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

Rebecca Rossof, President; Vince DiFruscio, 1st Vice President; Herbert Hellauer, 2nd Vice President; Ness Hanna, Secretary

Board Members Absent

Rosalie Sutcher, Treasurer

Management Representatives

Andreas Holder, Property Supervisor – Draper and Kramer; Christina Epple, Property Manager; Mavis Mather, Assistant Manager

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

Unit Owner Comments

Prior to the meeting there was time for Homeowner questions and comments.

Call to Order

Rebecca Rossof chaired and called this meeting to order at 8:03 p.m.

Miinutes April 25, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday April 25, 2005. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the minutes of the April 25, 2005 Board meeting.

Treasurer’s Report

In place of Rosalie Sutcher, Nessim Hanna stated that according to the April 30, 2005 Financial Statements there was an operating cash fund of $271,988.  The account at Cosmopolitan Bank has reached $211,554.   The Smith Barney account totaled $2,427.   Eighteen Certificates of Deposit totaled $1,764,483.  The total of all investments and accounts was $2,250,452.

Management Report

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

• The window cleaning was due to begin on May 9th, but was rescheduled to May 16th and then was scheduled to start this morning.  Each time the cleaning has been rescheduled it has been due to high winds.  We have been posting updates and memos on the bulletin boards and will continue to do so until the project gets started.
• The pad replacements on some of the Health Club machines will be done by the end of this week.
• The variable speed drive is installed and fully operational on chiller 2 as of May 11th.  Although the system only ran for half a day we believe that 80% of the vibration noise has been remedied.  Chiller 2 will be used for low load days and chiller 1 will be used for heavy load days, which is July through August.  The software has been updated with the installation of the isolators and vibration equipment, which allows Vio to watch the surges that develop indicating possible damage to internal parts.  Vio can then make the necessary changes to the equipment.  The system also has the ability to make the adjustments internally.
• The pond fountain is ready for operation; all maintenance work was completed last week.  The kiddy pool was cleaned and the liner was repaired last week and is ready to be painted and filled.
• Vio and Management have met with Ace metal to develop a long-term plan for maintenance program that will address the metal finish on the building.  This spring we noticed drastic metal degrading on the columns and the window frames that the normal maintenance will not address.  We will forward a letter of opinion at a later date.
• Maintenance made a new ramp for the entrance to and from the party room to the deck.  Maintenance has been restaining the wood benches on the garden deck.  Unit filter changing began Monday May 16th.
• Last week we forwarded bids to the cab company for the full replacement of the iron fence in the front of the building that was damaged by a blue ribbon cab.  The fence was ordered last week and should be installed by the end of next week.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over the CD at Countrywide Bank for a term of 12 months in the amount of $98,000 at 4.01% APY with the interest income in the amount of $2,000 to be transferred to the reserve account at Cosmopolitan Bank, a rollover of a CD at Fireside Bank for a term of 12 months in the amount of $96,227 at 3.92% APY, and a Transfer of the CD at Libertyville Bank to Allied Bank in the amount of $96,153 at 4.00% APY. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the CD at Countrywide Bank, rolling over a CD at Fireside Bank, and transferring a CD from Libertyville Bank to Allied Bank.

Request to Remodel Resolved to ratify the approval of installing new carpet for unit 4803 as per the building recommendations. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling by units 4803.

Gas Purchase Resolved to approve the purchase of 34% of gas with Excelon for the period of September 1, 2006 through August 31, 2007 at $0.766 per Therm. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the gas purchase of 34% for the period of September 2006 through August 2007 at $0.766 per Therm.

New Business

Approval of Scavenger Contract Our current contract with Waste Management expires on June 30, 2005.  It should be noted that with the exception of Waste Management all other bids are considerably higher due to either the purchase of or lease of the trash containers.  The Association does not currently pay charges for the containers.

Three bids for this contract have been submitted to Park Tower:

• Waste Management: $1,830 per month 1-year contract with 5% increases thereafter
• Roy Strom:  $2200 per month 1-year contract with $145 per month container fee ($1,740 with container fee)
• Groot: $2,002 per month 1-year contract with $261 per month container fee ($3,132 with container fee)

Resolved to approve the proposal from Waste Management in the amount of $1,830 per month for the term of three years with a 5% increase every year after the first year to provide trash removal, recycling services and provide an additional free-standing 5 yard container. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the Waste Management scavenger proposal for a term of three years at $1,830 per month for the first year and 5% increases thereafter.

Approval of Garage Contract

Our current contract with Standard Parking expires this year.  The following companies responded to our requests to submit a proposal based on the following specifications: the Management Agreement will be for a term of 3 years, the management fee will be a fixed monthly fee, the companies are to be responsible for the staffing hours and duties, and the companies will provide the required insurance.  Each company was asked to bid on the same package using a working manager instead of a garage manager.

• Standard Parking: $1,666.66 per month open term contract with no pre-payment
• GO Parking: $1,666.66 per month 3-year contract with pre-payment
• Imperial Parking: $1,667.00 per month 3-year contract with pre-payment

Resolved to approve the 2005/2006 garage management contract to Standard Parking for a term of 5 years ending in the year 2008 in the amount of $1,666.66 per month for the length of the contract. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the 2005/2006 garage management contract to Standard Parking for a term of 5 years at $1,666.66 per month.

Other Discussion Items

The Park Tower Market Focus group has submitted various suggestions for improving the Market.    The Focus group will be coming out with a survey in the next few weeks to get more input from residents on how they use or do not use the Market.  The Focus group has come up with a suggestion for putting tables in the mall area by the skylight to add another place for residents to visit and eat.  Management talked with Lettuce Entertain You and they have given their approval for this idea.  The Home Improvement committee will meet to discuss what types of tables and chairs to use and to submit a proposal to the Board.  If the idea does not work out then the tables and chairs can be moved to the deck.  The report from the Market Focus Group was very thorough and helpful to the Board; the Board is very appreciative of their work and their suggestions.

The City of Chicago does not have any rules or codes for elevator entrapments, as every case is different.  Every elevator car has an Otis hotline button that is dedicated to 24 hrs a day 7 days a week to New Jersey where they will be able to track what is happening in the elevator.  Maintenance will no longer work at freeing any person from an elevator entrapment.  We have been lucky in the past but will no longer be putting our employees or residents in danger of the car falling while trying to free residents.  Any time that Otis takes longer than half an hour to respond to any entrapment Management will call the building department and register a complaint.  Resolved to establish the following protocol for elevator entrapments at Park Tower: The Park Tower maintenance staff is not permitted to open any elevator in which passengers may be entrapped; in the event that Otis has not arrived on site to release entrapped passengers, 911 will be called should the passengers determine that an immediate release is necessary. Upon due motion by Vince DiFruscio and seconded by Herbert Hellauer, the Board voted unanimously to set up elevator entrapment procedures as listed above.

The Park Tower Cleaners have offered to perform regular cleaning on the new Doorman Uniforms at no charge to the association.

Adjournment

Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 9:01 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary