Riverfront Board Meeting Conduct Continues to Deteriorate

 

On April 22 at 3pm Riverfront Board Meeting took place to discuss:

To see the video please CLICK HERE

1. The adoption and appointment of a Litigation Committee requested by Troy Taylor

2. Architecture/Beautification Committee proposed by Christine Michaels

3. Budget/Finance Committee proposed by Christine Michaels.

At the onset of the meeting Christine mentioned that the owners were not properly notified. Mint manager never sent the email notification. The Riverfront Master manager Rolando Cerit (FSR) could have sent email blast as prior manager had done in the past.  Eddie Valdes indicated the Manager fulfilled the minimum requirements.

Minutes of Meeting to approve for July 16, 2020 were missing.

Minutes of Meeting to approve for December 10, 2021 were incomplete.

Troy Taylor and Shahab Karmely appointed themselves for new Litigation Committee to oversee the pending lawsuit where Troy Taylor and Shahab Karmely are the defendants. All owners that were permitted to speak raised concerns that while this may or may not be legal, it certainly was not ethical and opposed such appointment.  Other owners volunteered for the committee. Their offer to volunteer was not considered.

Christine Michaels and Maria Elena Negrin voted against the appointment of Arie Tenzer, Troy Taylor and Shahab Karmely to the Litigation Committee.

Meeting again ended abruptly after outbursts from Troy Taylor and Shahab Karmely. 

Board never discussed possibility of other committees for more owner participation.

Alarming Discoveries at Mint and Master Associations

Dear Riverfront Unit Owner,  [For SPANISH translation version click here]

These are very challenging times in the face of the most contagious pandemic in our lifetime. There are obvious implications with regards to physical and financial well- being. We hope that you and your family are safe during this crisis.

This letter is to speak to you as fellow investors at the Riverfront Condos. If the financial crisis of 2007-2008 was devastating, indicators suggest the fallout from coronavirus could be catastrophic on many levels. So how do we protect our investment?

We are a growing number of concerned unit owners gathered to address the leadership surrounding our financial investment at the Mint, Wind, Ivy and Master Associations.  To endure the impact and to minimize damage of COVID-19 requires leadership that is capable, transparent and ethical. Alarming events in past months have raised grave concerns about the current leadership, particularly at the Master and Mint Associations.

For example, Mint owners received an email on Sunday March 29 listing all the improvements made at the building without a special assessment or significant maintenance increase. For any person who has owned and lived in a condo for many years and closely follows the operations alongside the budget, knows this is not something to be proud of.  Quite the opposite. It is cause for great concern.

As investors, we must look beyond the superficial, beyond the glistening aesthetic appearance to understand the financial soundness.  The discovery of unapproved actions and expenditures and unnecessary maintenance increases has set off alarms.  For financial well-being or even survival as we enter turbulent times demands new leadership, a new board of directors with core ethical principles.

ALARMING DISCOVERIES AND QUESTIONS AT MASTER & MINT

Upon receiving a copy of the Master Association budget a number of red flags were raised. 

· Why is there a 56% increase in utilities when the average FPL increase is well under 10%?

· Why is there a more egregious 80% increase in water usage?

· Why did the Master board assign the only 2 marina boat slips to themselves (to the Mint President and the developer), without opening it up to owners of Association when we have 1500 unit owners?

· Why should the Mint President (Troy Taylor) only pay $1200 per year for the boat slip, when the average market value is $7-10k/month?

· Did you know the Mint & Master President Troy Taylor benefits from the Marina by earning $7-10k a month from sublicensing the slips to outside persons? Are you aware that sublicensing to non residents is against the bylaws of the Master?

· Why do we have to pay an increase of 36.2% for the Master Association while the Mint President pays ZERO increase for his marina boat slip, whose “rent” goes to the Master Association?

· Why did we pay over $200k for the Marina improvements but we are not earning any revenue from it to offset other costs? This could lower our maintenance!

· Why is there no expiration date on the marina lease with the Mint President? It is an evergreen contract, automatically renewed each year.

