Whereas:

The Board of Directors is considering a plan that will impose enormous burdens on mid-rise shareholders and enormous costs on all shareholders.

Among other things the plan entails:

• destroying the kitchens in many apartments,
• leaving those residents without kitchens for an unspecified period of time,
• imposing the cost of new kitchens on those shareholders;
• leaving buildings in a state of chaos and confusion, again, for an unspecified period of time;

Shareholders note that this Board and its engineering firm caused the mid-rise facade project to run years over schedule:

• damaging shareholders' privacy and quiet enjoyment of their apartments for years,
• damaging the market for all apartments in the complex, and
• destroying the market for penthouse apartments, which had scaffolds on their terraces for over five years;

Shareholders note that this Board waited until after the recent election to advise shareholders of its plans to:

• leave the Building 3 east facade unfinished (despite having received a $400,000 insurance settlement to complete it), and
• impose the extraordinary burdens of the proposed mid-rise riser project, without any opportunity for shareholder feedback and discussion.

Shareholders wish to see the Board of Directors take more care to ensure that capital projects are designed, planned, and prioritized with the aim of:

• minimizing harm, disruption and cost to shareholders, and
• preserving apartment values.

Therefore

Shareholders demand that the Board: 

Allocate two months for shareholder review of the Falcon report issued this week;

Create an online process whereby shareholders can submit comments that are visible to all shareholders;

Convene and consult a shareholder committee composed of architects, engineers, and other construction professionals to review the plan and shareholder feedback;

Prepare a written feedback statement addressing the concerns presented in shareholder comments, include the views of the shareholder committee, and publish the completed feedback statement to all shareholders in both paper and electronic formats; and

Hold meetings for the purposes of discussing shareholder feedback and explaining in writing how the Board intends to address that feedback (at least one of these meetings to be in person for the benefit of shareholders without internet capability);

Shareholders demand a reply from the Board to this petition within one week.