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; 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

Rebecca Rossof chaired and called this meeting to order at 7:37 p.m.

Minutes May 23, 2005

The Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Monday May 23, 2005. Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio, the Board voted unanimously to approve the minutes of the May 23, 2005 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the May 31, 2005 Financial Statements there was an operating cash fund of $285,716.  The account at Cosmopolitan Bank has reached $184,236.   The Smith Barney account totaled $2,433.   Eighteen Certificates of Deposit totaled $1,761,609.  The total of all investments and accounts was $2,233,994.

Management Report

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

• In the month of May we had 136 work orders completed that were chargeable that produced revenue in the amount of $2,280, and 92 work orders that were non-chargeable.  The Health club income posted $7,104 with 22 memberships.  The Party Room generated $605 from parties.  We posted $700 in violation fines in the month of May and collected $1,100 in lockout fees.  We had scheduled 12 move-ins and 8 move-outs for May.  There were 3 sales averaging $181,500 and 7 leases averaging $1,051 per month.  There were 43 late fees posted creating $2,250 of income.  Out of the 43 charges 9 were waived for first time offenders.  There are currently 16 accounts at the attorney for collection of delinquent assessments; two new accounts were sent this month.  The legal charges billed back to these owners were $3,198.  257 owners were set up for automatic payment.

Ratifications

Certificates of Deposit Resolved to ratify the approval of rolling over the CD at Intervest National Bank for a term of 12 months in the amount of $96,200 at 3.90% APY with the interest income and excess funds in the amount of $3,984.65 to be transferred to the reserve account at Cosmopolitan Bank, a transfer of a CD from Fireside Bank to Banco Popular for a term of 12 months in the amount of $95,923 at 4.25% APY. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of rolling over the CD at Intervest National Bank, and transferring a CD from Fireside Bank to Banco Popular.

Request to Remodel Resolved to approve the remodeling of units: 406, 4210, 504, 5206, 4615, and 3905 with the recommendations of the Chief Engineer and in accordance of the Rules and Regulations and remodeling guidelines. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the request for remodeling of units 406, 4210, 504, 5206, 4615, and 4615.

Ratify Tuck-point Contract Resolved to ratify the approval of the tuck-point repairs to the 5419 entrance area as outlined in the proposal from Great Lakes Construction Co., dates Friday May 13, 2005 in the amount of $3,930.00. Upon due motion by Nessim Hanna and seconded by Vince DiFruscio, the Board voted unanimously to ratify the approval of the Great Lakes Construction Co. proposal for tuck pointing the 5419 entrance at a cost of $3,930.00..

Fire Testing Procedure Resolved to approve the testing of the fire pumps to be preformed by Fire Safety Testing, Inc. in the amount of $935.00. Upon due motion by Vince DiFruscio and seconded by Nessim Hanna, the Board voted unanimously to ratify the approval of the testing of the fire safety pumps by Fire Safety Testing, Inc. at a cost of $935.00.

New Business 

Resolution for Social Entertaining Fund Resolved, that the Board of Directors of the Park Tower Condominium Association does hereby approve the advance distribution of funds in the amount of $1,050.00 by Draper and Kramer to the Association to cover expenses associated with the July 4th holiday party. Upon due motion by Herbert Hellauer and seconded by Nessim Hanna, the Board voted unanimously to approve the advance distribution of funds in the amount of $1,050.00 by Draper and Kramer to cover expenses associated with the July 4th holiday party.

Reminder to all residents that guest coupons for the July 4th party must be purchased in the Management Office before July 1st.  Food will be provided from the Park Tower Market, and Herbert Hellauer will be grilling.

Other Discussion Items

CPAN CPAN stands for the Chicago Partnership for Affordable Neighborhoods.  There will be a meeting on Wednesday night to decide whether the 48th ward will elect to become part of the CPAN project.  CPAN is a partnership between the City of Chicago and developers to ensure opportunities for affordable condominiums in market rate developments, particularly in appreciating neighborhoods, through two steps: developer write-down and purchase price assistance to homebuyers.  The program is set up so that an individual who wishes to apply for affordable housing must first receive pre-purchasing counseling.  Next the individual would be required to obtain a mortgage loan approval for a mortgage at the affordable price not the market price.  Developers do not have to participate in this program; they could contribute to an affordable housing fund that the City has established.  The good side is that through affordability the neighborhoods would become more diverse.  The bad side is that the developer must make a certain amount of money out of what he is building and might make the regular units more expensive to make up for the affordable units. Resolved to give Lorraine Meyer, our ASCO representative, the right to represent the Association and to vote her conscience and best judgment depending on what she hears on Wednesday night. Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio, the Board voted unanimously to approve the letting Lorraine Meyer represent the Association at the meeting on CPAN.

2004 Association Audit The preliminary audit was presented to Christina yesterday.  The procedure now that the preliminary copies of the audit have been delivered is that the Board and Budget and Finance committee will review this draft and eventually meet with the Auditor to discuss the audit.  The meeting will be open to any owners who wish to attend.  Once all the numbers have been ironed out and the audit is approved, a final draft will be made.  Copies of the audit will be made available for the owners in the building to pick up at the Doorman’s Station or the Management Office.  Those owners who live off site will be mailed copies of the audit as they request them.

Adjournment

Upon due motion by Herbert Hellauer and seconded by Vince DiFruscio the meeting adjourned at 8:07 pm.

Rebecca Rossof, President

Nessim Hanna, Secretary