· Why have we been paying for the water and electricity for the yachts? Is this why our water bill is up 80%?

· Why are Master Association meetings only conducted weekdays during the day while most owners are at work?

MINT OWNERS: 

Artwork

You may have noticed the dark artwork in our light, airy lobby. Did you know we are “renting” the artwork from the artist in Atlanta for $5,300 a month? This is highly unusual.  Why rent when the artwork sells for $5k to $10k? In our findings we learned that Troy Taylor is part owner of an art gallery (ZuCot) in Atlanta that represents the artist Julio Mejia. Payments for the rent are sent to Art Premiere Inc., with the same address and phone as the gallery. There was also no Board meeting to discuss or vote on this $64k a year expenditure to inform owners.  Isn’t this against the bylaws? Payments have now totaled $85k to date. We appreciate fine art and décor but who is really benefiting? Where is the transparency?

Why replace the beautiful mirrors in lobby with this harsh artwork that is costly?

Where are those mirrors?

Casa Design 

The remodeling of our hallways  has commenced this month (March 2020) with  Casa Designs + Interiors Inc (an unlicensed contractor). Casa Design was awarded the $1.3 million project to remodel our hallways even though some Mint board members felt concerned with the appearance of the board having a personal preference with the contractor Casa Design and that they felt uncomfortable approving the job with Casa Design. Click here to learn more. 

So why did Casa Design get the job?

Structural Defects
So how is the Mint able to undertake so many projects totaling millions of dollars without a special assessment?  One possible answer: Money that was suppose to fix structural defects is now going to aesthetics like the hallway remodel. This is a natural concern as it involves structural soundness and safety. Click here to learn more.

Isn't this negligence? 

Why spend money on artwork 
and instead use funds towards fixing structural issues?

Missing Published Minutes of the Meeting
In 2019 there was more than one Board meeting held where Minutes (documentation) of what occurred have never been published. Why? Could it be that a board member came with a thick file and wanted to share some concerns about the Mint President Troy Taylor? The manager follows directions of the President and perhaps was instructed not to publish the Minutes. Owners are encouraged to demand the minutes be published and approved by the board as soon as possible in a board meeting. 


ALL OWNERS:

In November the Riverfront Master passed a $1.9 million budget which represented a  36.2% increase. The Mint & Wind associations never sent an email to their owners advising about this important meeting to discuss the significant $400k increase before it was passed. A notice may have been legally posted but it was not clearly visible. Two Mint owners attended as they learned about it from our neighbors at the Ivy. Only the Ivy management sent an email to their owners.

We believe in improvements for a better and stronger security, but the bulk of the increase for the security at the Master Association was for a new security team which has not proven to be any better than the previous team. We believe in improvements of our beautiful condominium, but not at unnecessary costs and risk of physical harm. We believe it is time to pare down exploding budgets and make board members accountable!  Therefore, we need a change for more transparency and revised ethical procedures to benefit all owners, not just select board members.

What is the fastest, best, and most cost effective way to change this? Through elections! The Mint elections are coming up in May.  The Wind elections are at the end of the year.  

WE NEED NEW LEADERSHIP, A NEW BOARD OF DIRECTORS!

PLEASE visit the website to learn important details:

http://www.riverfrontcondosmiami.com 

On this website you will find official documents such as the association budget, the marina leases, and amendments.  Please visit this website regularly for updates.

Important Next Steps for MINT OWNERS:

1. WE NEED YOU. Please consider running for the board of directors! You do not need to live here to contribute. Board members can phone in. But our association needs new leadership!  You may run for the Mint Board or serve as representative to the Master Association or both. Candidate forms have been sent by the Mint Association. You should have received it in mail.

2. REQUEST ELECTRONIC VOTING.  It´s affordable and easy to add. More associations are switching to electronic voting. To implement this system, you must email the Mint Manager formally requesting that the Mint Association switch to electronic voting. This will help ensure unit owners abroad have a chance to vote in their investment instead of relying on paper ballots that take weeks to mail and risk arriving after elections. 

