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, President; Herbert Hellauer, 1st Vice President; Bob Pierce, 2nd Vice President; Rosalie Sutcher, Treasurer; Ness Hanna, Secretary

Management Representatives

Mary McQuillan, Property Supervisor; 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

Vince DiFruscio chaired and called this meeting to order at 7:45 p.m.

Minutes July 25, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday July 25, 2005. pon due motion by Nessim Hanna and seconded by Bob Pierce, the Board voted unanimously to approve the minutes of the July 25, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the July 31, 2005 Financial Statements there was an operating cash fund of $289,720.  The account at Cosmopolitan Bank has reached $289,303.   The Smith Barney account totaled $2,443.   Eighteen Certificates of Deposit totaled $1,758,808.  The total of all investments and accounts was $2,340,274.

Management Report

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

• The turnover date for car #2 has been postponed from the July 15th date.  The skin on the door for car #2 was defective; Otis tried to fix the skin through in house repairs but ultimately had to send the door out for repairs.  Otis is in the process of putting the weights back into car #2 and has scheduled a city inspection for car #2 on September 6th.  The estimated date for taking car #1 out for modernization is September 15th.
• In the month of July we had 75 work orders completed that were chargeable that produced revenue in the amount of $4,281, and 111 work orders that were non-chargeable.  Year to date there have been 14 studios sold for an average price of $113,411.21, 15 1 bedrooms were sold for an average price of $168,974.67, and 2 bedrooms were sold for an average price of $263,708.33.  Overall there have been 35 sales for an average sale price of $182,031.40.

Ratifications

Certificates of Deposit Resolved to ratify the approval of the rollover of a CD at IndyMac Bank for 12 months at a 4.20% APY in the amount of $96,061.00.  The difference of $3,891.40 accumulated in interest will be deposited in the reserve account at Cosmopolitan Bank. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the rollover of a CD at IndyMac Bank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 1806, 3706, and units 3306/3307 with the recommendations of the chief engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 1806, 3706, and units 3306/3307.

New Business

Disbursement of 2004-2005 audit Resolved, that the Board of Directors of the Park Tower Condominium Association does hereby approve the acceptance and distribution of the 2004/2005 Association audit. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve the acceptance and distribution of the 2004/2005 Association audit.

Elevator modernization change orders Resolved to ratify the elevator modernization change orders as listed below.

• Change Order #1602:  Fabrication and installation of new buffer platforms and pit ladders for (4) high-rise elevators per City of Chicago Code. *Note, each elevator will be taken out of service, 1-2 days for each car, for platform/ladder installation; however the cars may be placed back in service at the end of the workday.  Cost of Project: $24,482.64.
• Change Order #1663:  Removal of door from building site to job site to install new stainless steel door skin.  Cost of Project: $4,682.73.
• Change Order #1557:  Installation of 59 custom order fire call wall plates per City of Chicago Code.  Cost of Project: $4,513.20.

Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the above change orders, 1602, 1663, and 1557 for the elevator modernization project to Otis Elevator for the following costs: $24,482.64, $4,682.73, and $4,513.20 respectively.

Belmont Electro Resolved to approve the repairs of the domestic booster pump to include the following: pull motor, bring to shop to analyze repairs; machine replacement parts, labor 2-men, 12 hours; re-assemble parts to existing motor assembly, order and install new seal and o-rings.  Belmont electro has preformed all electric motor and compressor repairs for the past 20 years.  They maintain a large inventory of stock replacement parts for the building equipment.  Belmont currently has the motor and pump assembly in their shop.  Competitive bids are not needed for this repair.  Included in the proposed quote is a labor expense of $1,975.00 for the removal of motor from site and travel to shop and disassembly of motor to determine repair costs. Upon due motion by Bob Pierce and seconded by Nessim Hanna, the Board voted unanimously to approve the above mentioned repairs to the motor and pump assembly to Belmont Electro in the amount of $10,997.00.

Gas Prices The Board of Directors has called a Special Board Meeting for Tuesday September 6th at 7:00pm to approve a gas expense assessment increase.

Security Committee  In lieu of not being able to contact the Chair of the Security Committee, the Board of Directors has given Nessim Hanna, the Board Liaison to the Security Committee, the authorization to call a Security Committee Meeting.

Other Discussion Items

Garage Committee Report The garage committee met on August 15th to discuss how employee hours are determined, and to discuss damage complaints.

Adjournment

Upon due motion by Nessim Hanna and seconded by Bob Pierce the meeting adjourned at 8:13 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary