534 West 42nd Street Condominium Minutes of Board Meeting 4/29/2026 Convened at 2pm via zoom Present: Claude Simon Michael Younge Jason Trubitt Praveen Gulati Absent: Alex Hwang Motion by Claude to increase the assessment passed 4/24 by 10,500 to cover assitional billing from R&G received this week Discussion followed. Praveen We just did an a assessment and now here is another. Why? Jason The assessment we did was to cover bills and anticipated bills that we knew about at the time. This one came in and was not expected or accounted for in the assessment we just did Praveen That bills keep coming in that we don't know about and didn't budget for is unusual and can't continue. Claude The Local Law 11 process differs from standard contracting process in that the engineering company is essentially an arm of NYC and we have virtually no control over their process. All bills are almost entirely hourly billing based on what they find and how much work they do. Contrary to what Praveen said, this can go on forever and in some cases in the city, it does, and no one can do anything about it. We have been relatively lucky compared to other buildings who have not only spent a fortune doing facade work but have run into additional work at the end of their project for the next cycle. All indications are that we are going to submit for the 10B cycle at a cost of 5750 without any additional work. Praveen Can we defer this payment? Claude We are at the limits of what we can defer. Some of our outstanding bills date back to October. If R&G returns in the next few days and insists on payment in full before submitting the 10B, we will have the money and potentially jeopordize the low filing cost and need a new full inspection. Also, even if we pass the additional assessment, it will be August before we can pay this bill which is already a long deferment. Michael How does the assessment break down, additionally and in total? Claude UNIT Added % Amount Per Month Total % Amount Per Month Commercial 10,500 .069 724 241 60,500 .069 4243 1414 Units 2-7 10,500 .115 1207 402 60,500 .115 7072 2357 Unit 8 10,500 .241 2530 843 60,500 .241 14821 4950 Praveen I am not happy but I will vote with the majority. Passed Unanimously Meeting adjourned 2:20pm