3. PLEASE VOTE. Even if you do not run for the board, the most important step is to VOTE in your upcoming elections in May.  We need over 100 votes! If not enough owners vote, the current board automatically remains.  YOUR VOTE IS EXTREMELY IMPORTANT TO REACH QUORUM.

4. STAY INFORMED. Please send your name, unit #, and contact phone number via email to ownersriverfrontcondos@gmail.com to be added to the distribution list for important updates.

Please do not hesitate to ask any questions via email! We understand this can be confusing.  A Mint owner (non-board member) will be more than happy to reply.

Please be safe during this pandemic.

Sincerely,

Concerned owners at the Riverfront Condos, Miami FL

ownersriverfrontcondos@gmail.com

Descrubimientos Alarmantes sobre su Inversion en el Mint & Master Associacion

Estimados propietarios del Riverfront-- Mint, Ivy and Wind:

Estos son tiempos muy desafiantes ante la pandemia más contagiosa que hemos enfrentado en nuestras vidas. Hay implicaciones obvias con respecto al bienestar físico y financiero de todos los dueños e inversionistas de nuestra comunidad.  Esperamos que ustedes y sus familias estén a salvo durante esta crisis.

Esta carta es para hablarles como colegas e inversionistas de los Condos del Riverfront. Si la crisis financiera del 2007-2008 fue devastadora, los indicadores sugieren que las consecuencias del Coronavirus serán catastróficas en muchos niveles. Entonces, ¿cómo protegemos nuestra inversión?

Somos un grupo de propietarios muy preocupados y nos hemos reunido para direccionar el liderazgo que rodea nuestra inversión financiera en el Mint, Wind, Ivy y en la Asociación Master (compuesta por los tres edificios). Para soportar el impacto y minimizar el daño de COVID-19 se requiere un liderazgo capaz, transparente y ético. Pero eventos alarmantes en los últimos meses han generado serias preocupaciones sobre el liderazgo actual, particularmente en las Asociaciones del Master y del Mint.

Como inversionistas, debemos mirar más allá de lo superficial, más allá de la brillante apariencia para comprender la solidez financiera. El descubrimiento de acciones y gastos no aprobados, y de aumentos innecesarios y no justificados en el mantenimiento, han disparado graves alarmas. Para el bienestar financiero e incluso la supervivencia financiera, a medida que entramos en tiempos turbulentos, se requiere un nuevo liderazgo, una nueva junta directiva con principios éticos fundamentales.

ALARMANTES DESCUBRIMIENTOS Y PREGUNTAS PARA EL MASTER ASSOCIATION & EL MINT

Al recibir una copia del presupuesto de la Asociación del Master, han salido a relucir un número de alertas rojas.

• ¿Por qué hay un aumento del 56% en los servicios públicos, cuando el aumento promedio de FPL es muy inferior al 10%?

• ¿Por qué hay un aumento notorio del 80% en el agua?

• ¿Por qué la Junta directiva del Master asignó los dos únicos muelles de la marina entre así mismos (al presidente de la asociación del Mint y al constructor), sin ofrecer estas opciones a los 1,500 propietarios?

• ¿Por qué debería el presidente del Mint solo pagar $1,200 por año por el arrendamiento de uno de los muelles, cuando el valor promedio en el mercado es de $7,000 a $10,000 al mes?

• ¿Sabías que el presidente del Mint & el Master, Troy Taylor, se beneficia del subarriendo de la marina al ganar entre $7,000 y $10,000 al mes? (Tenemos pruebas). ¿Eres consciente de que esto va en contra de los estatutos de la Asociación del Master?

• ¿Por qué tenemos que pagar un aumento del 36.2% por la Asociación del Master, mientras que el presidente de la misma paga CERO aumento por el arrendamiento de su muelle en la marina, cuya "renta" va a la Asociación del Master?

