In Attendance 

George Pauley, President; Laura Cossa, 1 st Vice President; Carlos Vargas, 2nd Vice President; Betty Terry-Lundy, Secretary; David Nicosia, Treasurer; Tim Patricio, Property Manager; Mavis Mather, Assistant Manager Business Operations

Call to Order at 8:00 pm

Roll Call Five Board Members were present constituting a Quorum as defined by the Association’s Declarations and the Illinois Condominium Property Act.

ASCO Report (Lorraine Meyers)

Last Thursday there was an open ASCO meeting here in our building. There were two guest speakers, Peter Fugel and Christopher Carson. They were here to talk about protecting Association’s in foreclosures and new FHA procedures. It was a very |ong complicated meeting and what it boiled down to is that they have everything planned out and there is not much that an individual can do to change it

Budget and Finance Committee: Paul Groeninger)

We had six meetings to review the budget for next year, and then we had two workshops with the Board. We came up with some increases to various items in the budget. With the Board we approved increases next year for the parking rates (which is the first increase since 2008), the health club fees (which is the first increase since 2005), increasing the pafty room fees. The end result with all of the changes that we made is a 126% increase in assessments. Based on that, the Finance Committee is recommending to the Board that they approve an increase of 1 .3 0/0 for next year.

Health Club Committee (William Kay)

There is not much to report; we already spoke about the delay in the flooring until January. I just want to report that we have had a number of thefts, primarily dumbbells, and it has been a big problem. It seems to be that anything that can walk away; we have been having problems with them walking away. We are working on ways to thwart that There have been a couple of minor repair issues and i am happy to say that the committee has been great at monitoring those things and Jacquie has been on top of getting them done and getting us the status of the repairs. One final thing, we have voted on a new logo designed by a committee member, Arthur Velazquez, which includes a change of name to the Park Tower Fitness Center.

The most important thing tonight, from my point of view, is the budget. There are a of things that might be controversial in the proposed budget. With the garage we have added some reserve spaces primarily on 1 P. Since we currentl have 50 tess valet arkers in the ara e, we were able to take some spaces and convert them to self park. The other thing that we are doing is designating 21 spaces on 2P as premium parkingG They will be rented at a fee that is $10 per month higher. People currently in those spots will be moved to other spaces as that option becomes available and as people say that they want your space. There were thro primary conversations that went into determining what spaces are premium, one is location and the other is size. I always thought that they were the same size, but it turns out that they vary by as much as three feet We feel that if people want to be right next to the door or if they want a larger space they should pay for it, and if not we will move them. The other one is that we are cutting 10% from health club staffing. This means that for approximately 2 hours a day we will not have an attendant at the pool. This is an experiment* and there will be fobbing of the doors so that if people want to use the health club for those 2 hours they will have to use their fob to get in. There are some details that will have to be figured out. We will schedule these hours for when we have no use. This is an experiment, I think that the Budget and Finance Committee has made this recommendation in previous years and this year we decided to give it a try, If it doesn’t work it will be changed.

Board Report: George Pauley 

Motions from Closed Session

Upon due motion by David Nicosia and seconded by Betty Terry-Lundy, the Board voted to approve the decisions made in closed session. George Pauley, Carlos Vargas, Betty Terry-Lundy, and David Nicosia voted in favor; Laura Cossa abstained; the motion passed.

Minutes November 8, 2010 Board Meeting

Upon due motion by Betty Terry-Lundy and seconded by David Nicosia, the Board voted unanimously to ratify the approval of the November 8, 2010 Board Minutes, as submitted by Mavis Mather, Assistant Manager.

2011 Management Office Holiday Schedule

Upon due motion by Betty Terry-Lundy and seconded by David Nicosia, the Board voted unanimously to approve the 2011 Draper and Kramer holiday schedule for the management office employees, with the Management Office to close on New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Day after Christmas.

