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; Vince DiFruscio, 1st Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer; 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
Becky Rossof chaired and called this meeting to order at 7:29 pm.
Unit Owner Comments
Thirty-six minutes of unit owner comments followed.
Minutes July 26, 2004
At 8:05 pm the Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday July 26, 2004. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the July 26, 2004 Board meeting.
Treasurer’s Report
Rosalie Sutcher stated that according to the July 31, 2004 Financial Statements there was an operating cash fund of $178,498. The account at Cosmopolitan Bank has reached $58,089. The investments at cost were $2,242,656. The total of all investments and accounts was $2,479,244.
Management Report
Christina Epple, Property Manager provided the following information from the Management Report:
Ratifications
Certificates of Deposit Resolved to ratify the approval of transferring money from Smith Barney account to the First Bank of Oak Park in the amount of $97,560 to purchase a new CD at 2.50% for 1 year. Upon due motion by Rosalie Sutcher and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of transferring funds from Smith Barney to First Bank of Oak Park to set up a CD for $97,560 at 2.50%. Resolved to rollover CD in the amount of $97,390 for one year at IndyMac Bank at 2.68%. Upon due motion by Rosalie Sutcher and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of rolling over the CD at IndyMac Bank.
Request to remodel units 904, 501, 2215 Resolve to ratify the approval of remodeling specifications as submitted by the unit owners of 904, 501, and 2215. Upon due motion by Becky Rossof and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling.
New Business
Renewal of SpectraSite License Agreement Resolved to approve the contract license renewal for a term of 4 years at a monthly rental fee of a minimum of $17,729.52. Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the license contract renewal for SpectraSite for 4 years with a minimum monthly rent of $17,729.52.
Replacement of the metal door at the bike room Resolved to approve LaForce as the contractor to install the proposed metal door on the bike room, install new electronic strike, and paint to the primer coat, for a fee not to exceed $1,778.04 including all parts and labor. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the LaForce to replace the bike room door at a cost not to exceed $1,778.04.
Repairs to the terrazzo Resolved to authorize management to contract with Mondo Terrazzo to make repairs to and replace damaged terrazzo stone for a cost not to exceed $29,000.00. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to authorize management to contract Mondo Terrazzo at a cost not to exceed $29,000.00.
Committee Reports
The Garage Committee met on August 10th to discuss the painting of the garage ceiling after the current repairs to plumbing and floors are finished.
The Social Committee will be holding a Southern Decadence party on September 12th with a Cajun theme.
The Health Club Committee will hold a meeting on September 7th at 7:00 PM in the party room.
Adjournment
Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 8:40 pm.
Becky Rossof, President
Vince DiFruscio, 1st Vice President
Nessim Hanna, Secretary