Voting Q&A and Meet The Candidates, Wednesday May 21st @ 7pm

In an effort to raise community awareness about the importance of voting in our co-op -- which is, after all, a mini-democracy -- several members of the Yahoo Group (including me) assembled information about the current candidates and voting procedures.

And, yes, we've been standing around in the lobbies during the evening, meeting many of you and sharing thoughts and concerns.

For your convenience, those documents are posted in their entirety here.

We hope to see all of you at the Meet the Candidates forum next week!

Dear Shareholder,

Over the last few weeks, some of the shareholders have been gathering the answers to some “frequently asked questions” about University Towers, the Board and the upcoming election procedures. This information was collected during informal meetings, as well as from the Yahoo Group.

Attached is a document which we hope will assist the shareholders in better understanding the procedures involved with the Annual Meeting and Election of Board of Directors, as well as knowing a little moreabout the role the Board plays in the University Towers community.

Please read through them so you are fully aware of the procedures.

If you have a question that is not represented, or if you’d like clarity on any of these answers, you should contact a member of the current Board of Directors. Their contact information is below.

The following individuals are running for the Board in the June, 2008 election:

Doug Boettner

Current Board President, Shareholder
191 Willoughby Street
dboettner@universitytowersapts.com .

Tania Gordon

Current Board Vice President, Shareholder
191 Willoughby Street

tgordon@universitytowersapts.com

Rodney Hurley

Current Board Vice President, Tenant
122 Ashland Place
rhurley@universitytowersapts.com

Jeff Kagan

New Board Candidate, Shareholder

191 Willoughby Street

jeff@kaganville.com

Robin Lance

Current Board Vice President, Shareholder
191 Willoughby Street
rlance@universitytowersapts.com

Diana Leidel

Current Board Vice President, Shareholder

122 Ashland Place

dleidel@universitytowersapts.com

Thank you,

Residents Group of University Towers

Annual Meeting & Election: Frequently Asked Questions

What is the purpose of the Annual Meeting and Election of Board of Directors?

Every year, in accordance with the by-laws of University Towers, the shareholders must gather for a meeting (called the “Annual Meeting”) at which time the Board of Directors and Management report on the current status of our co-op, as well as upcoming plans, and a recap of the past year. At this meeting, an election is held to decide who will be elected to serve on the Board for the next 12 months. Shareholders each get a specific number of votes, depending on the number of shares they own in the co-op, and they cast these votes for the candidates of their choice.

To summarize the “big picture,” there are 7 seats on the Board of Directors at UTAC. Because over 70% of UTAC shares have been sold, shareholders vote for 70% of those Board seats—currently 5 seats out of 7. Theremaining two seats belong to the sponsor, Rothenberg & Rosenfield, Inc. (RRI), and shareholders do not vote for those. At some point during the year, we expect that new apartment sales will push us over 80% sold, and we will gain another Board seat (and RRI will lose one).

Who is running? How do I learn about the candidates?

Come to the Meet The Candidates event on Wednesday, May 21, 2008 at 7:00pm in the Community Room at 122 Ashland Place. The candidates will be part of a moderated Q&A session, and after, they will answer shareholder’s individual questions. If you are unable to attend this event, feel free to contact the candidates via email.

In an effort to educate voters on each candidate’s positions on hot topics, a questionnaire will be distributed to each candidate. Their answers will be made accessible to shareholders as soon as possible. All candidates will be encouraged to return this questionnaire along with any other items they wish to be considered with their profile.

Why should I vote?

Your vote is VERY important in each election. As a shareholder, your participation in this process is crucial for two reasons: First, it is necessary that a quorum exists before the election can qualify as legal, meaning there must be a minimum of 51% of the shareholders participating the election, either in person, or by proxy.

Without 51% shareholder participation, the meeting is canceled and rescheduled for a future date.

Second, your participation works to your benefit, by helping to select the next group of Board Members who will represent YOU in decisions about the UT community. Please take the time to stand up and be counted in theelection process.

How do I vote? How many votes am I entitled to?

Voting takes place at the Annual Meeting, which will be held at the Long Island University Campus, 1 University Plaza, on Monday, June 9, 2008 at 6pm. Please arrive early to check-in.

For now, what is important is that shareholders are voting to fill 5 seats.

At the Annual Meeting, first, determine the total number of shares you have to vote:

Multiply your shares by the number of non-sponsor Board seats. Again, for the June 2008 election, there are 5 non-sponsor Board seats. This is the total number of votes you have.

You may distribute your votes across the five candidates in any way you choose.

For example, a shareholder in Apartment 4-X has 802 shares. That shareholder will multiply 802 by 5 (the number of non-sponsor Board seats) and get the number 4,010. This is how many votes that shareholderhas. These 4,010 votes may be used however you choose.