• ¿Por qué pagamos más de $200,000 por las mejoras de la marina, pero no estamos recibiendo ningún ingreso para compensar otros costos? ¡Esto podría reducir el costo de nuestro mantenimiento!

• ¿Por qué no hay una fecha de vencimiento para el contrato de arrendamiento del muelle en la marina del presidente del Mint? Es un contrato indefinido, que se renueva automáticamente cada año.

• ¿Por qué hemos estado pagando por el agua y la electricidad de los yates que anclan en nuestros muelles en la marina? ¿Es por eso por lo que nuestra factura del agua ha subido un 80%?

• ¿Por qué las reuniones de la Asociación del Master solo se llevan a cabo entre semana, durante el día mientras que la mayoría de los propietarios están trabajando?

PROPIETARIOS DEL MINT:

Arte
Es posible que usted haya notado las  obras de arte oscuras y fuertes en nuestro luminoso y espacioso lobby. ¿Sabía que estamos "alquilando" esas obras de arte de un artista de Atlanta por $5,300 al mes? Esto es muy inusual. ¿Por qué alquilar estas obras de arte cuando las mismas se venden entre $5,000 y $10,000? En nuestros descubrimientos encontramos que Troy Taylor es copropietario de una galería de arte que se llama (ZuCot Gallery) en Atlanta y esta misma representa al artista Julio Mejía, autor de las obras en nuestro lobby. Los pagos del alquiler se envían a una empresa llamada Art Premiere Inc., la cual tiene la misma dirección y teléfono de la galería de Troy Taylor. Tampoco hubo una reunión de la Junta para discutir o votar sobre este gasto de $64,000 al año para informar a los propietarios. ¿No es esto en contra de los estatutos? Los pagos hasta la fecha van por un total de $85,000. Apreciamos la buena arte y la decoración, pero ¿quién se beneficia realmente? ¿Dónde está la transparencia?

Casa Design
La remodelación de  nuestras corredores ha comenzado este mes con Casa Designs (un contrastista sin licensia). Casa Design obtuvo el contrato por $1.3 millones para remodelar nuestros corredores incluso cuando algunos de los miembros de la junta  (Board) estaban preocupados sobre la apariencia de que el Board tenia una preferencia personal con el contratista Casa Design y se sintieron incomodos aprobando el trabajo con Casa Design. Haga clic aqui para obener más información. 

Defectos Structural
Entonces  ¿cómo  puedo el Mint emprender tantos proyectos por un total de millones de dólares sin una "special assessment" ? Una respuesta: el dinero que se suponía se utilizaría para reparar los defectos structurales del edificio, ahora ciertos fondos se destinarán a la estética, por ejemplo, la remodelación de los corredores. Esto es de gran preocupación, ya que implica riesgos a la solidez  estructural y seguridad. Haga clic aqui para obtener más información. 

TODOS PROPIETARIOS:

En noviembre, la Asociación del Riverfront Master aprobó un presupuesto de $1.9 millones que representó un aumento del 36.2%. Las Asociaciones del Mint & el Wind nunca enviaron un comunicado a sus propietarios para informarles sobre esta importante reunión para discutir el aumento significativo de $400,000 antes de que se aprobara. Es posible que se haya publicado legalmente un aviso, pero no fue claramente visible. Dos propietarios del Mint asistieron a la reunión porque se enteraron de esto por nuestros vecinos del Ivy. Solo la gerencia del Ivy envió un correo electrónico a sus propietarios.

Creemos en las mejoras para una seguridad mejor y más fuerte, pero la mayor parte del aumento de la seguridad en la Asociación del Master fue para un nuevo equipo de seguridad que no ha demostrado ser mejor que el equipo anterior. Creemos en las mejoras de nuestro hermoso condominio, pero no en costos innecesarios. ¡Creemos que es hora de reducir los presupuestos excesivos y hacer que los miembros de la junta se hagan responsables! Por lo tanto, necesitamos un cambio para mayor transparencia y nuevos procedimientos éticos para beneficiar a todos los propietarios, no solo a miembros seleccionados de la junta directiva.

