30 Fifth Avenue

INFORMATIONAL MEETING OF SHAREHOLDERS

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30 FIFTH AVENUE OWNERS, INC.

AUGUST 16, 2011

An Informational Meeting of Shareholders of 30 Fifth Avenue Owners, Inc. was held on August 16, 2011 at 7:00 PM at the Salmagundi Club, 47 Fifth Avenue, New York, N.Y.

DIRECTORS PRESENT                      DIRECTORS ABSENT

WILLIAM G. HIPP                                    JUDITH MOSKOWITZ

JEAN SOMMERFIELD                             BARBARA OLTON

BRUCE ADAMS JACK DAY

JUNE DWYER

RICHARD MAUTNER

GENE SECUNDA

ALSO PRESENT WERE:

Lisa Jensen and Shirley Harte representing the managing agent, Terris Realty LLC and Michael Rozykci, the Corporation’s accountant, from the accounting firm.

Mr. William Hipp, President of the Corporation, called the meeting to order at 7:10 PM and presided as Chairperson.

Mr. Hipp introduced the Directors, and the managing agent, and then welcomed all shareholders to the meeting.

PRESIDENT’S REPORT

Mr. Hipp spoke briefly thanking shareholders for attending the meeting.

The floor was opened to the shareholders;

The following questions were raised;

Real Estate tax protests – Each year the building workers with the law firm of Podell Schwartz et all for the protesting of real estate taxes.  Michael Rozycki reported that the building had just recently been successful for a reduction of the real estate taxes, but was unsure if the reduction would be posted by the City in time for the October 1, 2011 tax payment.

Flip Tax –the group present felt that the use of the flip tax to offset short falls of the operating fund should no longer take place.  The Board stated that the flip tax would be placed into the reserve account in excess of $100,000.00 as this year it had been budgeted for this amount.  The matter would be reviewed again during the review of the 2012/2013 operating budget.

Assessment vs. Maintenance increase – The Board discussed the imposition of an assessment vs. a maintenance increase.  The assessment had had been put into place was for specific line items of the 2010/2011 operating budget – i.e. flip tax and fuel cost increases. It was felt that having the period of time spread over a longer period of time should work better for shareholders while planning their own budgets.  There was a short fall of _________ from the 2011/2012 operating year.  This will need to be rolled into the 2012/2013 budget if the short fall remains after the end of the fiscal year.

T-Mobile – Management announced that due to the upcoming merger with At&T, T-Mobile had advised the corporation that they would be removing their equipment from the building.  This loss of revenue has been updated on the budget attached.

Cost of #6 fuel – although there has been a slight drop in the cost of #6 fuel there is a cost variation throughout the year and the board will continue to monitor this expense on a monthly basis.

It was discussed that with the new regulation imposed by the City of New York, the building is required to upgrade the boiler equipment to allow for the system to operate using #2 or 4 oil and natural gas.  The Board reported that they had recently engaged a mechanical engineer for the preparation of specifications for the replacement of the two boilers.  This project would be funded with proceeds from the refinancing of the underlying mortgage in December 2012.  Budgetary numbers are currently approximately $1,000,000.00.

As part of new requirements from the City the building has recently started the process of the Local Law 87, Level III Energy Audit.  This report will be prepared by Ecological.  They had recently completed and filed the Benchmarking Report which had been required by the City of New York.

Installation of a Gym – Management reported that they had recently met with Michael Shaw of New York Personal Training.  His firm has performed the installation of gyms in numerous other cooperatives in the City.  We had reviewed an area located adjacent to the office of the superintendent.  Due to the configuration of the space and ceiling height he felt that the space would not be approved by the Dept. of Buildings to be utilized for this type of space.

Management stated that the next cycle for Local Law 11 would take place 2012.  If work is required these monies would also be added into the new underlying mortgage amount.

Staffing – It was discussed a possible reduction of the weekend service elevator operators.  From the group that were present security within the building was more important that having a reduction of services during the weekend.

It was announced that new laundry equipment would be installed in the later part of October 2011.

Web Site – the web site for the corporation will be in operation shortly and we hope that all will take the time to utilize the features.