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

Rebecca Rossof, President; Vince DiFruscio, 1st Vice President; Herbert Hellauer, 2nd Vice President; Ness Hanna, Secretary

Board Members Absent

Rosalie Sutcher, Treasurer

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.

Unit Owner Comments

Prior to the meeting there was time for Homeowner questions and comments.

Call to Order

Rebecca Rossof chaired and called this meeting to order at 7:48 p.m.

Minutes December 27, 2004

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday December 27, 2004. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the minutes of the December 27, 2004 Board meeting.

Treasurer’s Report

In place of Rosalie Sutcher, Mary McQuillan stated that according to the December 31, 2004 Financial Statements there was an operating cash fund of $384,102.  The account at Cosmopolitan Bank has reached $23,071.   The Smith Barney account totaled $2,414.   Twenty Certificates of Deposit totaled $1,963,167.  The total of all investments and accounts was $2,372,754.

Management Report

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

• Car #7 was turned over last week and is fully operational, the emergency phone line was installed last week and the new flooring will be installed on Thursday.  Car #8 is out of service until the end of April, probably closer to mid-May.  We are still checking with Otis and their service representatives to find out information on the intermittent problems with car #3.  We continue to meet with Otis weekly to keep the project on time.
• Siemens has completed 90% of their recall project; the control panel will be installed in the lobby by March 2006.
• The window-cleaning project continues with 90% of the building completed, only cleaning recalls are being addressed.  The lobby windows were done January 13th.
• We should expect a reimbursement payment for the ComEd power outage in the amount of $52,715 by March 1, 2005.
• Maintenance continues painting the residential floors.  The garage ceiling in front of the office has been painted along with several columns.  Loose cables were cleaned up and affixed to the conduit.
• RCN still plans for the digital turn over and will provide a current line-up sheet in mid to late February.  The channels being discontinued on the building line-up will be available with the digital plan for an extra charge.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over three different CD’s.  First an existing CD at Marine Bank of $97,060 for a term of 13 months at 3.03% APY.  Second a CD at Advanta in the amount of $99,000 for 12 months at 3.50% APY.   Finally a CD at Bridgeview bank in the amount of $96,852 for 13 months at 3.25% APY. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of rolling over the three CD’s listed above.

Request to Remodel Resolved to ratify the approval of bathroom remodeling specifications as submitted by the unit owner of 1909 with the following stipulation: the association is not responsible for tile repair or replacements. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling unit 1909 with the stipulation listed. Resolved not to approve the contractor designs for unit 615. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to not approve the contractor designs for unit 615. Resolved to ratify the approval of remodeling specifications of combining units as submitted by the unit owner of 1010 and 1011 with the following stipulations: all electrical rerouting must be done by a licensed electrician. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for combining units 1010 and 1111 with the stipulation listed.

Old Business

Audit Proposals Resolved to approve Chris Nyborg’s proposals for auditing the 2004/2005 fiscal period at a cost of $5,000 maximum fee (out of pocket billed separately), which would include the exit interview with the Board after she had completed the Audit. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the proposal for Chris Nyborg to audit the2004/2005 fiscal period after reviewing other competitive bids.

New Business

Distribution of the 2005/2006 Proposed Budget Resolved to approve the distribution of the 2005/2006 proposed budget with a 3.75% assessment increase to all unit owners.  This budget reflects the increases in Insurance, Natural Gas prices, Union wages. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to approve the distribution of the 2005/2006 proposed budget with a 3.75% assessment increase to all unit owners.

Dunning Electric Proposal Resolved to approve Dunning Electric to install 2 fluorescent lighting fixtures in the secondary elevator room in the amount of $1,310.00 for parts and labor. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve Dunning Electric to install fluorescent lighting in the secondary elevator room in the amount of $1,310.

Garage Hourly/ Guest Coupon Rate Increase Resolved to approve an increase on hourly parking that reflects the raise in the City of Chicago parking tax effective February 1, 2005. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to approve an increase in hourly parking in an amount that reflects the raise of the City of Chicago parking tax. No motions were made to increase the Guest Coupon Rate.

Committee Reports

The Garage Committee met on January 6, 2005.  The committee suggests that the Board allow garage patrons to wash their own car for the same price as the parking coupons. Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio, the Board voted unanimously to approve establishing a wash your own car wash in the garage.

Rules and Regulations met to discuss a unit that did not follow the construction guidelines and cut off intercom service to 6 units above them during the holiday season. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted to fine the owners $500.00 and give them one week in which to repair the lines or else we will hire an electrician to repair the problem and bill back all charges to the unit owner as well as increase the fine to $1,000.00.

Adjournment

Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 8:23 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary