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

Becky Rossof, President; Edlynne Sillman, 1st Vice President; Rosalie Sutcher, Treasurer; Ness Hanna, Secretary; Herbert Hellauer, 2^nd Vice President

Management Representatives

Mary McQuillan, Property Supervisor; Christina Epple, Property Manager; Jan Tynan, Assistant Manager

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

Call to Order

Becky Rossof chaired and called this meeting to order at 7:45 p.m.

Otis Elevator

Representatives from Otis Elevator, including Linda Bensen, General Manager; Tony Biasi, Project Manager, and two mechanics (Ronald Paloozak and Pete Rodrigues) as well as Joe Donnelly and Harold Thurman of Donnelly and Associates (elevator consultants) to respond to unit owner questions related to the modernization of Car #6 as well as questions/comments related to all the passenger cars.

Unit Owner Comments

Thirty minutes of unit owner comments followed.

Approval of Minutes

At 8:50 p.m. the Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday, March 22, 2004. Upon due motion by Edlynne Sillman and seconded by Rosalie Sutcher, the Board voted  unanimously to approve the minutes of the March 22,  2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that there was no Treasurer’s Report to discuss.

Management Report

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

• WJE Consultants are continuing with the inspection and evaluation of the garage membrane project.
• An analysis of cost, energy savings and the feasibility of adding a second layer of glass to unit owners windows will be conducted.
• The Brickman Group will be handling a cleanup of the sod on Sheridan Road.
• Schneider, Cupuro will be handling the audit of the 2003 fiscal year financials.
• Cooling tower cleanup has been completed.
• A new elevator camera will be installed in Car #5 at a cost not to exceed $690.
• Roberta Goldner has joined the staff at the Park Tower Management office as Residential Coordinator.
• Common area painting has been completed as far as the 12^th floor.

Ratifications

Ratification of three Certificates of Deposit took place for one-year periods as follows

• Countrywide Bank – $97,800. Rollover from an interest rate of 2.20% to an annual APY of 2.25%
• Corus Bank – $97,780. Annual APY of 2.23%. These funds came from a CD with First Capital Bank that had earned an APY of 2.28%
• Builders Bank – $97,751. Rollover from an interest rate of 2.50% to an annual APY of 2.28%.

Upon due motion by Rosalie Sutcher  and seconded by Nessim Hanna, the Board voted to ratify the three Certificates of Deposits.

Workmen’s Comp Insurance

Discussion took place related to the new workmen’s comp insurance which has been procured at an annual cost of $27,666 with a company called Everett National.   A discussion took place about the premium cost and how it is related to loss runs going back for a period of seven years which caused an increase in the cost of coverage. Upon due motion by Edlynne Sillman and seconded by Ness Hanna with Herbert Hellauer and Rosalie Sutcher abstaining, the Board approved the expenditure.

New Business

Recall System

Discussion took place related to the elevator recall system proposal from Siemens.   The cost for installation of the base system by Shamrock Electric is $116,091 plus a cost of $27,264 for Siemens Components and services as outlined in the proposal.

Upon due motion by Becky Rossof and seconded by Ness Hanna the Board approved the expenditures as outlined in the proposal subject to contract refinements to be reviewed and approved by David Sugar.   Additional requirements include City of Chicago sign off, submission and approval of a payment schedule along with confirmation of a work schedule with a starting date of June 1, 2004.

Building Multi-Peril Insurance

Discussion of the multi-peril policy offered by Mesirow Insurance and written by Fireman’s Fund Insurance took place.   Two electives are included in the overall policy.   The first is optional Acts of Terrorism coverage at a cost of $3,744 and the second is a Building Ordinance Increased Cost of Construction from $1,000,000 to $2,000,000 with an additional premium of $4,483.

Upon due motion by Rosalie Sutcher and seconded by Herbert Hellauer the Board approved the expenditure of $228,197 to include the Acts of Terrorism coverage subject to review of the precise wording for this option.  The Building Ordinance Cost of Construction coverage was not approved.

Window Washing

Two estimates have been obtained for the exterior building window washing one from Corporate Cleaning Services and the second from Shine On Window Cleaning.   The quotation from Corporate Cleaning was $13,950 for three washings in Calendar 2004.   Shine On’s cost was $6800 per cleaning.

Upon due motion by Edlynne Sillman and seconded by Rosalie Sutcher it was agreed that Shine On Window Cleaning is to be contacted to determine if they will agree to a “try out” of one washing not to exceed $6900.  This would determine if they meet the required standards if they are to be engaged further.   If this is not acceptable to Shine On, the Board passed the motion to engage Shine On for all three of the washings for Calendar 2004 at a cost of $6800 per cleaning.

Committee Reports

The Health Club Committee has invited a personal trainer as a guest speaker for a meeting on Wednesday evening, April 29, 2004 at 8:00 p.m. in the Party Room.  He will discuss various topics which may be of interest to Park Tower owners/residents.

The Social Committee met on Thursday, April 22, 2004 to begin preparations for the Fourth of July Party.

The Garage Committee, including the new Garage Manager, Bashir, met on Monday, April 19, 2004 at which time discussions took place related to the rules and regulations about parking in the garage, garage cleaning, as well as a claim related to a garage door.

Adjournment

Upon due motion by Edlynne Sillman and seconded by Nessim Hanna the meeting adjourned at 9:50  pm.

Becky Rossof, President

Nessim Hanna, Secretary