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:

• Schneider Cupro has released the final revision of the 2003 audit.  Copies are available at the front desk and in the management office.
• Vio and his staff have cleaned up and painted the bathrooms in the mall and touched up the mall area.  The painting of the curbs throughout the property is almost completed.
• Management met with Standard Parking to go over the July financials and discuss the painting of the garage ceiling which will begin after the other garage repair work is done.
• Management met with City officials and the Breakers to discuss the violations that continue to occur.  The Breakers will be inspected on a weekly basis, with no notice, for the next several weeks by a City inspector.
• As of Friday August 20th no one has been assigned a permanent spot with the Post Office for this route.  Park Tower has filed a complaint with the manager’s office at the Harrison Street facility.
• Management met with Vio, Harold Thurmer from Donnelly and Associates, and Otis Elevator on Thursday as part of the weekly meetings now scheduled throughout the remainder of the re-mod project.  Car 5 operations changed so that both elevator doors can open.  The recall problems on car 6 have not been repaired.
• The new Resident Coordinator started today replacing Roberta.  Her name is Joan Burke, she is an owner at Malibu East and has over 5 years condominium experience.
• The drycleaners/receiving room will be closed September 2nd through the 6th and will reopen on the 7th.  Management will receive packages from the 2nd through the 4th.
• Carl Conti from NTC (security system proposal) will make a presentation before the Board on behalf of the Health Club and Security committees on September 27th at 6:30 pm.  Notices will be sent and posted.

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