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

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 8:03 pm.

Unit Owner Comments 

Fifteen minutes of unit owner comments followed.

Minutes June 28, 2004

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday June 28, 2004. Upon due motion by Herbert Hellauer and seconded with by Vince DiFruscio, the Board voted unanimously to approve the minutes of the June 28, 2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the June 30, 2004 Financial Statements there was an operating cash fund of $162,786.  The account at Cosmopolitan Bank has reached $57,638.   The money market account totaled $281,717.   Twenty Certificates of Deposit totaled $1,960,809.  The total of all investments and accounts was $2,462,950.

Management Report

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

• The 2004 Critical Exterior Façade Inspection has been completed.  Tony Cinnamon will present the results of the inspection in a power point presentation at the August 30th board meeting.
• Brickman Landscape has replaced the plants in the front circle planter, and installed plants on the roof deck.  They have not been performing the upkeep maintenance that was in the contract; as a result, they have been put on notice.
• Otis elevator is in the process of on bringing car #6 online.   Cars #5 and #6 will run in tandem as was contracted.  The Management requested that a new project coordinator be assigned to the modernization project; this was done on July 12th.
• The Siemens contract has been temporarily put on hold until cars 5 &6 repairs are completed.  An enunciator panel will be installed in the lobby in conjunction with the recall panel in the event the Association decides to install this system at a later date.
• Vio and the maintenance staff have performed seasonal maintenance work on the boiler system at a savings of $4,000 by not contracting the work to a vendor.  Mega Therm will be on hand when the boilers are lit for the heating system.
• The RCN mailings that owners received last week were mailed in error.  An upgrade to digital service will take place in early August.  The digital package will not replace existing channels but will allow for an expanded programming package.  The upgrade will increase modem speed for owners who have Internet access.

Ratifications

Electrical Systems Inspection by Thermoscan Resolve to have Thermoscan perform infrared inspection of electrical systems at a cost of not to exceed $700.  The report would include the following:

• Certification of Inspection
• Complete listing of all locations and equipment inspected
• Standard photos and thermograms of all problems
• Quantified temperature information for differentials between normal and poor areas
• Probable causes and recommendations for corrective procedures.

Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the thermo graphic testing at a cost not to exceed $700.00.

ComEd: Letter of reimbursement from Attorney esolve to have the Association attorney, Michael Best & Friedrich prepare and submit a letter of reimbursement to the Association from ComEd for the expenses incurred by the power vault fire. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the board voted unanimously to ratify the approval of the legal services for reimbursement of expenses incurred to the Association from ComEd at a cost not to exceed $1500.00.

Request to remodel units 5107, 4915, 1701, and 3608 Resolved to ratify the approval of remodeling specifications as submitted by the unit owners of 5107, 4915, 1701, and 3608. Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio, the Board voted unanimously to ratify the request for remodeling.

Window Washing for the Building Resolved to accept the Shine on Window Cleaning contract for the remaining 2 washes this year.  Shine on will be using a spidercide on the windows at an additional cost of $500.00 to $700.00 for the building. Upon due motion by Nessim Hanna and seconded by Herbert Hellauer, the Board voted unanimously to ratify the approval of Shine on Window Services to do the two drops left for the year.

New Business

Rules and Regulations Change For Lease Procedures To formalize a change put into practice in January that will comply with the settlement of legal action brought against the building.  Add a new bullet  for stipulations for the leases to read:  The management staff and Park Tower Condominium Association will not under any circumstances make a qualified decision or make an opinion as to the qualifications of an applicant.  Management staff and the Condominium Association will not choose an applicant and will not assist owners or realtors in making rental decisions.  Management will only facilitate the required forms to assist owners with the completion of mandatory paperwork.  The unit owner has final decision-making authority to either accept of reject an applicant. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the Rules and Regulation addition to the lease procedures as it reads above.

Dock Repairs to Market/Lettuce Dock Resolved to approve Zera Construction as the contractor to perform the following work as described in the contract for $27,272.00.  Remove 8” thick top slab and sidewalk Slabs approximately 1,100 sq. ft. along with associated waterproofing. Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the Zera Construction contract for Dock repairs not to exceed $27,272.00.

2003 Audit Resolved to accept the draft of the 2003 audit subject to the revisions discussed earlier with the Auditor. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to accept the 2003 audit with stipulated revisions. Resolved to notify owners about the availability of the audit by messages on the September assessment bill and have internal building postings that copies of the audit are available upon request. Upon due motion by Vince DiFruscio and seconded by Rosalie Sutcher, the Board voted unanimously to ratify the request that owners are notified about the availability of the 2003 audit through assessment billing and postings.

Gas Update – Mary McQuillan The current gas contract ends on August 1, 2004.  The current index and future prices are high; the futures are currently at $.68 a Therm.  Rates have been as high as $.75 a therm due to weather and economic changes; however, because the rates have been so high no one is fixing futures prices.  The Gas prices fluctuate and tend to drop during the months of August, October and December.  Mary is keeping the Board updated on the changes and is hoping to lock a winter rate that is close to the current budgeted amount.

Committee Reports

The Rules Committee met on Monday, June 14, 2004.  The committee met with the owners who were sent violation notices.  There were four violations presented and each owner was fined $150.00.

Adjournment

Upon due motion by Vince DiFruscio and seconded by Nessim Hanna the meeting adjourned at 8:53 pm.

Becky Rossof, President

Nessim Hanna, Secretary