¿Cuál es la forma más rápida, mejor, y más rentable de cambiar esto? ¡A través de las elecciones! Las elecciones del Mint se realizarán en mayo y las del Wind a finales de año.

¡NECESITAMOS NUEVO LIDERAZGO, UNA JUNTA DIRECTIVA NUEVA!

Por favor visite este sitio web para conocer detalles importantes:

http://www.riverfrontcondosmiami.com

En este sitio web encontrará documentos oficiales como el presupuesto de la asociación, los alquileres de la marina y las revisiones hechas. Visite este sitio web regularmente para obtener actualizaciones.

 Próximos pasos importantes para seguir por los propietarios del MINT:

1. LO NECESITAMOS ¡Por favor considere postularse para la junta directiva! No necesita vivir aquí para contribuir. Los miembros de la junta pueden llamar por teléfono. ¡Pero nuestra asociación necesita un nuevo liderazgo! Puede postularse para la junta directiva del Mint, servir como representante ante la Asociación del Master, o ambas. Los formularios de candidatos serán enviados por la Asociación del Mint a finales de marzo.

2. SOLICITE VOTACIÓN ELECTRÓNICA. Es asequible y fácil de implementar. Cada vez más asociaciones están adoptando la votación electrónica. Para implementar este sistema, cada propietario debe enviar un correo electrónico al administrador del Mint solicitando formalmente que la Asociación del Mint cambie el sistema de votación antiguo por votación electrónica. (manager@mint.net y también a la District Manager ivonne.herrera@fsresidential.com.) Esto ayudará a garantizar que los propietarios de las unidades que se encuentran en el extranjero tengan la oportunidad de votar, en lugar de depender de las boletas de papel que tardan semanas en enviarse por correo y que además corren el riesgo de llegar después de las elecciones.  

3. POR FAVOR VOTE. Incluso si no se postula para la junta directiva, el paso más importante es VOTAR en las próximas elecciones que se darán lugar en mayo. ¡Necesitamos más de 100 votos! Si no votamos suficientes propietarios, la junta directiva actual automáticamente sigue liderando. SU VOTO ES EXTREMADAMENTE IMPORTANTE PARA ALCANZAR EL QUÓRUM.

4. MANTENGASE INFORMADO. Envíe su nombre, número de unidad, y número de teléfono de contacto por correo electrónico a ownersriverfrontcondos@gmail.com para que sean agregados a la lista de distribución y así mismo recibir actualizaciones importantes.

¡No dude en hacer cualquier pregunta por correo electrónico! Nosotros entendemos que esto puede ser confuso. Un propietario del Mint (no miembro de la junta directiva) estará encantado de responder sus preguntas.

Por favor, manténgase seguro durante esta pandemia.

Sinceramente,

Propietarios preocupados del Riverfront Condos, Miami, FL

ownersriverfrontcondos@gmail.com

Marina Lease-Troy Taylor

The link below is to download a copy of the Marina lease between the Riverfront Master Association and Troy Taylor, President of the Master Association and Mint Association


Link MARINA LEASE- TROY TAYLOR

Note:
1. There is no expiration date. It is an evergreen contract
2. Lease is for $1,200 a year, not month
3. Marina slip only be sublicensed to a Member of the Association, in other words only residents of the Riverfront Condos can use the marina, no outsiders


Now if you also examine this lease with the 2nd Amendment  one can easily connect the dots to see that there are clear violations of Florida Law and Master Association ByLaws with regards to current marina situation.

1. Sublicenses (the agreement between Troy Taylor and current yacht owners) were never approved by the board
2.  All yachts are owned by nonmembers of the Association.

These are only two of many violations.

~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Response to Misleading Riverfront Letter Dec 17, 2019

Dear Fellow Unit Owners,
The following email was sent via email blast today from Allan Yepez,  manager Riverfront Master Association (RMA) Property Association  to all unit owners/renters. Sadly this letter excluded other pertinent details.

