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; Ness 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 8:12 p.m.

Minutes June 27, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday June 27, 2005. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to approve the minutes of the June 27, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the June 30, 2005 Financial Statements there was an operating cash fund of $296,046.  Eighteen Certificates of Deposit totaled $1,993,408.  The total of all investments and accounts was $2,289,455.

Management Report

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

• In the month of June we had 49 work orders completed that were chargeable that produced revenue in the amount of $3,648, and 105 work orders that were non-chargeable.  The Health club income posted $6,966 with 24 memberships.  The Party Room generated $340 from parties.  We posted $100 in violation fines in the month of June and collected $50 in lockout fees.  We had scheduled 5 move-ins and 8 move-outs for June.  There were 8 sales averaging $148,265 and 3 leases averaging $983 per month.  There were 36 late fees posted creating $1,800 of income.  Out of the 36 charges 3 were waived for first time offenders.  There are currently 14 accounts at the attorney for collection of delinquent assessments; three new accounts were sent this month.  The legal charges billed back to these owners were $2,587.  257 owners were set up for automatic payment.

Ratifications

Request to Remodel Resolved to approve the remodeling of units: 801 and 3603 with the recommendations of the Chief Engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the request for remodeling of units 801 and 3603.

R&R Fines Resolved to ratify the approval of charging an owner a $50.00 fine for an unscheduled delivery, charging an owner a $250.00 fine for verbal abuse to building staff, and charging an owner a $50.00 fine for endangering activity in the garage. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of charging the three rules and regulation violation fines to unit owners.

New Business

Resolution for Social Entertaining Fund Resolved, that the Board of Directors of the Park Tower Condominium Association does hereby approve the opening of a Social Committee Fund account at Bridgeview Bank in the amount of $565.00, to be administered by the Social Committee Liaison.  The fund is established to collect and deposit guest pass revenue and fund future social events. Upon due motion by Nessim Hanna and seconded by Rosalie Sutcher, the Board voted unanimously to approve the opening of a Social Committee Fund at Bridgeview bank in the amount of $565.00, to be administered by the Social Committee Liaison.

Purchase of Mall/Deck furniture Resolved, that the Board of Directors of the Park Tower Condominium Association does hereby approve the purchase of the mall/sundeck resin furniture to include 16-Resin armchairs, 2-32” folding tables, and 3-38” folding tables. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to approve the purchase of the mall/sundeck resin furniture.

Other Discussion Items

Cable Focus Group A cable focus group has been established for reviewing options regarding the RCN contract that expires in December.  The chair of the focus group has had to resign for health reasons.  Anyone who is interested in joining or chairing this group should contact the Management Office.

Bike Donation There are unclaimed bikes remaining from the bike room audit that finished in April.  The time for holding the bikes for collection has elapsed and the Board has decided that these remaining bikes will be given to charity.

Adjournment

Upon due motion by Bob Pierce and seconded by Nessim Hanna the meeting adjourned at 8:27 pm.

Vince DiFruscio, President

Nessim Hanna, Secretary