note from a retiree who was very appreciative of the work done by the Pension office to facilitate her retirement. - Mr. Desmond reported an incident that happened with one of the workers in the 300 Building. - Mr. Desmond noted that his contract is up June 30, 2012 and he presented the Chair with the forms previously used for his evaluation. The Board agreed the process used previously was acceptable. Chairman Bucci passed out the forms and asked the Trustees to bring them to the next meeting for him to collect and compile. - Lastly, he stated that 90 people retired during the month of March with 85 going out on March 16, Chairman Bucci complimented the office for handling the volume with clarity and concisely. AUDIT COMMITTEE REPORT Ms. Pfeiffer stated there was nothing to report at this time. BUSINESS IN PROCESS UPDATE Chairman Bucci reminded the Board that the business in process updates were on hold or no change at this time due to the Bonus Incentive progress. MONTHLY FUND ASSET MIX Mr. Desmond explained that the Bank of New York Mellon reports come from Pittsburgh and they were doing a change in the reports and unfortunately there was a problem due to the changes so the report was late. He said he was able to get the monthly asset mix done in time for the Board meeting with information from the Jacksonville Office. He added the fund had gone up $30 million in two months. Ms. Cameron asked if he could show what the market closed at, through the Dow, during the time of the report so they could know how the market is doing in general. Mr. Desmond affirmed and stated the portfolio was within parameters.

8 8 BENEFIT REVIEW April 2012 RETIREMENTS Name Date Service Time Type John Heller 4/7/12 13y, 1d, 6m Normal Building Services Vincent Wright 8/1/22 10y, 5d, 7m Vested Public Works Julian Urschalitz Police 12/1/32 6y, 6m, 10d Vested BENEFICIARY BENEFIT CHANGES Name Benefit Started Type Morris Drew N/A Terminated with refund of contributions Steven Sampier 5/1/12 Vested Benefit Alicia Damore 3/1/12 Remainder of 8 year benefit to 10/1/14 Martin Geary 5/1/12 Bonus Incentive Vested Benefit POST RETIREMENT DEATH Name Date Richard Long 2/26/12 Charlotte Grandon 3/13/12 BENEFIT REVIEW Mr. Darmanin made the motion to accept the Benefit Review as presented. Ms. Pfeiffer seconded the motion. The retirees and changes were reviewed. The Board accepted the motion unanimously. EDUCATIONAL CALENDAR Ms. Pfeiffer began a discussion on the days proposed as actual approved travel dates. A short discussion ensued. Mr. Desmond was instructed to change the appropriate dates on the calendar to reflect the Educational Policy change. Mr. Darmanin made the motion to approve the amended Educational Calendar as submitted and to allow Board members and staff, the Ex-Officio or his designee, who wish to attend, to do so in accordance with the Educational Travel Policy and to allow reimbursement of funds for such travel to be dispersed when available. Ms. Cameron seconded the motion. The motion passed unanimously. Mr. Desmond was asked to please disburse the amended calendar. BILLS Ms. Cameron made the motion to approve the bills as presented. Mr. Darmanin seconded the motion. The motion passed unanimously.

9 9 PLEASURE OF THE BOARD Chairman Bucci apprised the Board of an that had gone around suggesting that Mr. Palmquist do some work for the Budget Advisory Board. Chairman Bucci told Mr. Palmquist that he did not have authority or power to authorize or support payment for his services for the Budget Advisory Board. The City Manager stated that he would pay the bill of $1,200. Mr. Nesbitt who was on the Advisory Board told Chairman Bucci that the report was well done. Ms. Pfeiffer stated she attended the meeting, as did Mr. Desmond. She explained basically what they wanted to know was the effective annual rate of return was and whether or not the rate of return should be lowered. There was a thorough discussion and Mr. Desmond and Mr. Palmquist were very clear with their contributions at the meeting. Ms. Pfeiffer stated though she felt he misreported his recommendation to the GERS Board. He stated for the Advisory Board that he recommended the Board to lower the rate of return and in actuality he only referenced that it should be considered in the future, but not at this time. There was an in-depth discussion. BOARD COMMUNICATION TO THE CITY COMMISSION There was no communication to the City Commission at this time. Ms. Cameron made the motion to adjourn the meeting and to reconvene April 10, 2012 at 10:30 AM. Mr. Jones seconded the motion. The meeting was adjourned at 1:27 PM. As a member on the prevailing side, Mr. Darmanin, made a motion to rescind the motion to adjourn. Ms. Pfeiffer seconded the motion. There was still a quorum present of J. Bucci, D. Pfeiffer, M. Darmanin and J. Cameron. Due to pressing business, Mr. Dunckel had suggested the meeting needed to be recessed to date certain and not adjourned. Chairman Bucci wanted the record to reflect that Mr. Jones just returned into the room, so there is a healthy quorum. A discussion ensued. The consensus after checking everyone s calendars was to recess until April 10, 2012 at 10:30 AM. Ms. Cameron made the motion to recess until April 10, Mr. Jones seconded the motion. The meeting was recessed to April 10, 2012 at 10:30 AM. BOARD RECONVENED APRIL 10, :30 AM Chairman Bucci reconvened the meeting and roll call was taken. Present: Absent: John Le Bucci, Chairman Sean Jones, Secretary Mark Darmanin, Vice Chairman Julie Cameron Greg Slagle Darlene Pfeiffer Mark Burnam Doug Wood, Ex-Officio