Here is our enlightened owners group response:

[email from RMA manager]
"It has come to the attention of the Master Association...that there is a group of individuals that are perpetuating misleading and inaccurate information with regards to the operation..."

All the information shared on this website is 100% accurate. More background information:

1. In early discussions, the Riverfront Manager mentioned to the Ivy manager the increase would be 28%.
2. After the Riverfront President Troy Taylor reviewed and finalized it, budget went up to 36% 

[continuation of Riverfront email]
"After multiple individual and group meetings with Condo Associations, homeowners, and Board members..the Master Association passed the budget"   This is very misleading.

The Facts are the following:
For the entire month Oct 26 (budget was issued) - Nov 26 (budget was passed)

• The Riverfront Board members NEVER met individually
• The Riverfront Board members NEVER met with their respective Condo Associations before the budget except for the Ivy Rep
• The Riverfront Board members NEVER met as a board to discuss the budget

After much insistence from the Ivy Association to meet with Riverfront Board, the Riverfront President Troy Taylor sent Allan Yepez the manager to speak to Ivy association. As well documented in our post of December 14 2019, Allan could not answer many questions.

Riverfront Manager kept directing individuals to 

 "Ask Troy Taylor" 
"Ask the Riverfront Board"

Ivy Board and Ivy Rep requested a meeting with Troy Taylor and with the Riverfront Board.  

This was repeatedly ignored or refused.

Mint and Wind reps NEVER shared the breakdown of the budget with their owners before the budget.

[email continuation]
"Every project in the budget was reviewed and approved unanimously by 100% of the Master Association Board..." Very misleading again.

What the email also doesn't tell you is that voting on ONE issue (that of security with the largest increase) happened 3 MONTHS prior to the budget. While the Ivy rep voted on the 3 part security package back in August, she wanted to revisit these items for the budget and never had that opportunity.

There are many items in the budget.  Many budget items had no financial backing, projects with no bids, and significant "allowances" or padding.  All of this collectively raised red flags.

Significant Padding
Example:  If Item X has a hard cost of $1000 with known anticipated raise of 5%, why add additional 20%  padding on top of it?

This is throughout the budget and unnecessary.  This is not a slush fund. This is the budget of the Riverfront Association representing 1,500 unit owners.

Again the Issue is about Transparency & Ethical Practices

The issue is not about the amount of $28. The issue is about the process-transparency and ethical practices. Had Board members met to discuss the budget they would have gained resident feedback about one of the security features which they do not WANT and options to pass a lower maintenance. But the Ivy rep was repeatedly told  by Riverfront Manager "Troy would not go for that".


Board members must respect the process of fiduciary responsibility and recognize they are serving to represent their fellow unit owners and not their self interests. Example: The budget had an 80% increase in the water.  Owners connected the dots and soon learned that WE ARE PAYING the water and electricity for the yachts.  Who is assigned the slips?? Troy Taylor and Shahab Karmely --The Riverfront President and Developer.  Only because the Ivy Board caught this glaring increase, the Riverfront Master suddenly ordered a meter.

Board members must respect those members who have the right to ask questions, seek feedback and propose other solutions. In undermining this fiduciary process, Board members are ultimately working against the goals of the Association.

Remember it is $28 average + your HOA.  

So a 2 bedroom will end up paying approximately $60-$80 more.

We believe it could be much less. 

Would unit owners want a questionable $28-$60+ increase every year? Most likely not. This is why we are bringing this issue to your attention.  Rogue Board of Directors will continue until they are stopped.

Do not be mislead that the budget will be lowered next year. Do not buy into "pie in the sky" promises.  Had the Ivy Board and Ivy rep not alerted owners, this could have continued the following year.

THERE WAS ZERO DISCUSSION AMONG THE BOARD ABOUT ANY BUDGET ITEM 

from the time it was issued to the time it was voted upon.

PLEASE GET YOUR COPY OF THE COMPLETE BREAKDOWN IN THE BUDGET

For any owner that would like a complete breakdown of the budget please email OwnersRiverfrontCondos@gmail.com