A signed copy of these and all minutes going back to the 1980’s are available from the Management Office upon request.

Board Members Present

Vince DiFruscio, 1st Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer;

Board Members Absent

Rebecca Rossof, President; Herbert Hellauer, 2nd Vice President

Management Representatives

Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Mavis Mather, Administrative Assistant

These are the minutes of the Board of Directors of the PARK TOWER CONDOMINIUM ASSOCIATION, an Illinois not-for-profit corporation.

Call to Order

Vince DiFruscio chaired and called this meeting to order at 7:40 p.m.

Unit Owner Comments

Twenty-five minutes of unit owner comments followed.

Minutes August 30, 2004

At 8:05 pm the Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday August 30, 2004. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the minutes of the August 30, 2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the August 31, 2004 Financial Statements there was an operating cash fund of $156,753.  The account at Cosmopolitan Bank has reached $58,158.   The investments at cost were $2,243,776.  The total of all investments and accounts was $2,500,187.

Management Report

Christina Epple, Property Manager provided the following information from the Management Report:

• The terrazzo repairs began on Monday September 20th and will continue for approximately 2 weeks with the sealing performed on a Saturday.
• The repairs for car #6 that were scheduled for September 22nd have not yet been performed.  An expert from Westinghouse has corrected the leveling problems in car #4.
• Management met with a representative interested in putting a DVD rental machine in the Market.  After considering the hours of operation they felt that this would not pose an income source for their company and have declined installing a DVD machine in the Market.
• Permits required for Zerra Construction to begin the scheduled dock repairs have been obtained and construction will begin on September 29th.
• Siemen’s began the elevator recall project on Friday September 17th.  Notices will be posted on each floor indicating that drilling work will be causing noise.  The project is estimated to take 3 months.
• Vio has reported that all of the electrical repairs recommended by the thermo graphic analysis have been completed.
• Dunning Electric has fixed problems discovered during the inspection at the main vault at the Federal Pacific Transformer.  The inspector noted that the number of problems found was small for a plant of this size, age, and type.
• No further updates were forwarded to management this week regarding the claim filed with ComEd.
• Vio and his staff have cleaned up the mall bathrooms, completed the paint touch up of the mall area, and completed the painting of the curbs.
• Management met with City officials and the management team from the Breakers last week to discuss the continuing violations.  The Breakers have begun cleaning the driveway area, they have installed a tarp on top of the roll off container, have attempted to stop the early deliveries, and are trying to stop the driving over the Park Tower curb.

Ratifications

Certificates of Deposit Resolved to rollover CD in the amount of $97,100 for one year at Crystal Lake Bank at 2.89%. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the CD at Crystal Lake Bank.

Ratify Gas Purchase Resolved to ratify that the Board of Directors has contracted with Excelon Energy to purchase 50% of its gas purchases from October 1,2004 through August 31, 2005 at $.65 per therm. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of purchasing 50% of its gas at $.65 per therm.

Request to remodel units 1504, 1915, 3203, 1602, 4901-4903 Resolve to ratify the approval of remodeling specifications as submitted by the unit owners of 1504, 1915, 3203, 1602, and 4901-4903. upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling.

New Business

Otis Elevator – Work Order Resolved to approve the Otis contract to remodel the #6 service elevator including removing glue form walls, adding 6 full height vertical Sisal panels, Stainless steel cladding for front return, meeting local codes, and labor at a cost of $11,865.00 not including the cost of flooring material. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the Otis contract at a cost of $11,865.00 not including the cost of flooring material.

Committee Reports

The Rules and Regulation Committee met on September 13th.  The respondent did not attend the meeting.  The owner was fined $150.00.

The Home Improvement Committee met on September 23rd to discuss the flooring and sisal for the elevators.

The Budget and Finance Committee will hold a meeting on October 12th at 7:30 PM in the party room.

Adjournment

Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna the meeting adjourned at 8:15 pm.

Vince DiFruscio, 1st Vice President

Nessim Hanna, Secretary