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

Board Members Absent

Nessim 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 8:16 pm.

Minutes January 30, 2006

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday January 30, 2006. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the January 30, 2006 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the January 31, 2006 Financial Statements there was an operating cash fund of $439,800.  The account at Cosmopolitan Bank (from now on called Park National Bank) has reached $403,301.   The Smith Barney account totaled $2,388.   Eighteen Certificates of Deposit totaled $1,742,051.  The total of all cash and investments is $2,585,152.

Committee Reports

Gregor Hamilton provided information from the Garage Committee Meetings held on December 16, 2005 and on February 17, 2006.  The meetings discussed the possum in the garage, the garage membrane project, guest parking, and garage policies.

Bob Pierce provided information from the Home Improvement Committee meeting held on February 20, 2006 with Patch Landscaping.  The meetings discussed the front circle drive project, the possibility of removing the oil tanks, and using Patch landscaping for the deck and planters.

Management Report

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

• CES has reported that the new cable installation is 100% complete.  All new color cameras are in place.  The computers arrived on February 23rd and will be installed in the management office and at the front desk.  We plan to announce the distribution of the fobs on or before March 10th.  This date has been pushed back to accommodate adequate staff training.
• The market has submitted their year end statement of revenue.  Total reported sales are $821,233.00 and additional rent due the Association based on 3.5% of gross is $2,493.16.
• In the month of January there were 54 late fees totaling $2,700.  There are units in legal.  Year to date there were 26 1-bedroom units sold for an average price of $172,235.38, there were 7 2-bedroom units sold with an average price of $279,964.29.  There have been 55 total sales for an average price of $191,625.65.

Ratifications

CD Transactions Resolved to approve the transfer of the CD at Marine Bank to First Bank in the amount of $97,000.00 at 4.81% APY for a term of 9-months with the excess funds of $3,259.53 deposited into the reserve account at Park National Bank.  Resolved to approve the renewal of a CD at National InterBank in the amount of $97,000.00 at 4.89% APY for a term of 13-months with the excess funds of $3,000.00 deposited in the reserve account at Park National Bank. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of the transfer of the CD at Marine Bank to First Bank, and to renew the CD at National InterBank.

Requests to Remodel Resolved to ratify the approval of remodeling of units 2608, 701, 2705, and 4208 with the recommendations of the chief engineer, in accordance of the Rules and Regulations and remodeling guidelines, and with the stipulation that single handled faucets are allowed only if installed with pressure valves in the wall. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of remodeling units 2608, 701, 2705, and 4208.

New Business

Worker’s Comp Renewal Approval of the Worker’s Comp Insurance package effective March 1, 2006 through March 1, 2007.  Joel Davis of Mesirow Insurance shopped the available markets at management’s direction.  The following “A” Best Rated Insurance Companies offered quotes:

• Accident Fund: Annual Cost $18,404
• Everest National (Incumbent): Annual Cost $21,190
• ACE Complete: Annual Cost $24,733

All three have excellent rating by A.M. Best.  Accident Fund is the smallest in size with assets of 500M to 750M.  All three have very good claim handling and the coverage provided is statutory.  All limits are identical for Employers Liability, Bodily Liability and accident and disease. Resolved to approve the Worker’s Compensation Insurance Coverage for 2006/2007 as submitted by Accident Fund with an annual premium of $18,404. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the contract proposal from Accident Fund Insurance with an annual premium of $18,404.

Gas Purchases Resolved to approve the purchases of gas with Exelon for the following periods: 26% of gas for the period of September 1, 2006 through August 31, 2007 at $1.047 per Therm, and 30% of gas for the period of September 1, 2007 through March 31, 2008 at $0.996 per Therm. Upon due motion by Bob Pierce and seconded by Herbert Hellauer, the Board voted unanimously to approve the purchase of gas with Exelon as listed above.

Landscape Retainer Fee Resolved to approve a retainer to be paid to Patch Landscape in the amount of $500.00 to begin working on planting designed for the annual landscape installation.  The retainer will be deducted from the first invoice. Upon due motion by Bob Pierce and seconded by Rosalie Sutcher, the Board voted unanimously to approve the retainer to Patch Landscaping in the amount of $500.00 to be deducted from the first invoice.

Rules and Regulations Distribution Resolved to approve the distribution of the proposed Rules and Regulations to the unit owners. Upon due motion by Herbert Hellauer and seconded by Bob Pierce, the Board voted unanimously to approve the distribution of the proposed Rules and Regulations to the unit owners.

Adjournment

Upon due motion by Herbert Hellauer and seconded by Rosalie Sutcher the meeting adjourned at 8:57 pm.

Vince DiFruscio, President

Herbert Hellauer, 1st Vice President