IMPORTANT: Do not exceed the maximum number total votes, or your entire ballot will be disqualified and none of your votes will be counted.

Here are some vote distribution samples:

Sample A: You may cast all of your votes for one candidate.

Candidate 1 ---------- 0
Candidate 2 ---------- 0
Candidate 3 ---------- 0
Candidate 4 ----- 4,010
Candidate 5 ---------- 0

Total votes: ---- 4,010

Sample B: You may divide your votes up in different amounts, as long as they add up to the total you’ve calculated.

Candidate 1 ----- 1,000
Candidate 2 ------- 500
Candidate 3 ----- 2,000
Candidate 4 ------- 500
Candidate 5 -------- 10

Total votes: ---- 4,010

Sample C: You may divide your votes up in equal amounts, as long as they add up to the total you’ve calculated.

Candidate 1 ------ 802
Candidate 2 ------ 802
Candidate 3 ------ 802
Candidate 4 ------ 802
Candidate 5 ------ 802

Total votes: ---- 4,010

When do I vote?

At the Annual Meeting on Monday, June 9, 2008 at 6pm. RRI has mailed the details to all shareholders already, well in advance of the meeting.

What if I can’t make it to the Annual Meeting?

Your votes are still very important! You may vote by proxy. A proxy is another person (shareholder or non-shareholder) whom you designate to vote on your behalf. A proxy form is attached to this packet for your convenience.

How do I fill out a proxy form?

See below. The first priority is to designate your proxy. Fill out a Proxy Form and return it to the Management Office at 191 Willoughby Street in Brooklyn, or to Rothenberg & Rosenfield, Inc. at 505 Park Avenue, 17^th Floor, New York, NY 10022.

This is what the first section of the Proxy Form looks like:

IMPORTANT: If you do not cross out the names “Michael L. Rothenberg, Daniel L. Rosenfield,” your proxy will automatically be Rothenberg and Rosenfield (the Sponsors), regardless of whom you indicate on the line below. If you write in a proxy name, you must cross out the sponsor’s names to make your choice of proxy eligible.

The person you choose as your proxy must attend the Annual Meeting at LIU on Monday, June 9, 2008, 6pm. They must bring identification. The election hosts will hand your ballot to your proxy. The proxy must then fill out the ballot as illustrated above. The individual you select to be your proxy should be someone you know and trust to vote of your behalf.

What are the responsibilities of the Board of Directors?

The Board of Directors ensures sound management of the co-op resources; acts as trustees on behalf of the shareholders; sets long-range goals and plans for the future.

To fulfill these responsibilities, the Board of Directors oversees many aspects of the University Towers Community including hiring and evaluating co-op management, long-range strategic planning, financialoversight, interviewing potential buyers, security issues, and the general quality of life of the residents.

The Board is required to meet approximately every 6 weeks for its regular Board meetings. Additionally, the Board meets once a month to interview prospective new residents and it is expected that Board members chairone of the Board committees and attend those meetings.

May I run for a Board seat?

Yes. Anyone may run for the Board. Shareholders will receive an information packet about the Annual Meeting in the mail. If you are not a shareholder, you should be able to obtain a packet from the ManagementOffice. You are encouraged to promote your interest as a candidate by coming to the Meet the Candidates event, as well as posting comments on the University Towers Yahoo Group and University Towers Blog.

I’m not interested in being a Board Member, but how else can I get involved?

There are so many ways to get involved at University Towers! Here are some:

• Initiate ideas and post them to the Yahoo Group for discussion. The Yahoo Group can be found at (http://groups.yahoo.com/group/universitytowers).

• Join a committee: Quality of Life, Security, Finance, or one of the ad-hoc committees that are created from time to time (e.g. Holiday Party, Easter Egg Hunt, etc.)

• Have a good idea? Write a brief proposal and pitch it to the Board.

• Write an article for the University Towers Blog (http://universitytowers.blogspot.com/)

Shareholders’ Meeting - 2/26 Tuesday, 7pm-9:30pm

"Unofficial" notes taken by the ever wonderful Kiko. Many thanks!!

(40-50 Residents attendance)

1. Jed Marcus, a guest speaker from Fort Green Association (FGA) http://greenfgch.org/

-a. The organization’s GOALS at local level:

--i. To lower global warming

--ii. To raise awareness about resources

----1) Everyone can participate

----2) You don’t have to spend a lot

C Mail-in responses for wind/hydro powers

▪ http://www.conedsolutions.com/residential/greenpowermain.htm

▪ ConEd’s (your electric company) customers pay ONLY few cent’s more per kwh for choosing “green power” (I pay about $35-$40/mo in winter time for studio apt, FYI with ConEd solution option)

-3) Compact fluorescent light bulbs sales via local stores

▪ Uses ¼ electricity

▪ Lasts 10x longer

▪ $100 saving over the 1 bulb lifetime

-b. Since mid 2007…

--i. FGA assisted City Department of Parks and Recreation (DPR) with Bloomberg’s tree projects in Fort Green area

--ii. FGA assisted City to install “Green Streets” – to help naturally soak up CO2

--iii. FGA encourages ConEd’s Solutions (bullet 1.a.2)

--iv. FGA distributes compact fluorescent light bulbs (bullet 1.a.3)

--v. FGA circulate “green maps”

-c. How people, organization/group, office/business use energy – what can “we” do?