New Residents Committee

Upon due motion by Carlos Vargas and seconded by David Nicosia, the Board voted unanimously to approve the creation of the New Residents Committee with members Harriet Dominique and Ruth Posternak with Betty Terry-Lundy appointed as Board Liaison.

Proposed Budget Fiscal Year 2011/2012

Upon due motion by Laura Cossa and seconded by George Pauley, the Board voted unanimously to approve the distribution of the proposed 2011/2012 budget with a 1.3% increase in assessments, to the unit owners.

Self Parking Spaces IP and 2P

Upon due motion by David Nicosia and seconded by George Pauley, the Board voted unanimously to approve the creation of 2 new Self-Park Spots and the re-designation of 8 Valet spots to Self-Park, consistent with the proposed budget for the 11/12 Fiscal Year, and as specified by Management.

Assignment of 2P Premium Spaces

Upon due motion by David Nicosia and seconded by Betty Terry-Lundy, the Board voted unanimously to approve the re-designation of 21 Self-Park spots on 2P to premium parking, consistent with the proposed budget for the 11/12 Fiscal Year and as by Management; for currently parking in these s aces, the will be moved to other s aces as that o tion becomes available and as people say that they want that space.

Upon due motion by George Pauley and seconded by Carlos Vargas, the Pest Inspections Board voted to further negotiate on entering into a bed bug inspection contract Contract with Aegis. George Pauley, Carlos Vargas, and Laura Cossa voted in favor; Betty Terry-Lundy voted against; David Nicosia the motion passed.

Laura Cossa left the meeting at 9:30 pm.

Upon due motion by Carlos Vargas and seconded by George Pauley, the Board voted unanimously to approve to direct management to seek options for Encasements establishing an account for a discounted rate on mattress encasements for residents of the building.

Upon due motion by David Nicosia and seconded by Carlos Vargas* the Board Bulk Internet Survey voted unanimously to approve sending out a bulk internet survey to the residents of the building.

Construction Requests

Upon due motion by Carlos Vargas and seconded by Betty Terry-Lundy, the Board voted unanimously to approve the remodeling of units 407, 2306, 2702, 3703, and unit 5001] as submitted by the owners, following the Construction Requests recommendations of the Chief Engineer as outlined in their written specifications and in accordance with the Rules and Regulations and remodeling guidelines of the Park Tower Condo Association.

Treasurer’s Report (David Nicosia)

As of October 31, 2010 the total operating cash was $136,268.33. The total of all operating cash and investments was $162:636.33. The total of all replacement reserve funds was $1 ,871 ,627.48. The total of all cash and investments was $2,034,263.81. David Nicosia

Upon due motion by David Nicosia and seconded by Carlos Vargas, the Board voted unanimously to approve the creation of an Operating Reserve CD at St. Charles Bank for 14 months in the amount of $25,000.00 at a rate of 1.09%.

For the monthly activity, in October there were 33 chargeable work orders totaling $2,294 and 142 non-chargeable work orders. There was $4,998 in health club income with total health club membership of 295 at the end of October. There were 3 sales in October, bringing the year to date number of sales to 16. There were 10 leases for the month bringing the yearly total to 73 Management Report: There were 46 late fees in October for $2,300. 18 residents registered for the Tim Patricio online new bill pay system and 18 payments were received through the online bill pay. There are currently 46,539 therms of gas in storaqe averaging $0.49 per therm. The October sales were a studio unit on the 10 floor for $92,000 another studio unit on the 39th floor for $72,500, and a I-bedroom on the 32 floor for $131.000. The I-bedroom was a foreclosure unit.

Garage Report (Jacquie Smith)

There is no valet wait list for the garage, parking is immediately available. The waitlist for I-P self parking is 53 people. The waitlist for 2-P self parking is 81 people. We would like to thank all of the garage patrons for their help in making the fall power-washing a success.

Signed (as seen on pdf, clickable at upper right corner of these minutes)

George Pauley, President

Betty Terry-Lundy, Secretary