10 10 Also Present: Alan Vordermeier, Vordermeier Management Co. Robert Dunckel, Assistant City Attorney David Desmond, Pension Administrator Jane Dyar, Pension & Recording Secretary Chairman Bucci explained that they were reconvening to continue discussion on real estate matter in regards to negotiations for a lease with a current tenant in the 4800 Building. Mr. Vordermeier explained in detail the new offer for Dr. Kessler and was turned down. Mr. Vordermeier then gave an offer of $11 a square foot offer with 1 month rent-free. The doctor s advisor, Mr. Pechter, did not recommend it and noted that breakdowns were not necessary and they would only consider $10,000 base rate per month period for 5 years with escalations of 3% that includes CAM charges. Chairman Bucci wanted to hear from the entire Board. A healthy discussion ensued. Mr. Darmanin stated his opinion was that it was too low, however after consideration of numbers and looking at the options, he felt he would accept the dollars but for a shorter term. He explained the breakdown of the numbers he calculated. He added that based on the current assessed value of the property, as fiduciaries the best decision would be to keep the current tenancy. Ms. Cameron felt that the time it would take to reconstruct the space for another tenant the lost revenue after the space had been renovated would never be recovered. She did not like the price either however she felt the lost revenue was worse. Mr. Jones stated his thoughts had not changed, he felt they should hold to $12 due to the market area. The upside is that it only makes up 1% of the total portfolio investments and there are real estate cycles that you go through. He is willing to walk from the deal. Mr. Slagle said that with Obama Care pending would there be a demand for medical space, he thought it might change. He presented the Board with several considerations. He felt breaking even taking the offer and make future plans. Ms. Pfeiffer explained that in her opinion she was concerned any agreement would result negatively to the new tenants. Mr. Dunckel advised the Board to deal with the cards that were on the table. He asked the Board to consider how long they could go on without money coming in on the property. He directed the Board to deliberate only on the best fiduciary interest of the Plan. There was an in-depth discussion. Mr. Darmanin made the motion to allow Mr. Vordermeier to negotiate the lease for $10 thousand a month, all-inclusive with a 3% escalator on the all-inclusive dollar amount, cumulative paid monthly or cumulative on an annual basis with the new term of the lease to start at the end of the existing lease of October 1, In addition he would like to empower Mr. Vordermeier to negotiate the 5-year lease down to a 3 or 2-year lease. Mr. Jones seconded the motion. An in depth discussion ensued. Chairman Bucci asked for a roll call vote: L. Bucci: yea, J. Cameron; yea, M. Darmanin; yea, S. Jones; nay, D. Pfeiffer; nay, G. Slagle; yea. The motion carried 4/2. Mr. Jones made the motion to recess date and time certain to Friday, April 13, 2012 at 11:30 AM. Ms. Pfeiffer seconded the motion. The motion passed unanimously. BOARD RECONVENED APRIL 13, :30 AM

11 11 Chairman Bucci reconvened the meeting and roll call was taken. Present: Absent: Also Present: John Le Bucci, Chairman Sean Jones, Secretary Mark Darmanin, Vice Chairman Julie Cameron Greg Slagle Mark Burnam Darlene Pfeiffer Doug Wood, Ex-Officio Alan Vordermeier, Vordermeier Management Co. Robert Dunckel, Assistant City Attorney David Desmond, Pension Administrator Jane Dyar, Pension & Recording Secretary Chairman Bucci gave the floor to Mr. Vordermeier to discuss the negotiations of the lease for Dr. Kessler. Mr. Vordermeier explained that the initial offer of a 3-year lease was turned down. He stated they were absolute regarding a 5-year lease. With that as the only change Mr. Pechter has approved the offers in the lease. There was a brief discussion. Mr. Darmanin made a motion to move forward with the approved lease, upon approval of the attorney. Mr. Jones seconded the motion. The motion passed unanimously. Mr. Desmond brought up the issue of the peeling paint on the 316 Building. Mr. Darmanin with the consensus of the Board gave Mr. Vordermeier direction to paint only the portions of the building front that had peeled. Mr. Darmanin made a motion to modify the minimum number of bathrooms needed to comply with ADA standards and make the Kessler space lease able. Ms. Cameron seconded the motion. There was a discussion regarding timing the work to be the least invasive or disruptive to the tenants. Ms. Cameron amended the motion to include having Mr. Vordermeier get bids from Pro-Built by April to modify the minimum bathrooms required to meet ADA standards in the Kessler space and to give the Real Estate Committee Chair the authority to approve the proposal up to and not to exceed $30 thousand. Mr. Jones seconded the motion. The motion was accepted unanimously. Chairman Bucci asked for an update on the 300 Building. Mr. Darmanin stated there was a glitch with FPL on the removal of the unit they own, however they need to turn off the power to the block and there has been an issue with that. He stated he though the week ending April 14, 2012 might be the date they complete their task. Mr. Darmanin made the motion to adjourn. Mr. Slagle seconded the motion. The meeting was adjourned at 11:46AM.