--i. Are they using recycle products – reuse shopping bags?

--ii. Your dry cleaners – ask to reuse the hangers?

-d. Participate as a LEADER to reduce environmental impact at local level?

--i. Caring for newly planted DPR trees – watering, education

--ii. Green power/energy – information in lobby area

--iii. Sell FGA’s bulbs in co-op buildings (Kiko is working out the details w/ Jed for UTAC, stay tuned….)

2. Property Manager’s Report – operational aspects only, by Micheal U.

-a. 122 gas situation

-b. 122 black out – due to faulty fuse

-c. 191 dryers to be replaced by similar units as 122 within the next 1 month

--i. Major plumbing issues, sewer relocation, $$$ to be paid by vendor – currently in negotiation

--ii. Down-time about 1 week, forecasted

-d. Security – Committee has been meeting monthly

-e. Upcoming Spring 2008 work

--i. Re-striping/re-aligning/re-#-ing the parking spaces.

--ii. Perimeter sidewalk repairs at Fleet Street and tree roots

--iii. Elevator modernization

---1) Updating electrical and wiring to each cabs

---2) New drive machine

---3) Intercom/video capabilities

---4) Cab interior upgrade

---5) 10-12 week down-time per cab

---6) 12-week lead time after down-payment & order until delivery

---7) 1st start will be 191 – new/latest change

---8) 175 is next at this time, subject to change

---9) 1.5-year project – 12-week/cab x 6 cabs = 72 weeks

---10) Q: what happens during work if the only working elevator fails?

-----A: another co-op with the same set-up w/o freight/back-up elevator had done the same project previously; Board is investigating this case study.

--iv. 122/191 rear swiper card access now available

--v. Generator project – board approved

▪ Minimal lights among public space only

▪ 1 elevator cab per building

▪ Hallway and lobby only

▪ Parking lot lights

▪ Project at engineering phase

▪ People in need of assistance is already on list with the Building Security and ConEd

--vi. 122 Community Room use is UP – good news

▪ The current damage deposit of $100 may need to go up? If & when there is carpet damage, it is going to cost more than $100 to clean up

--vii. Vent shaft has never been cleaned. Michael U. has reminded the Board (since this topic had been brought up in Summer 2007 Shareholders’ Meeting) to visit this topic.

--viii. Q: vents – what’s up?

-------A: in general, inspection occurs 1x/month. There is a screen at the very top; if it gets clogged, ventilation will not work. There is also a fan belt; if it breaks, it will fail. In winter season, sometimes there will be positive pressure (air incoming into the apt) due to high winds, but otherwise, ventilation should work normally. In winter time, sometimes, the vent wants to be closed to keep your heat in your apt and not get vented out for obvious reasons. Grating inside your apt must be cleaned regularly. If necessary, handymen will help remove the grating but “not” clean for you.

--ix. Q: 191 Laundry Room Ceiling Plumbing – when will it get fixed (this particular damage has been there since last summer-ish)?

-----A: Micheal U. will not wait for next Board Meeting; he will submit request for sewer work approval to Board ASAP.

--x. Q: heat in 122 – what is the matter this year?

-----A: Michael U. to investigate each unit who report.

--xi. Q: UTAC e-mail request not working?

-----A: when submitting, one must attention to Michael U. and follow up as well.

3. Security – by Robin

-a. Has been led by Michael U. and Robin

-b. Meetings with Security Company Management since Summer 2007

-c. Seeking for PERFORMANCE from Security Company

--i. To do list

--ii. Nothing specific to share with Residents b/c it’s a long list

-d. New Account Manager on Site

--i. More time to be spent

--ii. Hope for BETTER PERFORMANCE

-e. Security Handbook – DRAFT

--i. Completed and submitted to Board

--ii. May be able to share with Residents at next Shareholders’ Meeting?

-f. Guards must wear their nametags

-g. High turn-around among GUARDS – PROBLEM?

-h. High turn-around among TENANTS (renters) – PROBLEM?

--i. Guards

--i. Unable to speak English???

--ii. Unable to read English???

--iii. Un-trained???

-i. Forms – Shareholders to take RESPONSIBILITY & INITIATIVE

-j. If noise complaint WITHIN UTAC….

