PRELIMINARY DRAFT

This “Preliminary Draft” may differ in some particulars from the official minutes (PDF icon at upper right-hand corner of this page).

In Attendance

Carlos Vargas, 2nd Vice President; Betty Terry-Lundy, Secretary; David Nicosia, Treasurer; Milena Radjenovich, DK Property Supervisor; Tim Patricio, Property Manager; Mavis Mather, Assistant Manager Business Operations

Absent

George Pauley, President; Laura Cossa, 1st Vice President

Call to Order at 7:55 pm

Roll Call

Three Board Members were present constituting a Quorum as defined by the Association’s Declarations and the Illinois Condominium Property Act.

ASCO(David Nicosia)

The Granville station will be closed on May 12th and remain closed for approximately 6 weeks to complete track improvements and station renovations.

Ethiopian Diamond will be hosting a property tax workshop on April 18, 2012.
City Green Day is on April 21st. Residents can volunteer to help with cleaning, de-weeding and planting at Berger Park. Also on this day, residents can dispose of electronics and paper at the 48th Ward Streets and Sanitation Yard.

Edgefest has been announced and will be held on August 4th and 5th on Broadway Ave.

Home Improvement Committee (Scott Schmidtke)

We have ordered the replacement tables and chairs for the deck. This time they will be rod iron and we hope to have them delivered in time for the summer weather.

Social Committee – Scott Schmidtke This year will be the First Annual Ruth Posternak July 4th Party. We are looking for volunteers to help with the party. Guest rates and sign up sheets will be posted and made available in June.

Motions from Closed Session

Upon due motion by Betty Terry-Lundy and seconded by David Nicosia, the Board voted unanimously to approve the decisions made in closed session.

Minutes March 12, 2012

Upon due motion by Betty Terry-Lundy and seconded by Carlos Vargas, the Board voted unanimously to approve the minutes from the Board of Directors Meeting held on March 12, 2012 with a correction under the Master Plan Update.

Property Insurance

Upon due motion by Carlos Vargas and seconded by Betty Terry-Lundy, the Board voted unanimously to approve binding with Mesirow for the Umbrella Policy at a total premium of $13,170, and binding as proposed by Farmer’s for all remaining lines at total premiums not to exceed $151,000.00.

Commercial Cooling Tower Drain

Upon due motion by David Nicosia and seconded by Betty Terry-Lundy, the Board voted unanimously to ratify the approval of the Chicago Cooling Tower Company proposal to perform repairs to the commercial cooling tower, in the amount of $7,500.00.

2nd Floor Northwest Roof

Tabled.

Entry Canopy

Tabled.

Annual Meeting Dates

Upon due motion by Betty Terry-Lundy and seconded by Carlos Vargas, the Board voted unanimously to approve the following dates for the Annual Meeting schedule: Friday May 11th as the deadline for Candidate Submissions, Tuesday May 29th for Meet the Candidates Night, and Monday June 4th for Meet & Greet the Candidates.

Construction Requests

Upon due motion by Betty Terry-Lundy and seconded by Carlos Vargas, the Board voted unanimously to approve the remodeling of units 1014, 2303, and 5206 as submitted by the owner, following the recommendations of the chief engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.

Treasurers Report (David Nicosia)

As of February 29, 2012 the total operating cash was $210,352.03. The total of all operating reserves was $77,479.52. The total of all operating cash and investments was $287,831.55. The total of the Barrington Bank Max Safe reserve account was $522,471.75. The total of all replacement reserve investments was $556,024.68. The total of all replacement reserve funds was $1,078,496.43. The total of all cash and investments was $1,366,327.98.

Management Report (Tim Patricio)

The riser replacement for the ’11 and ’12 tiers on floors 3 to 29 will begin next Monday. In addition, our next riser town hall meeting will be held on next Wednesday at 6:30PM. This meeting will specifically address the ’11 tier kitchen on floors 29 to 55 which is scheduled to begin on Monday June 25th.

On Wednesday May 30th we will be holding our next bed bug town hall meeting. We will be specifically addressing the summer travel season and traveling tips as well as how to schedule k-9 inspections of your unit. Also, now that we have three years of combating this pest, we will present an analysis of activity that has happened within the building.

For the monthly activity, in February there were 52 chargeable work orders totaling $4,182 and 149 non-chargeable work orders. There was $6,492 in health club income with a net change of negative 25 memberships and a total health club membership of 264. There is currently not a wait list for valet parking. There are 37 residents on the wait list for self parking on 1P, and 69 residents on the wait list for self parking on 2P. There were 32 late fees charged in February in the amount of $1,600.00. In February there were 51,681 therms of gas in storage at an average cost of $0.44 per therm. There were 2 sales in February. A studio unit sold for $59,900, and a commercial unit sold for $57,000. Year to date there have been 19 sales with an average sale price of $92,678. There were 9 leases for the month, year to date there have been 131 leases with an average rent of $1,070.

Adjournment

Upon due motion by Carlos Vargas and seconded by Betty Terry-Lundy, the meeting adjourned at 8:25 pm.

Signed (as seen on pdf, clickable at upper right corner of these minutes)

George Pauley, President

Betty Terry-Lundy, Secretary