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; Edlynne Sillman, 1st Vice President; Ness Hanna, Secretary; Rosalie Sutcher, Treasurer; Herbert Hellauer, 2nd Vice President

Management Representatives

Julie McCracken, 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.

Call to Order

Becky Rossof chaired and called this meeting to order at 7:11 pm.

Unit Owner Comments

Fifteen minutes of unit owner comments followed.

Minutes May 26, 2004

At 7:26 p.m. the Board Meeting commenced with consideration of the minutes of the Board of Directors’ meeting held on Wednesday, May 26, 2004. Upon due motion by Ness Hanna and seconded with clarifications by Edlynne Sillman, the Board voted unanimously to approve the minutes of the May 26, 2004 Board meeting.

Treasurer’s Report

Rosalie Sutcher stated that according to the May 31, 2004 Financial Statements there was an operating cash fund of $1,095,386.  The account at Cosmopolitan Bank has reached $57,197.   The money market account totaled $281,366.   Twenty Certificates of Deposit totaled $1,963,201.  The total of all investments and accounts was $2,497,143.

Management Report

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

• The 2004 Critical Exterior Façade Inspection began June 2nd.  Project was delayed from the 14th through the 24th due to the ComEd electrical repairs.
• Brickman Landscape will replace the plants in the front circle planter, and install plants on the roof deck.  They will be done by June 30th.
• Otis elevator had reported that car #6 would be online the first week of June.  As of June 24th the City Elevator Inspector had not completed his inspection.  Car #3 will not be shut down until all problems with Car #6 are fixed.
• A meeting with Siemens was held and work to install the recall system for the elevators will begin June 29th.
• All expenses incurred by Park Tower as a cause of the June 10th fire in the ComEd vault are being submitted to ComEd for reimbursement.  ComEd must submit a summary of cause to the Association within 45 days of the electrical failure as well as a proposal to address a permanent repair solution.
• Review of Property projects: the repairs to the Dock are to begin late summer/early fall, the terrazzo repairs are to begin early fall, we are receiving bids for the concrete repairs to the front circle planter.

Ratifications

Certificate of Deposit Resolved to ratify the approval of transferring 100K from State Farm account to Intervest National Bank in the amount of $97,611.10 to set up a replacement reserve account at 2.45%. Upon due motion by Rosalie Sutcher and seconded by Nessim Hanna, the Board voted unanimously to ratify the transfer of funds.

Request to remodel units 4901-4903 (joined units) and 1707-1706 (joined units) Resolved to ratify the approval of remodeling specifications as submitted by the unit owner of 4901/4903 and the unit owner of 1707/1706. Upon due motion by Edlynne Sillman and seconded by Nessim Hanna, the Board voted to ratify the request for remodeling.

New Business

Increasing Security Resolved to have all guests be announced and to print their name and the unit number they are visiting; additionally all contractors must show id before being allowed into the building. Upon due motion by Edlynne Sillman and seconded by Nessim Hanna, the Board voted unanimously to ratify the resolution for increased security.

Committee Reports

The Home Improvement Committee met on Thursday, June 24, 2004.  They discussed the remodeling of car #6.

The Social Committee will be holding the annual Independence Day Party on July 4th from 5:30 to 8:30 PM, fireworks to follow.

The Health Club Committee reported on the success of the Open House held on June 26th.  The Health Club announced that the Park Tower Fitness Center will be a free trial class offered on July 6th for Body Sculpting, Aquatic Aerobics, and Pilates.

Adjournment

Upon due motion by Herbert Hellauer and seconded by Edlynne Sillman the meeting adjourned at 8:15 pm.

Becky Rossof, President

Nessim Hanna, Secretary