---1) CALL Security and inform

---2) FILE complaint in writing on FORM

▪ Request INCIDENT FORM to be completed by the Guard

▪ If Guard does not, do it yourself

--i. 1 copy to MGMT

--ii. 1 copy at Security

--iii. 1 copy for you

▪ YOUR OWN RESPONSIBILITY TO FOLLOW UP

-k. Package issues – continues…

--i. Robin had asked Security Company “if they had enough keys” and they told her YES

--ii. Residents had been told by Guards that, there are not enough keys, when Residents are not informed of their packages arrival

--iii. Packages continue to be MIA

-l. 191/5th Floor

--i. Strangers?

--ii. Possible daycare operations?

-m. 191/10th Floor

--i. Previous 2 weeks – loud music 2am, 5am

-n. 191/9th Floor

--i. Dog issues

---1) Smell

---2) Barks

4. Quality of Life

-a. Playgroup

--i. Parents only program – no sitters, no grandparents

--ii. Up to 3 kids per parent

--iii. Clean up your own

--iv. 2 volunteers on floor at all times

--v. Sign-up – membership program

--vi. Possibly insurance/liability issues to be resolved next week

--vii. Only a “pilot” project for winter time and not summer time & only when there is no other events in 122 Community Room

--viii. Door must be locked at all times to prevent non-members to enter – liability issues

--ix. Access only accompanied by Guard and only after sign-in – liability issues

--x. This is “not” a nursery

--xi. No sitter/daycare programs will be allowed

--xii. Q: what will happen to the maintenance/up-keep of 122 Community Room? Who will pay the extra wear & tear from “kids?”

-----A: clean up by parents, no refrigerator/food storage, no spillage, only “pilot program – if it’s a problem, it will not happen/go.

--xiii. Q: why is Board so worried legally only in 122 Community Room? Why not Playground? Why not anywhere else in the Complex? How is 122 Community Room different?

------A: no specific answer…, it was only said that the room was not intended for such use.

-b. Spring Egg Hunt

--i. Saturday, March 22nd

--ii. Planning Meeting, Tuesday, March 4th, 7p for volunteers

5. Co-op Finances

-a. Forgiveness Debt Act

--i. Deduct your mortgage interest

--ii. You should have received a Form from MGMT by now; if not, contact MGMT

-b. 0% increase in maintenance this calendar year

--i. Air rights – compensate shareholders $4.4 millions in bank

--ii. Recession

--iii. Operational budget is UP

---1) Details in Finance Committee

---2) For capital projects

--iv. Capital budget = $5.8 ± million

---1) $440+ k before air rights

---2) $1.3 million held per mortgage pre-air rights

---3) $4.4 million w/ air rights

-c. Mortgage refinance?

--i. Save on interest?

--ii. Volatile market – interest rate / treasury note forecast

--iii. Pre-payment penalty

--iv. Conclusion 􀃆 not good option

--v. Current return - 4±%

-d. Developer for 3 condos may sell out?

--i. Q: should UTAC consider purchasing the land to acquire the entire BLOCK to enhance property/investment value?

----A: too expensive – it’s not something we can afford.

-e. Garden apt

--i. 175/Unit 1P - $375k each have been sold to LIU as professional spaces

-f. Current 175 LIU professional spaces will be sold back to sponsor; they have been assessed at $1.5± million

6. Capital Projects

-a. Generator

--i. Elevator – only for elderly and needy use (others expected to use stairs)

--ii. Water

--iii. ASK OURSELVES: what do we really need to survive the 24-48 hours? Remember/think back to the last black out.

--iv. Evacuation

--v. ID who needs assistance

--vi. Communication/notification system – non-cell phone/e-mail

---1) Mega-phone

---2) Door-to-door

---3) Local precinct

--vii. Parking spots

---1) Resurfacing has been approved for Spring – 7 previously approved “new” spots north of 122

---2) Additional 15 newer spots have “not” been approved by Board, yet – this is the area with TREES….

▪ This is to be further studied, thus, these trees are not in any imminent danger; the project is on hold.

▪ Old & large trees overhang to the developer’s side – may have to come down; too large to re-locate.

▪ A Resident has submitted alternative parking layout to save trees – this can be viewed at http://kaganville.com/ut/trees_1.gif http://kaganville.com/ut/trees_2.gif

▪ If interested in newer parking spaces, call MGMT to get on “wait list.”

▪ The newer parking spaces – the 1st 7 spaces will go to the Sponsor, for 270 spaces are Sponsor’s by default. Any spaces beyond 270 will be open to non-Sponsors.

7. Suggestion was made to make the parking lot more pedestrian friendly

8. Suggestion was made to put benches in the Complex

9. Update – gas loss, possible credit to maintenance for 122 Residents from the days they had no gas services.

-a. This inquiry was brought up at recent QOL Meeting; it is in process of being looked into